Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Commodities

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fenix-resources-ltd" target="_blank" data-smartkarma-citation="entities:7405:1" rel="noopener">Fenix Resources (FEX AU)</a> reported an increase in deliveries from Q3 FY25 to 704k tons from 346k tons/587k tons in Q1/Q2 FY25, transitioning from a 1.3 mtpa-2.8 mtpa runrate. </li>
<li>The company remains on track to commence production from the Beebyn W-11 mine by the September quarter of 2025, taking the annualized production rate to&gt;4.0 mtpa. </li>
<li>At ~4 mtpa, we expect the mines to generate 200 mn AUD of operating cash flow (at 100 USD/ton iron ore price), equivalent to FEX's market cap. </li>
</ul>



Fenix Resources (FEX AU) reported an increase in deliveries from Q3 FY25 to 704k tons from 346k tons/587k tons in Q1/Q2 FY25, transitioning from a 1.3 mtpa-2.8 mtpa runrate. 
The company remains on track to commence production from the Beebyn W-11 mine by the September quarter of 2025, taking the annualized production rate to&gt;4.0 mtpa. 
At ~4 mtpa, we expect the mines to generate 200 mn AUD of operating cash flow (at 100 USD/ton iron ore price), equivalent to FEX's market cap. 


Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Tata Sons will reinvest Rs. 43,900 crore received from TCS dividends into new-age businesses, this strategic capital shift aims to fuel long-term growth across tech, digital, and clean energy sectors.</li>
<li>Delhivery is acquiring Ecom Express for Rs. 5,000 crore to expand scale and reduce operating costs in order to strengthen its logistics footprint and improves profitability with low integration risk.</li>
<li>Adani Group has proposed Rs. 50,000 crore investments in Assam after talks with CM Sarma. The plan promises major infrastructure upgrades and job creation across the Northeast.</li>
</ul>


Tata Sons will reinvest Rs. 43,900 crore received from TCS dividends into new-age businesses, this strategic capital shift aims to fuel long-term growth across tech, digital, and clean energy sectors.
Delhivery is acquiring Ecom Express for Rs. 5,000 crore to expand scale and reduce operating costs in order to strengthen its logistics footprint and improves profitability with low integration risk.
Adani Group has proposed Rs. 50,000 crore investments in Assam after talks with CM Sarma. The plan promises major infrastructure upgrades and job creation across the Northeast.


#134 India Insight: Tata Sons Taps TCS Div, Delhivery’s ₹5k Cr Ecom Bet, Adani’s Assam Push

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Hyundai Elevator Co., Ltd. (HELCO) manufactures, installs, sells, and services elevators, escalators, moving walkways, automated parking systems, and material handling systems.  The Company also produces screen doors used on platforms in train stations.

<ul>
<li>Hyundai Elevator Co (017800 KS)'s share price has been moving higher on the back of higher dividends and a beneficiary of the potential economic co-operations between North and South Korea.</li>
<li>Hyundai Elevator currently has a dividend yield of 8%, which is one of the highest dividend yields among Korean companies with more than 2 trillion won in market cap.</li>
<li>There have been some initial discussions about increased economic co-operation between North and South Korea. Hyundai Elevator is a key beneficiary in such a scenario. </li>
</ul>


Hyundai Elevator Co (017800 KS)'s share price has been moving higher on the back of higher dividends and a beneficiary of the potential economic co-operations between North and South Korea.
Hyundai Elevator currently has a dividend yield of 8%, which is one of the highest dividend yields among Korean companies with more than 2 trillion won in market cap.
There have been some initial discussions about increased economic co-operation between North and South Korea. Hyundai Elevator is a key beneficiary in such a scenario. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Wakita & Co., LTD. is a manufacturing and trading firm primarily handling construction and civil engineering equipment.  The Company also handles imported construction materials, industrial and commercial facilities, and audio-visual equipment.  Wakita leases construction machinery as well.

<ul>
<li>Tsuyoshi Maruki's Strategic Capital has gone after a number of cash-rich companies in the past. This is Year 5 going after <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita &amp; Co Ltd (8125 JP)</a>.</li>
<li>Wakita is cash-rich, and has been for years, but it is also asset-rich. The former CEO, after he retired, decided he wanted to play in real estate.</li>
<li>At the end of last month, Strategic Capital made proposals (<a href="https://stracap.jp/english/8125-WAKITA.pdf" target="_blank" rel="noopener">English</a>, <a href="https://stracap.jp/wp2/wp-content/uploads/2025/03/3087d629aca914b01eca16798bbca85a.pdf" target="_blank" rel="noopener">Japanese</a>) to Wakita. Again. Today, the company responded (only in <a href="https://contents.xj-storage.jp/xcontents/81250/ed7c48b2/52f8/4683/8e14/e17b5ac898c6/140120250416516856.pdf" target="_blank" rel="noopener">Japanese</a>). Time for more.</li>
</ul>


Tsuyoshi Maruki's Strategic Capital has gone after a number of cash-rich companies in the past. This is Year 5 going after Wakita &amp; Co Ltd (8125 JP).
Wakita is cash-rich, and has been for years, but it is also asset-rich. The former CEO, after he retired, decided he wanted to play in real estate.
At the end of last month, Strategic Capital made proposals (English, Japanese) to Wakita. Again. Today, the company responded (only in Japanese). Time for more.


[Japan Activism] - Strategic Capital Shareholder Proposals to WAKITA (8125) And Their Response

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Asset Plus Limited carries on the business of a property company that invests in and manages commercial, industrial and retail properties. The Company's investment property portfolio consists of retail, commercial, and industrial properties located in New Zealand.

<ul><li>Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.</li><li>The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.</li><li>Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.</li></ul>

Asset Plus's year-end valuation update of its sole asset, Munroe Lane, shows an -8% decline, reflecting continued vacancy, lower market rents, and cap rate expansion.The company is expected to restart dividends due to net cash and no need for additional capital accumulation, with an expected FY25 result announcement on 27 May.Our range of wind-up values for Asset Plus is NZ22cps–NZ29cps, depending on the sale price of Munroe Lane and assumed wind-up costs.

Asset Plus - Still Waiting for the Wind Up