In today’s briefing:
- [Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal – $5.8bn of Gold Stocks To Trade
- Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
- Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well
- Soul Patts/Brickworks: 10th September Vote To Collapse Circularity
- Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Lucror Analytics – Morning Views Asia
- Mitsubishi Steel Mfg (5632 JP): Q1 FY03/26 flash update
- Neturen Co Ltd (5976 JP): Q1 FY03/26 flash update
- Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.
- Sakata Inx Corp (4633 JP): 1H FY12/25 flash update
[Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal – $5.8bn of Gold Stocks To Trade
- The MV Global Gold Miners Index (GDX) represents the performance of large-cap and mid-cap gold and silver mining companies listed around the world.
- This index is reviewed/rebalanced quarterly. For September, there is a big increase in flow events as the VanEck Gold Miners ETF changes benchmark to the GDX Index.
- There are a bunch of changes to go with the change in benchmark leading to US$5.8bn of two-way flows. It’s a big deal.
Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
- Dian Swastatika Sentosa (DSSA IJ) will be added to a global index in August and that should come as a surprise to most of the market.
- The stock is up 10x over the last 18 months and liquidity has shown a marked improvement in the last year.
- Dian Swastatika Sentosa (DSSA IJ) trades at nosebleed valuations and there is the risk of a sell off following index inclusion.
Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well
- Liontown Resources (LTR AU) is looking to raise around US$173m from a primary placement.
- The deal is a large one, representing 23.3 days of the stock’s three month ADV, and 13.0% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Soul Patts/Brickworks: 10th September Vote To Collapse Circularity
- Back on the 2 June 2025, Washington H. Soul Pattinson and Co. Ltd (SOL AU) and 42.92%-held Brickworks Ltd (BKW AU) announced that, via inter-conditional Schemes, they would merge.
- TopCo, a new ASX-listed company, will acquire all of the shares in SOL and BKW via the issuance of TopCo shares: 1:1 for SOL and 0.82:1 for BKW.
- The Scheme Booklet is now out, with Scheme Meetings on the 10th September, and expected implementation on or before the 23 September. The IE Kroll) says “fair & reasonable“.
Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO.
- It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
- In this note, we look at the firm’s past performance.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Bharti Airtel
- UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.
- The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq rising 0.7% and 1.2%, respectively.
Mitsubishi Steel Mfg (5632 JP): Q1 FY03/26 flash update
- Consolidated revenue decreased by 6.1% YoY, with operating profit down 41.0% and a net loss of JPY115mn.
- Domestic revenue declined due to lower contract manufacturing volumes, while Indonesian operations saw increased sales and profits.
- Revenue for special alloy powder rose, but overall sales and operating profit fell due to higher raw material costs.
Neturen Co Ltd (5976 JP): Q1 FY03/26 flash update
- Revenue decreased 6.3% YoY to JPY13.1bn, with declines in Specialty Steel, Wire Products, and Induction Heating segments.
- Operating profit fell 55.8% YoY to JPY174mn, impacted by JPY133mn expenses for Dohken Co., Ltd. share acquisition.
- Recurring profit and net income attributable to owners dropped 55.7% and 57.2% YoY, respectively, due to lower operating profit.
Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.
- 2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.
- WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).
- Remedial work is underway, with production expected to recover in 4Q25.
Sakata Inx Corp (4633 JP): 1H FY12/25 flash update
- Revenue for 1H FY12/25 was JPY126.4bn, achieving 95.0% of the forecast, with a 4.4% YoY increase.
- Operating profit for 1H FY12/25 rose 5.4% YoY to JPY7.6bn, achieving 104.7% of the forecast.
- The company forecasts FY12/25 revenue of JPY268.0bn, with a 9.1% YoY increase, driven by ink volume growth.
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