Daily Brief Energy/Materials: Sanil Electric, Zijin Gold, Yinson Holdings, Fermi, Gold, Fenix Resources , Crude Oil, Metals X Ltd, Rpm International and more

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). It’s popular.
• 87% of the reference period for the December 2025 rebal is complete. We see up to 6 ADDs and 6 DELs. Obvious ADD vs Downweight trades have not worked recently.
• Of the “1.5 pairs” I liked last time which worked fundamentally, both are down hard. Trades here are rotated. 

• Zijin Gold (2259 HK) , post the meteoric rise in its share price since listing last week, is now the most expensive gold miner stocks, globally, on an EV/Reserve basis.
• Investor expectations of gold prices climbing higher, driven by the yen’s sharp drop, a U.S. government shutdown, and growing anticipation of additional Federal Reserve rate cuts, are fueling the stock.
• For Hong Kong investors, Zijin Gold is the only pure-play, globally diversified gold miner, with expectations of index inclusion and strong demand driving its share price above fundamentals.

• Step-up confirmed, lag observed. Legal certainty of a 25bp step-up preceded market recognition by 3 business days, creating a clean pricing-latency window in an Asian SLB.
• Likely cause, vendor latency. Manual data vendor updates for sukuk profit-rate and SLB step-up fields likely delayed screens, as previously referenced.
• Valuation uplift, observed move. At a 5% discount rate, the 25bp step-up was worth about 36bps, the market acted slowly and repriced higher with a 49bp reaction.

• Fermi (FRMI US) went public on 1 October with a free float of ~5% and closed at $28.60 on 3 October, resulting in a company valuation of $17bn.
• The security is expected to be added to US-R 1000 in December 2025.
• Inclusion in other US and Global indices is anticipated in 2026 following lock-up expiry that increases the free float above minimum thresholds.

• After the remarkable bull market in frozen orange juice concentrate futures (OJ) between 2022 and 2024, the market topped out during the early days of 2025.
• Since then, the market corrected 60% from its highs. But for the most part of 2025 the market is actually in a consolidation phase.
• From a chart perspective, the market offers now an interesting setup

• The BHP-China dispute seeks to revert to pre-2010 contractual norms, but we believe BHP Group Ltd (BHP AU)  has the advantage, given its market position and strategic leverage.
• Investigations into the accident at Simandou are underway, and the mine remains shut with no progress on construction until the issue is resolved. 
• We like Fenix Resources (FEX AU) and are bullish on the name. Read our recent update, Fenix Resources (FEX AU): Exciting Value-Adding Catalyst Can Triple Production Again. 

• Crude oil futures opened the week higher after OPEC+ over the weekend announced a relatively modest output increase for November, coming in at the low end of expectations.
• Front-month Dec25 ICE Brent futures were trading at $65.47/b (2011 BST) versus Friday’s settle of $64.53/b, while Nov25 NYMEX WTI was at $61.68/b against a previous close of $60.88/b.
• The production group agreed to add 137,000 bpd to quotas in November, citing “steady global economic outlook and current healthy market fundamentals” for what is now an eighth consecutive monthly rise.

Key points (machine generated)

• Metals X’s share price increased from AUD 0.22 in July 2021 to AUD 0.54, peaking at AUD 0.75 in April 2022 due to rising tin prices.
• As one of only two listed tin miners in a Western jurisdiction, Metals X presents a unique investment opportunity despite facing challenges like a complex corporate structure and reliance on a single mine.
• Recent share price changes and corporate actions suggest a potential for re-rating, making Metals X an attractive investment despite existing risks.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• RPM International’s fiscal 2026 first quarter results exhibit notable strengths and some challenges.
• On the positive side, the company achieved record quarterly sales across all segments, with each segment generating growth of 6% or more despite a challenging macroeconomic environment.
• This performance marked the 14th time in 15 quarters that RPM has recorded a record adjusted EBIT, showcasing the effective execution of its growth strategy.

• Coro Energy 0.43p £3.91m (CORO.L)* The South East Asian renewable energy developer announces its unaudited interim results for the six-month period ended 30 June 2025.
• The Company added a further 2.2MW of commercial and industrial (C&I) rooftop solar capacity with Mobile World Group (MWG) bringing the Group’s total aggregate operational capacity in Vietnam to 6.4MW with estimated run-rate annual cash flows of approximately US$720,000.
• The Company is in advanced negotiations with an industrial customer for a new 10MW project across several factory locations in Vietnam.