Energy &amp; Materials Sector

On the 21st May 2025, copper miner New World Resources (NWC AU) inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)‘s recent Offer for MAC Copper (MAC AU), and Bastion Minerals’ tilt for Xanadu Mines (XAM AU).
NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder?

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

A quick look at the tactical forecast models for some key markets impacted by the Israeli attack to Iran on June 13th.
We analyze: Crude Oil Futures (CL1 COM COMDTY) , Gold Futures (GOLD COMDTY) , Nasdaq-100 Index (NDX) , Nikkei 225 Index, Hang Seng Index and NIFTY Index
Keep in mind that high volatility can push easily a market into the model’s tails, and forecasts in tails area rely on less data (i.e. less accurate).

Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins

EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.
Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.

[IO Technicals 2025/24] Downward Momentum Lingers

By Umang Agrawal

The U.S. will impose a 55% tariff on Chinese goods; China responds with 10%, as part of a deal addressing trade and fentanyl concerns.
China’s steelmakers face pressure as EV price wars cut margins. Platts to lower iron ore spec to 61% in 2026, prompting SGX contract adjustments.
Prices hold below key moving averages, reflecting downside momentum, while the MACD staying under its signal line supports the ongoing bearish outlook.

RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

EU Opens Tire Duty Probe Against China, Straining Trade Environs

Investigation covers HS codes 40111000 and 40112010
China criticizes EU protectionism, warns of market impact
EU tire makers to benefit but consumers may feel the pinch

SCZ: Q1 Financials Beat on Major Cost Improvements

SCZ reported Q1 financial results that beat our estimates due decreased costs and the increased silver price.
Santacruz reported Q1 revenue of $70.3M (+34% YoY) vs. our estimate of $69.9M and adjusted EBITDA of $27.5M (vs. negative numbers in Q1/24) beating our estimate of $14.4M.
Cash costs and AISC came in well below expectations, highlighting the effects of management’s operational improvements over the last year.

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Jun 13

Daily Brief Energy/Materials: Zijin Mining Group Co Ltd H, Jupiter Mines, Crude Oil, Mineros SA, Vedanta Resources and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off
Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector
[ETP 2025/24] WTI Rises on Trade Hopes, Geopolitics; Henry Hub Slips on Weak Near-Term Outlook
MSA: Heavily Cash Flowing, Dividend Paying Gold Producer
Lucror Analytics – Morning Views Asia

Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off

By Special Situation Investments

Back on the 30th April 2025, Zijin Mining (2899 HK) said it planned to spin off its overseas gold mine assets on the Hong Kong exchange.
The newly created unit, Zijin Gold International, owns/operates mines in South America, Central Asia, Africa and Oceania, including the Buritica project in Colombia, the nation’s largest gold mine.
A Circular is now out concerning the spin-off, which is not subject to shareholder approval. Pegged to peers, Zijin appears fully valued.

Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector

Jupiter Mines’ valuation is implied at A$0.315/share, a 60% premium to current trading levels, following a JV sale.
Exxaro Resources acquired a 20% stake in Jupiter Mines at A$0.315/share, indicating interest in further consolidation.
The Tshipi Borwa mine, a Tier 1 asset, contributes ~6% to global manganese supply, primarily for steel production.

[ETP 2025/24] WTI Rises on Trade Hopes, Geopolitics; Henry Hub Slips on Weak Near-Term Outlook

For the week ending 06/Jun, U.S. crude inventories fell by 3.6m barrels (vs. expectations of a 2.4m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.
The EIA reported a 109 Bcf storage build, while analysts forecasted a 108 Bcf increase. Storage levels are 5.4% above the five-year average but 8.6% below year-ago levels.
Shell targets 12 MMT of new LNG capacity by 2030, while TotalEnergies partners with Mistral AI to enhance its low-carbon, multi-energy strategy using artificial intelligence.

MSA: Heavily Cash Flowing, Dividend Paying Gold Producer

Mineros is focused on the production of gold across its two producing assets in Colombia and Nicaragua having produced 213Koz in 2024.
MSA currently pays the highest dividend amongst its peers at 5.6% and has various growth initiatives in the works.
Despite being one of the best performing gold producers amongst its peers (up 276% since January 2024), MSA is still undervalued, trading at just 3.8x 2025E cash flow of $129M.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

US treasury yields declined yesterday, led by the short end, given softer than expected CPI data and a solid auction for the 10Y notes.
The UST curve bull-steepened, with the yield on the 2Y UST down 7 bps at 3.95%, while the yield on the 10Y UST fell 5 bps to 4.42%.
Equities halted a three-day advance, albeit remaining near record-high levels.

