TMT/Internet

• Topix inclusion could generate some solid domestic passive buying interest, but we think the fundamentals remain Bearish
• Mercari’s GMV growth in Japan is slowing sharply. We see higher promotional costs impacting margins as competition with PayPay Flea market heats up
• We think that street estimates are too high and we don’t see a reason why the stock should be trading at substantial premium to Z Holdings

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
• On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
• On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  

• HPSP is getting ready for an IPO in Korea in July. This semiconductor equipment Korean company is an IPO with the best fundamentals for a so far in 2022.
• The IPO base deal size is from $55 million to $60 million. Crescendo Equity Partners (backed by Peter Thiel) is the controlling shareholder of HPSP.
• HPSP had revenue of 91.8 billion won (up 50% YoY) and operating profit of 45.2 billion won (up 82.3% YoY) in 2021. Its sales and profits surged higher in 1Q22.

• There is one set of changes to the S&P/ASX 50, one deletion for the S&P/ASX 100, and four adds/ five deletes for the S&P/ASX 200 (AS51 INDEX). 
• Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.
• Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.

• Elastic NV (ESTC US)  reported stronger than expected 4QFY22 results, and management provided guidance for FY25 total revenue of $2 billion. 
• The net expansion rate was 140%+ for Elastic Cloud in 4QFY22, and the company expects cloud revenue to exceed 50% of total revenue by 4QFY24.  
• Elastic NV (ESTC US) appears well-positioned to outperform across observability and security market segments. Management was confident in achieving growth objectives in FY23 and beyond.

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners Asia Pacific UCITS Fund returned -7.48% in the first quarter, trailing the MSCI AC Asia Pacific Index.
• There is an immense opportunity to be in the right companies as they close that massive discount to a more reasonable discount versus global peers.

• Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment.
• Amid a rocky market environment, our portfolio’s negative returns still outpaced the Russell 2000 Index by a healthy margin in Q1.
• After a strong rebound in 2021, global GDP growth is expected to moderate in 2022.
• From current levels, equity market returns over thenext five years are likely to be below historical averages.

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners Global UCITS Fund declined 5.02% in the first quarter, roughly in line with the MSCI World’s 5.15% decline.
• The Fund saw a continuation of China/Hong Kong exposure weighing on absolute and relative returns.
• We are close to fully invested with approximately 8% cash, and our on-decklist is growing longer amid market volatility.
• We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.

• 61% revenue growth, 17% operating margins (up 720bps YoY) and 32% FCF margins. Best in class growth + profitability.
• ECommerce engine opening up from 4 modules to 12 means higher velocity sales on the come.
• VMWare’s Carbon Black will become a major share donator due to Broadcom acquisition.

• Our base case valuation of Winia Aid is target price of 21,724 won per share, which is 34% higher than the high end of the IPO price range.
• Winia Aid had ROE of 29% in 2021 which was much higher than the comps’ average of 9.6% in 2021. 
• The company’s core businesses include after sales service and logistics for Winia Group electronics related products and Apple after sales service and support.

• Founded in 2006 by Morty Schaja and Mitch Rubin, RiverPark manages research-driven, focused strategies in equities, fixed income and venture capital.
• Called and Tendered securities continue to be a significant component of our purchases. The supply of these bonds remained ample during most of the period.
• In an unpredictable market, RiverPark Strategic Income continues to stay conservative, with an effective maturity a fraction of the indices while maintaining comparative yields.

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners International Fund declined 12.04% in the first quarter, while the MSCI EAFE Index declined 5.91%.
• New investments have a high hurdle to qualify given our conviction in our current holdings and the steep discount of the portfolio.
• We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.

• Founded in 2006 by Morty Schaja and Mitch Rubin, RiverPark manages research-driven, focused strategies in equities, fixed income and venture capital.
• For our portfolio, that technical downward price pressure is abating, as the new issuance has been absorbed and as higher coupons have attracted new buyers.
• While we face challenges at home and abroad, we believe this is an excellent time to invest in the Fund.
• Inflation is our number one concern for the year ahead and ourportfolio is ideally positioned for it to maximize returns and to minimize rate driven losses.

