Group 1 - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research framework identifies companies with durable business models, mispriced cash flow potential, and intelligent capital allocation, emphasizing a structured and repeatable approach [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, prioritizing comparability, simplicity, and relevance [1] Group 2 - Research coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] - Moretus Research aims to elevate the standard for independent investment research by providing professional-grade insights and actionable valuation [1]

Core Viewpoint - Trifork Group has initiated a share buyback program, allowing the company to repurchase shares up to a total of DKK 14.92 million (approximately EUR 2 million) from 4 March 2025 to 30 June 2025 [1][2]. Group 1: Share Buyback Program Details - The share buyback program is in accordance with Regulation No. 596/2014 and Commission Delegated Regulation (EU) 2016/1052 [1]. - As of the latest report, Trifork has repurchased a total of 94,974 shares for a total amount of DKK 8,268,765, with an average purchase price of DKK 87.06 [2]. - Prior to the buyback, Trifork held 256,329 treasury shares, which represented 1.3% of the share capital [2]. Group 2: Utilization of Repurchased Shares - On specific dates (25 March, 25 April, and 23 May 2025), 4,370 shares from the buyback were used for the Executive Management's monthly fixed salary, transitioning from cash payment to partial share payment [3]. - Additionally, on 1 April 2025, 19,943 shares were utilized for the RSU plan for Executive Management and certain employees [3]. Group 3: Current Treasury Shares and Outstanding Shares - Following the transactions, Trifork now holds a total of 326,016 treasury shares, which corresponds to 1.7% of the total registered shares [4]. - The total number of registered shares in Trifork is 19,744,899, leading to 19,417,909 outstanding shares after adjusting for treasury shares [4].

Group 1 - Cementos Pacasmayo (NYSE: CPAC) reported positive Q1 2025 results, driven by increased demand from consumer self-construction and infrastructure projects [1] - The company experienced higher capacity utilization during the quarter, indicating operational efficiency [1] Group 2 - The focus of the analysis is on long-term operational aspects and earnings power of companies rather than market-driven dynamics [1] - The investment strategy emphasizes holding companies for the long term, with a preference for providing information that aids future investors [1]

Core Insights - Xiaomi has launched its first electric SUV, the YU7, which aims to compete directly with Tesla's Model Y in the Chinese market [1][2] - The YU7 boasts a driving range of at least 760 kilometers (472 miles) on a single charge, surpassing Tesla's Model Y range of 719 kilometers [2] - Analysts predict that the YU7 will significantly impact Tesla's market share in China [2] Pricing and Sales Forecast - The expected price range for the YU7 is between 250,000 yuan and 320,000 yuan ($34,700 to $44,420) [3] - Monthly sales are forecasted to be around 30,000 units, with annual sales projected to reach between 300,000 and 360,000 units once sales gain momentum [3] - The YU7's pricing positions it competitively against Tesla's Model Y, which starts at 263,500 yuan in China [3]

Company Overview - BW Offshore is engaged in engineering innovative floating production solutions and operates a fleet of Floating Production Storage and Offloading (FPSO) units with ambitions for growth [3] - The company has approximately 1,100 employees and is publicly listed on the Oslo stock exchange [3] Upcoming Financial Results - BW Offshore will release its Q1 2025 results on June 2 at 07:30 CEST [1] - A conference call will be hosted by CEO Marco Beenen and CFO Ståle Andreassen on the same day at 09:00 CEST, which will include a Q&A session [1] Conference Call Details - The presentation can be followed via a webcast with supporting slides and a Q&A module, available on the company's website [2] - There will be a 30-second delay for those following the webcast compared to the main conference call, and it is recommended to use an updated browser, preferably Chrome [2]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Group 1 - The company ELAM1 focuses on empowering financial professionals and investors with expertise in the healthcare sector, particularly in life sciences [1] - ELAM1 aims to bridge the gap between scientific advancements and financial strategies to help clients uncover hidden value and assess risks more accurately [1] - The services provided by ELAM1 are designed to enable more informed investment decisions in the life sciences industry [1]

Core Viewpoint - Tencent and Baidu are adapting their strategies to maintain competitiveness in the global AI landscape despite U.S. semiconductor export restrictions, focusing on stockpiling chips, optimizing AI models, and leveraging domestic semiconductor capabilities [1][2][12]. Tencent's Approach - Tencent has a strong stockpile of graphics processing units (GPUs), which are essential for training AI models, and believes it can achieve effective training results with fewer chips than American companies suggest [3][4]. - The company is enhancing efficiency through software optimization, allowing it to utilize existing GPUs more effectively for AI tasks, and is exploring smaller models that require less computing power [5][6]. Baidu's Strategy - Baidu emphasizes its "full-stack" capabilities, integrating cloud computing, AI models, and applications, which allows it to deliver value even without the most advanced chips [7]. - The company is also focusing on software optimization to reduce operational costs and improve GPU utilization, which it considers a competitive advantage [8]. - Baidu highlights the progress of domestic Chinese technology firms in developing AI semiconductors, which could mitigate the impact of U.S. chip restrictions [10]. Domestic Semiconductor Development - China is increasing its focus on developing a domestic semiconductor ecosystem, although it still lags behind the U.S. in GPU and AI chip technology [11]. - Analysts note that stockpiling chips is one strategy Chinese companies are employing to navigate export restrictions, and there have been advancements in semiconductor technology within China [12]. - The development of self-sufficient chips and efficient software stacks is seen as a foundation for long-term innovation in China's AI ecosystem [10].

Core Viewpoint - Biotalys has appointed Luc Van fraeyenhoven as the new Chief Financial Officer (CFO) to lead finance operations as the company advances its product pipeline towards commercialization [2][4]. Company Overview - Biotalys is an Agricultural Technology (AgTech) company focused on developing protein-based biocontrol solutions aimed at providing alternatives to conventional chemical pesticides for sustainable crop protection [5]. - The company utilizes its AGROBODY™ technology platform to create a diverse pipeline of product candidates targeting key crop pests and diseases [5]. - Founded in 2013 as a spin-off from the VIB (Flanders Institute for Biotechnology), Biotalys has been listed on Euronext Brussels since July 2021 and is based in Ghent, Belgium [5]. Leadership Transition - Luc Van fraeyenhoven, with over three decades of financial experience, will succeed Douglas Minder as CFO [2][3]. - Van fraeyenhoven has held CFO positions in various biotechnology and medtech companies, including Arseus Medical and ActoBio Therapeutics, and has significant experience in finance operations and strategy [3]. - The transition is expected to occur over the next few months, with Van fraeyenhoven expressing eagerness to contribute to Biotalys' innovative technology [2][4]. Strategic Importance - The appointment of Van fraeyenhoven is seen as crucial for Biotalys as it seeks to commercialize its first products while managing resources effectively [4]. - The leadership change is anticipated to enhance financial guidance on both long-term strategies and daily operations [4].

Wereldhave and Sofidy (Tikehau Group), a leading European real estate investment and asset management firm, have partnered on the acquisition of shopping center Stadshart Zoetermeer, and parking garages, in Zoetermeer, the Netherlands, from Unibail-Rodamco-Westfield. The asset has a total gross lettable area of approximately 59,000 m² (excluding parking). This acquisition marks Wereldhave’s first joint venture and aligns fully with the company’s strategy and acquisition criteria. Wereldhave will act as asse ...