Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Ocean Wilsons Holdings / Equity Bottom-Up

Ocean Wilsons Holdings Ltd. is an investment holding company.  The Group's operations include towage, lighterage contracting, stevedoring, ship building and repairing, tug and launch services, warehousing and agricultural merchanting.  The Group has operations in Bermuda and Brazil.

<p>In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.</p>

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.

Ocean Wilsons Holdings — Disposal to generate surplus capital

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

PetroTal Corp. operates as an oil and gas development and production company. The Company focuses on acquisition, development, and exploration of material oil assets. PetroTal serves customers in North and South America. ... More

<ul>
<li>1Q25 production was 23,280 bbl/d, comprising 22,660 bbl/d at Bretana and 620 bbl/d at Los Angeles.</li>
<li>1Q25 production at Bretana was ~1 mbbl/d above our expectations.</li>
<li>The high production reflects the strong performance of the recent wells.</li>
</ul>


1Q25 production was 23,280 bbl/d, comprising 22,660 bbl/d at Bretana and 620 bbl/d at Los Angeles.
1Q25 production at Bretana was ~1 mbbl/d above our expectations.
The high production reflects the strong performance of the recent wells.


PetroTal Corp (AIM: PTAL): Another Strong Quarter

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Anima Holding S.p.A. operates as a holding company. The Company, through its subsidiaries, provides asset management services.

<ul>
<li>Banco BPM controls 89.949% of Anima and is likely to pursue full ownership via a second offer or squeeze-out, offering arbitrageurs a clear path to monetize residual shares.</li>
<li>At €6.425, investors ahead of the 19 May ex-date can earn €0.333 net dividend plus €6.55 in a follow-up bid, implying a 7.1–8.9% spread with attractive upside.</li>
<li>Annualized returns could reach 45–60%, though investors must weigh liquidity constraints, execution risk, and dividend withholding tax—especially for retail holders—when sizing or structuring the trade.</li>
</ul>


Banco BPM controls 89.949% of Anima and is likely to pursue full ownership via a second offer or squeeze-out, offering arbitrageurs a clear path to monetize residual shares.
At €6.425, investors ahead of the 19 May ex-date can earn €0.333 net dividend plus €6.55 in a follow-up bid, implying a 7.1–8.9% spread with attractive upside.
Annualized returns could reach 45–60%, though investors must weigh liquidity constraints, execution risk, and dividend withholding tax—especially for retail holders—when sizing or structuring the trade.


SIGA Technologies, Inc. operates as a commercial-stage pharmaceutical company. The Company offers oral formulation of an antiviral drug for the treatment of human smallpox disease caused by variola virus.

<p>SIGA Technologies has declared a special dividend of $0.6 per share, marking a fourth straight year of dividend declarations. The outlay is at a similar level to the one paid in March 2024 ($43m based on current shares outstanding) and will be payable on 15 May 2025 to shareholders of record on 29 April. The strong end-FY24 cash position ($155.4m; no debt) suggested that a dividend payment announcement was widely anticipated, although we note that the amount was higher than the $0.5/share we had estimated. The dividend translates to a best-in-class payout ratio of c 72% (on FY24 EPS of $0.83) and a healthy dividend yield of c 10%. Given the recent market uncertainty, which has challenged capital returns, we believe this secondary income stream adds to SIGA’s appeal as an investment option among biopharma companies.</p>

SIGA Technologies has declared a special dividend of $0.6 per share, marking a fourth straight year of dividend declarations. The outlay is at a similar level to the one paid in March 2024 ($43m based on current shares outstanding) and will be payable on 15 May 2025 to shareholders of record on 29 April. The strong end-FY24 cash position ($155.4m; no debt) suggested that a dividend payment announcement was widely anticipated, although we note that the amount was higher than the $0.5/share we had estimated. The dividend translates to a best-in-class payout ratio of c 72% (on FY24 EPS of $0.83) and a healthy dividend yield of c 10%. Given the recent market uncertainty, which has challenged capital returns, we believe this secondary income stream adds to SIGA’s appeal as an investment option among biopharma companies.

SIGA Technologies — Dividends bring cheer amid market uncertainty

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Trump's "reciprocal tariffs" have led to over 10% fall in the Hong Kong market, but there are some names that only came down by 3.2% on average.</li>
<li>Their characteristics are: 1.) domestically focused, 2.) net cash position, 3.) secure demand, 4.) consumption downgrade beneficiary, and 5.) good dividends.</li>
<li>These stocks are <a href="https://www.smartkarma.com/entities/xinhua-winshare-publishing-media-co-ltd" target="_blank" data-smartkarma-citation="entities:15072:1" rel="noopener">Xinhua Winshare (811 HK)</a>, <a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>, <a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a>, <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-east-education-holdings" target="_blank" data-smartkarma-citation="entities:27843:1" rel="noopener">China East Education (667 HK)</a>. </li>
</ul>


Trump's "reciprocal tariffs" have led to over 10% fall in the Hong Kong market, but there are some names that only came down by 3.2% on average.
Their characteristics are: 1.) domestically focused, 2.) net cash position, 3.) secure demand, 4.) consumption downgrade beneficiary, and 5.) good dividends.
These stocks are Xinhua Winshare (811 HK), Lonking Holdings (3339 HK), Kunlun Energy (135 HK), Mixue Group (2097 HK), and China East Education (667 HK). 


China & HK Strategy: Which Stocks Will Thrive?