Energy & Materials Sector

• Bayan Resources delivered solid H1 2025 results with strong volumes and margins but faces an ambitious ramp-up challenge in H2 to meet full-year targets.
• The company’s 2025 guidance calls for 70–72 million tonnes sales, revenue of US$4.1–4.4 billion, and EBITDA of US$1.4–1.6 billion, supported by Tabang expansion and stable costs.
• Despite solid fundamentals, Bayan trades at a steep premium with P/E of ~39x and EV/EBITDA of ~27x, far above Indonesian coal peers.

• Following the recent COMEX-LME trade fiasco and the underwhelming TSF data, copper’s market sentiment was positively influenced by Fed Chairman Jerome Powell’s indication of a potential rate cut next month.
• We anticipate that this development could drive copper prices on the LME above $10,000 USD/ton in the near term, before a subsequent reassertion of fundamental factors.
• Earlier, there was downward pressure on copper prices due to China’s softening economic performance and the rising levels of inventory in the market.

• Context: The Woodside (WDS AU) vs. Yancoal (YAL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: With Yancoal experiencing a sharp price drop after reporting earnings last week, the historically well-aligned price ratio has spiked, generating a trading signal.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• 2Q25 results. TMC reported its 2Q25 financials, that included slightly higher operating loss of $22M vs. $20.3M in year-ago period, as lower exploration and development activities were offset by higher consulting costs and increased share-based compensation.
• Cash on hand of $115.8M was up sharply vs. $3.5M in 2Q24 reflecting strategic investment by Korea Zinc.
• Solid cash position. Pro forma cash position of $120.7M includes $8.8M in proceeds from May RDO and exercised warrants and a repayment of $3.8M credit facility that took place in early July, 2025.

• Permian Resources’ second-quarter 2025 earnings reveal both strengths and challenges in the company’s current operational and strategic approach.
• A significant positive takeaway from Permian Resources’ performance is their robust operational execution, evident in achieving record low completion costs and the fastest well drilling in their history.
• Such efficiencies have enabled the company to revise their annual production guidance upwards, while reducing their capital expenditure guidance.

• Critical Minerals Outside of China Will Command A Strategic Premium
• As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
• We highlight eight companies as a basket of such miners which should benefit from these trends

• CF Industries’ first half and second quarter of 2025 financial results reveal a mixture of operational successes and broader market challenges.
• The company reported an adjusted EBITDA of $1.4 billion for the first half, evidencing strong operational performance amidst a tight global nitrogen supply-demand balance.
• CF Industries has successfully launched the Donaldsonville Carbon Capture and Sequestration (CCS) Project, which began operations in July and is anticipated to generate significant returns due to tax benefits and low-carbon product premiums.

• Western Midstream Partners, LP reported record financial and operational performance for the second quarter of 2025, achieving the highest adjusted EBITDA in the company’s history.
• The Delaware Basin emerged as a significant contributor to this success, with record oil, gas, and water throughput driving increased adjusted gross margin.
• Operational expenses remained stable compared to the previous quarter due to internal cost optimization efforts, which are expected to further reduce costs in subsequent quarters.

• This is a follow-up on our insight from 2 weeks ago, Iron Ore: Pullback From 102 USD/Ton to 95 USD/Ton, where we estimated a pullback on the iron ore price. 
• With mill margins retreating into negative territory and TSF numbers (although healthy) coming far below street expectations, the stage is set for iron ore to retreat to 95 USD/ton. 
• Despite iron ore prices retreating to the 95 USD/ton level, we like Fenix Resources (FEX AU)(Read: Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF ).

• I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deal was discussed on Smartkarma this week: Apiam Animal Health (AHX AU) and Lynch Group Holdings (LGL AU).
• Key updates/news took place on Santos Ltd (STO AU), Abacus Storage King (ASK AU), Gold Road Resources (GOR AU), PointsBet Holdings (PBH AU), and Smart Share Global (EM US).

• Corteva Agriscience showed solid performance during the second quarter and first half of 2025.
• The company realized double-digit top and bottom line growth, improving its operating EBITDA margin by more than 200 basis points.
• These figures were bolstered by net improvements in pricing, volume, and cost efficiencies compared to the prior period.

