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.

Equity Bottom-Up

Condor Energies Inc. is an international oil and gas company. The Company engages in exploration, development, and production of oil, natural gas, and NGLs in Kazakhstan and Canada.

<ul>
<li>3Q24 production was 10,010 boe/d; which is line with our expectations.</li>
<li>Production has increased to 10,706 bo/ed in the last seven days following low cost work-over activities.</li>
<li>With the expansion of the workover programme upon the arrival of the second work-over rig and the installation of additional in-field flowline water separation systems, we expect that this trend will continue.</li>
</ul>


3Q24 production was 10,010 boe/d; which is line with our expectations.
Production has increased to 10,706 bo/ed in the last seven days following low cost work-over activities.
With the expansion of the workover programme upon the arrival of the second work-over rig and the installation of additional in-field flowline water separation systems, we expect that this trend will continue.


Condor Energies Inc. (TSX: CDR): Good Quarter. Positive Signals at High Value LNG Project for the Mobility Sector

<ul>
<li>The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in.</li>
<li>The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. </li>
</ul>


The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in.
The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. 


Condor Energies Inc. (TSX: CDR): Another positive operating update

<ul>
<li>The initial result of the workover programme in Uzbekistan has delivered results exceeding the company’s expectations.</li>
<li>Seven made-in-Canada artificial lift systems (plunger lifts) have been installed in existing wells.</li>
<li>The first three wells have been put on production at a much higher flow rates (+100-300%) than prior to the workovers.</li>
</ul>


The initial result of the workover programme in Uzbekistan has delivered results exceeding the company’s expectations.
Seven made-in-Canada artificial lift systems (plunger lifts) have been installed in existing wells.
The first three wells have been put on production at a much higher flow rates (+100-300%) than prior to the workovers.


Condor Energies Inc. (TSX: CDR): Positive response from first workovers

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Kaspi.kz's ecosystem connects consumers and merchants, enabling digital payments, e-commerce, and financial services. The Company gateway to its ecosystem is with the mobile app, which is powered by the company's proprietary technology and enables users to seamlessly navigate between interconnected products and services. Kaspi.kz serves customers in Kazakhstan and Azerbaijan.

<ul>
<li>On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. </li>
<li>The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.</li>
<li>The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).</li>
</ul>


On Oct 17th, Kaspi.kz, Kazakhstan's super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey. 
The transaction is still subject to regulatory approval; Hepsiburada's share price in the US increased by ~60% on Friday after the announcement.
The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of &gt;100 million population (vs. currently 20 million).


Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader

<ul>
<li>Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.</li>
<li>The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.</li>
<li>Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.</li>
</ul>


Kaspi.kz is the local super-app in Kazakhstan, with payments, marketplace, and Fintech as its three main business segments.
The company has achieved strong topline and bottom line growth since listing with a RoAE &gt;70% over the years and its share price having gone up ~3x.
Key concerns arise from its political ties and future growth potential, given the country's relatively low population/user size.
