In today’s briefing:
- Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
- Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025
- UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
- Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up
- APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions
- Forum Energy Technologies, Inc: Confident Free Cash Flow Outlook
- Valero Energy Corporation: How The St. Charles FCC Project Can Enhance Its Refining Efficiency!
- Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!
- Green Plains, Inc. – Early Mover with Ethanol Carbon Capture and Sequestration (CCS)…
- Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam
Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won
- EcoPro Materials announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
- This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price.
- Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials.
Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025
- On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
- These 38 companies have a combined market cap of 3.4 trillion won.
- Many of these companies have received ‘refusals of opinion’ from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust.
UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
- US$127 million tire recycling plant coming up in Sunderland
- TRA calls for immediate action to end the T8 exemption
- ATMA’s stress to rein in ELT imports comes as wakeup call for UK
Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up
- Copper and other base metals have been rising all year
- The Trump tariff bump is not the only reason for this
- Much less speculative positioning in futures vs previous peak meaning real world demand is the driver
APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions
- APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
- Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
- Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE >25% provide confidence in growth execution.
Forum Energy Technologies, Inc: Confident Free Cash Flow Outlook
- FET’s confident free cash flow outlook in FY25 positions the company to consider returning cash to shareholders through an existing share repurchase authorization in 2025.
- In December 2024, FET’s Board of Directors authorized a share repurchase program of up to $75 million.
- The senior secured bonds (due 2029) issued in November 2024 allow repurchases after FET meets a defined leverage test.
Valero Energy Corporation: How The St. Charles FCC Project Can Enhance Its Refining Efficiency!
- Valero Energy Corporation recently disclosed its financial performance for the third quarter of 2024.
- The earnings report highlighted various aspects of the company’s operational and financial status, presenting a mixed set of results impacted by significant maintenance activities and a challenging margin environment.
- During the quarter, Valero’s refineries operated at 90% of their throughput capacity, in line with previous guidance, despite a period of heavy maintenance.
Chevron Corporation: Permian Basin Growth, Cash Flow Optimization & Other Major Drivers!
- Chevron Corporation’s latest earnings results reflect a mix of robust performance and challenges, characteristic of the dynamics within the energy sector.
- The company reported fourth-quarter earnings of $3.2 billion, or $1.84 per share, with adjusted earnings at $3.6 billion, or $2.06 per share.
- The quarter was impacted by one-time charges amounting to $1.1 billion related to restructuring and impairments, highlighting areas of financial strain amidst generally positive performance metrics.
Green Plains, Inc. – Early Mover with Ethanol Carbon Capture and Sequestration (CCS)…
- Green Plains, Inc. (GPRE) is a biorefining company that is evolving from a commodity-processing business into a value-added agricultural firm.
- GPRE converts renewable crops like corn into low-carbon, sustainable ingredients through fermentation and patented ag technologies.
- The company announced a shift from innovation to commercialization of key technologies, focusing on growth opportunities in low-carbon and sustainable products. GPRE is an early mover in ethanol CCS with its ‘Advantage Nebraska’ strategy.
Pharos Energy Plc (LSE: PHAR): Return to production growth in Vietnam
- FY24 production and YE24 net cash have already been reported.
- The FY25 production guidance of 5.0-6.2 mboe/d is unchanged.
- However the highlight of the press release is the upcoming programme in Vietnam.
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