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Friday, October 30, 2026

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TSOH Weekly Roundup (10/30/2026)

Markel spent $315 million repurchasing shares in Q3 as Thrive agreed to buy ADT for $7.6 billion and Hasbro cited rising adult toy demand.

BBW $327M
TSOH Investment Research 1 click

From X

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Fajasy on X

TOYO Co., Ltd’s $TOYO strategy chief says full output at its Texas panel plant would bring in “about $140 million a year” of U.S. tax credits, 85.6% of its market cap, and $TOYO leaves them out of its forecasts. Regardless of how the four U.S. trade actions on its Ethiopian cells turn out, $TOYO’s answer is to make more in the U.S., which has plenty of panel capacity but few cell plants. The Solar Energy Industries Association’s October update counts 75.3 GW of operating U.S. module capacity, but $TOYO’s deck counts just 3.2 GW of operating U.S. cell capacity, citing SEIA’s September data, so most U.S. panel makers still rely on imported cells. Texas modules qualify for the Section 45X production credit, a U.S. tax credit earned on each unit of solar equipment made in the U.S. For modules, it’s $0.07/W at full value through 2029, then 75%, 50%, and 25% of full value in 2030-2032, and nothing after. $TOYO said on July 21 that its Texas subsidiary expects to be eligible to claim the credits for its 2025 tax year, which covers the plant’s first months of production. But Rhone Resch, $TOYO’s Chief Strategy Officer, said on the Q2 call that $TOYO will quantify the credits only after its tax, legal, and accounting work is done. For the panels themselves, $TOYO announced $185.6M of purchase orders under two master agreements with U.S. developers on June 10, and ~$240M of binding contracts signed “since mid-June” on September 28, with deliveries through H1 2027. The releases don’t say whether the two overlap, so to stay conservative, I only count the ~$240M. If priced like $TOYO’s H1 2026 module sales (~$0.25/W), ~$240M would be ~1 GW of panels, or ~6 months of the Texas plant’s 2 GW nameplate.

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Namib Minerals: Research Flash

Namib Minerals’ How Mine mill reached 55,000 tonnes per month, 36% above prior capacity, while a proposed $30 million Ecobank facility…

NAMM $43M
Atrium Research - Equity Research 2 clicks

Bimergen Energy: Research Flash

Bimergen Energy filed for a Texas retail-power license to supply data centers directly and gained eligibility for federal contracts through…

BESS $15M
Atrium Research - Equity Research 3 clicks
TPLKF · long

PVA Tepla

PVA TePla (XTRA:TPE) is presented as a long position.

TPLKF $752M
Value Investors Club 2 clicks

A Modern Day Delta Duck Club?

Otto Energy trades below cash while winding down Gulf of Mexico oil interests, with a proposed AUD 40M tax-free capital return delayed…

OTTEF $25M
Iggy on Investing Newsletter

FrontView REIT (NYSE: FVR)

FrontView REIT’s 35% selloff after tenant credit problems and a lock-up expiry leaves its net-lease portfolio at a 9.5% cap rate and 10.5x…

FVR $446M
Real Assets, Real Value

CYD and H22 Results First Take:

CYD’s FY24 earnings miss reflected ¥200m of one-offs; adjusted net income reached roughly ¥430m and operating cash flow rose 40%.

CYD $842M
Maius Partners 2 clicks

Portfolio Updates

CYD was sold near $21 versus an $11 entry after exceeding a $19.50 target; proceeds moved to H22.SI, whose CYD stake implies $1.30 NAV and…

CYD $842M
Maius Partners 4 clicks

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