ACF Equity Research

20/08/2026

ICFG Limited (LSE) combines scale, growth and an expanding Central Asian footprint.

Its 80.49%-owned Invescore is Mongolia’s largest NBFI, with a 1H26A gross loan book of US$321.1m, +25.9% vs. YE25A. Net interest income increased +24% YoY, while Central Asia profit doubled to US$1.2m.

The group is also building around digital finance, with Pocket exceeding 900,000 registered users.

Since we started working with ICFG it has advanced from 12.5p to 20p, up 60%, market cap has risen from c.£25.5m to £40.7m. There is still an attractive discount for the company to close via catalysts. — leaving scope for material re-rating if ex*****on continues and current uncertainties are resolved.

Read our CIC here https://bit.ly/ICFGltd-CIC-CentralAsianMicroFinance



Cover mongolia IFC - International Finance Corporation The London School of Economics and Political Science - LSE Vox Markets $ICFG $KSPI $HSBK $TBCG $BGEO $FINV

12/01/2026

Quantum Data Energy (QDE, MAST.L) – record monthly revenues…again, and as we forecast, our maximum estimated dilution remains very much on target after ~113m ITM cash warrants expired on 11 Jan 26. Materially, only the value accretive cash warrants now matter, ~122m shares, raising ~£5m if exercised. The cash warrant raise can be substituted by credit and equity funding at the SPV level (non-dilutive to MAST equity holders). read our flash note here https://bit.ly/QDE-MAST-L-FlashNote-50CashWarrantsExpire.

NextEra Energy Enel Group Duke Energy Iberdrola GE power Solar
$NEE $ENEL $DUK $IBE.MC $GEV $FSLR $TSLA $BYDDY $PSNY $XPEV $RIVN $LI $VFS $NIO $NOU $SYR $SVM $RNU $NVDA $PLTR $MSFT $META
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24/12/2025

27/08/2025

MAST Energy (LSE: MAST) has recently checked several key boxes for us: real revenue (with a guaranteed element), rapid scale, lower capex, and faster time to market. With a £50k acquisition doubling immediate (11-16 months) projected capacity to 48 MW, a near debt-free balance sheet, and a 100 MW pipeline visible and aligned with grid reform and UK flexibility targets, the ex*****on story, which was blocked by zombie developers/grid connection obstructions, is finally catching up to the vision. The Pyebridge site proves the model. The market may be under pricing what is beginning to look increasingly like a fundable, high growth expansion in a £5bn+ energy transition investment opportunity. Read our update note here https://bit.ly/MED-MAST-Update-Megawatt-Momentum. $NEE $ENEL $DUK $IBE.MC $GEV $FSLR $TSLA $BYDDY $PSNY $XPEV $RIVN $LI $VFS $NIO $NOU $SYR $SVM $RNU

27/08/2025

Mast Energy Developments plc (MED). MAST.L is addressing the gas turbine flexible power market, which links current electricity network generation to renewable networks and provides grid stability in a way battery technologies are unable to. Flexible gas turbine power switches on when renewables cannot and or batteries are discharged. It also provides grid stability which batteries and wind/solar renewables cannot do - it has an assured strategic place in electricity grids for the foreseeable future. MAST has finally come to life and is between 33% and >50% toward FCF break even. Read our pre new money raise note here https://bit.ly/MED-MAST-Initiation-Lights-on-Engines-Revving. $NEE $ENEL $DUK $IBE.MC $GEV $FSLR $TSLA $BYDDY $PSNY $XPEV $RIVN $LI $VFS $NIO $NOU $SYR $SVM $RNU

30/05/2025

GreenRoc Strategic Materials Plc (AIM: GROC.L) whichever way you measure it this is a tier 1 economic resource in terms of graphite ore and potential purity, it also has a vertically integrated strategy, not a typical junior mining 0:1 game. If the ore does not work there is always the anode material process plant next to the giga factory in Southern Norway, or vice versa …Read our Core Investment Case Snapshot analysis here https://bit.ly/GreenRocStrategicMaterials-CoreInvestmentSnapshot. $GROC $RIO $BHP $TSLA $BYDDY $PSNY $XPEV $RIVN $LI $VFS $NIO $NOU $SYR $SVM $RNU Rio Tinto BHP Tesla BYD Polestar XPENG Rivian Li Auto Global City VinFast NIO Graphite

12/03/2025

$ASFH - 4Q24 results coming - expected release 24 March 2025, after US market close. Results meeting webcast expected 08:30 ET / 12:30 GMT. Read our 4Q24 results preview - short and to the point https://bit.ly/ASFH-Pre-Results-4Q24 $SE $WKL AsiaFIN Holdings Corp.

10/03/2025

$ASFH - Rebasing estimates and raising valuation

AsiaFIN Holdings (ASFH) is at a critical inflection point. It is transforming from a regional success story in Malaysia, and looking beyond ASEAN (excluding China and India) with an ultimate vision of becoming a significant fintech contender. The company has achieved 20 years of organic growth backed by IP-protected innovations. ASFH has reached a scale and growth inflection point and it plans to use its experience to expand aggressively into high-value markets both within ASEAN (excluding China and India) and, critically for investors, farther afield.

Since our initiation note ASFH has expanded its growth ambitions — combining organic growth, acquisitions, new territories and products — ASFH aims to capitalize on payment processing market opportunities, its services are at the heart of the infrastructure of trade. For the company itself, cash flow optimization and diversification remain key focus areas in line with its rapid expansion plan.

Read our update note https://bit.ly/ASFH-UpdateNote $SE $WKL

13/02/2025

$NLSP post the merger with $KDST.TA will focus on the scalable value enhancing DOXA platform and divest Mazindol (et al). DOXA could deliver breakthrough series of therapies for sleep-wake disorder, ALS and other NDDs. https://bit.ly/NLSP-CoreInvestmentCase. $NVO $LLY $SNY $MDT $ABT $KDST.TA $NLSP $DXCM $PODD $TNDM $PRVB $LXRX $SANA Dyson