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Update: GFL Down 2.5% In US Premarket As Moves To Buy SECURE Waste Infrastructure

(Updates share price and adds commentary from Stifel Canada on Bloomberg report flagging GFL buying Secure in paragraphs four and five)GFL Environmental Inc. (NYSE and TSX: GFL) was at last look down 2.5% in US premarket trade after saying Monday it has agreed to acquire all of the issued and outstanding common shares of SECURE Waste Infrastructure Corp. (SES.TO) for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion.In a statement GFL said consideration for the transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. It added the transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).Among highlights, GFL said the deal will be immediately accretive, increasing Adjusted Free Cash Flow per share by 12% to 15% and will give it a "highly attractive financial profile", increasing Adjusted EBITDA margin to 31.6% and Adjusted Free Cash Flow conversion to between 40.5% and 42.5% on a pro forma basis.Stifel Canada noted Bloomberg had reported that GFL may offer to acquire SECURE for $24.50 per share, which would have been a 15% premium to Friday's close, but slightly below its target price of $26.00 per share. It noted the implied 2026 estimated valuation was 12 times the enterprise multiple (EV/EBITDA) and 25.5 times price earnings P/E.Stifel Canada said, "If this offer from GFL comes to fruition it would be solid, but we do believe that SES could potentially fetch a slightly higher price given the growth outlook. There is no certainty a deal will be completed, but the stock should trade up sharply today, and this potential interest in SES from GFL does help bolster our investment thesis. Our view has been that SECURE's business has become significantly more resilient over the last five-years and is more akin to its residential and industrial waste peers."Shares in SES closed Friday up $0.07 or 0.33% at $21.36. GFL was down by more than 3% in both Canada and the U.S. last Friday.

$GFL.TO$SES.TO

Piper Sandler Downgrades Replimune to Neutral From Overweight, Adjusts Price Target to $4 From $14

Replimune Group (REPL) has an average rating of Hold and mean price target of $4, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

JPMorgan Downgrades Replimune Group to Underweight From Neutral, $10 Price Target

BMO Capital Downgrades Replimune to Underperform From Market Perform, Adjusts PT to $1 From $11

SH Group Unit Nominated as Sub-Contractor for Electrical, Mechanical System Supply

SH Group (Holdings) (HKG:1637) unit Shun Hing E & M Engineering signed and returned a letter of intent it received nominating it as a sub-contractor for the supply and installation of various electrical and mechanical systems, according to a Monday Hong Kong bourse filing.The contract has a value of around HK$150 million, the engineering services company said.

HKG:1637

Cantor Fitzgerald Downgrades Replimune Group to Neutral From Overweight

Almonty Industries Establishing U.S. Corporate Headquarters

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HKG:0386SHA:600028SHA:601872

Sinopec Reduces Stake in China Merchants Energy Shipping

China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec will reduce its shareholding in China Merchants Energy Shipping (SHA:601872) by about 80.7 million shares, according to a Saturday filing with the Shanghai bourse.The reduction will be equivalent to not more than 1% of China Merchants' share capital, the filing said.Sinopec is the company's second-largest shareholder.

Shanghai Huafon Aluminium Directors Approve 3-Billion-Yuan Aluminum Project

Shanghai Huafon Aluminium (SHA:601702) directors approved the construction of a 550,000-ton-per-year high-end aluminum sheet, strip, and foil project, according to a Saturday filing with the Shanghai bourse.The company will invest up to 3 billion yuan for the project.