• Energy Transfer’s performance in the second quarter of 2025 highlighted a balanced mixture of both positive momentum and areas of concern.
• The company reported adjusted EBITDA of $3.9 billion, a slight increase from $3.8 billion in the same period in 2024.
• The growth was fueled by record volumes across several areas, including midstream gathering, crude transportation, NGL transportation, and export volumes, as well as robust usage of NGL fractionators and natural gas pipelines.

• A new selection methodology will be used for the ASX index family starting from the September 2025 index review. We first wrote about this a couple of months ago (link).
• In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2025 index rebal event.
• We expect one change for ASX 50, three changes for ASX 100, and six changes for ASX 200. Separately, we see 14 ADDs and 11 DELs for ASX 300.

• Nutrien’s second-quarter 2025 financial results reflect a strong operational performance and progress toward its strategic goals, with a notable increase in fertilizer sales volumes and improved cost management.
• The company’s adjusted EBITDA rose by 11% to $2.5 billion from the previous year, while cash flow from operations surged by 40%.
• This was driven by advancements in potash and nitrogen operations and strategic initiatives across its portfolio.

• Occidental Petroleum Corporation (Occidental) has demonstrated mixed financial and operational results in the second quarter of 2025.
• The company reported a commendable operating cash flow of $2.6 billion despite facing headwinds from lower oil prices, with West Texas Intermediate (WTI) averaging $11 per barrel less in the first half of 2025 compared to the previous year.
• This resilience allowed Occidental to not only generate more cash flow in the first half of 2025 than in the same period of 2024 but also to make substantial progress in debt reduction efforts.

• Viper Energy has recently completed the acquisition of Sitio Royalties, signaling a transformative moment in the royalty space.
• This all-equity transaction follows the approval by Sitio shareholders and adds meaningful scale and operational depth to Viper’s portfolio.
• The acquisition, which closed in mid-August 2025, is expected to immediately enhance cash available for distribution by 8%–10%, thanks to the incremental 43 days of Sitio contribution factored into Viper’s revised Q3 2025 production guidance.

• GPIL is transitioning from a cyclical, commodity-focused steel/pellet company into a value-added steel and battery energy storage manufacturer, supported by captive integration and conservative leverage.
• Capex of INR 1,600 Cr (CRM + BESS) is underway, with pellet expansion and mining approvals in FY26 strengthening the raw material base. 
• FY26 will focus heavily on executing the pellet ramp-up and obtaining EC approvals; FY27–28 is expected to represent a significant change as CRM and BESS are commissioned

• Powerica (PWRL IN) is looking to raise US$160m in its upcoming India IPO. The deal will be run by IIFL Capital, ICICI Securities and Nuvama.
• Powerica is a leading Indian power solutions company whose core business lies in assembling and supplying diesel generator (DG) sets powered by engines from global OEMs such as Cummins.
• Powerica also participates in other segments, including medium speed large generators with Hyundai. The company has further diversified into renewable energy, with a portfolio of wind projects in Gujarat.

• Sealed Air Corporation’s recent earnings presented a mixed picture for the second quarter of 2025.
• The company continues to navigate a complex landscape impacted by shifting global trade policies and evolving consumer behaviors.
• Positively, Sealed Air reported net sales of $1.34 billion, with adjusted EBITDA at $293 million which is a 3% increase on a constant currency basis.

• • Net production at Triton has averaged 20 mboe/d over the past two weeks.
• This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online.
• These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production.

• What you need to know: • Sailfish Royalty reported Q2 financial results, including revenue of $0.7M (vs. our estimate of $0.8M) and adjusted EBITDA of $0.4M (vs. our estimate of $0.2M).
• • Spring Valley continues to advance towards production, receiving BLM approval for construction and operations last month.
• We remind readers that Spring Valley makes up a majority of our valuation for FISH.

