Daily Brief Energy/Materials: Glencore Plc, Mitsui Mining & Smelting Co, Trinseo Sa, Grasim Industries, CleanMax Enviro Energy Solutions Ltd, SGX Rubber Future TSR20, Journey Energy , Green Plains, Plains All American Pipeline, L.P., Plains GP Holdings LP and more

• Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks & dividends to drive its share prices higher.
• Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
• The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.

• The Engineered Materials segment, driven by AI/5G-linked products like MicroThin™ and FaradFlex®, is poised for strong growth, offsetting near-term Metals segment weakness.
• A forward valuation of ~17× P/E and ~7.5× EV/EBITDA, supported by strong growth in MicroThin™ and the scaling of FaradFlex®, is broadly in line with peers.
• Key risks include metals price volatility, execution delays in FaradFlex®/MicroThin™ ramp-up, and intensifying competition from Asian copper foil and laminate producers.

Key points (machine generated)

• Trinseo has historically been viewed as a high-risk investment due to its troubled history and significant leverage.
• Recent improvements in its balance sheet and liquidity position, including over $450 million available through 2025, indicate a potential shift in investment outlook.
• The alignment of bid-ask expectations for asset sales suggests a positive recovery potential for Trinseo in the next 12-18 months.

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• Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
• This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
• Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

• CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO. 
• The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
• CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.

• June output rises MoM, but sharply lower YoY  
•  Exports declined 17.3%, with glove shipments softening  
• Price volatility intensified, underscoring demand uncertainty

• Journey is a JV partner with Spartan Delta in a large, contiguous acreage position near Gilby with 200 gross (60 net) well locations for future development.
• The JV drilled, completed, and brought online eight wells this summer.
• Early performance has exceeded Journey’s initial Duvernay type curve. (see Figures 1 and 2).

• Green Plains (GPRE) is a biorefining company that converts renewable crops like corn into ethanol and other low-carbon sustainable ingredients through fermentation and patented ag technologies.
• This year, 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 carbon capture and sequestration (CCS). 

• Plains All American Pipeline reported a solid financial performance in their second quarter of 2025 with an adjusted EBITDA of $672 million attributable to the company.
• This performance was underpinned by growth in the Permian segment and contributions from recent bolt-on acquisitions.
• However, the NGL segment experienced a sequential decline due to typical seasonal factors and lower frac spreads, reflected in a $87 million in adjusted EBITDA for that segment.

• Plains All American Pipeline, L.P. (PAGP) reported solid financial performance for the second quarter of 2025.
• The company achieved an adjusted EBITDA attributable to Plains of $672 million, driven by increased Permian volume growth and contributions from recent bolt-on acquisitions.
• The second quarter saw a significant strategic decision with the execution of agreements to sell most of its Natural Gas Liquids (NGL) business in Canada to Keyera for $3.75 billion, set to close in early 2026.