e-crow/iStock via Getty Images Investment Thesis Kinross Gold ( KGC ) is the kind of miner that I like because of a couple of reasons. One is that the cash is already there. Also, the balance sheet is already repaired. And thirdly, I believe the next leg is already visible. That is why I am comfortable rating KGC a Strong Buy because the company finished 2025 with a record free cash flow of $2.47 ...
e-crow/iStock via Getty Images Investment Thesis Kinross Gold ( KGC ) is the kind of miner that I like because of a couple of reasons. One is that the cash is already there. Also, the balance sheet is already repaired. And thirdly, I believe the next leg is already visible. That is why I am comfortable rating KGC a Strong Buy because the company finished 2025 with a record free cash flow of $2.47 Bn, a net cash of $1 Bn and a plan to return 40% of FCFs to shareholders in 2026. In addition to that, I also note that management has greenlit 3 US growth projects . And these three together carry a combined post-tax NAV of $4.1 Bn at a $4300 gold price. KGC is also expected to add about 3 Moz of production over time. To me, this is a cash machine with a second engine already being bolted on. KGC's revenue growth y/y sits at 36.95%, while the sector median sits at 4.22%. Also, I note that the FWD revenue growth rate stands at 24.34%, while the sector median stands at 5.97%. Additionally, the FWD EPS long-term growth is at 67%, while the sector median is at 16.31%. I am emphasizing these numbers because they help in explaining why I am comfortable rating the stock a Strong Buy. Seeking Alpha I also note that the company has a healthy visibility about their guidance, given that the company has been meeting their guidance, as noted by the CEO, Paul Rollinson ...we met our guidance once again, delivered robust margins and generated free cash flow of $2.5 billion... ...We've given good visibility on our guidance for 3 years and beyond. So we don't feel under any pressure and what that means is if we saw the right thing and we felt it created value, we'd have a look at it. But we certainly don't feel under any pressure and we're quite happy with the organic profile as it looks today... These two quotes are quite important because they tell me exactly what KGC is built on. It tells me that Kinross hit its numbers, expanded their margins, and paid down debt. Also, they raised the ...
Earlier this week I stumbled on a fascinating piece of research led by geography professor Becky Loo at the University of Hong Kong and soon to be published in the Nature Cities journal. Fascinating not just because of its scale – an analysis of 200,000 household travel surveys covering Boston, Chicago, London, Sao Paulo and Hong Kong – but because of its focus on daily mobility and social mixing....
Earlier this week I stumbled on a fascinating piece of research led by geography professor Becky Loo at the University of Hong Kong and soon to be published in the Nature Cities journal. Fascinating not just because of its scale – an analysis of 200,000 household travel surveys covering Boston, Chicago, London, Sao Paulo and Hong Kong – but because of its focus on daily mobility and social mixing. Its key finding? That people aged over 66 have more encounters with a broader cross-section of...
Supatman/iStock via Getty Images 451 Research from S&P Global Energy Horizons provides technology industry research, data, and advisory solutions. For more information or to contact us, please visit 451 Research. As the war in Iran dominated headlines, AI was drawn into the geopolitical story. Reports suggested that Persian Gulf data center infrastructure linked to US cloud providers had come unde...
Supatman/iStock via Getty Images 451 Research from S&P Global Energy Horizons provides technology industry research, data, and advisory solutions. For more information or to contact us, please visit 451 Research. As the war in Iran dominated headlines, AI was drawn into the geopolitical story. Reports suggested that Persian Gulf data center infrastructure linked to US cloud providers had come under attack, while Anthropic PBC's Claude was reportedly still being used in US military operations even as Anthropic remained in conflict with the Pentagon over safeguards around mass surveillance and fully autonomous weapons. Against that backdrop, the enterprise AI agenda continued to advance, with recent launches reinforcing the industry's shift toward agentic systems. The take While Anthropic's dispute with the Pentagon escalated over guardrails on military use, OpenAI LLC ( OPENAI ) struck its own publicized defense agreement. The timing helped generate a "Cancel ChatGPT" backlash online, with critics framing the episode as a test of AI ethics and acceptable-use boundaries. Commentators pointed to a sudden rise in interest in Anthropic's Claude following Anthropic's refusal to support uses tied to mass surveillance or fully autonomous weapons. OpenAI felt forced to respond, with CEO Sam Altman saying he "shouldn't have rushed" the announcement and acknowledging that the move had appeared "opportunistic and sloppy." While it would be a stretch to suggest this reflects broad consumer alignment with AI ethics, it does suggest that a visible segment of users is paying active attention to questions of acceptable use. Product releases and updates NVIDIA Corp. ( NVDA ) used GTC 2026 to argue that its opportunity now extends beyond AI training infrastructure into the software, model and simulation layers needed for agentic and physical AI. Alongside the Vera Rubin platform and related AI factory infrastructure, the company expanded its open-model portfolio for agentic systems. T...
metamorworks/iStock via Getty Images Investment Summary Karooooo Ltd. ( KARO )'s business quality is largely perceived by the market at this point. The remaining debate is about durability, monetisation depth, and valuation. There also remains meaningful concentration and currency risk, with South Africa (SA) representing 72% of subscription revenue. KARO's core business is clearly strong, but the...
metamorworks/iStock via Getty Images Investment Summary Karooooo Ltd. ( KARO )'s business quality is largely perceived by the market at this point. The remaining debate is about durability, monetisation depth, and valuation. There also remains meaningful concentration and currency risk, with South Africa (SA) representing 72% of subscription revenue. KARO's core business is clearly strong, but the valuation seems to already reflect that. To get excited again, investors need to see whether KARO's platform depth and upselling capacity can help the business achieve a durable growth step-up above its historical baseline, without a permanent high reinvestment level that caps its margins (in Q3 FY26 , Cartrack's revenue was up +20% YoY while the related Sales & Marketing expenses were up 47%), to show cleaner operating leverage. We also want to see more balanced geographic distribution than the market already assumes. KARO looks like a hold, not because the business is weak but because the stock requires more proof than promise at this point. What Karooooo Actually Is Cartrack, KARO's platform, seems to be positioned somewhere between traditional telematics vendors and broader connected-operations software platforms like Samsara ( IOT ) that go beyond vehicle-centric operations and delivery workflows. Cartrack goes beyond simple telematics (GPS tracking, etc.) by providing a connected platform for managing physical operations. It covers things like fleet visibility, workflow tools, video-based safety, driver and asset monitoring, compliance, and broader logistics functionality. Subscription revenue represented around 97% of Cartrack's revenue. Karooooo Ltd. Investor's Deck Alongside its Cartrack offering, the business owns 81% of Karooooo Logistics, a B2B Delivery-as-a-Service platform that generated ZAR135M (roughly $7.2M) of revenue in Q3 FY26, up 24% YoY but at a much lower operating margin (7%) than its subscription-based platform. This is not the core driver of the t...
Hong Kong’s security chief has pledged to replace emergency fax messaging between police and firefighters with a digital system and to increase phone lines at call centres, after an inquiry into a fatal Tai Po fire revealed that residents had waited up to 15 minutes for call referrals. Secretary for Security Chris Tang Ping-keung’s remarks on Friday at a Legislative Council Finance Committee meeti...
Hong Kong’s security chief has pledged to replace emergency fax messaging between police and firefighters with a digital system and to increase phone lines at call centres, after an inquiry into a fatal Tai Po fire revealed that residents had waited up to 15 minutes for call referrals. Secretary for Security Chris Tang Ping-keung’s remarks on Friday at a Legislative Council Finance Committee meeting followed evidence that emerged from an independent committee’s hearing that revealed a bottleneck...