J-Star Holding ( YMAT ) said on Friday that it has signed a non-binding memorandum of understanding (MOU) with Singapore-based White Group to support capital formation for a planned automated solid-state battery production facility in Baytown, Texas. Under the agreement, White Group will work with J-Star to identify and introduce potential U.S.-based private equity partners for a proposed $100M in...
J-Star Holding ( YMAT ) said on Friday that it has signed a non-binding memorandum of understanding (MOU) with Singapore-based White Group to support capital formation for a planned automated solid-state battery production facility in Baytown, Texas. Under the agreement, White Group will work with J-Star to identify and introduce potential U.S.-based private equity partners for a proposed $100M investment to support construction, automation, and technical development of the Baytown facility. The financing initiative is presented as complementary to J-Star’s previously announced strategic partnership with Patriot Green Energy Technology (PSSB) to develop polymer-based solid-state battery solutions and to a jointly submitted U.S. Department of Energy (DOE) grant application for the project. J-Star said the Baytown initiative targets a 100 megawatt-hour (MWh) modular production line aimed at unmanned aerial vehicle (UAV) and drone markets and that the project plans include a fully automated U.S. production line intended to supply high-density batteries for aerospace, defense, and dual-use drone applications. Proceeds from the expected financing are intended to support the completion of the 100 MWh automated production line, procurement of customized automated manufacturing systems, technology transfer, workforce training, infrastructure development, and achievement of technical milestones required for federal funding and customer qualification. Source: Press Release More on J-Star Holding Co., Ltd. Financial information for J-Star Holding Co., Ltd.
Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we look at what a damning court ruling means for South Africa’s president. And: Tensions are flaring in the Horn of Africa again Nigerian markets are among the world’s best China is going even bigger into Congo copper Ramaphosa’s...
Welcome to Next Africa, a daily newsletter on where the continent stands now — and where it’s headed. Sign up here to have it delivered to your email. In today’s edition, we look at what a damning court ruling means for South Africa’s president. And: Tensions are flaring in the Horn of Africa again Nigerian markets are among the world’s best China is going even bigger into Congo copper Ramaphosa’s Uncomfortable Couch It’s a scandal that just won’t go away. Cyril Ramaphosa’s presidency is at risk again after a damning ruling by South Africa’s top court paved the way for an impeachment inquiry. Four years ago, the president considered resigning after an advisory panel suggested he had breached the constitution over his handling of the theft of hundreds of thousands of dollars stashed in a sofa at his game farm. Parliament quashed that report, effectively blocking an official hearing, and he went on to be re-elected as leader of the African National Congress, securing his position as president for a second term. On Friday, the Constitutional Court ruled the decision by the National Assembly to set aside the inquiry’s findings was unlawful and that it must revive a process to decide if Ramaphosa is fit to remain head of Africa’s biggest economy. The president has denied wrongdoing and separate investigations by the central bank and graft ombudsman cleared him . The next round of the so-called cash-in-a-sofa saga, though, comes at a far trickier time for both Ramaphosa and his ANC. The party no longer holds a majority in parliament that would rubber stamp the support he would need, should it get to an impeachment vote. And his clout is waning given his two-term ANC leadership comes to an end in December next year anyway. It will also cloud campaigning for November local elections in which the ANC is expected to hemorrhage support compared with 2021. That will offer added ammunition for those positioning to succeed him to urge the president to step aside. There are risks ...
sanfel/iStock Editorial via Getty Images Planet Fitness ( PLNT ) is seeing a record down move on earnings today. I, one of the worst blow-ups in the consumer discretionary space, the move comes on the back of a very weak Q1 - the seasonally most important quarter for the company. The reasons for the weak Q1 and full-year guidance cut are a mix of factors that were both in and out of the company's ...