• Weibo Corp (WB US) delivered robust 1Q22 results with ad revenue growing 10% year-over-year and outperforming other Chinese social networks, which underscores Weibo’s prominent position for advertisers.
• However, widespread lockdowns in China and economic slowdown could pressure Weibo in 2Q, and we expect a gradual recovery in 3Q-4Q with limited visibility. 
• We like Weibo attractive valuation at 10x forward P/E; it has amassed MAU 582 million till March 2022 and user engagement has been improving.

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners Global Fund declined 5.84% in the first quarter, roughly in line with the MSCI World’s 5.15% decline.
• In a volatile quarter for markets across the globe, we saw one of the largest disconnects between price and value per share performance that we have seen for our portfolio in a long time.
• We remain fully invested with less than 2% cash, and our on-deck list isgrowing longer amid market volatility.
• We believe our companies in Asia and Europe are well positioned to navigatethe challenges facing each region today.

• Longleaf Partners Funds is a suite of mutual funds and UCITS funds that Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds, created in 1987 as a way for Southeastern employees to invest alongside their clients.
• Longleaf Partners Small-Cap Fund added 0.76% in the first quarter, meaningfully outperforming the Russell 2000 Index, which declined 7.53%.
• We own companies that have pricing power that can price through cost increases and grow their profitability.

• The IDX has announced that GoTo (GOTO IJ) will be included in the IDX30, LQ45 and IDX80 indices at a float of 66.4% at the close on 7 June.
• Waskita Karya (Persero) (WSKT IJ) will be deleted from the IDX30 and LQ45 indices, while Buyung Poetra Sembada PT (HOKI IJ) will be deleted from the IDX80 index.
• Passive trackers need to buy around 12.78% of the real float on GoTo (GOTO IJ). Add the impact from open ended funds and that could move up to 20%. 

• Powerchip Semiconductor Manufacturing Corp (6770 TT) will replace Momo.Com Inc (8454 TT) in the FTSE TWSE Taiwan 50 index at the close of trading on 17 June.
• Passive trackers will need to buy 0.7 days of ADV on Powerchip Semiconductor Manufacturing Corp (6770 TT) and sell 0.65 days of ADV on Momo.Com Inc (8454 TT). 
• There is over 3 days ADV of short interest on Powerchip Semiconductor Manufacturing Corp (6770 TT) and 2.5 days ADV of shorts on Momo.Com Inc (8454 TT). 

• Revenue growth mainly came from initiatives, which is the focus of April layoff.
• We believe revenue will slow down and the operating loss will shrink.
• We set a downside of 11.5% and a price target of HK$160.

• Medium-Term revenue growth expectations could be exceeded given capacity expansion plans, announced pricing increases and a continued tight semiconductor supply market.
• Based on TSMC’s robust medium-term outlook, for revenue growth and profitability, current sell-side estimates of only 10% EPS growth for FY2023f seem conservative.
• TSMC is currently trading at a 16.2x forward PE ratio, one standard deviation below its 5-year average, a level which has historically proven to be a good entry point.

• Preferred Networks is generally considered Japan’s leading AI and deep learning company with collaborations with numerous conglomerates across many industries. 
• The company offers significant gearing into labour saving technologies and could potentially become a global leader in AI over time. 
• In addition, it has demonstrated exceptional power efficiency with its deep learning technology which could prove a critical competitive advantage.

• Founded in 2006 by Morty Schaja and Mitch Rubin, RiverPark manages research-driven, focused strategies in equities, fixed income and venture capital.
• Over this year’s first three months, the RiverPark Large Growth Fund (the “Fund”) lost 19.6%.
• Rather than follow the market’s so-called “de-risking” strategy, we “leaned in” to our higher growth positions (in some cases materially) at what we believe to be generationally attractive prices.
• While we are deeply disappointed by our recent losses, we believe thatwe are currently invested in an exceptional risk-reward portfolio and look forward to strongabsolute and relative returns in the quarters to come.

• SmartNews is a news aggregation app using an advertising-based business model originally established in Japan in 2012 with an expansion into the US market in 2014. 
• The company is interesting in that it funds initiatives to improve the quality of investigative journalism and address problems arising from social media such as increasing polarisation. 
• However, what truly piques our interest is its demonstrated success in the US which remains unusual for Japanese software companies.