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Jun 12

Daily Brief Energy/Materials: Iron Ore, SGX Rubber Future TSR20, Capitan Silver , Uni-Fuels Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

[IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories
Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally
CAPT: Completes Purchase of Antiplano Royalty
Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase

[IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories

By Umang Agrawal

China’s CPI plunged 0.1% YoY in May-25, while producer prices declined by 3.3% driven by softening domestic demand and US tariff tensions.
China’s iron ore imports declined due to seasonal factors and early clearances, while strong steel exports may pressure prices amid front-loaded global supply.
Iron ore portside inventories fell further in early June, but weakening demand and slower pick-up volumes may soon reverse the trend and pressure prices.

Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally

Rubber exports fetch US$148 million despite volume decline
Two big tire factories bring $335 million investment
Local tire demand is reshaping rubber supply priorities

CAPT: Completes Purchase of Antiplano Royalty

What you need to know: • Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project.
• The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
• On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here.

Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase

By Zacks Small Cap Research

Uni-Fuels (NASDAQ: UFG) is a fast-growing global provider of marine fuels solutions, helping shipping companies optimize fuel procurement across various international markets and time zones.
The company currently operates in Singapore, Dubai and Seoul and plans to expand globally including new offices in Asia, Europe and the Americas.
The company went public in January 2025 raising $9.7 million in gross proceeds including February overallotment.

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Jun 11

Daily Brief Energy/Materials: Almonty Industries, Forum Energy Technologies , ADF Group , Copper Fox Metals and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Research Comment – Almonty Industries Inc. – 10.06.2025
Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation
DRX: In Line Q1 Financials; Tariff Impact Less than Expected
CUU: Copper Optionality in Tier-1 Jurisdictions

Research Comment – Almonty Industries Inc. – 10.06.2025

By GBC AG

Almonty Industries has reported first quarter 2025 financial results in line with expectations and reaffirmed its position as one of the most strategically important critical mineral suppliers in the Western Hemisphere.
The company continues to deliver on its operational roadmap, capital deployment, and geopolitical positioning at a time when global interest in reliable non-Chinese tungsten supply is intensifying.
Following a significant rally in tungsten prices since February and the continued de-risking of its Sangdong Mine in South Korea, we have updated our forecasts and valuation model.

Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation

By Water Tower Research

FET’s Beat-the-Market strategy is geared to position the company to gain share with customers during cyclical troughs that can support accelerated growth as the cycle turns higher.
The strategy is underpinned by the company’s focus on developing specialized technological solutions that allow its customers to develop their assets cost-efficiently and safely.
Increased drilling and completion intensity as operators push the limits of lateral lengths and stimulation intensity drives demand for the consumable products that account for ~80% of FET’s revenue.

DRX: In Line Q1 Financials; Tariff Impact Less than Expected

What you need to know: • ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs.
• Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M.
• Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2.

CUU: Copper Optionality in Tier-1 Jurisdictions

What you need to know: • Copper Fox owns 25% of Schaft Creek, a PEA-stage (after-tax NPV8% $842M and 13% IRR) copper-gold-molybdenum asset, funded by Teck (75% owner) to production.
• CUU also owns 100% of the PEA-stage Van Dyke ISCR Project which boasts a highly profitable project (after-tax NPV7.5% $645M & 43% IRR).
• The Company holds a portfolio of three other copper exploration assets, all showing early signs of being legitimate projects.

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Jun 10

Daily Brief Energy/Materials: Chambal Fertilisers & Chemicals, SGX Rubber Future TSR20, Steel, Suzano , Crude Oil, Rayonier Advanced Materials, Natural Gas, Capitan Silver , Santacruz Silver Mining and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

The Beat Ideas: Chambal Fertilisers – From Urea Giant to Agri-Solutions Powerhouse
FY 2025 Marks Shrinking Margins For Indian Tire Majors
India Steel Monitor – May 2025: Prices Fall, Demand Weak, Outlook Diverges
EM Spreads – Weekly News & Views
[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism
RYAM US: Specialty Margins Shine Under New Reporting Structure Despite Period Headwinds
[US Nat Gas Options Weekly 2025/23] Henry Hub Surged on Bullish Summer Demand Outlook
CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project
SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

The Beat Ideas: Chambal Fertilisers – From Urea Giant to Agri-Solutions Powerhouse

CFCL is shifting from a subsidy-driven urea player to a diversified Agri-inputs firm, with strong traction in crop protection, biologicals, and a INR 1,645 Cr TAN project. .
This diversification reduces exposure to regulatory risks, enhances margins, and positions CFCL for long-term structural growth in high-value Agri-solutions
With a near debt-free balance sheet and visibility on INR 900–1,000 Cr revenue from TAN, we now view CFCL as a multi-engine growth story beyond commoditized urea.

