In today’s briefing:
- JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- ConocoPhillips: Willow Project & Alaska Opportunities Powering Our Optimism!
- Earth Chemical (4985 JP): Full-year FY12/24 flash update
- Nitta Gelatin (4977 JP): Q3 FY03/25 flash update
- Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen
- Toagosei Co Ltd (4045 JP): Full-year FY12/24 flash update
JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
- JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
- At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
- The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.
ConocoPhillips: Willow Project & Alaska Opportunities Powering Our Optimism!
- ConocoPhillips’ fourth quarter 2024 results highlight a mixed financial and operational landscape, reflecting both strengths and areas for scrutiny.
- The company reported a commendable 4% year-over-year production growth, exceeding its full-year guidance range, and achieved a 123% preliminary organic reserve replacement ratio, marking a three-year average of 131%.
- The acquisition of Marathon late in 2024 bolstered the portfolio, promising synergies worth over $1 billion by the end of 2025.
Earth Chemical (4985 JP): Full-year FY12/24 flash update
- Sales were JPY169.3bn (+6.9% YoY), operating profit JPY6.4bn (+0.9% YoY), net income JPY3.5bn (-15.3% YoY).
- FY12/25 forecast: sales JPY175.0bn (+3.4% YoY), operating profit JPY6.5bn (+1.2% YoY), net income JPY4.3bn (+23.7% YoY).
- Company plans JPY1.5bn expense for structural reforms, maintaining annual dividend of JPY120 per share for FY12/25.
Nitta Gelatin (4977 JP): Q3 FY03/25 flash update
- Revenue for cumulative Q3 FY03/25 was JPY29.6bn, with operating profit at JPY3.2bn, and net income JPY1.9bn.
- The company revised its full-year forecast, maintaining revenue at JPY39.0bn, but increasing operating profit to JPY3.9bn.
- The year-end dividend forecast was raised to JPY11 per share, resulting in an annual dividend of JPY20.
Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen
- We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.
- Suzano posted strong 4Q24 results. Supported by the Pulp segment outperforming despite pricing headwinds. EBITDA reached R$6.5 billion, down a modest 0.6% QoQ but 5.3% above expectations
- From a credit perspective. Suzano’s results showed improved LTM EBITDA and positive net free cash flow, but net leverage rose slightly to 3.3x due to FX-driven debt increases.
Toagosei Co Ltd (4045 JP): Full-year FY12/24 flash update
- The company achieved revenue of JPY167.6bn (+5.2% YoY) and operating profit of JPY14.2bn (+13.9% YoY), with a GPM of 27.3%.
- Full-year FY12/25 forecast projects revenue of JPY165.0bn (-1.5% YoY) and operating profit of JPY15.0bn (+5.4% YoY).
- The company plans a JPY7.0bn treasury stock repurchase, targeting a total shareholder return ratio of 108.2% for 2025.
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