In today’s briefing:
- ITMG IJ: Steady Coal Prices, Mine Life Upgrade, 43% of the Mkt Cap in Cash and 11% Dividend Yield
- OMG: High-Grade Assays Begin to Roll-In
- Zephyr Energy Plc (AIM: ZPHR): Acidization Results in High Flow Rate at Paradox Well.
ITMG IJ: Steady Coal Prices, Mine Life Upgrade, 43% of the Mkt Cap in Cash and 11% Dividend Yield
- Indo Tambangraya Megah (ITMG IJ) recently announced an underwhelming 1228 Rph/share dividend for H1 FY24 (implying a 9% annualized yield).
- Core profits for H1 2024 were 157 mn USD ( excluding 21 mn USD forex and a six mn USD write-off). We are confident of sequential improvement in earnings.
- The company has deep value: 43% of its market cap is in cash, its PE is 5.7x, and its yield, based on a 65% payout ratio, is 11%.
OMG: High-Grade Assays Begin to Roll-In
- Omai announced the first batch of assay result from the ongoing 10,000m drill program.
- 10 diamond drill holes have been completed totalling 3,732m and a second drill came online in late August.
- Assays from 7 holes were reported today, mostly in previously untested gap zones, yielding strong gold mineralization in the majority of holes.
Zephyr Energy Plc (AIM: ZPHR): Acidization Results in High Flow Rate at Paradox Well.
- Following a successful acidization job, Well State 36-2R has been tested at peak rates of >2,100 boe/d, including up to 510 bbl/d of condensate/light oil and almost no water.
- This excludes potential natural gas liquids production that would result in an even higher rate.
- This flow rate compares very positively with the peak rate of 1,350 boe/d achieved during the first test (announced in July).
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