• Meituan reported 1Q2022 results yesterday. Revenue grew 25.0% YoY to RMB46.3bn (vs consensus RMB45.3bn) while operating losses for the quarter slightly dropped to 12.1% of revenues from 12.9% in 1Q2021.
• As a result of Omicron spread in March, revenue declined sequentially as all three segments reported QoQ decline in revenue during 1Q2022.
• Meituan hasn’t reported GTV for food delivery as well as no. of domestic hotel room nights for In-Store, Hotel & Travel which seems strange, suggesting 2Q numbers could be worse.

• Elastic just dramatically raised its revenue guidance for FY2025…implying a massive acceleration in revenue growth that the 18% move in the stock underplayed.
• Dynatrace is a wildly profitable software company trading at a significant discount to its Rule of 40 metrics.
• The overall observability space is red hot, unimpacted by macro factors and being overlooked by software investors.

• Arch Capital is a concentrated, long-only equity fund aiming to compound capital at an above-market rate.
• The fund holds a concentrated collection of high-quality businesses purchased at prices where we believe forward returns can exceed a rate of 15% a year.
• With the fund down 15.3% since inception, the market does not agree with our assessments.

• The market cap and liquidity review period for the June rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ended yesterday.
• JMT Network Services (JMT TB), Jaymart PCL (JMART TB) and Berli Jucker (BJC TB) could replace Sri Trang Gloves (STGT TB), Ratch Group PCL (RATCH TB) and IRPC PCL (IRPC).
• Asset World Corporation (AWC TB) could be deleted depending on which levers the index committee tweaks, and that could save IRPC PCL (IRPC TB) from index deletion.

• Sound Shore Fund, Inc. is registered as a diversified, open-end management investment company. The investment objective of the Fund is growth of capital.
• The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 0.97% and 0.91%, respectively, in the first quarter of 2022.
• The current environment is providing a remarkably robust set of opportunities that we have not seen in some time.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• Along with the spike in oil prices, energy stocks performed best during the quarter, followed by more defensive and countercyclical sectors like utilities and consumer staples.
• As we look toward the rest of 2022, we continue to see a somewhat balanced outlook for equity markets returns.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022.
• Inflation and sharply higher gasoline prices have taken a chunk out of the consumer’s pocketbook.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• Inflation concerns and accelerating expectations of interest rate hikes by the U.S. Federal Reserve sent equity markets in a downward spiral to start the new year.
• Investors continued to favor value stocks over growth stocks as small-cap value outperformed small-cap growth by more than 10% during the quarter.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
• The situation could favor U.S. stocks, as they are more insulated than their European counterparts from energy price spikes and the direct impacts of the war and its economic ramifications.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
• Focusing on how it affects markets, the war also is a concern for global growth and a source of volatility as the highly uncertain situation evolves.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• Q1 2022 was marred by tragedy on a global scale and investors encountered three months of volatile trading induced by persistently high inflation, rising rates, and Russia’s invasion of Ukraine.
• Over the last 12 months many investors anchored to the long-term growth trends while discounting value’s recent strength, and more importantly the reasons behind it.

• The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
• Mid-cap stocks overall posted rather disappointing returns in the first quarter of 2022.
• The outlook for the cyclical areas of the stock market appears mixed against a backdrop of higher commodity prices, rising interest rates, and geopolitical unrest.
• On a more positive note, strong pent-up demand for travel should help to bolster securities.

• Mercari Inc (4385 JP) was deleted from the MSCI Japan at the close today. Then the company announced that it would move to the Prime Market on 7 June.
• Transfer to Prime Market will require passive TPX INDEX trackers to buy stock end July and FTSE All-World trackers to buy in September – around 19% of free float together.
• Short interest is over 13% of free float. Some of the shorts would have covered against the passive MSCI selling today but the remaining shorts could look to cover.

• 4.5 months ago I wrote Mercari (4385) Applying for TSE Prime Means TOPIX Inclusion in 4-5 Months and today it was announced Mercari would move from TSE Growth to Prime.
• The move happens on 7 June, which means that the actual TOPIX inclusion will be at the close of 28 July. 
• This will change things near-term, and going forward. As always, we dig deeper below.

