Daily Brief Energy/Materials: Dian Swastatika Sentosa, SGX Rubber Future TSR20, Copper, Gold, Zhongjin Gold Corp A, Fugro NV, Norsk Hydro ASA, PetroTal, Plexus Holdings, Brenmiller Energy and more

• The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
• We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
• Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.

• Plant closures signal Europe’s industrial competitiveness crisis  
• Regulatory burdens over Europe’s retreading sector future  
• Weak enforcement and oversight cloud UK ELT exports   

• Trump announced a 50% Section 232 base tariff on copper imports starting August 1st
• The details of the tariff, including which products it applies to and any exemptions, remain unknown
• The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.

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• While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.
• In fact, it is even miss-information.
• What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. 

• Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.
• Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.
• Valuations remain undemanding at <10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.

• In this edition: • Fugro | awarded contracts for detailed site investigations at the Sørlige Nordsjø II • InPost | Growth Outside of Poland Pushed Into a Higher Gear • Triodos Bank | better than expected appetite for settlement offer • Corporate agenda | week 29 – 32

• Norsk Hydro ASA, a leading global aluminum producer, recently presented its financial results for the first quarter of 2025.
• The company’s performance reflects a mixture of operational achievements and challenges posed by fluctuating market dynamics and external pressures.
• In terms of financial performance, Norsk Hydro reported an adjusted EBITDA of NOK 9.5 billion for the first quarter, supported by favorable conditions such as higher alumina and aluminum prices and advantageous currency movements.

• 2Q25 production averaged 21,039 bbl/d, in line with expectations.
• This includes 20,512 bbl/d from Bretana and 526 bbl/d from Los Angeles.
• Output was affected by previously disclosed pump failures in four wells.

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. 

• The team at BNRG identified industrial heat early on as an often-overlooked segment in energy transition.
• Industrial heat comprises about 25% of global energy use and emissions, while heat in general accounts for more than 50%.
• BNRG’s innovative technology addresses a market need for a “heat battery” that stores heat generated from renewable electricity and delivers it on demand at a discount to the cost of natural gas, and with no emissions.