FY 2025 Marks Shrinking Margins For Indian Tire Majors

MRF stages recovery in margin in Q4, others suffer
CEAT breaches US$1.51 billion for the first time in revenue in FY25
High raw material costs eat into profits of majors

India Steel Monitor – May 2025: Prices Fall, Demand Weak, Outlook Diverges

Steel prices declined for 5 straight weeks; long products like rebar and wire rod saw the steepest fall amid weak spot market sentiment.
Companies expect higher Q1 FY26 realizations, but spot trends remain weak, highlighting a lag between optimism and transactional reality.
Auto and housing demand is softening; only two-wheelers, EVs, and commercial real estate offer near-term support to steel consumption.

EM Spreads – Weekly News & Views

By Leandro Gubler

Suzano to Acquire 51% of Kimberly-Clark’s International Tissue Business for $1.73bn
Vista Priced US$500mn 2033 Unsecured Notes at Par to Yield 8.5% (IPT: mid-8%) / Cemex Launches US$1bn Perpetual NC5 Notes to Yield 7.2% (IPT: 7.625%)
Telecom 1Q25: Margin Gains Support Credit, But Telefónica Deal Still Central / Telecom Prices US$800 Million Unsecured Bond Due 2033 at 9.5% Yield

[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism

WTI futures rose 6.2% for the week ending 06/Jun, as supply disruption fears and U.S.-China trade optimism outweighed concerns over the OPEC+ output hike.
The U.S. rig count fell by four to 559. The oil rig count fell by nine to 442, while gas rigs grew by five to 114.
WTI OI PCR remained at 0.83 on 06/Jun compared to 30/May. Call OI rose by 4.1% WoW, while put OI grew by 3.9%.

RYAM US: Specialty Margins Shine Under New Reporting Structure Despite Period Headwinds

By Water Tower Research

1Q25 one-time headwinds obscure improving business fundamentals.
Unusual weather, plant-level operating challenges ahead of planned maintenance outages, and the impact of customer pre-buying in 4Q25 affected 1Q25 results, but are not likely to continue, suggesting sequential improvement in 2Q25 and more so in 2H25.
New reporting structure highlights specialty-type margins.

[US Nat Gas Options Weekly 2025/23] Henry Hub Surged on Bullish Summer Demand Outlook

For the week ending 06/Jun, U.S. natural gas prices gained 9.8% on the back of forecasts of a hotter-than-expected summer and rising LNG exports.
For the week ending 30/May, the EIA reported that U.S. natural gas inventories rose by 122 Bcf, higher than analyst expectations of a 111 Bcf build.
Henry Hub OI PCR fell to 0.85 on 06/Jun compared to 0.86 on 30/May. Call OI increased by 6% WoW, while put OI grew by 4.4%.

CAPT: LOI to Acquire Land Surrounding Cruz De Plata Project

What you need to know: • Capitan Silver announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Silver-Gold Project.
• The transaction will consist of US$4.0M (in two installments) with no royalty or dilutive share payments.
• We remind readers of the ongoing 10,000m drill program (results expected soon) and plans to update its MRE on the Oxide Gold Deposit.

SCZ: Seasonally Weak Q1, Stronger Results Moving Forward

What you need to know: • Santacruz reported its Q1/25 production results, missing our expectations due to pronounced seasonality and various operational challenges which have now been resolved.
• AgEq production came in at 3.7Moz compared to our estimate of 4.5Moz, representing -10% QoQ and -5% YoY.
• SCZ is up 217% since our initiation report, yet still remains mispriced, in our view.

