Daily Brief Energy/Materials: Insilco, Rubber Future SGX TSR20, Holtec Nuclear, Dayang Enterprise Hldgs, ADX Energy Ltd, Frontline , Gold, IREN, Sailfish Royalty , Additives and Petroleum Products and more

• Insilco Limited (a 73.11% subsidiary of Germany-based Evonik Operations GmbH) is in the final stages of voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code (IBC) 2016, following the permanent shutdown of its Gajraula plant in October 2019 due to environmental permit denials by the UPPCB.
• Financial results reflect zero operational revenue across all trailing twelve quarters, persistent operational cash outflows (-INR 32.32M in FY26 and -INR 11.91M in FY25), and a singular FY24 net profit of INR 313.64M generated purely from the monetization of fixed assets (Gajraula facility sold for INR 420M).
• With an interim liquidation capital distribution of INR 4.58 per share executed in March 2025 and the Liquidator filing for formal corporate dissolution with the National Company Law Tribunal (NCLT), equity shares retain no going-concern value and are subject to terminal delisting and residual liquidation settlement.

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Highlights

• Natural rubber production surges 22% MoM in June to 61,000 tonnes.

• Compound rubber imports jump 46% year-on-year to 108,148 tonnes in Q1.

• Natural rubber consumption fell 6.1% year-on-year to 341,000 tonnes in Q1

• Palisades is the near-term catalyst, with the 800MW restart expected to provide a meaningful financial step-up once commercial operations resume.
• SMR-300 offers the transformational opportunity, positioning Holtec to participate in the global shift toward advanced nuclear power.
• A $24 billion backlog and established nuclear-services businesses provide recurring revenue and cash flow while Holtec funds its growth initiatives.

• Market Leadership in Brownfield Topside Maintenance: Dayang Enterprise Holdings Bhd (DEHB MK) is Malaysia’s premier offshore topside maintenance, construction, and modification (MCM) and hook-up and commissioning (HUC) specialist, operating an integrated marine support fleet via subsidiary Perdana Petroleum.
• Superior Cash Flow Generation and Fortress Balance Sheet: The group demonstrates exceptional financial resilience, delivering RM293.07M in free cash flow in FY2025 and supporting an industry-leading dividend yield of 9.66% alongside stable EBITDA margins exceeding 40%.
• Compelling Valuation Multiple Discount: Trading at 9.8x P/E, 0.9x P/B, and 3.7x EV/EBITDA, Dayang presents institutional investors with an asymmetrical risk-reward profile, offering robust downside protection and leverage to long-term offshore asset integrity spending cycles.

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• Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.
• The required investment is EUR 555,400.
• Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.

• Frontline plc reported its strongest quarterly performance to date in the second quarter of 2026, underpinned by a long-term strategy focusing on expanding its voyage base and Very Large Crude Carrier (VLCC) exposure during the post-COVID downturn.
• The company achieved impressive time charter equivalent (TCE) earnings, with VLCCs averaging approximately $152,700 per day, Suezmax tankers around $111,500 per day, and LR2/Aframax tankers approximately $92,400 per day.
• Early third-quarter bookings continue at similarly elevated rates.

• The IRI/CCSR prediction plume goes out every month and travels far — onto commodity desks, into insurance notes, through agricultural outlooks.
• It is among the most widely shared forecasts in macro, and among the least well read.
• We backtested all 291 plume starts since May 2002, roughly 6,800 model runs, against the observed Oceanic Niño Index. Three things stand out.

• The full fiscal year 2026 results update from IREN presents a company focused on addressing structural constraints in the AI infrastructure ecosystem, particularly on the physical infrastructure side encompassing data centers, power, and land.
• IREN operates across three integrated layers: physical data centers and supporting infrastructure; compute hardware such as GPUs and networking; and software and managed services, exemplified by its Mirantis division.
• This vertical integration aims to capture value across the stack and enhance the customer offering.

• Sailfish has signed a non-binding LOI with Mako Mining for a 20-year gold purchase agreement, stepping up from 650oz per month to 1,000oz, in exchange for 70.0M shares at C$5.76.
• FISH will pay Mako 25% of the LBMA PM Fix price on each delivery from working capital.
• Mako is expected to hold ~49% of FISH once completed.

• Additives and Petroleum Products JSC (APP VN) operates as a specialized Vietnamese blender and distributor of automotive and industrial lubricants, specialty greases, and functional fluids, with manufacturing assets in Gia Lam (Hanoi) and Hai Phong.
• Operational & Financial Volatility: Financial performance has experienced pronounced margin compression, with revenue contracting 26.0% YoY in 2023 to VND 200.82bn and net income deteriorating into a loss of VND -4.50bn (gross margin halved from 13.80% in 2021 to 7.32% in 2023) due to raw material cost pressures and intense domestic competition.
• Subdued Valuation & Risk Profile: Trading at an EV/Sales of 0.2x and EV/EBITDA of 6.2x, the stock reflects significant operational headwinds, absence of recent dividend distributions, and structural competition from well-capitalized multinational and state-backed peers.

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