• The Nikkei 225 (NKY INDEX) market consultation released last week could lead to some tweaks to the index methodology and the stock selection process. Nothing really material enough though.
• Potential index inclusions in September are Renesas Electronics, Oriental Land and Pan Pacific International Holdings, while Toyobo Co Ltd, Nippon Light Metal and Oki Electric Industry are potential index deletions.
• Passive Nikkei 225 trackers will need to buy between 4-9% of the real float on the high/ medium probability names, while they need to buy between 2.5-14 days of ADV.

• GoTo announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  
• 1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.
• GoTo‘s guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.

• Tencent reported lowest YoY increase in revenue in 1Q2022. Subsequent to this, Tencent mentioned during earnings call that it continues to scale back on loss-making activities across its business segments.
• Recent scale back of operation is in its cloud-services segment that includes loss-making activities such as projects with high proportion of sub-contractors and deeply discounted-contracts for CVM and CDN capacity.
• Layoffs have become prevalent as a cost cutting measure and Tencent is in the process of reducing headcount at gaming and fintech businesses.  

• IQiyi reported 1Q2022 results last week. Revenue fell 8.7% YoY to RMB 7.3bn (vs consensus RMB 7.22bn) and reported an OP of RMB 93.4m (vs consensus loss of RMB 297m).
• Growth in ARM helped offset decline in the number of subscribers for membership revenue. However, online advertising and content distribution both declined due to lack of content and macroeconomic weaknesses.  
• IQiyi’s shares have gained 11.2% since its earnings announcement as the company reported an OPM for the first time.

• TRIPLE-1 was established in 2016 and got its start designing highly power efficient ASICs used for cryptocurrency mining, partnering with TSMC to use its leading-edge nodes. 
• Since then the company has moved on to develop ASICs specialised in AI applications as well as for 5G base stations. 
• In all cases the company emphasises power efficiency and with significant gearing into local 5G networks the domestic focus could be a positive rather than a negative.

• Since our March-end report, our shorts – especially Kakao Pay – worked better than our longs, given the continuing turbulent conditions; Santander’s offer for Getnet minorities signals a specific opportunity
• We still favour Mastercard in the megacaps, and we stick with PagSeguro and Nexi despite both having disappointed; Cielo has been a strong performer, but we would not chase it
• Among our shorts, we remain negative on DLocal, given its very demanding valuations, and we still see Kakao Pay to be fundamentally over-valued; we reintroduce Paytm to the shorts list

• The AKM Industrial (1639 HK) scheme document is out with the court and EGM meeting on 22 June. The IFA considers the offer to be fair and reasonable. 
• The key condition is the scheme approval by at least 75% and rejection by <10% of disinterested shareholders. Shareholders who hold blocking stakes have provided irrevocables.
• At last close and for a 4 August payment, the gross and annualised spread to the offer is 1.1% and 6.2%, respectively. This is a done deal.

• Founded by value investor Wally Weitz in 1983, Weitz Investment Management, Inc. is a boutique, employee-owned asset management firm headquartered in Omaha, Nebraska.
• The Value Fund’s Institutional Class returned -7.96% for the first quarter.
• Our companies are generally reporting solid financial results, at least so far, and they are adapting fluidly to rapidly evolving conditions.

• BILI dismissed employees in game, e-commerce, and video in May.
• We believe the growth rates of minor businesses will slow down significantly in 1Q22.
• However, the operating margin will improve in 2022 and 2023.

• The Scheme Document Document for AKM Industrial (1639 HK), a flexible printed board player, has been despatched.  The Scheme Meeting will be held on the 22nd June. 
• The Offer Price is HK$1.82/share. It will not be increased. No further dividends will be added, 
• Trading tight at a gross/annualised spread of 1.1%/6.4%, assuming payment in early August.

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
• While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong.
• With the volatility of stock prices thisquarter, portfolio activitypicked up as a handfulof high-quality growth companies we had long admired, but regarded as too expensive, saw their valuations fall into range.

