Quick takes from around the market

1. SP New Energy [SPNEC 1.34, up 1.5%; 478% avgVol] [link] confirmed reports that it has “broken ground” on the 3.5 GW Terra Solar Philippines project. SPNEC said that it has started clearing the 3,500-hectare site in preparation to have the first phase of development operational by Q1/26.

 

MB quick take: This is the crown jewel of MVP’s SPNEC spoils. Sure, the first quarter of 2026 sounds like a long time from now, but then again, just remember that today is the first week of 2024. That’s wild. This project is also gargantuan, so while it’s not like all 3.5 GW of capacity will come online in early 2026, SPNEC shareholders will not need to wait too long for this project to throw off some income. One of the main benefits of solar is how quickly a site can be pushed through the construction phases to commercial operation.
 

2. Jollibee [JFC 255.00, up 1.4%; 71% avgVol] [link] is pushing an additional $100 million into its Tim Ho Wan holding fund, Titan Dining LP. This will increase the fund’s size to $450 million. At the same time, Jollibee Worldwide Pte Ltd (JWPL), a subsidiary of JFC, will purchase an additional 2% stake in Titan Dining LP from another limited partner to increase JWPL’s stake in Titan Dining LP from 90% to 92%.

 

MB quick take: These moves are to support JFC’s “aggressive” expansion of the Tim Ho Wan brand in Mainland China, from 19 restaurants today to “100 restaurant outlets in the middle term.” It’s clear that JFC considers this brand to be a pillar of its non-PH growth plan, but it will be interesting to see how Chinese consumers react to the brand outside of Shanghai where the vast majority of the current locations reside. If successful, though, these are the kinds of moves that a company like JFC would need to make in order to keep growing.
 

3. Global Ferronickel Holdings [FNI 2.07, up 0.5%; 4% avgVol] [link] said that its subsidiaries signed a sale and purchase agreement with China’s Baosteel Resources International (BRI) for the supply of 1.5 million wet metric tons (WMT) of nickel ore for 2024. Price of the ore will be determined monthly based on market rates. FNI has a “long history” with BRI going back “almost 10 years”.

 

MB quick