In today’s briefing:
- KOSPI200 Index Adhoc Rebalance: Kumyang (001570 KS)’s Designation Opens Up an Index Spot
- Toyo Seikan (5901) – Big New Buyback Shows The Way To a Breakout of 20yr Range
- Kum Yang Gets Designated as an Administration Stock and To Be Deleted from KOSPI 200 Index
- [US Crude Oil Options Weekly 2025/09] WTI Fell for Sixth Week on Trade Tensions and Demand Worries
- [US Nat Gas Options Weekly 2025/09] Henry Hub Falls on Milder Weather and Weaker Demand Outlook
- Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses
- [Precious Insights 2025/09] Gold Miners Surge Amid Market Volatility, Protective Pisitioning Builds
- [IO Technicals Weekly 2025/09] Iron Ore Prices Decline Amid Trade Tariffs and Weakening Demand
- Vaalco Energy (NYSE: EGY): Adding exploration upside in Cote d’Ivoire
- CAPT: 2025 Phase 1 Exploration Plan & Upcoming MRE
KOSPI200 Index Adhoc Rebalance: Kumyang (001570 KS)’s Designation Opens Up an Index Spot
- Kum Yang (001570 KS)‘s designation as an Administrative Issue should result in the deletion of the stock from the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) later this week.
- Taekwang Industrial (003240 KS) could be added to the index as an ad hoc replacement. The stock was in line to be added to the index at the June rebalance.
- Miwon Specialty Chemical (268280 KS) ranked higher than Taekwang Industrial (003240 KS) at the December rebalance but appears to fail the liquidity screen.
Toyo Seikan (5901) – Big New Buyback Shows The Way To a Breakout of 20yr Range
- Toyo Seikan Group Holdings L (5901 JP) started down the “good governance path” a couple of years ago. The stock ran up. Then it drifted back lower.
- They had promised a decent payout ratio, cross-holding sales, and “buybacks conducted in an agile manner.”
- On Friday 28 Feb, the company announced a large buyback and future share cancellation.
Kum Yang Gets Designated as an Administration Stock and To Be Deleted from KOSPI 200 Index
- On 4 March, Korea Exchange announced that it will designate Kum Yang (001570 KS) as an administration stock, resulting in a deletion from KOSPI 200 index.
- These increased penalty points and fine are mainly from the company inflating the expected performance of a Mongolian mine which the company had plans to acquire shares.
- We continue to remain negative on Kum Yang. As a result of designation as an administration stock and deletion from KOSPI 200, investors will likely push down this stock further.
[US Crude Oil Options Weekly 2025/09] WTI Fell for Sixth Week on Trade Tensions and Demand Worries
- WTI futures fell by 0.9% for the week ending 28/Feb, marking its sixth consecutive weekly drop. Prices fell due to trade tensions, geopolitical uncertainties, and demand concerns.
- WTI fell 3.8% in February, its largest monthly drop since September 2024, as economic uncertainty, trade tensions, and bearish economic indicators pressured prices.
- WTI OI PCR rose to 0.98 on 28/Feb from 0.95 on 21/Feb. Call OI increased by 7.4% WoW, while put OI rose by 10.5%.
[US Nat Gas Options Weekly 2025/09] Henry Hub Falls on Milder Weather and Weaker Demand Outlook
- For the week ending 28/Feb, U.S. natural gas prices fell by 9.5% on the back of milder weather forecasts and expectations of weakening demand.
- Henry Hub OI PCR fell to 1.00 on 28/Feb from 1.04 on 21/Feb. Call OI fell by 9.5% WoW, while put OI decreased by 13.3%.
- Put OI was notable at the 2, 2.5, and 3 strikes, while call OI was concentrated at 4, 5, and 6.
Thailand Rubber: Sri Trang Makes A Spectacular Foray In 2024, NER Too Impresses
- Sri Trang posts US$48.8 mn profit, reversing loss of US$12.7 mn in 2023
- Sri Trang sells 133,163 tons of EUDR rubber in 2024
- North East Rubber setting up plant in Ivory Coast
[Precious Insights 2025/09] Gold Miners Surge Amid Market Volatility, Protective Pisitioning Builds
- Gold miners’ revenue grew 4% QoQ in Q1 2025, the highest in 15+ years, driven by rising gold prices and demand.
- Gold markets face volatility with rising COMEX inventories and widening futures-spot spreads, but signs of stabilization are emerging.
- GLD ETF is bearish, breaking key support, while options data show bullish sentiment with strong call interest above $3000.
[IO Technicals Weekly 2025/09] Iron Ore Prices Decline Amid Trade Tariffs and Weakening Demand
- Iron ore futures fell 6% last week, closing at USD 102.00/ton on Feb 28, below key support levels, with bearish momentum confirmed by technical indicators.
- Global trade tariffs pressured sentiment, as U.S., Vietnam, and South Korea imposed levies on Chinese steel, impacting an estimated USD 7 billion market and dampening demand.
- China’s Two Sessions could drive volatility, with historical patterns showing pre-meeting gains followed by post-policy declines, potentially influencing iron ore price recovery.
Vaalco Energy (NYSE: EGY): Adding exploration upside in Cote d’Ivoire
- Vaalco has farmed into the CI-705 block offshore Côte d’Ivoire.
- Vaalco will become operator of the block with a 70% WI and a 100% paying interest though a commercial carry arrangement.
- The partners are Ivory Coast Exploration Oil & Gas (ICE) and PETROCI.
CAPT: 2025 Phase 1 Exploration Plan & Upcoming MRE
- Capitan Silver previously announced the closing of its non-brokered private placement, raising $5.3M through the issuance of 13.25M units.
- Now fully funded, CAPT announced its Phase 1 exploration plans with an initial 10,000m of RC drilling expected to start in early March.
- The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone.
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