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Jun 09

Daily Brief Energy/Materials: Ecopro Co Ltd, Shyam Metalics and Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Clarifying the KOSDAQ Global Index and SSF Reshuffle
Shyam Metalics & Energy Ltd (NSE: SHYAMMETL) – A Capital-Efficient Growth Play in Indian Metals

Clarifying the KOSDAQ Global Index and SSF Reshuffle

By Sanghyun Park

KOSDAQ Global rebalances annually in June with unique, fundamentals-based screening, unlike cap-weighted peers. Its results are now a key lead indicator for upcoming SSF inclusion.
New SSF listings often trigger short-term volume spikes, especially in KOSDAQ names, leading to consistent spot outperformance from listing to expiry—most pronounced near the midpoint.
With more traders now tuned into the SSF pattern and fewer names rotating, early positioning and amplified price action are more likely this time around.

Shyam Metalics & Energy Ltd (NSE: SHYAMMETL) – A Capital-Efficient Growth Play in Indian Metals

Shyam Metalics reported robust FY25 results with 15% revenue growth and 21% EBITDA rise, driven by higher volumes and a shift toward value-added products.
The company is executing a ₹10,025 Cr capex plan to double capacity by FY27, targeting high-margin segments like stainless steel and aluminium foil with backward integration.
With zero net debt, strong cash flows, and a forward P/E of ~14×, Shyam Metalics offers a rare blend of growth, capital discipline, and low leverage in the steel sector.

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Jun 08

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

I tally 44 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: the Washington H. Soul Pattinson (SOL AU) / Brickworks Ltd (BKW AU)merger; and Great Eastern Holdings (GE SP)‘s Exit Offer.
Key updates/news took place on: Spartan Resources (SPR AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Tam Jai International (2217 HK).

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Jun 07

Daily Brief Energy/Materials: Verallia, Vedanta Ltd, Iron Ore, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path
Vedanta Demerger: Key Highlights, Value Drivers, and Risks
[IO Fundamentals 2025/22] PMI Data Divergence and Declining IO Inventories
[IO Technicals 2025/23] Bearish Momentum Persists
Higher Rubber Values Come In Handy For Vietnam, Though Volume Down

Glass Half Full: Arbitrage Opportunities in Verallia’s Tender Path

By Jesus Rodriguez Aguilar

BWGI’s tender offer for Verallia has secured regulatory approvals and board support. With strong financial backing and irrevocable commitments, the threshold for success is achievable but not guaranteed.
While early entrants at €27 enjoy strong arbitrage returns, recent prices near €28.14 offer minimal spread. The current trade hinges on bump potential or long-term rerating prospects.
Erallia trades at 6.3x EV/EBITDA vs. Vidrala’s 7.9x. The DCF fair value implies ~30% upside, making holding shares a credible strategy even if the offer fails or underwhelms.

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

Latest Update: NCLAT has stayed NCLT’s rejection, allowing Vedanta’s five-way demerger to proceed, with completion targeted by September 2025.
Value Concentration: Over 85% of Vedanta’s SOTP value stems from Aluminium and Residual Vedanta, driven by strong EBITDA and asset base.
Upside and Risks: SOTP suggests 20%+ upside, but risks include regulatory delays, execution slippage in aluminium/zinc projects, and commodity price volatility.

[IO Fundamentals 2025/22] PMI Data Divergence and Declining IO Inventories

By Pranay Yadav

China’s NBS manufacturing PMI edged up to 49.5 in May, while Caixin PMI dropped sharply to 48.3 signaling the first contraction in 8 months.
China’s industrial profits stagnated in April 2025, highlighting persistent challenges from weak demand, trade war tensions, and deflationary pressures.
Iron ore inventories continued to decline amid slowing shipments and softer blast furnace demand, signaling ongoing destocking.

[IO Technicals 2025/23] Bearish Momentum Persists

By Pranay Yadav

Iron ore supply remains steady despite falling Australian exports and surging Brazilian shipments. However, weak Chinese property demand continues to cloud the market outlook.
Analysts at Singapore Ferrous Week trimmed 2025 iron ore surplus forecasts to 20–30 million tons, citing resilient demand, rising steel exports, and Australian supply disruptions.
Prices remain below key moving averages, signalling downside momentum, while the MACD staying under its signal line reinforces the ongoing bearish outlook.