sanfel/iStock Editorial via Getty Images Planet Fitness ( PLNT ) is seeing a record down move on earnings today. I, one of the worst blow-ups in the consumer discretionary space, the move comes on the back of a very weak Q1 - the seasonally most important quarter for the company. The reasons for the weak Q1 and full-year guidance cut are a mix of factors that were both in and out of the company's control, making this all the more complex to digest. In my opinion, I think the shares bleed lower from here and find stability in the mid-$30 range before look attractive again. Business Profile Taking a step back, Planet Fitness is an owner and operator of fitness clubs across the US. The company has approximately 21.5 million members and 2,909 clubs in all 50 states, as well as in Canada, Panama, Mexico, Australia, Spain and Puerto Rico. The company is highly franchised , with more than 2,600 clubs franchised. This nearly 90% franchised rate equates to cash flow stability, even when trends are volatile. The company has grown from 1,000 clubs 10 years ago to its current level, creating a significant unit growth profile for the company. Membership over the last 10 years has also grown from 7 million to its current level, a near tripling in members. This is a company that back in December outlined a huge growth opportunity for their target market. The company defines their target market largely as the 265 million US adults. After factoring in non-active individuals and those unlikely to pay, which removes about 120-130 million people, that produces two cohorts of people - 50-60 million individuals who are active and likely to pay as well as 60-65 million people who are already paying for a fitness membership that the company can target for share gains. Investor Presentation Source: Investor Presentation Unpacking Q1: Slower Growth Results were solid for Q1. System-wide same club sales (comparable sales) were up 3.5% y/y with total revenue up 21.9% to $337.2 million. The dif...
miniseries Starwood Property Trust ( STWD ) delivered weaker-than-expected Q1 earnings, while its top line beat expectations on Friday. Its stock slipped 0.8% in premarket trading. Q1 distributable EPS of $0.39, missing the average analyst estimate of $0.42, fell from $0.42 in Q4 2025. Total revenue of $512.5M, topping the $496.3M consensus, increased from $492.2M in the prior quarter. Interest in...
miniseries Starwood Property Trust ( STWD ) delivered weaker-than-expected Q1 earnings, while its top line beat expectations on Friday. Its stock slipped 0.8% in premarket trading. Q1 distributable EPS of $0.39, missing the average analyst estimate of $0.42, fell from $0.42 in Q4 2025. Total revenue of $512.5M, topping the $496.3M consensus, increased from $492.2M in the prior quarter. Interest income from loans dipped to $373.8M from $383.9M in Q4. Interest income from investment securities grew to $5.44M from $4.57M. "As we move through 2026, we are focused on growing our earnings through disciplined origination, continued balance sheet optimization, and the best returning resolution of what we refer to as legacy assets," said Chairman and CEO Barry Sternlicht. Net provision for credit losses was a reversal of $377K compared with a provision of $10.3M in the prior quarter. Total costs and expenses of $480.3M vs. $482.4M in Q4. During the quarter, Starwood ( STWD ) invested $2.5B, including $1.5B in commercial lending and $0.6B in infrastructure lending. Furthermore, it invested an additional $1.5B after Q1 ended. Conference call at 10:00 AM ET. More on Starwood Property Trust 2 Dividend Plays, Taking Profits, And Dry Powder Starwood Property Trust: The Market Is Handing You An 11% Yield At A Deep Discount Starwood Property Trust: Discounted Yield With Contained Credit Risk Billionaire investor Barry Sternlicht’s Starwood Capital halts redemptions from REIT
Ukrainian Drone Strike Paralyzes Airports Across All Southern Russia Russian cities and communities are busy preparing Victory Day WW2 memorial events all across the country ahead of Saturday, and so security is already on edge and on high alert, especially in the Moscow area, given that Ukraine's devastating cross-border drone attacks have persisted and expanded of late. On Friday air traffic at ...
Ukrainian Drone Strike Paralyzes Airports Across All Southern Russia Russian cities and communities are busy preparing Victory Day WW2 memorial events all across the country ahead of Saturday, and so security is already on edge and on high alert, especially in the Moscow area, given that Ukraine's devastating cross-border drone attacks have persisted and expanded of late. On Friday air traffic at 13 airports across southern Russia was suspended after drones struck a building at a regional air navigation center in Rostov-on-Don, Russia's transport ministry confirmed. This was the crucial air traffic control center for the whole region , and so its being taken offline has had significant impact. Airspace empty over southern Russia Regional media has listed that it halted flights to and from airports in Astrakhan, Vladikavkaz, Volgograd, Gelendzhik, Grozny, Krasnodar, Makhachkala, Magas, Mineralnye Vody, Nalchik, Sochi, Stavropol and Elista. "The regional air traffic control center in Rostov-on-Don, which manages air traffic in southern Russia, has been temporarily adjusted due to the Ukrainian drone strike ... personnel are safe, and equipment is being assessed" to determine whether operations can be restored, the ministry said on Telegram. According to the Amsterdam-based Moscow Times , "Aeroflot, Pobeda, Nordwind and Rossiya Airlines said they were adjusting their flight schedules for Friday and would need to cancel some flights. At least 14,000 passengers were stuck due to delays and cancellations , the Association of Tour Operators of Russia said." "Russia’s Transportation Minister Andrey Nikitin asked major airlines to coordinate with the state-owned Russian Railways and the Unified Transportation Directorate to arrange for trains and buses to transfer passengers from canceled flights," the report noted. On the same day, over 260 drones were intercepted across various sectors of the country - which suggests that in total at least several hundreds were sent. Once ...
