zhengzaishuru/iStock via Getty Images Investment Thesis In my November 2025 article on Surge Energy ( SGY:CA )( ZPTAF ), I argued the stock needed US$80 WTI or higher to outperform. When the oil was at US$60 WTI, Surge was generating almost no FCF above its dividend, with enormous downside at Does it mean that I was wrong? WCP vs SGY Performance Chart (Author's Research) In the same article, I sta...
zhengzaishuru/iStock via Getty Images Investment Thesis In my November 2025 article on Surge Energy ( SGY:CA )( ZPTAF ), I argued the stock needed US$80 WTI or higher to outperform. When the oil was at US$60 WTI, Surge was generating almost no FCF above its dividend, with enormous downside at Does it mean that I was wrong? WCP vs SGY Performance Chart (Author's Research) In the same article, I stated that Whitecap Resources ( WCP:CA )( WCPRF ) offered better risk/reward for oil exposure. In the span of those seven months, Whitecap has outperformed Surge by ~8 percentage points. When a less oil-leveraged stock manages to beat the more leveraged one in a bull oil environment, I would say my call was correct. But the world has changed, and so has my new call. On February 28, the US and Israeli military struck Iran, which resulted in the closure of the Strait of Hormuz. WTI spiked from ~US$60 to above US$100 in a matter of weeks. The conditions I demanded for a Buy are now in place, and they have surpassed my expectations. On June 1, Surge had an announcement about expanding the H2 2026 capital program. That led to capex increasing from C$150M to C$175M, and exit production guidance raised from 23,000 to 24,000 boe/d. Also, full-year guidance was upgraded to C$335M at US$80 WTI. The incremental C$25M of capex is being split between another eight wells in Sparky and SE Saskatchewan (C$16M, targeting 6-month paybacks at the current strip) and also the speed-up of the Hope Valley waterflood (C$9M, a 75% increase in waterflood capital). Management is expecting that the incremental drilling will pay out within 2026 at strip prices, and it will contribute to incremental FCF into 2027. These are not marginal additions. At strip pricing (WTI US$85 in 2026, US$75 from 2027 onward), the 2026 FCF yield is 16.9%, and the stock is being priced by the market at an implied 17% discount rate against long-term US$75 WTI. My PV10 calculation result is C$19.5, 95% above today's price. I'm...
MP Materials (NYSE:MP) has secured major contracts with US clients, including the Department of Defense and Apple. The company is shifting away from exporting rare earth concentrates to China and focusing on domestic processing and magnet production. MP Materials is developing a new US magnet manufacturing facility, called "10X", and partnering on a rare earth refinery project in Saudi Arabia. MP ...
MP Materials (NYSE:MP) has secured major contracts with US clients, including the Department of Defense and Apple. The company is shifting away from exporting rare earth concentrates to China and focusing on domestic processing and magnet production. MP Materials is developing a new US magnet manufacturing facility, called "10X", and partnering on a rare earth refinery project in Saudi Arabia. MP Materials, trading at $72.24, sits at the center of a rare earths story that is increasingly...
Beijing has condemned remarks by Philippine defence chief Gilberto Teodoro Jnr, saying the comments seriously damaged bilateral trust and showed a lack of gratitude for Chinese aid. China’s foreign ministry on Tuesday called on Manila to take action to prevent “a few clowns” from sabotaging bilateral ties through repeated political theatrics, as ties between the two neighbours remained strained. O...
Beijing has condemned remarks by Philippine defence chief Gilberto Teodoro Jnr, saying the comments seriously damaged bilateral trust and showed a lack of gratitude for Chinese aid. China’s foreign ministry on Tuesday called on Manila to take action to prevent “a few clowns” from sabotaging bilateral ties through repeated political theatrics, as ties between the two neighbours remained strained. On the sidelines of the Shangri-La Dialogue in Singapore, Teodoro said during an interview with...
Masayoshi Son has been called a visionary and a reckless gambler, sometimes in the same sentence. He bet on Alibaba before anyone in the West had heard of it. He lost billions on WeWork. He turned Arm Holdings into the backbone of the AI chip industry. On June 1 in Paris, he made his most sweeping ...
Masayoshi Son has been called a visionary and a reckless gambler, sometimes in the same sentence. He bet on Alibaba before anyone in the West had heard of it. He lost billions on WeWork. He turned Arm Holdings into the backbone of the AI chip industry. On June 1 in Paris, he made his most sweeping ...
Australia’s Megaport Ltd. is seeking to raise A$827.3 million ($594 million) to support the creation of an artificial intelligence inference cloud and execute new contracts, one of the country’s biggest deals this year as companies look to finance the global data center buildout. The infrastructure software firm is offering new shares under an entitlement offer at A$14.30 apiece, representing a 13...