Higher Rubber Values Come In Handy For Vietnam, Though Volume Down

During January-April 2025, exports at 452,866 tons, down 11% YoY
January-April 2025 exports value at US$872.78 mn, up 20.4% YoY
Vietnam Rubber Group reports net profit of US$45.4 mn in Q1 2025

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Jun 06

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd, Gold, Astral Ltd, Eog Resources, Crude Oil, Intermin Resources, Medco Energi, Cobalt Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Accounting for Soul Patts/Brickworks’ Feedback Loop
Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds
The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle
EOG Resources Doubles Down on Utica: What the $5.6 Billion Encino Acquisition Means for Shareholders!
[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook
Horizon Minerals Ltd – Can a refurb lead to riches?
Lucror Analytics – Morning Views Asia
Hybridan Small Cap Feast: 28/05/2025

Accounting for Soul Patts/Brickworks’ Feedback Loop

On the 2 June, Washington H. Soul Pattinson and Co. Ltd (SOL AU) (Soul Patts) and Brickworks Ltd (BKW AU), announced that, via inter-conditional Schemes, they would collapse their circularity.
A new ASX-listed company (TopCo) would acquire all of the shares in Soul Patts and Brickworks, via the issuance of TopCo shares; 1:1 for Sout Patts, and 0.82:1 for Brickworks.
Given the cross-holding, an interesting exercise is understanding the underlying values for both Soul Patts and Brickworks.

Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

By John Ley

Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.
Implied volatility declined across most markets, but remains above historical medians in several key regions.
Vol premium analysis highlights a few standouts where short vol has historically outperformed.

The Beat Ideas: Astral ~ Leader in PVC Pipes, Riding the Restocking Cycle

Astral Ltd (ASTRA IN) is a market leader in CPVC and plastic piping systems, with growing presence in adhesives, paints, and water tanks it maintained margins despite industry’s headwinds.
New launches like Fire Pro, OPVC, Drain Pro, and valves are expected to contribute INR 450–500 crore annually, driving high-margin growth and portfolio expansion.
Dealers currently hold just 1–2 weeks of inventory, indicating an imminent restocking cycle that could boost near-term volumes.

EOG Resources Doubles Down on Utica: What the $5.6 Billion Encino Acquisition Means for Shareholders!

By Baptista Research

EOG Resources has made a decisive strategic move by announcing its $5.6 billion acquisition of Encino Acquisition Partners (EAP), a major producer in the Utica shale play.
Funded through $3.5 billion in debt and $2.1 billion in cash on hand—with no equity dilution—this deal marks a significant transformation in EOG’s portfolio.
The acquisition increases EOG’s Utica footprint to over 1.1 million net acres and adds more than two billion barrels of oil equivalent (BOE) in undeveloped resource, positioning the Utica as a third foundational play alongside its Delaware Basin and Eagle Ford assets.

[ETP 2025/23] WTI Rises on Supply Disruptions, Henry Hub Gains on Summer Demand Outlook

By Research as a Service (RaaS)

For the week ending 30/May, U.S. crude inventories fell by 4.3m barrels (vs. expectations of a 2.9m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.
The EIA reported a 122 Bcf storage build, while analysts forecasted a 111 Bcf increase. Storage levels are 4.7% above the five-year average but 10% below year-ago levels.
JPMorgan sees Reliance earnings rebounding on better margins; Saudi Aramco cuts Asia crude prices after OPEC+ supply hike.

Horizon Minerals Ltd – Can a refurb lead to riches?

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ is currently engaged in two mining campaigns which will be toll treated or sold under ore sale and toll agreements with three mill operators in and around Kalgoorlie and Coolgardie.
In the current gold price environment, we expect these mining campaigns to generate significant cash flows in FY26 which can support HRZ’s longer-term goal of becoming a standalone gold producer.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

Treasury yields fell 9-10 bps across the curve yesterday, as the weak ADP employment and ISM services data raised expectations for Fed rate cuts.
The yield on the 2Y UST declined 9 bps to 3.87%, while that on the 10Y UST was down 10 bps at 4.36%.
Equities were largely steady, with the S&P 500 unchanged and the Nasdaq up 0.3%.

Hybridan Small Cap Feast: 28/05/2025

By Hybridan

12th May: Cobalt Holdings, a Company created primarily to purchase and hold physical cobalt, offering public equity investors pure-play direct exposure to the price of cobalt, confirmed its intention to raise approximately US$230m through its Global Offer and the Admission on to the Main Market on 10 June 2025.
Glencore International AG and certain entities and affiliates managed by Anchorage Structured Commodities Advisor, have agreed to participate as cornerstone investors, agreeing to invest, in aggregate, an amount representing approximately 20.5% of the Shares to be offered pursuant to the Global Offer.
9th May: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announces that it has confirmed its intention to IPO onto the Main Market.

