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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%.

Ex-CFO pleads guilty to stealing from SPACs to trade meme stocks, cryptocurrencies

Skylar Shaw

Jan 04, 2023 14:13

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An ex-chief financial officer (CFO) of several special purpose acquisition companies (SPACs) pled guilty to stealing more than $5 million from them and losing almost all of it in joke stocks and cryptocurrencies.


Tuesday in federal court in Manhattan, Cooper Morgenthau, 35, of Fernandina Beach, Florida, entered a plea of guilty to one count of wire fraud. The judge was U.S. District Judge Paul Engelmayer.


When Morgenthau is sentenced on April 25, the suggested federal guidelines call for a jail term of between six and seven and a half years.


The U.S. Securities and Exchange Commission also resolved related civil allegations against him in exchange for his agreement to lose $5.11 million and pay an equivalent amount in restitution.


A representative for Morgenthau, Michael Bowen, refused to comment.


According to the authorities, Morgenthau stole more than $1.2 million from African Gold Acquisition Corp between June 2021 and August 2022, covered it up by fabricating account statements, and either spent it all in securities trading or lost it all.


The SEC said that Morgenthau then solicited $4.7 million from investors in SPACs known as Strategic Metals Acquisition Corp to make up for his losses, only to lose the majority of it in cryptocurrency trading.


African Gold, a New York-based company formed to purchase a gold mining company, raised $414 million in an IPO in February 2021.


According to the SEC, it dismissed Morgenthau in August of last year when he ran out of money and its suppliers refused to do business with him.


At the time, African Gold said that it fired Morgenthau after becoming aware of his "improper withdrawals" and efforts to hide them.


According to a statement from Manhattan U.S. Attorney Damian Williams, Morgenthau "confessed that he betrayed the trust that he owed to his public and private investors."


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