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
• While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong. In that case, we’d need to parse which companies will be hurt and helped, relatively, from a further receding of globalization.
• With the volatility of stock prices this quarter, portfolio activity picked up as a handful of high-quality growth companies we had long admired, but regarded astoo expensive, saw their valuations fall into range.

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
• While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong.
• In recent years, as growth investors chased speculative and expensive“disruptive innovators” up, and more recently down, we have maintained a steady commitment to quality growth at steady premiums to the market over time.

• eBay have made their first foray into NFTs by launching Wayne Gretzky collectibles, starting as low as $10 for their ‘Green’ tier, ensuring affordability for the everyday fan.
• They’ve partnered with OneOf, who help lifestyle and sports brands drop NFTs – as well as having their own marketplace for resale purposes.
• Buyers were able to purchase in fiat and were then taken to a landing page to mint the NFT for free.

• Splunk Inc (SPLK US) , a leading American provider of machine-generated data platform and established software vendor, announced strong 1QFY23 earnings results. 
• Total revenues grew to $674M, up 34% YoY, the highest revenue growth rate for the last 3 years. Cloud revenues jumped by 66%, reflecting customer adoption of the cloud platform.
• WSJ reported that Cisco made a $20B+ takeover offer for Splunk. However, no deal was on the table, but if talks resume, Cisco could pay $20B+, according to The NYT.   

• Argosy Investors is a fee-only investment adviser seeking to earn above-average returns through a risk-conscious approach that allows us to maintain significant amounts of cash if the conditions warrant, and to deploy capital quickly and aggressively when opportunities are more plentiful.
• 2022 first quarter performance was -15.1% in select accounts.
• Analyzing many businesses can be challenging, and could require a greater degree of conservatism in assessing likely sales and/or margin potential.

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
• China-based WuXi Biologics illustrates the perfect storm of macro issues pressuring the share prices of our rapidly growing companies.
• As questions mount whether globalization has reached a tipping point, companies are taking full advantage of the many advances occurring across the industrial automation landscape— propelling leadingp roviders of “Industry 4.0” solutions onto favorable growth paths.

• Online auto parts and service provider Infomedia Ltd (IFM AU) has received a second non-binding proposal  – by way of a Scheme – this one from PE outfit Battery Ventures. 
• The Offer price is A$1.75/share, a 36.7% premium to last close, and a A$0.05/share premium to TA/Viburnum’s proposal earlier this month. 
• As with TA, Battery has been granted limited due diligence. With a 19.4% stake, TA remains very much in the driver’s seat.

• Infomedia Ltd (IFM AU) disclosed an indicative non-binding proposal from Battery Ventures at A$1.75 a share, a 2.9% premium to TA/Viburnum’s offer of A$1.70 per share.
• Infomedia is in preliminary discussions with several other interested parties. The other interested party is rumoured to be the auto software business OEConnection.
• The situation is reminiscent of the ongoing bidding war for Virtus Health (VRT AU) between CapVest and BGH Capital. Expect at least another round of bids. 

• Maintain our BUY recommendation with TP of Bt29.75,derived from 27.0xPE’22 (+2SD of average 10-yr trading). Yesterday’s analyst meeting came out with neutral tone. While we are cautious of the inflationa
• Management affirms that weakening consumer demand, shortages caused by China lockdowns and Russo-Ukrainian War, and weakening Baht will not impact SYNEX’s 2022 performance.
• Management maintains their guidance of +15% revenue growth YoY in 2022, but admits post-2022 top-line growth will not match the levels seen during Covid period (2020-21).

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Emerging Markets (EMs) declined sharply, primarily due to the collapse in Russian equities brought about by economic sanctions against Russia because of its invasion of Ukraine, as well as poor performance in China.
• The EM landscape is currently fogged by an exceptional confluence of risks: armed conflict in Ukraine, inflation, rising interest rates, volatile commodity prices, and concerns about food and energy security.
• Although we made only a handful of transactions this quarter, the portfolio’s profile changed significantly because of the write-down of our Russian holdings and the outsized returns of stocks benefiting from commodity price inflation.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Adani Ports & Special Economic Zone
2. Yanzhou Coal Mining Company Limited H
3. Vedanta Resources
4. Indika Energy
5. Pakuwon Jati

and more…