Daily Brief Energy/Materials: Nippon Sanso Holdings, Tat Seng Packaging, Conocophillips, ESGold , Wheaton Precious Metals, Kenorland Minerals , Amrize, Sala Corp, Shell, Toda Kogyo Corp and more

• A double-dose of StubWorld today: Mitsubishi Chemical (4188 JP) (MCG) is trading rich (implied stub & simple ratio) to ~51%-held Nippon Sanso Holdings (4091 JP).
• Preceding my comments on MCG and Nippon Sanso are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%

• Tat Seng grew revenue for the first time in four years, taking S$117.6m in the six months to 30 June 2026.
• Profit to owners fell 18.9% on higher tax and a larger non-controlling share.
• In June 2026 it paid out S$61.3m, moving from net cash of S$42.9m to net debt of S$3.8m. 

• ConocoPhillips reported robust second quarter 2026 results, highlighted by production exceeding guidance and strong financial performance.
• The company achieved a record Permian Basin output of over 900,000 barrels of oil equivalent per day, contributing to total production of approximately 2.25 million barrels per day.
• Operational execution was characterized by disciplined cost management, with the company progressing ahead of its cost-reduction plan.

• SGold has commenced its 2026 surface diamond drill program at Mountauban, roughly five weeks after announcing receipt of its exploration authorization from Quebec.
• The program is ~5,000m across 29 holes, with a focus on the historic Mountauban mine area.
• This marks a critical milestone as ESAU begins systematically drill testing the district-scale property, while advancing commissioning in parallel.

• Wheaton Precious Metals reported record results for the first half of 2026, with increases in production, sales volumes, revenue, net earnings, and operating cash flow.
• Production reached a record 415,000 gold equivalent ounces, or GEOs, while sales volumes totaled 390,000 GEOs through the first two quarters, keeping the company within its full-year guidance of 860,000 to 940,000 GEOs. Second-quarter production increased 6% year over year to 202,000 GEOs, driven largely by the expanded Antamina silver stream acquired from BHP and ramp-ups at Hemlo, Fenix, Platreef, and Goose.
• Sales volumes rose 14% to 209,000 GEOs, reflecting current production and drawdowns of produced but undelivered inventories.

• Kenorland reported assay results from its maiden drill program at the Western Wabigoon Project, located in NW Ontario.
• The project is held under an option agreement with a subsidiary of Centerra Gold Inc (CG:TSX).
• The program consisted of nine holes over 4,089m testing the W2 target area.

• Amrize reported its second quarter 2026 financial results with an 8.6% increase in revenue, supported by strong demand from mega projects in data centers, energy, advanced manufacturing, and infrastructure modernization.
• The company achieved 6.7% organic growth and an increase in net income by 14.4%, alongside a 5.8% rise in adjusted EBITDA, reflecting volume growth and pricing improvements, particularly in aggregates and cement.
• Diluted earnings per share grew 14.7%, with adjusted diluted EPS expanding 8.6%.

Key points (machine generated)

• SALA Corporation reports record highs in operating and net profit for the first half of FY11/26, despite a slight decrease in consolidated net sales.
• The company operates in six segments and forecasts a 3.4% increase in net sales and a 5.7% rise in operating profit for FY11/26, driven by growth in Housing and Car Life Support.
• SALA is restructuring its pre-owned housing business to establish a strong store network and aims for significant growth by FY11/30, positioning Housing as a key business pillar.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• In this edition: • Shell | Locks in scale: ARC closed, Tri Star fully owned soon • E-commerce & Logistics | France raised another hurdle for Chinese ultra-fast fashion imports

Key points (machine generated)

• TODA KOGYO CORP., founded in 1823, has reformed its earnings structure and is positioned for growth in the AI sector.
• The company specializes in fine particle technology, particularly iron oxides used in various industries.
• Celebrating its 200th anniversary in November 2023, TODA KOGYO also produces materials for MLCCs and lithium-ion batteries.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.