Smartkarma Daily Briefs

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact. 
• This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index. 
• There are several expected ADDs/DELs for the September 2025 index rebal event. There will also be flows for the other index members due to capping.

• SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
• In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
• In this note, we look at the PHIP updates and talk about the likely A/H premium.

• Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap
• Change in tariff decision led to collapse in premium of COMEX over LME
• Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
• The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
• Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.

• Revenue increased 3.5% YoY to JPY54.5bn, with major subsidiaries in the US, China, and Malaysia contributing growth.
• Operating profit decreased 3.3% YoY to JPY7.2bn due to higher SG&A expenses, despite revenue growth and improved cost ratio.
• Flavor Division revenue rose 4.4% YoY to JPY48.7bn, while Fragrance Division revenue declined 3.3% YoY to JPY5.8bn.

• The story of the week was probably the 20% decline in COMEX copper futures during the week.
• A short recap: The gloating voices would perhaps claim that the Trump administration has realized that the high tariffs on copper would significantly harm its own country in the current situation.
• Copper prices collapsed by roughly 20% on Wednesday after President Trump announced that refined metals including copper cathodes will be exempt from the 50% tariff plans.

• Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
• Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
• The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.

• Eagle Materials reported a strong start to its fiscal year 2026, achieving record first-quarter revenue of $634.7 million, up 4% from the previous year, and delivered diluted net earnings per share of $3.76.
• The company continued its operational focus despite dealing with challenging weather conditions in many of its cement, concrete, and aggregate markets.
• The result underscores Eagle Materials’ ability to maintain resilience across market cycles, emphasized through their low-cost producer status and enhanced operational metrics.

• The energy midstream sector is buzzing as MPLX LP (NYSE:MPLX) inches closer to finalizing a $2.375 billion cash deal for Northwind Midstream, a natural gas gathering, treating, and processing developer with over 200,000 dedicated acres in New Mexico’s Delaware Basin.
• Coming on the heels of MPLX’s strategic bolt-ons in the BANGL NGL pipeline, Whiptail crude gathering, and Matterhorn Express expansion, this acquisition could bolt high-quality, low-breakeven Permian volumes directly into MPLX’s burgeoning NGL, natural gas, and crude value chains.
• The Northwind system already boasts more than 200 miles of gathering lines, two acid gas injection wells at 20 MMcf/d (soon to grow to 37 MMcf/d), and 150 MMcf/d of sour-gas treat-ing capacity—set to balloon to 440 MMcf/d by H2 2026.

• Graphic Packaging Holding Company, a global leader in sustainable consumer packaging, presented its results for the second quarter of 2025, revealing a mixed financial and operational landscape.
• The company’s sales for the period were $2.2 billion, and the adjusted EBITDA was reported at $336 million, resulting in an adjusted EBITDA margin of 15.3%.
• The adjusted earnings per share came in at $0.42.