HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

China Traditional Chinese Medicine / Event-Driven

China Traditional Chinese Medicine Co. Limited, through its subsidiaries, manufactures and sells medicine and pharmaceutical products in China.

China Traditional Chinese Medicine (570 HK)

<ul>
<li>The real reason for CNPGC’s decision to abandon its promise may be "extraordinary". The "national security issue" seems to be a more reasonable explanation for the failure of this privatization.</li>
<li>A sustainable rebound in share prices will have to depend on obvious improvement in fundamentals and attractive dividends.We changed our valuation forecast. The investment logic of China TCM has changed.</li>
<li>China TCM may not deliver excess returns in the short term. If investors can't wait that long, offload directly and moving on to other opportunities is an option to consider.</li>
</ul>


The real reason for CNPGC’s decision to abandon its promise may be "extraordinary". The "national security issue" seems to be a more reasonable explanation for the failure of this privatization.
A sustainable rebound in share prices will have to depend on obvious improvement in fundamentals and attractive dividends.We changed our valuation forecast. The investment logic of China TCM has changed.
China TCM may not deliver excess returns in the short term. If investors can't wait that long, offload directly and moving on to other opportunities is an option to consider.


China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Ring Energy Inc is an independent oil and gas exploration company with headquarters in Midland, Texas. The Company's business strategy is focused on the exploration, development and acquisition of oil and natural gas properties in the Permian and Mid-Continent regions of the United States.

<ul><li>We are lowering our 3Q24 estimates to reflect lower natural gas price realizations and slightly higher estimated operating costs.</li><li>Ring’s 2Q24 realized natural gas price averaged ($1.93)/Mcf, a ($4.25)/Mcf differential to the NYMEX near-term contract average of $2.32/MMBtu.</li><li>The 3Q24 NYMEX near-term contract average price was $2.23/MMBtu. </li></ul>

We are lowering our 3Q24 estimates to reflect lower natural gas price realizations and slightly higher estimated operating costs.Ring’s 2Q24 realized natural gas price averaged ($1.93)/Mcf, a ($4.25)/Mcf differential to the NYMEX near-term contract average of $2.32/MMBtu.The 3Q24 NYMEX near-term contract average price was $2.23/MMBtu. 

Ring Energy, Inc. - Estimate Housekeeping

Cybin Inc. is a life sciences company. The Company focuses on psychedelic drug development, unique delivery mechanisms, improved novel compounds, and protocols. Cybin serves customers worldwide.

<ul><li>Compass pushes back timeline for COMP360 Phase 3 readouts and cuts staff by 30%.</li><li>Compass Pathways’ (NASDAQ: CMPS) 3Q24 earnings announcement last week was dominated by the news that, not for the first time, the company has pushed back the timeline for the readout of its first single-dose study (COMP005) of the Phase 3 trial for its lead psilocybin-based drug candidate for treatment-resistant depression (TRD), COMP360, by a couple of quarters to 2Q25 from 4Q24.</li><li>The readout for the second two-dose study (COMP006) has been delayed by at least one year from mid-2025 to 2H26. </li></ul>

Compass pushes back timeline for COMP360 Phase 3 readouts and cuts staff by 30%.Compass Pathways’ (NASDAQ: CMPS) 3Q24 earnings announcement last week was dominated by the news that, not for the first time, the company has pushed back the timeline for the readout of its first single-dose study (COMP005) of the Phase 3 trial for its lead psilocybin-based drug candidate for treatment-resistant depression (TRD), COMP360, by a couple of quarters to 2Q25 from 4Q24.The readout for the second two-dose study (COMP006) has been delayed by at least one year from mid-2025 to 2H26. 

Cybin, Inc. - Why Compass Pathways Is No Compass for Cybin's Progression Prospects

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Asustek Computer Inc. manufactures and markets computer motherboards, interface cards, notebook computers, and other related products.

<ul><li>Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.</li><li>Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.</li><li>Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.</li></ul>

Smart mobility is driving up demand for parking spaces, raising concerns about the availability and sustainability of parking infrastructure in urban areas.Silverstone's high-tech innovations are extending beyond the racing industry, impacting various sectors with its advancements and technological breakthroughs.Challenges faced by generative AI, including limited data, resource constraints, and material shortages like copper, are causing bottlenecks in the development and adoption of this technology.

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

<ul>
<li>Korea Zinc announced a massive rights offering worth 2.5 trillion won. The expected rights offering price is 670,000 won (57% lower than the closing price on 29 October).</li>
<li>The company plans to use 2.3 trillion won in debt repayment and 135 billion won for working capital as well as help to alleviate the risk of delisting. </li>
<li><em><strong>This rights offering symbolizes a display of "Korea Discount" at its worst and likely to put continued negative pressure on Korea Zinc's share price in the coming weeks. </strong></em></li>
</ul>


Korea Zinc announced a massive rights offering worth 2.5 trillion won. The expected rights offering price is 670,000 won (57% lower than the closing price on 29 October).
The company plans to use 2.3 trillion won in debt repayment and 135 billion won for working capital as well as help to alleviate the risk of delisting. 
This rights offering symbolizes a display of "Korea Discount" at its worst and likely to put continued negative pressure on Korea Zinc's share price in the coming weeks. 


Korea Zinc - Rights Offering of 2.5 Trillion Won Is a Display Of "Korea Discount" At Its Worst

Sell / Short Ideas
Outperform on the downside

China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...

Xinyao (Criss) Wang

Ring Energy, Inc. - Estimate Housekeeping

We are lowering our 3Q24 estimates to reflect lower natural gas price realizations and slightly higher estimated operating costs.

Water Tower Research

Cybin, Inc. - Why Compass Pathways Is No Compass for Cybin's Progression Prospects

To conserve cash to fund its COMP360 program, Compass also announced a corporate restructuring involving the downsizing of staff by ~30% as well as...

Water Tower Research

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

Korea Zinc - Rights Offering of 2.5 Trillion Won Is a Display Of "Korea Discount" At Its Worst

MBK Partners Chairman Kim Byung-Joo revealed for the first time on why he is pushing to acquire Korea Zinc. According to MBK Chairman, he mentioned...

Douglas Kim

China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

​China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...

Xinyao (Criss) Wang

Ring Energy, Inc. - Estimate Housekeeping

We are lowering our 3Q24 estimates to reflect lower natural gas price realizations and slightly higher estimated operating costs.

Water Tower Research

Cybin, Inc. - Why Compass Pathways Is No Compass for Cybin's Progression Prospects

To conserve cash to fund its COMP360 program, Compass also announced a corporate restructuring involving the downsizing of staff by ~30% as well as...

Water Tower Research

Tech Supply Chain Tracker (05-Nov-2024): Smart mobility impacts parking.

Smart mobility raises concerns about parking infrastructure, Silverstone drives innovation across industries, generative AI faces challenges,...

Tech Supply Chain Tracker

Korea Zinc - Rights Offering of 2.5 Trillion Won Is a Display Of "Korea Discount" At Its Worst

MBK Partners Chairman Kim Byung-Joo revealed for the first time on why he is pushing to acquire Korea Zinc. According to MBK Chairman, he mentioned...

Douglas Kim

China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...