Category: 3. Business

SharpLink Gaming (SBET) is making waves after announcing a major collaboration to deploy $200 million in ETH on the Linea blockchain network. This bold treasury strategy underscores SharpLink’s commitment to finding new ways to unlock digital asset yield.

See our latest analysis for SharpLink Gaming.

SharpLink’s momentum is hard to ignore, with shares rallying an impressive 71.3% year-to-date and delivering a massive 89.9% total shareholder return over the past year. While the stock has seen some cooling off in recent weeks, recent strategic moves and leadership hires have kept enthusiasm alive around its long-term transformation and DeFi ambitions.

If SharpLink’s recent growth and bold treasury strategy have you curious about what else is making headlines, it could be the perfect time to broaden your search and discover fast growing stocks with high insider ownership

All this activity begs a timely question for investors: with SharpLink’s shares still well below analyst targets and trading at a discount to its Ethereum net asset value, is there an overlooked buying opportunity here, or has the market already priced in its future growth?

Sitting at a price-to-book ratio of 6x, SharpLink Gaming’s shares trade well above industry and peer averages. This valuation raises the question of whether the market is too optimistic or simply factoring in significant future growth, especially in light of recently cooling price action.

The price-to-book (P/B) ratio compares a company’s market value to its book value, providing a snapshot of how much investors are willing to pay for each dollar of net assets. For emerging or high-growth businesses like SharpLink, a higher P/B ratio can signal aggressive expectations for future profitability or asset growth.

In SharpLink’s case, its P/B multiple stands significantly above the peer average of 1.9x and the broader US Hospitality industry average of 2.6x. This suggests investors are either betting on strong upcoming results or potentially overlooking the near-term lack of meaningful revenue and ongoing unprofitability.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 6x (OVERVALUED)

However, SharpLink’s limited revenue base and ongoing unprofitability could dampen bullish sentiment if growth or market adoption fails to materialize as investors hope.

Find out about the key risks to this SharpLink Gaming narrative.

While the price-to-book ratio paints SharpLink as overvalued compared to its peers, our DCF model offers a different perspective. At $13.84 per share, SharpLink is actually trading slightly above our fair value estimate of $13.14. This means the shares may not present a clear bargain, despite the recent hype and ambitious growth projections. So, should investors be cautious about buying at this level, or is the market still overlooking something?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out SharpLink Gaming for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 840 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you have a different perspective on SharpLink or want a hands-on approach, you can dive into the numbers and shape your own insights in just a few minutes. Do it your way

A great starting point for your SharpLink Gaming research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SBET.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

China’s recent announcement to further expand sectoral coverage and shift its national emissions trading system (ETS) from an intensity-based to an absolute cap approach by 2027 marks a pivotal moment for Asia’s largest carbon market. 

Evolving from pilot programs across eight provinces, China’s national ETS has been operational since 2021. It currently covers approximately 8 billion tonnes of carbon dioxide (CO₂) emissions — roughly 20% of total global emissions. Initially limited to the power sector, the ETS expanded this year to include steel, cement, and aluminum smelting, bringing 1,334 additional emitting entities under its scope and raising coverage of the country’s total carbon emissions from 40% to 60%. The expansion also broadened the system’s scope beyond CO₂ to include the regulation of tetrafluoromethane (CF₄) and hexafluoroethane (C₂F₆) emissions from the aluminum sector. The inclusion of other major emitting industries by 2027 is likely to further expand national coverage and regulation of gases.

The significance of absolute caps and higher carbon pricing 

The shift to absolute caps is an important step in aligning China’s ETS with international best practices. Absolute caps underpin mature systems, such as the European Union’s (EU) ETS, which helped reduce carbon dioxide equivalent (CO₂e) emissions from 4.6 billion tonnes in 2005, when it was first introduced, to 3.2 billion tonnes in 2024. The decline in emissions intensity is steeper, as the EU’s Gross Domestic Product (GDP) is significantly higher in 2024 compared to 2005. 

Unlike the intensity-based approach that allows for increasing emissions alongside output, an absolute cap imposes a fixed ceiling on permitted emissions, exerting stronger pressure to adopt clean technologies or bear higher compliance costs. Markets that initially favor intensity targets to safeguard economic growth and ease early adoption should therefore transition to an absolute caps system to achieve meaningful emission reductions. China will begin its transition with major industries that have stable emissions starting in 2027, with full implementation by 2030.

