Daily Brief Energy/Materials: Capstone Copper, Indo Tambangraya Megah, Global X Mlp & Energy Infras, Crude Oil, Valeura Energy Inc, SGX Rubber Future TSR20, SolarBank, Aker BP ASA and more

• Capstone Copper (CSC AU) is looking to raise around US$453m from a secondary placement.
• This is a large deal to digest, representing 63.6 days of the stock’s three month ADV, despite being 6.0% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Indo Tambangraya Megah (ITMG IJ) recently announced a 10% buyback, reaffirming our bullish stance on the company. With 67% of its market capitalization in cash, it can be easily accomplished. 
• The company can also maintain its 65% payout ratio, which equates to an 8% yield on net profits of $180-200 million USD for FY25. 
• We now look to November 3rd, 2025, as the next catalyst, when the shareholder meeting (GMS) will be held to vote on the buyback, among other decisions.

• With oil prices expected to remain under pressure from a persistent supply glut, investors and dealmakers are turning cautious and prioritising capital efficiency.
• Private equity-led consolidation in midstream signals growing demand for yield resilience amid falling oil prices and market uncertainty.
• MLPX ETF inflows in 2025 highlight investor preference for dependable midstream returns over cyclical energy exposure.

• Crude oil futures Thursday were drifting lower with the market looking for direction, although concerns over a supply glut remain the dominant factor.
• Front-month Dec25 ICE Brent futures were trading at $65.01/b (2025 BST) versus Wednesday’s settle of $66.25/b, while Nov25 NYMEX WTI was at $61.31/b against a previous close of $62.55/b.
• Analysts are increasingly moving towards the supply glut scenario, particularly after OPEC+ made its intension clear with a further quota increase for November among the eight members taking part in voluntary cuts.

• • 3Q25 production averaged ~23 mbbl/d (above 2Q25 production of 21.4 mbbl/d), exiting the quarter at 24.8 mbbl/d.
• • Ten wells were drilled at Nong Yao, of which seven are now producing.
• Field output has increased from ~8 mbbl/d to ~11.6 mbbl/d as of end-September.

• Highlights    • Market shift from premium to mid-tier brands   • Profit vs volume strategy hurting premium brands   • Mid-Tier brands expanding globally There is a lot of uncertainty around the ongoing tire demand and supply situation.
• The first thing to note is that while demand is growing slightly, the distribution of sales between premium tire makers and less well-known brands is changing.
• The transfer of market share away from the premium tire makers is rapid and appears to be accelerating.

• PowerBank reported fourth quarter results that were significantly below our expectations, primarily as a result of several projects that slipped from Q4 into FY2026.
• We anticipate that the US solar market will face increased urgency to begin construction by July 2026 due to the accelerated elimination of the solar investment tax credit.
• The company’s Battery Energy Storage System business has built a substantial backlog in a very short time period, which is encouraging, but the transition of the company’s business model from “build and sell” to becoming an independent power producer will require some investor patience.

Key points (machine generated)

• Aker BP, led by CEO Karl Johnny Hersvik since 2014, has achieved a 22% annualized return and focuses on the Norwegian Continental Shelf.
• The company was formed through significant mergers, including the 2016 merger of Det norske and BP Norge, and the 2022 acquisition of Lundin Energy for $14 billion.
• Aker BP has a breakeven oil price below $35 per barrel, competitive production costs of approximately $6 per barrel of oil equivalent, and 10.6 years of proven reserves.

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.