• The financial components of the regenerative funding are completed, raising a combined £1.68m via a Placing and an open WRAP Retail offer at 0.5p.
• The funding, representing 41.1% of the issued share capital, will accelerate the roll-out of the rooftop solar energy in Vietnam aiming to provide high margin, sustainable, long term cashflows from credit worthy Commercial and Industrial (C&I) customers.
• Vietnam has a clean energy agenda as it transitions away from coal and fossil fuels to produce 28-36% of its 560.4bn KW per annum power usage in renewables by 2030.

• What you need to know: • Capitan Silver announced it has executed a definitive agreement to acquire the strategic land package at its Cruz de Plata project, part of the LOI that was announced on June 9th.
• • The US$4M acquisition expands its land package by ~85% and extends the silver-gold trend by 1.2km to 3.7km.
• • The transaction was supported by $6.6M in warrant proceeds, leaving CAPT fully funded for 2025 and well into 2026.

• The Mosaic Company recently shared its financial results for the second quarter of 2025, showcasing a mixed performance largely characterized by operational challenges but an optimistic future outlook.
• The company’s efforts to enhance operating efficiencies and asset reliability are starting to bear fruit, though certain operational interruptions have impacted short-term outcomes, particularly in the phosphates segment.
• For the quarter, The Mosaic Company reported net income of $411 million, a significant turnaround from last year’s net loss of $162 million.

• Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.
• Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.
• We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.

• Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
• Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the “NorthStar Strategy” aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.
• Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.

• Iron ore drops on Tangshan curbs, but stable hot metal output underpins near-term price support. 
• Managed money participants remain net long in iron ore, but softer buying momentum signalled profit-taking.  
• Mean reversion and bullish MA crossover signal upside potential for the 62%/65% spread. 

• Since our last newsletter addressing concerns about Schlumberger NV (SLB) dated in October of 2023, the company’s share price has fallen by 41% on an absolute basis, while the S&P 500 is up 50.4% over the same period.
• For a company with a market capitalization of $49.2 bln, this is significant.
• Our primary concerns were that SLB had potential write offs related to outstanding receivables from its Mexican PEMEX customer as well as continued exposure to Russia.

• Q1 FY2025 was weak with Steel swinging to losses (–¥2,300/t) on spreads, FX, and inventory drag, leaving recovery hinging on H2.
• We retain our FY25–28 earnings estimates, assuming stable ~15–16% EBITDA margins and volume growth to 31.6 Mt by FY28.
• At ~US$525/t EV/t (adj.), JFE trades at a deep discount to Nippon Steel, but upside depends on spreads stabilizing and tariff risks not worsening.

• Westlake Corporation’s second-quarter 2025 performance reveals a complex interplay of factors impacting its two primary segments: Housing and Infrastructure Products (HIP) and Performance and Essential Materials (PEM).
• In the HIP segment, Westlake experienced an uptick in performance, reflecting solid EBITDA of $275 million on sales of $1.2 billion, which translates to a strong margin of 24%.
• This was fueled by increased demand for pipe and fittings, particularly in municipal water infrastructure, supported partly by the 2021 Infrastructure Act.

• • 2Q25 production of 11,064 bbl/d had already been reported.
• The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI).
• Remedial works are expected to restore production in 4Q25.

• What you need to know: • Santacruz reported Q2 revenue of $73.3M (+4% YoY) vs. our estimate of $72.1M on a 15% decline in produced ounces.
• • However, cost reduction was a theme for the quarter, with cash costs coming in at $19.48/oz vs. our estimate of $22.6/oz.
• This led to adjusted EBITDA of $26.8M compared to our estimate of $21.0M and $16.0M reported in Q2/24.

• Bridgestone reshapes carbon black strategy with Tokai Carbon  
• Hanwa invests in Thai tyre pyrolysis venture  
• Sri Trang bets on AI and workforce upskilling

• Wanguo International Mining (3939 HK) is looking to raise upto US$96m via a 2.1% stake sale, while Prominent Investment Holding is looking to pare down another 0.7%, to raise US$32m.
• The company intends to use the proceeds towards funding the expansion of its Gold Ridge Mine in the Solomon Islands, along with other business development purposes.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• The recent financial results for International Flavors & Fragrances Inc. (IFF) reveal a balanced but challenging landscape for the company, marked by both growth strides and headwinds across various business segments.
• In the second quarter of 2025, IFF reported a revenue increase of over 3% year-over-year, reaching just above $2.75 billion.
• Additionally, the adjusted operating EBITDA grew by approximately 6% to $552 million, with a margin improvement of 50 basis points.