A recent report by the Institute for Energy Economics and Financial Analysis (IEEFA) assessed the current state of carbon pricing in Asia, highlighting that substantially higher carbon prices are needed to drive notable decarbonization. With regional prices still below USD20 per tonne of carbon dioxide equivalent (tCO₂e), a significant gap remains to reach the estimated USD50–USD100/tCO₂e required by 2030 to achieve meaningful decarbonization and meet the Paris Agreement targets. The report also emphasizes that marginal abatement costs, which reflect the cost of shifting from high to low-carbon technologies, are as high as USD800/tCO₂e. The currently low carbon prices risk allowing emitters to simply pay for ETS permits or carbon taxes rather than invest in emission reduction. 

Prioritizing fixed cap reduction rates and permit supply management

While details are still forthcoming, China’s planned adoption of absolute caps should be accompanied by a fixed reduction rate — similar to the EU ETS’s linear reduction factor (LRF) — to establish the pace at which emission allowances decrease annually. The rate of reduction should rise over time to effectively tighten supply, support prices, and enhance market certainty. The EU ETS’s LRF started at 1.74% in 2013 and is expected to increase to 4.4% from 2028. The only two Asian ETSs with absolute caps (South Korea and Kazakhstan) lack a strict, gradually increasing reduction rate. While this allows for cap adjustment flexibility in response to economic conditions, these modest and less predictable reductions limit the effectiveness of tightening supply. China should adopt a clear, progressively increasing cap reduction rate to enhance market certainty and strengthen price signals. 

Another priority is to reduce the number of free permits and introduce auctions to allow the market to determine carbon prices. Currently, China allocates all ETS permits for free, a practice that not only shields incumbent emitters from the actual cost of emissions but also deprives the government of auction revenues that could be reinvested to fund climate and other social and economic initiatives. Contrastingly, more than 50% of the EU ETS permits are distributed through auctions. 

The EU ETS also uses a Market Stability Reserve (MSR), which automatically adjusts the supply of permits for auctions based on predefined thresholds. When the number of allowances in circulation exceeds or falls below these levels, the MSR withdraws or releases allowances, thereby maintaining market stability and minimizing price volatility. South Korea’s system, by contrast, relies on government intervention to address excessive price fluctuations, such as adjusting allocations or trading rules. These discretionary measures are less predictable and often less effective in their impact. Similarly, China’s regional ETSs employ discretionary interventions that lack transparency. These aspects should also be taken into consideration when setting caps for China’s national ETS. 

Protecting exports while retaining carbon revenues for domestic use

Another factor supporting the development of a functioning carbon market with prices high enough to drive decarbonization is the EU’s Carbon Border Adjustment Mechanism (CBAM), which will be implemented in 2026. The CBAM will impose carbon costs on imports from countries with weaker climate policies, as evidenced by lower carbon coverage and prices. This underscores the urgency for economies like China and other Asian countries to advance their carbon markets to a) maintain the competitiveness of their exports compared to countries with effective carbon pricing schemes, and b) ensure that the revenue leakage represented by CBAM taxes paid to the EU is replaced by revenue generation for domestic use. This is crucial as Asia accounted for EUR1.1 trillion, or 46%, of the EU’s total imports (excluding trade between EU member states) in 2024. China was the EU’s largest import partner that year, with imports totaling EUR519 billion. 

It was previously estimated that in the first phase of CBAM, China’s steel and aluminum sectors would need to pay around RMB2 billion to RMB2.8 billion annually. This would add approximate costs of RMB652–690 per tonne for steel and RMB4,295–4,909 per tonne for aluminum. With the recent inclusion of these sectors in the national ETS, the actual impact is expected to be lower than these earlier assessments. However, with EU ETS permits trading at an average of approximately USD80/tCO₂e in the first nine months of 2025 — compared with only about USD11/tCO₂e for China’s carbon credits — domestic carbon prices will need to increase significantly to retain carbon revenues within the country. 

Strengthening climate ambition and regional leadership

China accounted for 29% of global greenhouse gas (GHG) emissions in 2024. It aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2060. In its latest Nationally Determined Contributions (NDCs), China further pledged to reduce net GHG emissions by 7%–10% from peak levels and increase the share of non-fossil fuels in energy consumption to 30% by 2035. A well-designed carbon market can complement the country’s strategies and accelerate progress towards these goals. 

