In today’s briefing:
- Strong Monsoon Over Key Rubber Producing Nations
- Daido Steel Co., Ltd (5471 JP): Research Update
- MEC Co., Ltd (4971 JP): Research Update
- OMG: Strong Drill Results from Wenot; MRE in 2-3 Months
- Pembina Pipeline Corporation: An Insight Into Its Recent Contractual Agreements & Revenue Stability!
- Western Midstream: An Insight Into Its Pathfinder Pipeline Project!
- Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!
- Arrow Exploration Corp. (AIM: AXL): Gearing-up for acquisitions?
- Zephyr Energy Plc (AIM: ZPHR): Paradox Resources boost following interpretation of well test
Strong Monsoon Over Key Rubber Producing Nations
- Vietnam, Thailand, Cambodia to receive above normal rains
- Neutral phase of ENSO with La Nina like pattern favoring rains
- Weather portends a reasonable production season for Ivory Coast
Daido Steel Co., Ltd (5471 JP): Research Update
- Daido Steel (5471 JP) produced FY24 (March year-end) results full-year OP [IFRS basis] of ¥39,408mil (-6.7% YoY) on sales of ¥574,945mil (-0.6% YoY).
- Due to multiple unknown factors surrounding the business environment such as impact from the US trade tariff policy and volatile FOREX, Daido Steel only released FY25 1H guidance.
- The firm is guiding for 1H OP of ¥12,500mil (-31.5% YoY / -40.9% HoH) on sales of ¥275,000mil (-3.0% YoY / -5.7% HoH).
MEC Co., Ltd (4971 JP): Research Update
- MEC’s (4971 JP) FY25 (Dec year-end) Q1 results were largely in line with guidance for OP to rise +3.8% YoY / +19.8% QoQ to ¥1,093mil on sales of ¥4,423mil (+1.6% YoY / -2.8% QoQ).
- Chemical segment sales rose +8.0% YoY / -4.5% QoQ to ¥4,237mil, thanks to 1) a steady increase in demand for chemicals used in high-end packages related to generative AI, and 2) a gradual recovery in demand associated with PCs, smartphones and general servers.
- MEC is guiding for FY25 1H OP of ¥2,250mil (-4.8% YoY) on sales of ¥9,600mil (+8.1% YoY), and full-year OP of ¥5,000mil (+9.6% YoY) on sales of ¥20,000mil (+9.7% YoY).
OMG: Strong Drill Results from Wenot; MRE in 2-3 Months
- What you need to know: • Omai announced assay results from three new drill holes and one hole extension, totalling 2,607m at the Wenot deposit.
- • Highlights include a new discovery at West Wenot: 2.63 g/t Au over 27.5m, including 4.68 g/t over 9.5m.
- 16 holes remain pending at Wenot, part of the expanded 2025 drill program (now >25,000m).
Pembina Pipeline Corporation: An Insight Into Its Recent Contractual Agreements & Revenue Stability!
- Pembina Pipeline Corporation’s Q1 2025 financial results reveal a mixed bag of outcomes that provide both opportunities and challenges for investors to consider.
- The company reported a robust adjusted EBITDA of $1.167 billion, marking a 12% increase from the same period last year.
- This growth sets a positive tone for 2025 and reassures investors as Pembina targets the midpoint of its adjusted EBITDA guidance range of $4.2 billion to $4.5 billion.
Western Midstream: An Insight Into Its Pathfinder Pipeline Project!
- Western Midstream Partners, LP reported a mixed financial performance in the first quarter of 2025, reflecting both positive and challenging aspects.
- The company’s adjusted EBITDA stood at $594 million, marking an improvement from the previous quarter, despite a slight decline in the adjusted gross margin primarily due to reduced throughput and a revenue recognition adjustment in the preceding quarter.
- Operating expenses saw a reduction, driven by lower operating and maintenance costs and general and administrative expenses.
Wheaton Precious Metals: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!
- Wheaton Precious Metals reported a strong start to 2025 during their first quarter results, showcasing both operational and financial highlights.
- On the operational side, Wheaton indicated robust performance from several core assets, notably the Salobo mine, which delivered an impressive 71,300 ounces of attributable gold production.
- This represented a 16% increase from the previous year, driven by successful throughput at the Salobo III expansion.
Arrow Exploration Corp. (AIM: AXL): Gearing-up for acquisitions?
- • 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period.
- RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%.
- • 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells.
Zephyr Energy Plc (AIM: ZPHR): Paradox Resources boost following interpretation of well test
- • The analysis of the well test result at well 36-2R suggests recoverable resources of 0.84-1.24 mmboe for the 4,000 feet lateral.
- The reservoir characteristics are consistent across the length of the lateral with consistent contribution from the reservoir matrix to the flow rate.
- Extrapolating these results across a longer lateral of 10,000 to 15,000 feet suggests recoverable volumes per well of 9 bcf to 37.5 bcf with a condensate yield of 20-60 bbl/mmcf.
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