In today’s briefing:
- Index Corporate Actions for Hanwha Solutions Split: Passive Flow Size & Schedule
- RPPL: Q3FY23 Was Seasonally Weak As Expected, But Q4FY23 Is On Track To Be Strong
- ConocoPhillips: Collaboration With Sempra Infrastructure & Other Drivers
- Commodity Watch – What Super Cycle?
Index Corporate Actions for Hanwha Solutions Split: Passive Flow Size & Schedule
- Hanwha Solutions received shareholder approval for its proposed demerger on February 13. The demerger will split Hanwha Solutions into two separate entities: Hanwha Galleria and Hanwha Solutions.
- Hanwha Solutions will experience a passive outflow of 0.92x ADTV at the closing price on February 24 for KOSPI 200. A similar passive inflow will occur on March 31.
- MSCI Standard will deliver an outflow of 0.43x ADTV at the close on March 31 as the weight of Hanwha Solutions, an existing constituent, will be reduced.
RPPL: Q3FY23 Was Seasonally Weak As Expected, But Q4FY23 Is On Track To Be Strong
- Q3FY23 tends to be the weakest quarter seasonally. Volume de-growth was -10% QoQ, in line with the expectation as per historical seasonality trend.
- Q4FY23 is all set to be a strong quarter. Management is confident of closing FY23 as per the previously stated revenue and margin guidance.
- The new value-added segment, Barrier Packaging, has started to contribute meaningfully to the revenue. Tube Laminates, another value-added segment, will also start to contribute soon.
ConocoPhillips: Collaboration With Sempra Infrastructure & Other Drivers
- ConocoPhillips had a mixed result in the last quarter as the company was able to surpass the revenue expectations of Wall Street given its diversified and deep portfolio.
- From a portfolio perspective, the company’s deep asset base is very well-positioned to generate solid cash flow and has generated a high return on capital.
- The company has many new LNG opportunities in the United States and in Qatar which provide a strong upside.
Commodity Watch – What Super Cycle?
- Where is the global commodity super cycle that everyone keeps predicting?
- Industrial metals have outperformed energy (as we predicted) and will likely continue to do so
- Selective positioning in the commodity space remains of vital value with no super cycle in sight
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