While the changes in China’s ETS are largely consistent with international best practices, strong enforcement will be critical to ensure credibility and effectiveness. If implemented successfully, an important precedent can be set for other Asian markets. While several countries in the region have already established carbon markets or are preparing to introduce them, these systems have yet to drive significant decarbonization due to low prices and weak market design. Early flexibility measures aimed at easing participation and reflecting national circumstances have kept prices too low to facilitate emission reductions. 

With significant untapped potential, governments should continue to refine market design, improve transparency, and strengthen enforcement to enhance credibility. This would improve the effectiveness of domestic systems and lay the foundation for stronger linkages and interoperability across markets. China has the opportunity to lead Asia by designing an ETS that is fully fit for purpose.

The most you can lose on any stock (assuming you don’t use leverage) is 100% of your money. But when you pick a company that is really flourishing, you can make more than 100%. For example, the SAM Engineering & Equipment (M) Berhad (KLSE:SAM) share price has soared 203% in the last half decade. Most would be very happy with that. On top of that, the share price is up 16% in about a quarter.

Since it’s been a strong week for SAM Engineering & Equipment (M) Berhad shareholders, let’s have a look at trend of the longer term fundamentals.

Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.

During five years of share price growth, SAM Engineering & Equipment (M) Berhad achieved compound earnings per share (EPS) growth of 2.6% per year. This EPS growth is lower than the 25% average annual increase in the share price. So it’s fair to assume the market has a higher opinion of the business than it did five years ago. And that’s hardly shocking given the track record of growth.

The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).

It might be well worthwhile taking a look at our free report on SAM Engineering & Equipment (M) Berhad’s earnings, revenue and cash flow.

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of SAM Engineering & Equipment (M) Berhad, it has a TSR of 222% for the last 5 years. That exceeds its share price return that we previously mentioned. And there’s no prize for guessing that the dividend payments largely explain the divergence!

It’s nice to see that SAM Engineering & Equipment (M) Berhad shareholders have received a total shareholder return of 15% over the last year. That’s including the dividend. However, the TSR over five years, coming in at 26% per year, is even more impressive. The pessimistic view would be that be that the stock has its best days behind it, but on the other hand the price might simply be moderating while the business itself continues to execute. Before deciding if you like the current share price, check how SAM Engineering & Equipment (M) Berhad scores on these 3 valuation metrics.

But note: SAM Engineering & Equipment (M) Berhad may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Malaysian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Australia/New Zealand

  The Reserve Bank of Australia will dominate the spotlight on Tuesday with a likely decision to leave interest rates unchanged at 3.60%, while signaling an extended period on the sidelines. 

  Third-quarter inflation came in well above expectations, effectively wiping out any near-term prospects for rate cuts. The RBA also faces surging house prices, which argue strongly against easing for now. 

  With core inflation back at the top of the RBA's target range, some economists are even speculating that the next move in rates will be upward--but not until 2027. 

  The RBA has only cut rates three times in total and raised them less than many of its global peers, so a shallow easing cycle was always likely. 

  In New Zealand, third-quarter employment data due Wednesday are expected to show the jobless rate remaining above 5.0%. Despite significant rate cuts over the past year, New Zealand's economy remains weak and employment growth has yet to recover. 

  The Reserve Bank of New Zealand has said much of its policy easing has yet to reach households, many of which have fixed mortgage rates. With spare capacity still high, the RBNZ is expected to continue lowering rates over the coming months. 

  Asia PMIs 

  Monday sees a slew of PMI prints for Asia that will provide fresh signals on how tariff policies have affected manufacturing activity and sentiment in the region. 

  The readings, capturing manufacturing trends in South Korea, Japan, Taiwan and other Asian economies, will likely show continued divergence across the region. 

  The prior round of purchasing managers surveys indicated an uptick in output at the end of the third quarter, but also weak spots in exports and subdued demand. 

  Markets will scrutinize October's data for signs of improving market conditions for Asia's manufacturers. Producers in export powerhouses like Japan and Taiwan have flagged deteriorating demand and sentiment toward the outlook for the months ahead has soured in some parts of the region. 

  Despite fears that Asia's exports growth will fade in the second half of the year, figures from recent months do not reflect that, ANZ's research team said, highlighting particularly strong demand for electronic goods. 

  Malaysia 

  Bank Negara Malaysia is scheduled to announce its November policy decision Thursday afternoon. Given stronger-than-expected third-quarter GDP growth, there is "little reason" for the central bank to cut its policy rate in the near term, Barclays said. 

