Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The Nasdaq, China and the JPY walk into a bar.</li>
<li>The world's biggest uranium miner cuts its 2025 production guidance</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The Nasdaq, China and the JPY walk into a bar.
The world's biggest uranium miner cuts its 2025 production guidance


External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Boss Resources Limited operates as a mineral exploration company. The Company explores and develops uranium and base metal projects. Boss Resources serves customers in Namibia.

<ul><li>BOE finished the quarter having produced 57,364lbs of U3O8 through to the drying and packaging circuit, with 28,844lbs drummed from its Honeymoon uranium project.</li><li>The material was produced via the 16 operating wells and single ion exchange (IX) column.</li><li>Total flow through the IX column was 327,000 m3 over the quarter, with average uranium tenor of 80mg/l and a recovery of 99.65%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BOE finished the quarter having produced 57,364lbs of U3O8 through to the drying and packaging circuit, with 28,844lbs drummed from its Honeymoon uranium project.The material was produced via the 16 operating wells and single ion exchange (IX) column.Total flow through the IX column was 327,000 m3 over the quarter, with average uranium tenor of 80mg/l and a recovery of 99.65%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

<ul><li>NTPC reported a decent set of numbers. Consolidated Net sales increased by 13%/2% YoY/QoQ beating the consensus by 5%.</li><li>EBITDA stood at Rs 14,017 Cr, up 9% YoY and slightly down by 1% QoQ (due to slightly higher fuel cost QoQ).</li><li>It stood ahead of the consensus by 2%. PAT grew by 12% YoY but declined by 15% QoQ to Rs 5,500 Cr (4% ahead of consensus). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC reported a decent set of numbers. Consolidated Net sales increased by 13%/2% YoY/QoQ beating the consensus by 5%.EBITDA stood at Rs 14,017 Cr, up 9% YoY and slightly down by 1% QoQ (due to slightly higher fuel cost QoQ).It stood ahead of the consensus by 2%. PAT grew by 12% YoY but declined by 15% QoQ to Rs 5,500 Cr (4% ahead of consensus). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NTPC -Focus on Thermal/RE Expansion; Foray into Nuclear Power

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Sprott Physical Uranium Trust / Event-Driven

Sprott Physical Uranium Trust was created to participate in the arrangement and to subsequently invest and hold substantially all of its assets in uranium. The Trust seeks to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding uranium.

<ul>
<li>Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/oklo-inc" target="_blank" data-smartkarma-citation="entities:38840" rel="noopener">Oklo (OKLO US)</a> and <a href="https://www.smartkarma.com/entities/western-uranium-vanadium-corp" target="_blank" data-smartkarma-citation="entities:43774" rel="noopener">Western Uranium &amp; Vanadium (WUC CN)</a> will be added to the index. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$486m.</li>
<li>There are only 4 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.</li>
</ul>


Solactive has announced the constituent changes for the Global Uranium &amp; Nuclear Components Index with implementation at the close on 31 July.

Oklo (OKLO US) and Western Uranium &amp; Vanadium (WUC CN) will be added to the index. Estimated one-way turnover is 7.9% resulting in a round-trip trade of US$486m.
There are only 4 trading days to implementation of the changes and we'd watch out for big moves on stocks that have more than 2x ADV to trade.


Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$500m Trade

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Constellation Energy Corporation produces carbon-free energy and sustainable solutions. The Company generates and distributes nuclear, hydro, wind, and solar energy solutions. Constellation Energy serves homes, institutional customers, public sectors, community aggregations, and businesses in the United States.

<ul><li>Constellation Energy Corporation recently reported its first quarter financial results, reflecting strong performance both operationally and financially.</li><li>The leadership, inclusive of President and CEO Joe Dominguez and CFO Dan Eggers, shared updates that highlight robust strategic progress, complex transactions in the pipeline with technology clients, and the continued financial health of the company including a new $1 billion buyback authorization.</li><li>The results announced include first quarter GAAP earnings of $2.78 per share and adjusted operating earnings of $1.82 per share.</li></ul>

Constellation Energy Corporation recently reported its first quarter financial results, reflecting strong performance both operationally and financially.The leadership, inclusive of President and CEO Joe Dominguez and CFO Dan Eggers, shared updates that highlight robust strategic progress, complex transactions in the pipeline with technology clients, and the continued financial health of the company including a new $1 billion buyback authorization.The results announced include first quarter GAAP earnings of $2.78 per share and adjusted operating earnings of $1.82 per share.

Constellation Energy Corporation: Initiation Of Coverage - Strategic Nuclear Power Generation Expansion As A Critical Growth Catalyst! - Major Drivers