• Monumental Energy reports that Copper Moki-1 and Copper Moki-2 are currently producing a combined 125 bbl/d, with rates trending upwards as pump speeds are gradually increased.
• Reflecting this momentum, we are revising our gross production estimate for Copper Moki from 125 boe/d to 180 boe/d (~175 bbl/d) for Q4 2025.
• The Ngaere-1 pipeline was recommissioned in July with initial production from the well exceeding 400 bbl/d (200 bbl/d net to New Zealand Energy’s 50% working interest).

• DuPont reported its second quarter 2025 financial results, highlighting a robust performance marked by organic sales growth and increased profitability.
• Sales reached $3.3 billion, reflecting a 2% organic growth compared to the previous year, while operating EBITDA increased by 8% to $859 million.
• This resulted in an EBITDA margin of 26.4%, up 120 basis points year-over-year.

• Timing:Fortescue (FMG AU) is scheduled to report its FY2025 full-year results on Tuesday, 26 August 2025.
• Highlight: The options market provides estimates for the anticipated price move and the upcoming dividend. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.
• Why Read: Get the expected move, the dividend outlook, and a clear view of the post-event volatility term structure to be ready for results day.

• In today’s edition: • a.s.r. | very strong performance on all fronts in 1H25 • Corbion | to cooperate with KAS developing natural Astaxanthin • SBM Offshore | Petrobras postpones Campos basin FPSO tender

• Devon Energy Corporation’s latest quarterly results reveal a blend of operational, financial, and strategic activities that highlight both its accomplishments and challenges.
• The company has surpassed expectations with its production performance, particularly from its asset in the Delaware Basin, while also achieving a 7% reduction in capital spending from guided figures.
• This effective cost management and operational excellence generated a significant free cash flow of $589 million for the quarter.

• Suncor Energy’s recent earnings call highlights a quarter marked by numerous operational milestones and strategic financial adjustments.
• Suncor reported record upstream production and refining throughput, achieving the highest second-quarter numbers in company history.
• Upstream production reached 831,000 barrels per day, surpassing the previous record by 28,000 barrels.

Key points (machine generated)

• Thungela operates in the declining thermal coal sector but maintains a strong balance sheet with 90% net cash relative to market cap.
• The company offers a 15% dividend yield and 4% from share buybacks, projecting a 20% free cash flow yield under moderate coal prices.
• The report will analyze the thermal coal industry’s outlook, Thungela’s production capabilities, and the risks associated with the transition to lower-emission energy sources.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The Castle Project was approved for a multi-year exploration program, clearing the path for 145+ drill pads and large-scale work.
• Allegiant consolidated full ownership of the Bolo Project by acquiring the remaining 49.99% interest from CopAur Minerals.
• The Company is expected to close on a $10.5M upsized financing shortly, supporting an 18,000m drill program at Eastside.

• SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m 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%.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

• Key Trends: Precious metals, cobalt, and rare earths sustain leadership, while uranium equities face a short-term correction despite strong structural drivers.
• Key Idea: Markets reward miners with policy support, scale, and cost efficiency, while penalizing those exposed to cyclical weakness or geopolitical uncertainty.
• Key News: China tightened rare earth quotas, India moved forward on steel safeguard duties, and uranium equities corrected even as nuclear fundamentals remain robust

• Q1/H1 2025 results: Revenue collapsed (–88% YoY) and EBITDA turned negative due to concentrate export expiry and slow smelter ramp-up.
• Earnings revisions: FY25–26 cut sharply (–60–70% vs earlier estimates), with normalization only from FY27.
• Valuation: At ~USD 38bn (IDR 8,400/share), AMMN already prices in Elang optionality; conservative SOTP points to 20–25% downside, leaving the stock fully valued.