  Looking ahead, GDP growth for 2026 is expected to remain firm at 4.5%, supported by new budget measures aimed at boosting private consumption and investment amid lingering external challenges and ongoing fiscal reforms, UOB economists Julia Goh and Loke Siew Ting said. 

  This steady growth outlook should allow Bank Negara to keep the policy rate unchanged at 2.75% throughout the year, they added. 

  Indonesia 

  Indonesia will release September's trade and October inflation data Monday. 

  Export growth likely rebounded due to favorable base effects and strong external demand, Barclays said. Looking ahead, Indonesia's trade ties with the U.S. could continue to weigh on the exports due to higher tariffs, while imports may benefit from reciprocal arrangements, UOB economists Enrico Tanuwidjaja and Vincentius Ming Shen said. 

  Citi expects October inflation at 2.81% from 2.65% in September, driven by higher food prices. 

  Core inflation likely eased to 2.06% from 2.19% amid moderate demand, ANZ said. 

  Bank Indonesia's pro-growth stance suggests the easing cycle isn't over, with ANZ expecting two additional 25-basis-point cuts, bringing the policy rate down to 4.25% by the first quarter of next year. 

  Indonesia's statistics bureau will release third-quarter GDP data Wednesday afternoon. Growth likely eased to 5.0% from 5.12% in the prior quarter, ANZ said. Indicators point to weaker consumer confidence, slower car sales, moderated loan growth, softer capital goods imports and budget disbursement delays, it said. 

  Net exports likely provided some support, while fourth-quarter stimulus measures worth 46 trillion rupiah, equivalent to 0.2% of GDP, should help boost private consumption, ANZ added. 

  South Korea 

  South Korea is due to release its October inflation data Tuesday. Headline inflation likely picked up marginally, according to a Wall Street Journal survey. 

  The median forecast from a WSJ poll of seven economists calls for a 2.2% on-year rise in the benchmark consumer-price index, following a 2.1% gain in September. On a monthly basis, the index likely edged up 0.1% after September's 0.5% increase. 

  Citigroup economist Jin-Wook Kim said inflationary pressure from higher agricultural products during the early-October Chuseok holiday may have eased somewhat, while Shinyoung Securities economist Cho Yong-gu said higher prices for industrial goods and utility likely kept overall inflation elevated. 

  Taiwan 

  Taiwan reports trade data on Friday, which will show if the island's run of exports growth continued at the start of the fourth quarter. 

  Frontloading of shipments to get ahead of U.S. tariffs, plus booming demand for the chips and electronics, have powered Taiwan's exports through the year, lifting the outlook for the broader economy. 

  Some economists have expected that momentum to correct somewhat in the second half of the year. DBS's economics team thinks exports growth likely slowed but stayed solid at about 30% on year as the delay in U.S. semiconductor tariffs encouraged frontloading and AI-related demand remained strong. 

  The trade data will be preceded by inflation figures for October that will likely show an uptick in price growth. 

  Economists at HSBC point out the pullback in September was down to tax cuts, and the timing of the Mid-Autumn festival. The holiday, which fell later this year, will likely push inflation higher in October. A temporary hike in household electricity fees likely also drove up inflation. 

  Philippines 

  Investors will focus on the Philippines' inflation and GDP data for signs of how policy easing and fiscal spending are filtering through the economy. Rice prices likely rose slightly in October, driving headline inflation higher, Barclays said. 

  Third-quarter GDP growth likely slowed sharply due to a significant decline in government spending, ING said, citing corruption scandals associated with flood-control projects. 

  Business sentiment also weakened, with tariff uncertainties adding further drag, ING added. 

  Thailand 

  Thailand will release its October inflation data during the week. 

  Consumer prices likely turned more negative, ANZ said, following government measures to cut retail diesel and gasoline prices and lower raw material costs amid favorable weather conditions. 

  While prices of some items may have risen, HSBC economists expect price pressures to remain soft, with consumer demand still cooling on the back of high household debt and subdued confidence. 

  Any references to days are in local times. 

  Write to Jessica Fleetham at jessica.fleetham@wsj.com and Jihye Lee at jihye.lee@wsj.com 

  (END) Dow Jones Newswires

  November 02, 2025 19:14 ET (00:14 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

• Significant control over IPD Group by individual investors implies that the general public has more power to influence management and governance-related decisions

• 51% of the business is held by the top 12 shareholders

• Insiders own 24% of IPD Group

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If you want to know who really controls IPD Group Limited (ASX:IPG), then you’ll have to look at the makeup of its share registry. We can see that individual investors own the lion’s share in the company with 41% ownership. Put another way, the group faces the maximum upside potential (or downside risk).

