Daily Briefs

• South Asian Monsoon to be active till Sept-end, may disrupt supply
•  Indian production to improve next month, can pressure prices
• Cambodia, Laos equipped to forecast floods five days in advance

• Ganfeng Lithium (1772 HK) is looking to raise upto US$152m via a primary placement of 40m shares. There is also a concurrent CB offering for ~HKD1.3bn along with the placement.
• The company intends to use the proceeds towards repayment of loans, capacity expansion and construction, replenishment of working capital and other general corporate purposes.
• In this note, we will talk about the placement and run the deal through our ECM framework.

This Week’s Key Take Aways

• Lithium stock run may already be out of steam
• Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.
• No love for North American lumber
• Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.
• Renewable tax credit qualification has a new physical work standard; the race is on to build.

• Texas Pacific Land Corporation’s latest quarterly performance demonstrates resilience amid significant fluctuations in oil prices, underscoring its strong positioning in the energy sector.
• For the second quarter of 2025, Texas Pacific Land Corporation reported consolidated total revenue of $188 million, experiencing a notable growth compared to previous periods despite challenging market conditions.
• A key highlight was setting quarterly revenue records for produced water royalties and easements, as well as other surface-related income, which indicates the company’s robust revenue diversification strategy.

• LatAm credit markets ended the week mixed as the LatAm Aggregate Index widened to 280 bps while EM spreads and U.S. yields remained stable.
• In 2Q25 earnings, Vista, Minerva, and YPF delivered strong results supporting Overweight views, while Suzano, Cemex, and Telecom face spread constraints amid operational pressures.
• MercadoLibre’s growth remains solid but limited spread compression, and Pemex benefits from government support.

• Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
• Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Vedanta Resources, JSW Infrastructure
• UST yields plummeted on Friday, led by the short end, as the market priced in greater rate-cut expectations after Fed Chairman Jerome Powell signalled openness (albeit he remained non-committal) towards interest-rate reductions.
• The UST curve bull steepened, with the yield on the 2Y UST falling 10 bps to 3.70%, while that on the 10Y UST declined 7 bps to 4.25%.

• Royal Gold, Inc. reported robust financial performance for the second quarter of 2025, achieving record revenue, earnings, and cash flow.
• Key figures from the quarter included earnings of $132 million, or $2.01 per share, with adjusted earnings excluding discrete tax items at $119 million, or $1.81 per share.
• Revenue reached $210 million, marking a 20% increase from the previous year.

• Jindal Stainless delivered solid Q1 FY26 performance with margin recovery, healthy domestic demand, and subsidiaries turning incrementally accretive.
• Management is guiding 9–10% volume CAGR with stable EBITDA/ton, supported by downstream capex, Chromeni ramp-up, and the Maharashtra greenfield project (Phase 1 by FY29–30).
• The stock trades at a premium (~11–12× EV/EBITDA, ~18–22× P/E forward) versus peers, implying confidence in earnings compounding but limited scope for re-rating.

• Q1 FY26 saw stable production but weaker volumes, with EBITDA/t surging 35% QoQ to ₹15,680 on coal savings and higher VAS mix.
• Capacity ramp-up to 15.9 MT by FY27, coupled with >70% VAS share, drives a strong ~40% PAT CAGR through FY29.
• Trades at 16.2× P/E and 9.2× EV/EBITDA (FY26E), offering upside potential versus JSW’s premium multiples.