• Vishnu Chemicals is expanding beyond its core chromium and barium verticals with a first-mover entry into strontium carbonate, positioning itself as the only producer in India and Asia.
• Strategic backward integration in chrome ore and barites mining reduces raw material volatility, safeguarding margins while strengthening long-term supply security.
• Near-Term growth guidance has been moderated to 10–15% due to U.S. tariff headwinds, but diversification and capacity expansion support a structurally stronger growth trajectory.

• On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
• JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
• Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.

Nanoco’s trading update indicates that the business is making encouraging commercial progress since Dmitry Shashkov took over as CEO in October 2024. If all goes to plan, this should result in further commercial agreements with existing and new customers and applications in H225. Meanwhile, cash burn remains well under control, with net cash of £14.0m at period end versus £15.2m at the interims.

• Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
• UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
• Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish outlook as long as market dynamics remain healthy and the SPX is above 6028-6059. Short-term supports on SPX include 6400-6410, 6200, 6100-6150, and 6028-6059.
• SPX is testing 6400-6410 now, but QQQ and IWM are violating short-term supports at $572 and $226, respectively. This makes us believe we could see some near-term downside; buy pullbacks.

• I expect relatively stable revenue in fiscal 2026 (flat to slightly down), barring a macro shock.
• However, with progress on synergies (65% of the $55MM net synergy target expected to be realized in fiscal 2026) and Project CORE (more on this below), I believe adjusted EBITDA and free cash flow will grow.
• I continue to be impressed with the management team. Their focus is on generating cash, shaped by their experience running Berry under several different private equity sponsors (Goldman Sachs, JPMorgan, Apollo).

• Geo Energy’s dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase.
• In 1H2025, Geo Energy nearly doubled sales volume, boosting revenue by 71% and achieving US$20.1 million net profit.
• Geo Energy’s integrated infrastructure supports revenue diversification through toll and jetty usage fees, enhancing financial stability.

• CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• We expect up to five ADDs and one DEL for the CSI All Share Semiconductors index during this index review event based on the latest available data.

• OIH’s oilfield services focus, bullish technicals, and rebound history position it to outpace XLE, provided crude prices avoid a sharp near-term downturn.
• Since April, OIH has steadily recovered with higher lows, outperforming XLE on the back of a technical rebound and strengthening oil services fundamentals.
• The rebound was led by Baker Hughes, OIH’s second-largest holding, after a Q2 beat driven by expanding gas and LNG technology services, while SLB and Halliburton lagged.

• Imperial Oil has delivered a mixed set of financial and operational outcomes in its second quarter of 2025 earnings report, underscoring both strengths and challenges for potential investors to consider.
• The company reported net income of $949 million, reflecting a decrease from the previous quarter and year due primarily to lower upstream realizations despite higher production volumes.
• This suggests that while production efficiency has improved, market conditions have slightly offset these gains.

• Asia’s base oils demand could get support from pick-up in requirements for replenishment volumes to meet seasonal rise in consumption during final weeks of Q3.
• Simultaneous rise in requirements throughout Asia-Pacific region could magnify pick-up in demand and competition for supplies.
• Blenders’ relatively lower stocks would add to need for additional supplies.

• The company has been able to lower costs significantly by 12% YoY, improve on its byproduct credits by 37%YoY due to gold prices increasing, while copper prices rose 3.5% YoY.
• Production for H1FY25 rose 10% YoY, led by a ramp-up in Centinala, resulting in EBITDA/profit improving by 60% YoY. 
• While the stock trades at 25x FY25e P/E, we believe that the runway for earnings improvement is enormous as the company ramps up its volumes and manages costs.

• Following wellbore clean-up at Jetstream #1, Pulsar Helium achieved a peak natural flow rate of ~0.50 mmcf/d on a 38/64-inch choke at 30 psi wellhead pressure, without compression.
• This marks a more than 3x increase compared to the ~0.15 mmcf/d recorded under similar conditions in April 2024.
• The well also demonstrated sustained flow rates of 0.15–0.30 mmcf/d over 12–18 hour intervals on smaller choke sizes, with no significant decline and rapid pressure recovery—indicative of strong reservoir performance.

