Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

AI Infrastructure: Value Shifts to the Server Board Level

Uranium: Fuel Security Is Starting To Matter More Than Cost

Copper: Acid Bottlenecks Persist, but Surplus Is Re-Emerging

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Sociedad Quimica y Minera de Chile (SQM US)

Contemporary Amperex Technology (3750 HK)

US-Iran De-Escalation: Looking Beyond Risk Premiums