Welcome to Bloomberg’s Retail Monitor . Every Friday we’ll deliver you clear insights on industry trends, headwinds and emerging opportunities. Sign up now if you’re not already on the list. Kraft Heinz made a risky move and it seems to be paying off . McDonald’s is concerned about consumer anxiety . Popeyes is on the lookout for tiny chicken tenders , TV dinners are getting modernized and shopper...
Welcome to Bloomberg’s Retail Monitor . Every Friday we’ll deliver you clear insights on industry trends, headwinds and emerging opportunities. Sign up now if you’re not already on the list. Kraft Heinz made a risky move and it seems to be paying off . McDonald’s is concerned about consumer anxiety . Popeyes is on the lookout for tiny chicken tenders , TV dinners are getting modernized and shoppers are running out of cash . This week’s edition is here... — Tonya Garcia Market Snapshot Kraft Heinz Co/The $23.64 +2.5% McDonald's Corp $283.70 -0.1% Dine Brands Global Inc $28.29 +4.2% Target Corp $125.88 -3.3% Market data as of 09:19 AM ET. Data is subject to provider delays. Kraft Heinz’s risky bet pays off Kraft Heinz CEO Steve Cahillane used the company’s most recent earnings to take a victory lap. One of the first things he did when he took on the role a few months ago was to put a halt to a planned split of the company. “Pausing the separation was absolutely the right call,” he told Bloomberg after reporting profit and revenue that beat the Street. For now, it seems Cahillane is doing what most companies hope for when they name a new leader. He changed the company’s course and, more importantly, looks to have improved its fortunes. With the string of CEO successions happening across the consumer space — Lululemon , Target and Conagra , for example — it’s what a lot of businesses are striving to achieve. The new strategy worked to Kraft Heinz’s strengths. Some Americans will squeeze ketchup on anything that passes their lips. That product, which is nearly synonymous with the business, got a quality upgrade and is doing well, according to the company. Kraft Heinz is also maximizing on trends, like adding protein to its Mac & Cheese . Give the people what they want. Plans can run up against the reality on the ground very easily. The Middle East conflict and other global factors are impacting prices and everyday spending in ways that companies have to manage on top of ...
Sundry Photography/iStock Editorial via Getty Images By Nicholas Tan, Investment Research Analyst @ Khaveen Investments In our previous analysis of HPE ( HPE ), we expected the company to sustain market share in both enterprise network infrastructure and external OEM storage. We further expected the company to achieve margin expansion. Company Data, Khaveen Investments Since our last coverage, HPE...
Sundry Photography/iStock Editorial via Getty Images By Nicholas Tan, Investment Research Analyst @ Khaveen Investments In our previous analysis of HPE ( HPE ), we expected the company to sustain market share in both enterprise network infrastructure and external OEM storage. We further expected the company to achieve margin expansion. Company Data, Khaveen Investments Since our last coverage, HPE acquired Juniper Networks for $14 billion in July 2025 . To acquire Juniper Networks, HPE raised $8.99 billion of debt in September 2024 and $ 2.9 billion of debt in September 2025, respectively. As such, HPE’s debt rose from $13.0 billion in 2023 to $23.4 billion in 2025. Due to higher debt and the completion of Juniper’s acquisition in 2025, we can see that Net Debt to EBITDA rose from 2.03x in 2023 to 4.09x in 2025, which is much higher than its historical 10-year average of 1.98x. We also find that the Net Debt decline in 2024 was mainly because HPE sold 30% of its stake in H3C to UNIS for $2.1 billion and also issued $1.35 billion of mandatory convertible preferred stock to raise cash for the acquisition. Currently, management plans to achieve a 2.0x net debt to EBITDA target by FY2027. In this analysis, we thus analyze whether HPE can achieve this target. We first evaluate whether its EBITDA can continue to grow, and further assess whether its EBITDA margins can continue to improve. We lastly analyze whether it can reduce its Net Debt. EBITDA To Climb Higher Company Data, Khaveen Investments To analyze whether HPE’s EBITDA can continue to grow, we thus compile its historical EBITDA and revenue breakdown. We find that EBITDA grew with an average of 0.54%, while revenue grew with an average of 1.59%. We also see that Networking grew the fastest among its segments (25.05%), while Server, its largest segment, grew only 5.75% on average. According to IDC , the Server market grew with an average growth of 57.39% over the last 3 years, which is much higher than HPE’s growth...
