Daily Brief Energy/Materials: JX Advanced Metals, Crude Oil, Archean Chemical Industries, SGX Rubber Future TSR20, Suzano , Toyo Kanetsu K K, Natural Gas, Sakata Inx Corp, Aptargroup Inc and more

• JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
• JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used  in the semiconductor and ICT fields.
• In this note, we talk about the positive aspects of the deal.

• The U.S. oil and gas rig count rose for the third consecutive week, increasing by 2 to 588 for the week ending 14/Feb.
• For the week ending 07/Feb, U.S. oil production moderately rose to 13.49m bpd from 13.48m bpd the week prior.
• The number of  U.S. oil rigs rose by 1 to 481, while gas rigs grew by 1 to 101. Rig count in the Permian basin rose by 1 to 304.  

• Archean Chemical Industries (ACI IN)’s Q3 FY25 standalone total income reached INR 2,547 million, with EBITDA at INR 963 million (38% margin) and export markets contributing approximately 76% of revenue.
• Strong export performance and stable margins underscore resilience amid global market challenges, while strategic investments in new battery technologies promise future growth and diversification.
• The company aims to produce 20,000-25,000 tons of Bromine in FY’26 and expecting double digit growth in FY26.

•  Smallholders keep inventories as tire makers make guarded purchases  
• Wintering over, next season may start by March end  
• Indian Government ups Budget allocation for Rubber Board

• The LatAm Aggregate Index contracted modestly by 1 bps to 307 bps in the week ending Friday, February 14, 2025.
• Argentina’s inflation rate slowed to 2.2% in January, the lowest monthly figure in 4.5 years, according to INDEC.
• We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.

• Revenue increased YoY in Logistics Solutions and all segments except Business Innovation and Other Businesses, with profits driven by Logistics Solutions.
• Extraordinary gains from investment securities sales in Q3 FY03/25 were less than Q3 FY03/24, with reduced extraordinary losses.
• Revenue and operating profit increased across various segments, with notable growth in warehouse automation and maintenance work at refineries.

• Baseline assumption of ceasefire between Russia and Ukraine in Year Ahead outlook published in November
• Potential for restarting Russian pipeline gas flows to Europe as part of negotiated end of conflict
• Estimated additional 40 bcm per annum of supply to Europe, impacting TTF price forecast in 2025

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• FY12/24 revenue was JPY245.6bn (+7.5% YoY), with operating profit at JPY13.2bn (+15.0% YoY) and net income JPY9.0bn (+20.6% YoY).
• Segment revenue and operating profit showed mixed results, with notable increases in packaging inks and digital printing materials sales.
• FY12/25 forecasts project revenue of JPY268.0bn (+9.1% YoY), with operating profit at JPY15.5bn (+17.8% YoY) and net income JPY10.8bn (+19.9% YoY).

• AptarGroup Inc. (ATR) reported results for the fourth quarter and fiscal year 2024, highlighting a balanced performance across its segments while navigating through various market challenges.
• The company achieved core sales growth of 2% for the quarter, driven by robust demand in its Pharma segment, which saw strong sales in proprietary drug delivery systems for allergic rhinitis and emergency medicines.
• The reported adjusted earnings per share (EPS) of $1.52 exceeded expectations, aided by better operational performance and a favorable tax rate.