Daily Brief Energy/Materials: Boss Energy, Tenma Corp, Miwon Specialty Chemical, Hindustan Copper, SGX Rubber Future TSR20, Range Resources, Crude Oil, Saudi Aramco and more

• Boss Energy has acquired a stake in Laramide, filling a gap in their listed investments
• Laramide’s flagship asset is the Westmoreland Uranium project in Queensland, with potential in New Mexico as well
• Boss Energy’s acquisitions suggest a shift in narrative towards exploring potential projects beyond just production

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• Plastic household goods maker Tenma Corp (7958 JP) has been “undervalued” for decades. A variety of activish/activist holders have come and gone. Dalton went substantial in 2016, is 18% now.
• The family has always controlled the company, and in the last decade, the company has bought back shares, raising the family stake. Now they are buying out minorities. 
• The deal is at 4.1x Adjusted EV/EBITDA for March 2026 (adjusted for securities sales, etc) and 0.82x book for the non-cash/securities portion of the business. But Dalton has thrown in.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
• We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

• Hindustan Copper (HCP IN) India’s only pure-play copper miner – could see earnings surge >60% if current price buoyancy sustains.
• Copper rally appears drive by fundamentals with several large miners such as Freeport Mcmoran (FCX US)BHP Group Ltd (BHP AU) and Anglo American (AAL LN) guiding declines.
• Mining costs are largely location-specific and track inflation trends, supporting significant topline buoyancy.

• Zeon will develop BR and Yokohama will make tires with it
•  Facility to be installed at Zeon’s Tokuyama Plant in Shunan City in Japan
• Trial production scheduled for 2026 and mass production by 2030

• Range Resources provided its year-end 2024 results, which reflect a steady operational performance despite challenging natural gas prices.
• The company generated positive free cash flow, enabling it to repurchase shares, distribute dividends, and meet balance sheet targets.
• Range Resources completed its operational program within budget, and its resilience is attributed to low capital intensity, efficient operations, diverse production streams, and a significant liquids business.

• For the week ending 07/Mar, US crude inventories increased by 1.4m barrels, missing expectations of a 2.1m barrel build. Meanwhile, gasoline and distillate stockpiles fell more than expected.
• US natural gas inventories fell by 62 Bcf for the week ending 07/Mar, lower than analyst expectations of a 46 Bcf drawdown. Inventories are 11.9% below the 5-year seasonal average.
• SNB Capital and United Securities cut Aramco’s price targets. TotalEnergies CEO expects LNG prices to decline by decade’s end.

• Norges Bank repurchased sizable stakes in BP, Chevron, Exxon, Halliburton, and SLB after fully exiting these positions in Q3, mirroring its Q2 buying spree.
• Mediolanum International Funds sold its entire BP stake, Westwood Global Investments exited Shell, and Old Mission Capital divested from TotalEnergies.
• BlackRock, State Street, and J.P. Morgan reduced their stakes in Chevron, while BNY Mellon and UBS Group increased their holdings.

• Aramco’s 2024 revenue fell 1% YoY, missing estimates by 7.6%, while net profit dropped 12.4%. EPS missed by 0.3%. Average realized oil prices declined by 4.1%.
• The decline stemmed from weaker crude prices, higher costs, lower refining margins, and reduced income. Total hydrocarbon production fell 3.1% YoY in 2024.
• Saudi Aramco set 2025 dividends at USD 85.4 billion, down 31.1% from 2024. Performance-linked incentives were slashed by 98% to USD 900 million from USD 43.1 billion in 2024.