Daily Brief Energy/Materials: SeAH Steel Holdings, Dic Corp, Cheniere Energy, Gevo, Tethys Oil 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).
• The reference period for the June 2024 index rebal event ended recently. In this insight, we take a look at our final expected ADDs/DELs.
• There has been one change to our list of expected ADDs presented in my last insight (link).

• Dic Corp is a chemical company with a top global market share in products such as printing ink, organic pigments, and PPS compounds.
• DIC recorded FY12/23 sales of JPY1,038.7bn, operating profit of JPY17.9bn, recurring profit of JPY9.2bn, and net loss attributable to owners of the parent of JPY39.9bn.
• On February 13, 2024, DIC Corporation announced revisions to its long-term management targets in DIC Vision 2030.

• Cheniere Energy (LNG) expected to have significant performance catalyst in 2024 with 4Q23 EPS print on 2/22/24
• Sell side has adjusted numbers for 2024 despite recent underperformance
• Anticipated conservative guidance for 2024 sets up positive surprise for investors due to focus on “tariff” type earnings and long-term contracts in place

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• Gevo has begun repurchasing shares under the company’s previously announced program.
• The company has so far repurchased 5.5 million shares for $3.7 million, leaving $21.3 million available for repurchases.
• Gevo revised spending on its Net-Zero 1 plant project. 

• 1Q24 production of 8,032 bbl/d had been previously reported.
• The development plan for Block 56 is expected to be submitted to the government by the end of May.
• The associated reserves and resources are expected to be disclosed at that time.