Smartkarma Daily Briefs

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• Today is the base date for the December 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
• We expect four changes for T50 and three additional changes for the T100 index for the December 2025 rebal.

• Gold prices have been steadily rising, with projections of reaching $10,000, possibly as soon as 2026.
• The recent surge in gold prices has attracted more institutional investors and retail buyers, especially in countries like Australia and China.
• The volatility in gold prices has also increased, with the potential for rapid gains as smaller percentage increases can lead to significant profits.

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• Strong gold demand in 3Q25, totaling almost 980 tons, leading to a surge in demand inflow
• Expectation of continued central bank buying and investor demand growth in 2026
• Bullish outlook for gold prices, with potential risks including rate sensitivity and potential tariff uncertainties for other precious metals

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

Highlights

• Consumption outpaces domestic production growth

• Imports decline despite steady industrial demand

• Fresh probe into halobutyl rubber dumping

The first four months of the financial year illustrated an industry striving for balance — one still navigating between domestic self-sufficiency ambitions and dependence on imports for certain specialized grades. Demand from tire makers, which account for nearly two-thirds of synthetic rubber use in India, remained stable amid mixed trends in automotive production and exports. 

• Hornbeck operates one of the world’s largest high-spec offshore fleets, serving diversified markets including oilfield services, military support, and emerging offshore wind.
• Strong revenue growth and consistent profitability reflect resilient demand across deepwater energy, specialty services, and expanding non-oilfield markets.
• IPO prospects hinge on market timing and valuation, as energy-related offerings have produced mixed results in 2025.

• Crude oil futures tumbled on Friday as ceasefire speculation around the Russia/Ukraine war gained momentum after President Zelensky agreed to work with Washington on the US-drafted proposals.
• Front-month Jan26 ICE Brent futures were trading at $62.50/b (1933 GMT) versus Thursday’s settle of $63.38/b, while Jan26 NYMEX WTI was at $57.99/b against a previous close of $59/b.
• President Zelensky said he is ready for “honest work” with the US after receiving a draft of the plan to end the war with Russia, although European officials have cautioned that the proposals are too one-sided in favour of Moscow.

• Ball Corporation’s third quarter 2025 performance indicates both strengths and challenges for the company, as per their recent earnings call.
• During this period, Ball Corporation reported a 4.2% growth in beverage can volumes and a 5.1% increase in comparable operating earnings.
• Comparable diluted earnings per share saw a 12.1% rise, while the company returned $1.35 billion to shareholders through share repurchases and dividends.

• International Flavors & Fragrances Inc. (IFF) presented its third-quarter results for 2025, showcasing a steady operational performance amidst challenging market conditions.
• The company maintained flat sales compared to the previous year, despite headwinds such as geopolitical challenges, macroeconomic uncertainty, and soft demand in certain sectors.
• Growth was observed in the Scent and Taste segments, counterbalancing weakness in Food Ingredients and Health & Biosciences, particularly in North America.

• The Mosaic Company’s third-quarter 2025 results showcase a complex financial landscape characterized by significant investments, strong regional performances, and strategic asset reallocations.
• The company reported a substantial increase in net income to $411 million compared to $122 million in the prior year, with adjusted EBITDA rising to $806 million from $448 million.
• This improvement was primarily driven by higher prices across all segments and particularly robust performance in Mosaic Fertilizantes.

Nabaltec’s numbers for the first nine months of 2025 (9M25) confirm resilient earnings in a weak demand environment. Group revenue declined 1.9% y-o-y to €155.1m, while EBIT fell 16.8% to €14.0m, with a nine-month EBIT margin of 9%. Guidance for 2025 is unchanged at up to a 2% revenue contraction and an EBIT margin of 7–9%. Although Q4 can be seasonally weak, given the nine-month results (with a Q3 EBIT margin of 10.3%) the full year guidance looks achievable in our view, and we see no reason to revisit our estimates or valuation. Nabaltec is controlling its costs as far as possible in a difficult demand environment, but it retains a conservative balance sheet and a number of growth options.