• SLI expects to publish a Definitive Feasibility Study (DFS) for its South West Arkansas Phase 1 project in 3Q25 and hopes to reach a Final Investment Decision (FID) by year- end 2025.
• Management continues to work with advisors to secure offtake arrangements and evaluate project finance (debt) alternatives.
• Phase 1 is designed to produce 22,500 tons/year of battery-quality lithium.

• Coterra Energy’s recent earnings call provided a comprehensive overview of the company’s second-quarter 2025 performance, offering insights into both strong points and areas of concern for investors.
• The company outperformed its guidance in natural gas production and surpassed its midpoint targets for oil volumes, leading to substantial revenues of approximately $1.7 billion, with a balanced contribution from both oil and natural gas, including natural gas liquids (NGLs).
• This performance highlights the company’s ability to generate high returns on capital with a reinvestment rate efficiently kept at 50% of cash flow, indicating strong asset quality.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Smart Share Global (EM US), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Joy City Property (207 HK), Oneconnect Financial Technology (6638 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Shibaura Electronics (6957 JP), Ci Medical (3540 JP), Soft99 Corp (4464 JP), Ainsworth Game Technology (AGI AU).

• Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
• Guidance & Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
• Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.

• Fenix Resources (FEX AU) commenced operations of its third mine, the Beebyn-W11, with the shipment of 60k tons from the port of Geraldton.
• Beebyn-W11, Fenix’s third operating mine in the Midwest, is now operating at the planned FY26 production rate of 1.5 million tonnes per annum (Mtpa).
• As a result, Fenix is now mining, hauling, loading and shipping at a combined run rate of more than 4Mtpa from the Company’s three mines. 

• Dupont (DD) management gave guidance on its last earnings call that it remains on track to separate its electronics business on November 1, 2025.
• Given that it is a Saturday, I expect regular way trading to begin on November 3.

• The spin-off of the electronics business will be step one of Dupont’s 3-part breakup which was announced in May 2024.

• The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
• The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.
• Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 

• After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU)entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.
• GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR’s indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.
• The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is. 

• The Gold Road Resources (GOR AU) IE considers Gold Fields Ltd (GFI SJ)’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR’s NST stake.
• The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.  
• The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%. 

• Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
• The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
• One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

• Grasim’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.
• Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.
• With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

• ONEOK’s financial results for the second quarter of 2025 underscore a mixed but somewhat promising performance, characterized by both strategic accomplishments and challenges in handling market volatility.
• The company reported a significant increase in adjusted EBITDA, marked by a 12% rise from the previous quarter, attributed to efficient synergy capture and a robust supply-demand balance.
• This performance suggests the integration of assets is beginning to yield positive earnings, an important step forward for the company.

• The Williams Companies recently reported robust second-quarter results for 2025, indicating continued strong demand across its extensive asset footprint.
• Positives from the earnings report include the achievement of record summer demand on the Transco pipeline, demonstrating significant operational capacity to manage increased natural gas flow.
• The company placed six major projects into service, showcasing effective project execution, often ahead of schedule and under budget.

• Battery-Sector rotation is heating up in Korea as active ETFs sharply boost LG Energy Solution and Samsung SDI, signaling renewed sector focus amid ESS growth and easing valuation pressures.
• Watch for supply-demand dislocations during battery-sector ETF rebalances; top-heavy names may see concentrated flows, amplifying trading intensity and driving larger-than-normal price swings.
• The 25% cap reversion could move LG Energy Solution down and SK Innovation up ~5pp, with flows hitting -0.2x/+0.6x DTV, potentially amplified by aggressive sector inflows.

• Revenue increased by 2.8% YoY to JPY9.9bn, driven by higher sales of optical products for laptops and tablets.
• Operating profit rose 8.9% YoY to JPY2.2bn, aided by improved profitability and segment repositioning efforts.
• Recurring profit decreased 23.6% YoY to JPY2.0bn, while net income attributable to owners dropped 56.0% YoY to JPY694mn.