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Jun 05

Daily Brief Energy/Materials: Spartan Resources, CMOC Group , Gujarat Fluorochemicals, Time Technoplast, Northern Dynasty Minerals, John Wood, Koninklijke Vopak Nv, Indo Tambangraya Megah, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Spartan Resources (SPR AU): Scheme Vote on 11 July
CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating
Spartan Resources (SPR AU): 11th July Vote On Ramelius’ Offer
Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up
Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance
Northern Dynasty Minerals: A Trump-Era on America’s Critical Mineral Independence
Sidara/Wood: Energy Engineering in Limbo, Value Beckons Amid Governance Fog
What’s News in Amsterdam – 2 June (Wolters Kluwer | Vopak | ESG)
Indo Tambangraya Megah (ITMG IJ) Q1 FY25: Solid Despite The Coal Price Drop
Sri Lanka Rubber Product Exports Skid Amid Concerns Over US Tariffs

Spartan Resources (SPR AU): Scheme Vote on 11 July

By Arun George

The Spartan Resources (SPR AU) IE considers Ramelius Resources (RMS AU)’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.
The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares).
This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.

CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

EBITDA more than doubled (25% CAGR) over 3 years, with copper and cobalt output up ~3.5x and ~5.7x on ramp-up of TFM and KFM.
$4.3 bn invested in DRC; low-cost leaching drives margins; gold entry via Cangrejos adds diversification and long-term optionality.
Strong cash flows, growth pipeline, and ~4x EV/EBITDA valuation position CMOC for sustained upside amid rising energy transition metal demand.

Spartan Resources (SPR AU): 11th July Vote On Ramelius’ Offer

On the 17th March, Spartan (SPR AU) agreed to merge with Ramelius (RMS AU). The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.
The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP. The deal arrived after Spartan was outbid for Karora (KRR CN), and Spartan rebuffed Westgold (WGX AU)‘s approach.
The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says “fair & reasonable“.

Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up

Gujarat Fluorochemicals (FLUOROCH IN) reported strong consolidated Q4FY25 financials, driven by fluoropolymers, with significant PAT growth and reduced net debt.
This indicates sustained momentum in core fluoropolymers, potential for significant revenue contribution from the new EV business in the coming years, and an improved balance sheet supporting future investments.
Capex of INR 1,600 crs in FY26 funded via external accruals will expand EV and fluoropolymer capacities, enabling long-term growth across energy, mobility, and specialty segments.

Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance

By Triple S Special Situations Investing

Strong FY25 financial performance driven by volume growth outpacing revenue, significant PAT increase, and improved margins, particularly from higher-growth value-added and composite product segments.
The strategic focus on higher-margin value-added products, especially composites, is enhancing profitability (margins, ROCE) and positioning the company for future growth in key sectors like clean energy and sustainability.
The consistent execution on strategic targets (ROCE, debt reduction, composite growth) strengthens conviction in the management’s ability to deliver and capitalize on emerging opportunities, despite some project timeline shifts.

Northern Dynasty Minerals: A Trump-Era on America’s Critical Mineral Independence

Sidara/Wood: Energy Engineering in Limbo, Value Beckons Amid Governance Fog

By Jesus Rodriguez Aguilar

Sidara’s persistence through multiple PUSU extensions and deep due diligence implies strong strategic interest despite Wood’s governance turbulence and suspended trading.
Wood’s record $2B+ contract wins in Asia Pacific show the business remains commercially viable and strategically relevant in the energy infrastructure value chain.
Free cash flow expected to turn meaningfully positive in 2026, supporting a standalone recovery case if no deal emerges—valuation suggests >2x upside potential.

What’s News in Amsterdam – 2 June (Wolters Kluwer | Vopak | ESG)

By The IDEA!

In today’s edition: • Wolters Kluwer | acquires Australian provider of online courseware solutions for nursing schools • Vopak | AVTL successfully completed IPO • ESG | Dutch corporations and central government scaling back on environmental targets

Indo Tambangraya Megah (ITMG IJ) Q1 FY25: Solid Despite The Coal Price Drop

By Sameer Taneja

Indo Tambangraya Megah (ITMG IJ) reported a solid Q1 FY25 despite the drop in coal prices. Revenues/profits were -1%/+8%YoY because of higher volumes and lower costs.
After accounting for the 150 million USD dividend liability (which was already paid out in May), net cash is>850 million USD (around 54% of market capitalization).
With earnings likely to be between 250-300 million USD in FY25, the stock trades at 5.3- 6.25x FY25 PE and 12.5% dividend yield.

Sri Lanka Rubber Product Exports Skid Amid Concerns Over US Tariffs