To The Moon

3.0% Yield.HIMX’s automotive display-driver sales increase just under 20% year over year, now representing around 50% of global market share.Invested in partner FOCI, seeking to accelerate development of CPO (co-packaged optics) to improve efficiency in data transmission within datacenters.Continued partnership with “leading AR (augmented reality) partner” in creating new consumer AR wearables device.Computer vision partnership with $NVIDIA(NVDA)$ , allowing HIMX’s technology to be plug-and-play with NVDA software.Investment Thesis $Himax(HIMX)$ is a semi-fabless semiconductor design and manufacturing firm specializing in optical and driver components for displays and sensors. HIMX holds a significant mar

A popular theory among traders is that US stocks rise higher in January than in other months. Appropriately deemed the January Effect, the effect is typically explained by traders entering position after tax-loss selling has completed, but over the last decade the effect has lost much of its visibility. Similarly, if stocks rise in January, the year will end positively in 85% of cases.US stocks had a volatile start to January, with the Fed raising long-term inflation targets, Trump following through on tariffs, and disruptions in the tech industry. The S&P was buoyed by consumer spending coming in above expectations with inflation coming in at expectations.Oil prices peaked in the middle of the month at $78.71 following stronger industrial demand signals from China and the US but quick

6.9% Yield.Despite a high cash payout ratio of 106.3%, LYB intends to increase its dividend in 2025, backed by a $3.4 billion cash position.LYB reported growing industrial demand in North America, with high utilization rates and cost advantages from low natural gas prices.LYB is reviewing six underperforming assets in Europe, potentially leading to divestitures, closures, or efficiency investments.LYB is shutting down its Texas refinery, incurring $345 million in closing costs but freeing up $240 million in working capital.LYB’s net debt/EBITDA ratio of 2.1x is below the industry median of 2.4x.Investment Thesis $LyondellBasell Industries NV(LYB)$ is an international manufacturer of chemicals, with more than 20% global market share in ethylene prod

First to market 100% silicon anode lithium-ion battery, with 30% better energy density and faster charging than graphite anode batteries.Fab2 Production ramp in Malaysia, expecting first customer samples by mid-2025 and full serialized production by the end of September 2025.OEM agreements secured with 2 of the top 8 global smartphone manufacturers, a major IoT company, and 2 wearables customers.Automotive potential with a non-binding agreement to co-develop larger-scale battery cells for EV (Electric Vehicle) applications.Raised $100M in 2024, has enough funding to operate until at least September 2025.Investment Thesis $Enovix Corporation(ENVX)$ is a Silicon Valley based battery design and manufacturing firm, specializing in the first 100% silic

Production increase of 11.5% for the first 9 months of 2024, though a lower pricing environment had sales up 8.3% over the same period.Targeting leverage ratio of 1.0x debt to adjusted EBITDA, currently 1.59x.After REI reaches its target leverage, we expect management to ramp organic production or engage in another acquisition.Based on transactions of similar asset profiles, REI could be worth $2.44/share in private market value.Investment Thesis $Ring(REI)$ is a Permian exploration and production company operating in the Central (CPB) and Northwest Shelf (NWS). With 85% liquids and 66% oil mix, REI produces 20.1 kboe/d (thousand of barrels of oil equivalent per day). REI has a higher-than-peers reserve life of 18 years.Despite an increase in produ

A popular theory among traders is that US stocks rise higher in January than in other months. Appropriately deemed the January Effect, the effect is typically explained by traders entering position after tax-loss selling has completed, but over the last decade the effect has lost much of its visibility. Similarly, if stocks rise in January, the year will end positively in 85% of cases.US stocks had a volatile start to January, with the Fed raising long-term inflation targets, Trump following through on tariffs, and disruptions in the tech industry. The S&P $.SPX(.SPX)$ was buoyed by consumer spending coming in above expectations with inflation coming in at expectations.Oil prices peaked in the middle of the month at $78.71 following stronger i

3.4% Dividend YieldOpportunistic repurchase authorization funded with dividend reduction.Fekola mine in Mali concerns are resolved, expecting to receive mining authorization in early 2025.First commercialization of Goose mine in Canada in September.BTG expects 2025 production growth of 27%.Strong financial position, selling off royalties and issuing convertible notes to bolster cash position and pay down high-interest revolver.Investment Thesis $B2Gold(BTG)$ is a gold mining company operating the tier-1 Fekola mine in Mali and several other low-AISC (all-in sustaining cost) mines. In our last coverage, we emphasized the broader macroeconomic tailwinds for gold. Since then, gold has reached record highs. However, BTG has seen its share price collaps

4.6% Dividend Yield, 21 consecutive years of growth.Concluded quality assurance program in the infant formula segment, expects to ramp production and return to form by 2026.Entering cost saving program, through consolidation of the organization and headcount cuts expects to save $150 million by 2026.Creating new ‘disruptive growth’ team to identify new markets to enter.Refinanced debt on the balance sheet, with new maturities not starting until 2030. Expects meaningful deleveraging below 3.0x net debt to EBITDA by 2026.Entering into voluntary non-renewals of contracts that are margin dilutive.Investment Thesis $Perrigo Co PLC(PRGO)$ is a pure player in the OTC consumer healthcare market. Since our last coverage on PRGO, it has continued to slim do

$0.40 annual base dividend, yielding 1.89%.Variable dividend program linked to gross debt, paying up to $0.72 annually or yielding 3.3%.Demand projected to continue to outstrip supply in silver markets, with PAAS estimating an annual shortfall of 150 Moz to 2028.Strong base of gold assets (73% of revenue) with high silver exposure (20% of revenue).Record high cash position of $887.3 million thanks to the sale of non-core assets, giving PAAS no net debt.For the year ending December 2024, PAAS had an output of 21.1 Moz of silver and 893 Koz of gold.Investment Thesis $Pan American Silver(PAAS)$ is the second largest primary silver producer in the world, focused on developing primary deposits in the Americas. For the year ending December 2024, PAAS ha

Growing manufacturing base to 25GW by 2026, with 14GW in the US. Fully integrated supply chain independent of Chinese supply mitigates most tariff risks.Sell-off driven by fears of loss of IRA tax credits, however, FSLR remains profitable without the credits and its unlikely they will be repealed in their entirety.Largest US solar manufacturer and #10 in the world by market share.FSLR’s 17 TOPCon patents might yield a third-party sale or royalties, as the U.S. International Trade Commission looks into banning infringing imports and the Chinese government upheld FSLR’s ownership.FSLR’s CdTe modules have higher temperature tolerance and lower annual degradation rates compared to Chinese-dominated c-Si modules.Investment Thesis $First Solar(FSLR)$ is