In today’s briefing:
- Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)
- Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
- Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!
- Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!
- Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy
- BHP Battling Rising Costs, Production Challenges
- New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki gas storage
- DRX: Signs Five-Year Contract for $35-40M Annually
Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)
- Korea’s first full-scale tax reform in 3 years sets the stage for rate tweaks and deduction shifts—follow-up amendment bills usually get fast-tracked with high legislative priority.
- Dividend tax tweak could be the biggest near-term mover—eligibility widens, but tax cut shrinks. Focus shifts to names hiking payout, not just high-yielders—key for positioning.
- I screened target names with FY1/FY2 payout data and narrowed to KRW 1T+ stocks showing ≥10% YoY payout growth—likely short-term momentum plays ahead of the tax overhaul.
Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
- Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
- In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
- Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.
Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!
- Kinder Morgan Inc. (KMI) delivered quarterly results that highlighted notable financial performance and forwardlooking business prospects, especially in the context of the growing international demand for natural gas.
- Positively, Kinder Morgan reported strong financial growth, with adjusted EBITDA and EPS increasing by 6% and 12% respectively compared to the second quarter of 2024.
- The company expects to exceed its budget for 2025, buoyed by the promising acquisition of Outrigger Energy.
Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!
- Chevron has officially closed its $53 billion acquisition of Hess Corporation following a decisive arbitration victory over ExxonMobil, marking one of the most consequential moves in the global oil and gas sector this decade.
- The long-disputed deal had been mired in uncertainty due to Exxon’s contractual claims over Hess’s stake in the Guyana oil fields—a globally significant resource discovery with multi-decade production potential.
- However, a panel of international arbitrators sided with Chevron and Hess, clearing the way for the transaction to proceed.
Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy
- Our commentary this week is more limited and slightly disjointed, as we are not seeing any clear narratives or themes to focus on.
- Here are a few charts that caught our attention in flipping this week’s chartbook.
- Our tactical breadth charts, specifically for metals and mining stocks, suggest that a reversal of the recent rise may be in the cards.
BHP Battling Rising Costs, Production Challenges
- BHP Group’s fourth quarter operational report resulted in record iron ore and copper production for FY25.
- Weaker commodity pricing and delays at Jansen potash provided negative offsets
New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki gas storage
- • New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share.
- The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months.
- It will also fund the repayment of the convertible note.
DRX: Signs Five-Year Contract for $35-40M Annually
- What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M.
- • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality.
- • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
