External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the Middle East.</li><li>Primarily produced as a by-product of petroleum and natural gas refining, approximately 25% of global production is sourced from the region.</li><li>Production disruptions and shipping restrictions (much of exported supply is shipped through the Strait of Hormuz) have led to supply concerns and price spikes from ~US$250/t to US$500/t.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the Middle East.Primarily produced as a by-product of petroleum and natural gas refining, approximately 25% of global production is sourced from the region.Production disruptions and shipping restrictions (much of exported supply is shipped through the Strait of Hormuz) have led to supply concerns and price spikes from ~US$250/t to US$500/t.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nickel Industries (NIC): Brimstone or Bust?

Nickel Industries (NIC): Brimstone or bust?

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries</li>
<li>UST yields fell 2-6 bps yesterday, with larger declines in the belly of the curve. This was on account of haven flows following US President Donald Trump’s Saturday announcement hiking global tariffs to 15%, as well as uncertainty over future trade moves.</li>
<li>The UST curve bull steepened, with the yield on the 2Y UST dropping 4 bps to 3.44% while that on the 10Y UST declined 5 bps to 4.03%. Equities fell amid renewed anxiety over the impact of AI on existing industries. The S&amp;P 500 and Nasdaq fell 1.0% and 1.1% to 6,838 and 22,627, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries
UST yields fell 2-6 bps yesterday, with larger declines in the belly of the curve. This was on account of haven flows following US President Donald Trump’s Saturday announcement hiking global tariffs to 15%, as well as uncertainty over future trade moves.
The UST curve bull steepened, with the yield on the 2Y UST dropping 4 bps to 3.44% while that on the 10Y UST declined 5 bps to 4.03%. Equities fell amid renewed anxiety over the impact of AI on existing industries. The S&amp;P 500 and Nasdaq fell 1.0% and 1.1% to 6,838 and 22,627, respectively.


<ul>
<li>Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven flows amid tensions over Iran.</li>
<li>The yield on the 2Y UST was unchanged at 3.46%, while that on the 10Y UST fell 2 bps to 4.07%.</li>
<li>Equities declined, with the S&amp;P 500 and Nasdaq both down 0.3% at 6,862 and 22,683, respectively. </li>
</ul>


Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven flows amid tensions over Iran.
The yield on the 2Y UST was unchanged at 3.46%, while that on the 10Y UST fell 2 bps to 4.07%.
Equities declined, with the S&amp;P 500 and Nasdaq both down 0.3% at 6,862 and 22,683, respectively. 


Leonard Law, CFA

<ul>
<li>UST yields jumped yesterday, on the back of a weak auction of 7Y notes.</li>
<li>All three treasury note auctions this week drew relatively soft demand, amid inflation worries from the rise in oil prices and uncertainty over US-Iran ceasefire talks.</li>
<li>The yield on the 2Y UST jumped 10 bps to 3.99%, while that on the 10Y UST rose 8 bps to 4.41%. Equities slumped, led by tech and memory chip stocks</li>
</ul>


UST yields jumped yesterday, on the back of a weak auction of 7Y notes.
All three treasury note auctions this week drew relatively soft demand, amid inflation worries from the rise in oil prices and uncertainty over US-Iran ceasefire talks.
The yield on the 2Y UST jumped 10 bps to 3.99%, while that on the 10Y UST rose 8 bps to 4.41%. Equities slumped, led by tech and memory chip stocks


Australia

Nickel Industries Limited is an ASX-listed company that engages in nickel ore mining and the production of nickel pig iron, nickel matte, and mixed hydroxide precipitate. The company's products are used in the stainless steel industry and the electric vehicle supply chain. It was incorporated in 2007 and is based in Sydney, Australia.

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Nickel Industries (NIC AU)

Nickel Industries (NIC): Brimstone or Bust?

Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the...

Bell Potter

Nickel Industries (NIC): Brimstone or bust?

Sulphur price risk considerationsWe note reports of increased sulphur pricing and potential supply constraints emerging due to the conflict in the...

Bell Potter

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries UST yields fell 2-6 bps...

Lucror Analytics

Lucror Analytics - Morning Views Asia

Long-end UST yields fell marginally yesterday, rebounding from an earlier price drop on strong demand for an auction of 30Y TIPS, as well as haven...

Lucror Analytics

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Meituan, Nickel Industries, Tata...

Lucror Analytics

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