In today’s briefing:
- KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming
- STAR100 Index Rebalance Preview: 10 Changes as Potential Adds Outperform
- Amaero Internaitonal (ASX:3DA) RaaS Interview Transcript 8 April 2024
- Amaero International Ltd – Binding off-take agreement boosts strategic C103 position
- Fluence Corp Ltd – Watershed complete, growth strategy in play
- Odyssey Marine Exploration, Inc. – Urgency Around Seabed Mining Increases
KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming
- With nearly 85% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
- Prior to the June rebalance, C&C International (352480 KS) will replace CanariaBio (016790 KS) in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.
- The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index since the start of the review period. Lighten positions ahead of the end of the review period.
STAR100 Index Rebalance Preview: 10 Changes as Potential Adds Outperform
- The review period for the June rebalance ends 30 April. We expect the changes to be announced 31 May with the implementation taking place after the close on 14 June.
- We forecast 10 changes for the index, including migrations between the STAR 100 Index and the SSE STAR50 (STAR50 INDEX).
- Excluding the migrations, the potential adds have outperformed the potential deletes over the last few months and that could continue as we head to the end of the review period.
Amaero Internaitonal (ASX:3DA) RaaS Interview Transcript 8 April 2024
- Interview discusses the offtake agreement and opportunity to expand beyond the current arrangement, the $20m capital raised and outlook for future funding needs, update on strategic equity/debt in the US and milestones to expect over the next six months.
Amaero International Ltd – Binding off-take agreement boosts strategic C103 position
- Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA. The company has secured a binding offtake agreement for the supply of C103 additive manufacturing powder, a key milestone in the development of its critical metals powder manufacturing presence in the US. Concurrently, Amaero has raised $20m by way of a placement to institutional investors, which the company anticipates will be the last equity capital raise in the Australian market.
- Going forward, Amaero says it intends to seek equity capital from strategic US investors.
- We continue to incorporate Amaero’s guidance that it expects to report an EBITDA loss of $14m in CY2024 and to break-even in CY2025.
Fluence Corp Ltd – Watershed complete, growth strategy in play
- Fluence Corporation (ASX:FLC) provides water and wastewater treatment, and reuse solutions, for the municipal, commercial, and industrial markets worldwide.
- The company has a proven suite of products and expertise, both proprietary and otherwise, which it has used to deliver more than 850 projects globally.
- After some historical missteps, FLC has now been completely rejuvenated through the appointment of a highly regarded and proven US-based management team and reinvigorated board.
Odyssey Marine Exploration, Inc. – Urgency Around Seabed Mining Increases
- Industry needs batteries and batteries need metals. As numerous studies have concluded, even with slightly slower than previously anticipated growth in EV adoption and renewable energy (wind and solar) buildout, demand for metals going into lithium batteries is expected to exceed current estimates for said metals’ production as early as 2026-28.
- The implied need to find and develop sufficient new resources of these metals to satisfy the expected demand has become a major focus for battery and auto OEMs, as well as governments set on the path to electrification of their economies.
- More plentiful, less harmful. Many industry and investment banks’ reports also conclude that traditional terrestrial resources in the development or even exploration phase currently are not sufficient to meet the expected demand, suggesting other unconventional resources require commercial development.
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