YB new stock pitches (Wed, Oct 22)

Golar LNG Limited (GLNG) is an energy infrastructure company that converts LNG ships into floating LNG (FLNG) plants and leases them to oil and gas companies on 20-year contracts for fixed tolls plus commodity price upside, serving customers including National Oil Companies and independents like BP and Exxon. The company benefits from growing global LNG demand expected to rise 15% over 15 years and offers a cost-advantaged solution compared to land-based facilities, with three FLNG designs (MKI at $1.7bn/2.7mtpa, MKII at $2.2bn/3.5mtpa, MKIII at $3.5bn/5.4mtpa) that can be delivered faster and repositioned if geopolitical conditions change. Golar's current portfolio includes three contracted assets: FLNG Hilli (currently generating ~$230m EBITDA in Cameroon, moving to Argentina in H2 2027 for $285m fixed tolls plus commodity upside), FLNG Gimi (delivered June 2025 for 20-year BP contract at $151m guaranteed toll), and FLNG Fuji (delivering end-2027 to Argentina for estimated $470m EBITDA). The company is expected to generate $800 million in EBITDA from fixed tolling contracts by 2029, with additional upside from commodity exposure ($140m EBITDA) and a 10% SESA stake ($84m EBITDA), leading to a $95 per share price target by 2030 versus the current ~$40 (representing a 2x+ return potential). Key risks include commodity volatility and significant Argentina exposure, though contracts are governed by English law, paid in US dollars, and protected by Argentina's RIGI framework, with the ability to redeploy vessels if conditions deteriorate.

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New Pacific Metals Corp. (NEWP), a Canadian exploration company with silver projects in Bolivia, is positioned for a potential takeover by Silvercorp Metals (SVM), which owns 28.2% of NEWP and was founded by Dr. Rui Feng who also founded NEWP in 2017 and retains a ~6.2% personal stake. The key catalyst is Bolivia's 2025 general election that is expected to bring a more mining-friendly government, making it easier to receive permits for NEWP's flagship Silver Sand project and the recently discovered Carangas Silver-Gold Project, with the combined NPV5% of both projects ranging from $1.2 billion at $24/oz silver to $1.9 billion at $30/oz silver, and $900 million to $1.7 billion using a 10% discount rate at $30-40/oz silver prices. Recent clues suggesting an imminent SVM acquisition include SVM's $400 million shelf prospectus filing and SVM's participation in NEWP's C$35 million bought deal financing to maintain its ownership percentage. With NEWP's current market cap of ~$420 million trading at less than 50% of NPV, a takeout at 1x NPV using a 10% discount rate and $35/oz silver price would yield approximately 140% returns, while even a 50% premium from current levels would provide strong returns if the acquisition occurs within a year, with recent silver space transactions completed at 1.5x+ NAV multiples though NEWP trades at a discount due to being a developer in a historically less business-friendly jurisdiction with long permitting delays.

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Info-Tech Systems (ITS.SI), Singapore's leading HRMS SaaS provider with 94% H1 2025 customer retention, 85% gross margins, and 42% EBITDA margins, serves 23,000 users across Singapore, Malaysia, Hong Kong, and India with ~9.8% market share in Singapore's cloud-based HR software market and ~0.7% share of Malaysia's estimated ~$800 million market that's growing at ~25% CAGR. The company generates ~85% recurring SaaS revenue from HRMS and accounting modules, with the remaining ~15% from hardware and services, and has achieved ~13% three-year revenue CAGR though H1 2025 growth slowed to 2.5% YoY following its July 2025 IPO at S$0.87. Trading at ~19% below IPO price after the soft H1 results, the stock appears undervalued with founder-CEO ownership of ~71%, estimated pro forma net cash of ~S$57 million, and ~46% ROE on current equity base. Bull cases include Malaysian expansion opportunity in a market projected to grow from ~$870 million in 2025 to ~$1.2 billion by 2029, deployment of S$24.7 million IPO proceeds for marketing and R&D, government digitization incentives, and potential re-rating as institutional investors discover the name, while bear cases include intensifying competition from local players like JustLogin and Talenox, execution risks on international expansion, potential end of government subsidies, and suboptimal capital allocation. Key risks include competitive pressure, founder lock-up expiry in February 2026, and the company's small US$173 million market cap limiting institutional interest, though a conservative bear case DCF suggests intrinsic value of ~S$1.10 per share with catalysts including increased investor attention and potential H2 2025 growth acceleration from IPO proceeds deployment.

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