In today’s briefing:
- [Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)
- Australia: Relative Value Opportunities and Pair Trades (8 Sep 2026)
- Base Oils and Lubricants: Weekly Global Market Review – 4 Sept ’26
- DAIICHI KIGENSO KAGAKU KOGYO | 4082 FY2027/03 Q1 Follow-Up
- Alpha Metallurgical’s 1 Million-Ton Cut: How Much More Pressure Is Coming?
- Plains All American Pipeline Unlocks 75,000 Barrels A Day With Cactus III Expansion!
- Morning Market Notes: A New Phase of Naval Conflict?
- 4082 Jp – Q1 FY2027/3 Sales and Profit Rise on Higher Volumes and Selling Prices
[Japan Event] The Crasus Chemical (646A JP) Spinoff from Resonac (4004 JP)
- Back in February 2024, Resonac Holdings (4004 JP) announced it would start an assessment of a partial spinoff of its petrochemicals division, Crasus Chemical (646A JP).
- Resonac updated in July 2026. In August the Board resolved to deliver 80+% of shares to Resonac investors. Today the TSE approved. Crasus starts trading on Resonac ex-rights day 29-September.
- The “center” value should be determined in about a week to ten days. The estimate of asset distribution right now is 0.09 per Resonac share. There will be index effects.
Australia: Relative Value Opportunities and Pair Trades (8 Sep 2026)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: In Australia, currently two pair trade opportunities persist across two sectors.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
Base Oils and Lubricants: Weekly Global Market Review – 4 Sept ’26
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Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recover
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Middle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.
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Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.
DAIICHI KIGENSO KAGAKU KOGYO | 4082 FY2027/03 Q1 Follow-Up
- Daiichi Kigenso Kagaku Kogyo Co., Ltd. (hereafter, the Company) reported Q1 FY2027/3 results with net sales of JPY 10,113 mn (+24.9% YoY), operating profit of JPY 1,152 mn (+119.4% YoY), ordinary profit of JPY 1,405 mn (+9,155.8% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 953 mn (versus a net loss of JPY 1 mn in the same period of the previous year).
- Operating profit increased 119.4% YoY to JPY 1,152 mn, driven by higher sales volumes mainly in the Automotive Catalyst Area, as well as lower SG&A expenses.
- The full-year forecast announced in May was based on conservative assumptions for sales volumes, and Q1 results have therefore raised expectations for an upward revision to the FY2027/3 full-year earnings forecast.
Alpha Metallurgical’s 1 Million-Ton Cut: How Much More Pressure Is Coming?
- Alpha Metallurgical Resources reported second quarter 2026 adjusted EBITDA of $25.6 million and shipments of 3.5 million tons, reflecting lower volumes and realizations versus the first quarter.
- Full-year shipment guidance was reduced to 14.2 million to 15.4 million tons, lowering the midpoint by 1 million tons.
- The revision reflects softer metallurgical coal demand and operational disruption at the Dominian Terminal Association.
Plains All American Pipeline Unlocks 75,000 Barrels A Day With Cactus III Expansion!
- Plains All American Pipeline, L.P. reported second-quarter 2026 adjusted EBITDA attributable to the company of $738 million, keeping it positioned within full-year adjusted EBITDA guidance of approximately $2.88 billion plus or minus $75 million.
- The company highlighted geopolitical volatility, particularly in the Middle East and disruptions involving the Strait of Hormuz, as reinforcing the strategic importance of its energy infrastructure.
- Its priorities remain reducing leverage through asset sales, capturing pipeline expansion synergies, and improving organizational efficiency.
Morning Market Notes: A New Phase of Naval Conflict?
- Given the latest round of “naval warfare” between the U.S. and Iran, we were somewhat surprised that the market response has not yet been more “robust.”
- With Iran’s apparent willingness to be the aggressor in response to Operation Economic Outcast, however, it is extremely difficult to trust this market.
- Nonetheless, despite our belief that the conflict will continue through year end, at the risk of famous last words, we believe that the upside to oil prices will be limited.
4082 Jp – Q1 FY2027/3 Sales and Profit Rise on Higher Volumes and Selling Prices
- Daiichi Kigenso Kagaku Kogyo Co., Ltd. (hereafter, the Company) reported Q1 FY2027/3 results with net sales of JPY 10,113 mn (+24.9% YoY), operating profit of JPY 1,152 mn (+119.4% YoY), ordinary profit of JPY 1,405 mn (+9,155.8% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 953 mn (versus a net loss of JPY 1 mn in the same period of the previous year).
- Net sales increased as all areas recorded double-digit growth.
- Sales in the Company’s core Automotive Catalyst Area rose 28.1% YoY to JPY 6,569 mn, while sales in the Energy Area, one of its Strategic Areas, surged 82.0% YoY to JPY 488 mn.
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