SHA:601702

Ballard Power Systems Names Ralph Robinett as Chief Operating Officer

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Kolibri Global Energy Accelerates Drill Campaign Amid Oil Price Spike

Kolibri Global Energy (KEI.TO) said Monday that it will accelerate its plan to drill three 1.5-mile lateral wells in the Tishomingo field in Oklahoma amid the recent spike in oil prices.The company said it expects to begin drilling the Clifton Mac 11-14-1H, Clifton Mac 11-14-2H, and Clifton Mac 11-14-3H wells next week.As a result, Kolibri expects its 2026 average production to rise 10%-20% year over year to a range of 4,400-4,800 barrels of oil equivalent per day. Revenue is projected to climb 30%-39% to a range of US$74 million-US$79 million.The company also forecast a 31%-43% increase in adjusted EBITDA to a range of $55 million-$60 million. All estimates are based on an oil price of $74 per barrel."The cash flow generated will be used to pay down debt, return capital to shareholders, and also provides us with the ability to drill more wells this year," chief executive Wolf Regener said. "If oil prices remain elevated above our base forecast case, this would result in even greater free cash flow and provide us with more options."

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Hong Kong Adopts Conservative Approach in Stablecoin Push, S&P Says

The granting of licenses to two stablecoin issuers in Hong Kong points to a conservative approach for regulators, S&P Global Ratings said in a recent release.Regulators have chosen banks, rather than less-regulated players, to be the face of the development of stablecoins in Hong Kong, with the first licenses granted to Hong Kong and Shanghai Banking and Anchorpoint Financial, a joint venture led by Standard Chartered Bank, S&P said.These banks will be able to offer issuance, trading, lending, investment, and payments on a single platform, gaining strong network effects and creating user stickiness, according to credit analyst Will Hay.Stablecoins could anchor the creation of a broader digital asset market in the city given its mutual connection with tokenization, S&P said.Wealth management could offer opportunities, with stable coin-linked products or digital assets expanding banks' product offerings and fee pools and mainland Chinese clients exploring crypto products, the rating agency said.On the other hand, cheaper cross-border settlement options using stablecoins could be disruptive for banks, according to S&P.

Hang Seng

SDIC Signs Three-Year Financial Services Agreement

SDIC Power Holdings (SHA:600886) signed a three-year financial services agreement with Rongshi International Treasury Management, according to a Saturday filing with the Shanghai bourse.Under the agreement, SDIC's maximum daily deposit balance with Rongshi should not exceed 15 billion yuan, while the maximum daily loan amount should not exceed 20 billion yuan, the filing said.

SHA:600886

TYO:285ATYO:6701TYO:6758TYO:6902TYO:7203TYO:8306TYO:9432TYO:9984

Japan Approves Additional Funding for Chipmaker Rapidus

Rapidus has secured additional funding from Japan's New Energy and Industrial Technology Development Organization (NEDO) for its fiscal year 2026 plans to accelerate next-generation 2nm logic semiconductor development.The approval covers two projects: front-end process R&D for 2nm integration and short-TAT manufacturing, and back-end development for chiplet, package design, and manufacturing tech, according to a statement on Sunday.The approved funding totalled 631.5 billion yen, according to a Reuters News report, citing Japan's industry ministry.In fiscal year 2025, Rapidus verified Japan's first 2nm GAA transistor on 300mm wafers and prototyped the industry's first organic RDL interposer using a 600mm square panel.With the new budget, Rapidus will now progress toward its target of starting mass production in 2027.Rapidus was established in August 2022 with the support of eight major Japanese companies: Denso(TYO:6902), Kioxia(TYO:285A), MUFG Bank (TYO:8306), NEC(TYO:6701), NTT (TYO:9432), SoftBank(TYO:9984), Sony (TYO:6758), and Toyota (TYO:7203)

Goldman Sachs Downgrades Petco Health & Wellness to Neutral From Buy, $3.83 Price Target

Petco Health & Wellness Company (WOOF) has an average rating of Hold and mean price target of $3.52, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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HC Wainwright Initiates Generate Biomedicines at Buy With $16 Price Target

Generate Biomedicines (GENB) has an average rating of buy and mean price target of $25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Leerink Partners Downgrades Replimune Group to Market Perform From Outperform, Adjusts Price Target

Jefferies Initiates Veracyte at Buy With $45 Price Target

Veracyte (VCYT) has an average rating of overweight and mean price target of $47.83, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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