In today’s briefing:
- Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record
- CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched
- Seasonal Surge Lifts Vietnam’s Rubber Exports In June Amid Price Strain
- Lucror Analytics – Morning Views Asia
- Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper
- Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market
- Paladin Energy (ASX: PDN, TSX: PDN) – FY2025 Reset Year Positions for Growth
- Provaris Energy Ltd – Funding in place so we look towards project definition
- Criterium Energy Ltd (TSX-V: CEQ): Flow rate of up to 8 mmcf/d at South East MGH. Reducing FY25 capex guidance
- Unit Corp – Updating Projections After a Strong Q2
Jiaxin International Resources Investment IPO Trading – Decent Demand, Despite Lack of Track Record
- Jiaxin International Resources Investment Limited(JIRI) raised around US$153m in its Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
CNRE (600111.SH) – H1 FY25 Beat, Downstream Expansion; Valuations Look Stretched
- CNRE (600111.SH) posted record H1 FY25 profits with strong production and margin gains.
- The company is ramping alloy, magnet, and separation capacity into 2026 to lift downstream integration.
- Shares have surged over 200% in 12 months, leaving valuations stretched and bubble-like.
Seasonal Surge Lifts Vietnam’s Rubber Exports In June Amid Price Strain
- Exports to Indonesia surge 154% MoM in June
- China drives monthly rubber trade rebound
- Typhoon Kajiki disrupts supply and pushes up prices
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Yuexiu Property, Xiaomi Corp, Nissan Motor
- The UST curve twisted steeper yesterday, as front-end yields declined on the back of a solid auction for 2Y notes. That said, long-dated yields ended higher, amid concerns over the US central bank’s independence after President Donald Trump moved to oust Fed Governor Lisa Cook. The yield on the 2Y UST fell 4 bps to 3.68%, while that on the 10Y UST was down 1 bp at 4.26%.
- Equities climbed, with the S&P 500 and Nasdaq both up 0.4% at 6,466 and 21,544, respectively
Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper
- Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.
- We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.
- Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.
Gevo, Inc: Transformation Underway; Opportunity in Future Undersupplied US Jet Fuel Market
- Gevo is focused on making cost-effective, scalable, drop- in fuels and chemicals.
- These include low-carbon ethanol, synthetic aviation fuel (SAF), renewable natural gas (RNG), and other products.
- Gevo’s strategy is to have profitable and scalable carbon-abating operations that transform output, like corn, and ethanol from rural communities into products that satisfy significant global demand, like SAF.
Paladin Energy (ASX: PDN, TSX: PDN) – FY2025 Reset Year Positions for Growth
- FY2025 results marked Paladin’s return to production with solid revenues but a net loss driven by ramp‑up costs and one‑offs.
- Forecasts were revised lower to reflect a slower ramp and stickier costs, though profitability is expected from FY2026.
- Valuation looks stretched on earnings multiples but increasingly attractive on an EV/EBITDA basis as uranium prices rise.
Provaris Energy Ltd – Funding in place so we look towards project definition
- Provaris Energy Ltd (PV1.ASX) represents an unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
- Having announced a successful $1m raising through a placement (ASX:PV1 – Funding to Accelerate H2 and CO2 Commercialisation), the company is well placed to progress both of its compressed hydrogen and liquid CO2 (LCO2) projects through 2025.
- The next 6-12 months should see two hydrogen supply, offtake and shipping agreements become unconditional, completion of the construction, testing and certification of its proprietary hydrogen ‘storage tank’ design and its CO2 FEED evaluation in partnership with Yinson.
Criterium Energy Ltd (TSX-V: CEQ): Flow rate of up to 8 mmcf/d at South East MGH. Reducing FY25 capex guidance
- • The SEM-01 well at South East MGH flowed 7–8 mmcf/d on test on 40/54” and 48/64” choke sizes.
- Further choke expansion was constrained by surface facility limitations.
- This follows the MGH-20 well at North MGH, which flowed at 2.8 mmcf/d on test.
Unit Corp – Updating Projections After a Strong Q2
Last week, I spoke to the CFO of Unit Corp and wanted to share a brief update (full notes from my call below).
The big surprise this quarter was that production GREW (+16% y/y in the quarter). I’ve become used to seeing 10% to 15% annual declines, and while management had guided that production would start to flatten out given increased drilling activity, it was still very nice to see.
- The company is in the process of drilling 2 net new wells this year and results have been quite strong.
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