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On September 22nd, Haitong International published a research report stating that it has changed Baidus (BIDU.O) valuation methodology from price-to-earnings (PE) to segment-to-point (SoTP) valuation. This is due to the "unleashing hidden assets" strategy outlined by the new CFO. This strategy includes reshaping Baidus traditional business and seeking to surpass competitors in the cloud market under the Large Language Model (LLM) trend. These measures include restructuring its traditional search business, enriching its AI SaaS offerings, providing cost-effective and highly reliable cloud infrastructure, and building an open ecosystem for foundational models. The bank raised its valuation for Baidu, factoring in a 45% discount to the conglomerate, resulting in a total market capitalization of US$64 billion or a target price of US$188 per ADR. This target price translates to a 22x FY25 PE ratio. In a bullish scenario, assuming the opposite scenario, the target price per ADR is US$246, corresponding to a 29x FY25 PE ratio. The company maintains its "Outperform" rating.Kaisa Group (01638.HK) saw its stock price rise nearly 10% during trading hours after the company announced that the High Court had issued an order dismissing its winding-up petition.New York silver futures stood at $44 per ounce, up 2.44% on the day.On September 22, Capital Economics climate and commodities economists wrote in a report that the Federal Reserves recent interest rate cuts do not appear to have had a significant impact on commodity prices. He said that the boost to prices from the US interest rate cuts may be offset by other factors, and the fundamentals of the commodity market appear generally weak. He pointed out that oil prices are likely to fall between now and the end of 2026 due to slowing demand growth and increased supply from OPEC+. He said: "Another key factor is that the market has already digested the extent of the Feds interest rate cuts, which may limit additional support for commodity prices and may even become a headwind."Q Technology (01478.HK) saw its afternoon gains expand to 10%.

Desalination Plant in California Suffers Setback With Recommendation For Denial

Haiden Holmes

Apr 26, 2022 10:07

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The commission, which has the authority to reverse staff decisions but does so infrequently, is due to vote on the project on May 12.


Desalination, environmentalists argue, annihilates ocean life, consumes excessive amounts of money and energy, and will soon be rendered obsolete by water recycling.


Poseidon Water, the infrastructure subsidiary of Canada's Brookfield Asset Management, is proposing the desalination facility near Huntington Beach, just south of Los Angeles.


Poseidon has been attempting to secure approval for the project for more than two decades, spending an estimated $100 million in the process.


With the Western states of the United States suffering from a prolonged drought, officials appeared to be on the verge of approving the Huntington Beach facility. Last year, the business expressed sufficient confidence to discuss breaking ground on the $1.4 billion factory by the end of 2022.


Poseidon has operated a comparable facility in Carlsbad since 2015, although it was permitted locally prior to the state enacting regulations governing desalination plants.