hapabapa/iStock Editorial via Getty Images Novo Nordisk ( NVO ) recorded a 40% rise in sales in India for its GLP-1 medicine, semaglutide, last month, following sharp price cuts that boosted demand despite a wave of generics, Bloomberg reported on Friday, citing market researcher Pharmarack. In March, the Danish drugmaker lost exclusivity for its core patent for semaglutide, marketed as Ozempic an...
hapabapa/iStock Editorial via Getty Images Novo Nordisk ( NVO ) recorded a 40% rise in sales in India for its GLP-1 medicine, semaglutide, last month, following sharp price cuts that boosted demand despite a wave of generics, Bloomberg reported on Friday, citing market researcher Pharmarack. In March, the Danish drugmaker lost exclusivity for its core patent for semaglutide, marketed as Ozempic and Wegovy, in India, paving the way for low-cost biosimilar versions in the world’s most populous country, where obesity rates are rapidly rising. According to Pharmarack data, sales of Wegovy, Ozempic, and partner-branded versions of the GLP-1 climbed to 32,000 units in April, the first full month since the launch of semaglutide generics. The company slashed the prices of starting doses of Wegovy and Ozempic to ₹5,660 ($60) effective April 1, indicating a 36% and 48% decline, respectively, to fend off competition from low-cost versions manufactured by local rivals. Meanwhile, the overall GLP-1 market in India is fast expanding amid a surge in demand for knockoff versions that can cost as low as $14 for a monthly dose. The market expanded to 414,000 units in April, indicating a 56% rise from the prior month, while Eli Lilly ( LLY ) maintained its leadership position as the number one GLP-1 provider. “So far, generics have led to the expansion of the market over a significant erosion of market share from innovators,” said Sheetal Sapale, vice president of commercial at Pharmarack. India could be a test case for how well off-patent versions can erode demand for branded GLP-1 therapies, as the South Asian country was the first market where Novo ( NVO ) faced generic competition against its best-selling product. Earlier this year, the company projected its 2026 profit to decline 5% YoY–13% YoY on a forex-adjusted basis due to the patent expiry of semaglutide and its drug-pricing agreement with the Trump administration. More on Novo Nordisk A/S Novo Nordisk: Mixed Q1 Does Not Bre...
Roman Tiraspolsky/iStock Editorial via Getty Images Introduction The last time I covered NNN REIT ( NNN ), I highlighted their attractive valuation, solid performance, and decent growth expectations even during a tough environment, navigating the macro headwinds well. Following a solid first quarter and a slight boost in their AFFO guidance, NNN remains a Buy, with a valuation that already implies...
Roman Tiraspolsky/iStock Editorial via Getty Images Introduction The last time I covered NNN REIT ( NNN ), I highlighted their attractive valuation, solid performance, and decent growth expectations even during a tough environment, navigating the macro headwinds well. Following a solid first quarter and a slight boost in their AFFO guidance, NNN remains a Buy, with a valuation that already implies a solid margin of safety given the Iran pressure, while the dividend remains attractive and very sustainable. Solid Quarter Despite Pressure NNN REIT IR NNN reported a good first quarter overall, with FFO in line with the market's expectations and a slight beat on revenue, with the AFFO reaching $165.68 million (vs. $163.02 million last year), or about $0.87 per share, with the occupancy rate further improving to 98.6%, adding 41 new properties for $145.39 million, with a solid weighted average cap rate of 7.5% and a very strong 19-year weighted average lease term on these new properties—also disposing of 25 properties (16 of which were vacant). NNN REIT IR NNN also announced hiking its guidance for 2026, boosting the AFFO estimate by one cent to $3.53 to $3.59 per share, while keeping the acquisition and disposition volume at the same $550 million to $650 million and $110 million to $150 million, respectively. As we can see from the size of the recent deals, the company continues to take advantage of what they call “granular opportunities,” with very few transactions above $50 million, focusing instead on those between $5 million and $50 million or even below $5 million, which is an advantage that larger peers don't have, as they are forced into major deals if they want something that would move the needle, potentially sacrificing cap rates as a result. NNN REIT IR Financially, based on NNN’s latest report , we continue to see a regular position for a REIT, with limited cash available and their significant assets being enough to cover the total debt even when taking into ...