Australia’s Megaport Ltd. is seeking to raise A$827.3 million ($594 million) to support the creation of an artificial intelligence inference cloud and execute new contracts, one of the country’s biggest deals this year as companies look to finance the global data center buildout. The infrastructure software firm is offering new shares under an entitlement offer at A$14.30 apiece, representing a 13.9% discount to Monday’s close, according to an exchange filing Wednesday. Proceeds will fund customer contracts, including four new AI infrastructure agreements collectively worth A$458.9 million, as well as the establishment of a graphics processing unit pool. The deal is the second biggest follow-on equity sale to existing shareholders by an Australian company this year. Data center operator NextDC Ltd. in April raised $1.1 billion, according to data compiled by Bloomberg. Megaport shares were halted on Tuesday ahead of the transaction and contract announcements. Australia is increasingly becoming a destination for data center investment due to abundant renewable energy resources and a pipeline of infrastructure development. Spending in the three months to March reached a record , with companies investing A$8.7 billion in data centers during the quarter. “AI inference represents one of the biggest infrastructure opportunities of the next decade,” said Michael Reid , Megaport’s chief executive officer. “The contracts announced today reflect the accelerating demand for globally-distributed AI inference infrastructure.” Surging data center demand has powered a rally in several related shares across Australia and New Zealand. Wellington-based Infratil Ltd. has risen 38% this year to become the best performing stock on New Zealand’s equity benchmark. NextDC and Australian peer Macquarie Technology Group Ltd. have enjoyed similar gains. Megaport is up 36%. Read More: Infratil CEO Sees ‘Latent Potential’ for Data Centers in ANZ The A$2.9 billion company also tightened its reven...
China has expanded its outbound investment regulations to explicitly cover individual investors for the first time, a shift that potentially raises compliance hurdles for tech founders and even ordinary stock investors. The new rules , released Monday by China’s cabinet, broadened the definition of “investors” to include individual residents. The move marks a departure from existing frameworks tha...
China has expanded its outbound investment regulations to explicitly cover individual investors for the first time, a shift that potentially raises compliance hurdles for tech founders and even ordinary stock investors. The new rules , released Monday by China’s cabinet, broadened the definition of “investors” to include individual residents. The move marks a departure from existing frameworks that focused primarily on overseas corporate investments, bringing financial activities that have long operated in a legal gray area under closer scrutiny. Under the previous system, Chinese firms seeking to invest abroad required outbound direct investment approval from multiple government agencies, but the rules did not explicitly apply to individuals. This left individual overseas investment activities in an “ambiguous state,” said Wang Zhiyi, founder of the research firm Shanghai Fangchang Information Development Co. “Strictly speaking, China has long lacked a systematic institutional framework for outbound direct investment by individual domestic residents,” Wang said. For years, Chinese entrepreneurs and wealthy individuals have moved capital abroad by setting up offshore entities, funneling money into foreign acquisitions, overseas property and stakes in companies outside China. Those arrangements are now likely to face tighter scrutiny. Gene Ma, head of China Research at the Institute of International Finance, said a related concern is the offshore capital raised by China-linked companies through so-called “red-chip” structures. Under that arrangement, an offshore entity holds China-based assets, a setup that has long allowed domestic startups to raise foreign venture capital and list in New York or Hong Kong. “The capital subsequently raised through offshore IPOs is not necessarily repatriated, but is instead retained overseas, creating a massive external capital loop,” Ma said. “By bringing individuals into the regulatory framework, China hopes to better manage this ...
(RTTNews) - Astera Labs Inc. (ALAB) announced a major expansion of its Taiwan operations and Cloud-Scale Interop Lab. This move strengthens the company's engineering and operational footprint while deepening strategic collaboration with customers and ecosystem partners in one of
(RTTNews) - Astera Labs Inc. (ALAB) announced a major expansion of its Taiwan operations and Cloud-Scale Interop Lab. This move strengthens the company's engineering and operational footprint while deepening strategic collaboration with customers and ecosystem partners in one of
Fast cars, luxury watches – and, of course, that motorhome: the list of what former SNP chief executive Peter Murrell bought with embezzled funds is dizzying. Severin Carrell reports. As chief executive of the SNP Peter Murrell was an extraordinarily influential politician. Along with former SNP leader Alex Salmond he helped turn the party into an election-winning machine. And he married the woman...
Fast cars, luxury watches – and, of course, that motorhome: the list of what former SNP chief executive Peter Murrell bought with embezzled funds is dizzying. Severin Carrell reports. As chief executive of the SNP Peter Murrell was an extraordinarily influential politician. Along with former SNP leader Alex Salmond he helped turn the party into an election-winning machine. And he married the woman who would increase its popularity even further – Nicola Sturgeon. Then came the news he had admitted embezzling money from the party – and using it to buy everything from toilet rolls and instant coffee to a Jaguar. At the weekend Sturgeon felt compelled to break her silence and give an interview to the BBC, insisting she knew nothing about her now ex-husband’s crimes. The Guardian’s Scotland editor, Severin Carrell , explains how the case is still unfolding, with a court hearing this week and sentencing this month. He tells Annie Kelly what we have learned about Murrell’s behaviour. “It was almost as if you had a teenager funding their entertainment habits and a lavish lifestyle on somebody else’s credit card,” he says. Continue reading...