And institutions on the other hand have a 33% ownership in the company. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones.

Let’s take a closer look to see what the different types of shareholders can tell us about IPD Group.

See our latest analysis for IPD Group

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

IPD Group already has institutions on the share registry. Indeed, they own a respectable stake in the company. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It’s therefore worth looking at IPD Group’s earnings history below. Of course, the future is what really matters.

We note that hedge funds don’t have a meaningful investment in IPD Group. Our data suggests that Mohamed Yoosuff, who is also the company’s Senior Key Executive, holds the most number of shares at 11%. When an insider holds a sizeable amount of a company’s stock, investors consider it as a positive sign because it suggests that insiders are willing to have their wealth tied up in the future of the company. Moelis Australia Asset Management Ltd is the second largest shareholder owning 9.9% of common stock, and Challenger Limited holds about 5.1% of the company stock. Furthermore, CEO Michael Sainsbury is the owner of 1.1% of the company’s shares.

After doing some more digging, we found that the top 12 have the combined ownership of 51% in the company, suggesting that no single shareholder has significant control over the company.

Story Continues

More than four years after President Xi Jinping pledged to end China’s financing of overseas coal projects, the annual assessment from the Centre for Research on Energy and Clean Air (CREA) and the People of Asia for Climate Solutions (PACS) finds that while some progress has been made, the rise of privately owned off-grid captive coal projects for industrial needs, particularly in Indonesia and Africa, is a growing concern.

While many coal plants have been cancelled, others continue to move forward, especially privately funded, off-grid projects for industrial use, revealing that implementation gaps and loopholes persist.

The assessment analyses five categories — cancelled; pre-permitted; permitted; under construction; operational — and adds a new project category that has emerged this year for idle plants that could return to service at any time without entering a formal permitting process: mothballed. 

As of July 2025, the total capacity of overseas coal projects in the pipeline has dropped to 31.4 gigawatts (GW), down from nearly 50 GW in 2024. Cancellations have also accelerated, after a slowdown in 2024, with 16.4 GW of new capacity cancelled in 2025. Since the 2021 pledge, a total of 59.3 GW of projects have been cancelled, which is equivalent to 6.1 billion tonnes of avoided lifetime carbon dioxide (CO₂) emissions.

Despite these positive trends, operational projects have grown by 4.1 GW in 2025. Most of these projects were under construction in 2024 or about to be commissioned, demonstrating that once a plant enters the construction stage, it is unlikely to be cancelled.

Although the pace of construction has slowed in 2025, 12.1 GW of capacity remains under construction across 14 projects. These consist largely of captive coal projects in Indonesia, India, Laos, Zimbabwe, and Zambia. These are off-grid facilities that serve industrial needs and are owned by private Chinese companies. This loophole casts a growing shadow over the progress made in ending China’s overseas coal investments. See report annex for further details in the field studies.

To-date, China’s overseas captive coal projects have added an estimated 1.5 billion tonnes of lifetime CO₂, which comes to almost half of all emissions currently in operation. The current projects under construction could add a total of around 3.4 billion tonnes of potential lifetime CO₂ emissions upon completion.

Policy recommendations

CREA and PACS propose the following policy recommendations to expedite the implementation of President Xi’s 2021 pledge to phase-out China-backed overseas coal projects, including but not limited to:

• The pledge should explicitly cover captive coal. Approvals and financing should require renewable or hybrid alternatives, best available technology (BAT), environmental standards, and time-bound retirement plans. 
• The prioritisation of financing redirected towards renewable energy investments: solar, wind, hydro, storage, and grid modernisation. In host countries with pre-permit projects, targeted support for project preparation, land and transmission access, and power market reforms can accelerate renewable pipelines and reduce coal dependence. 
• Support for host country transition strategies. China and international partners should expand technical and financial assistance for national transition plans,  cooperating with local authorities to help ensure that the shift away from coal also supports economic resilience and local employment.
• Establishing a dedicated coordinating agency. Since the 2021 pledge, China has yet to designate a body responsible for its enforcement. A dedicated agency with strong coordination and regulatory powers is needed to guide implementation, ensure accountability, and intervene in irresponsible or illegal operations when necessary.