In today’s briefing:
- Shin-Etsu Chemical (4063) – OK Earnings, OK Forecast, But Ground-Breaking Buyback
- Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance
- Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations
- Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!
- Alcoa’s Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?
- HZ IN: Operational Targets and Valuation Framework
- Range Resources: An Insight Into Its In-Basin Demand, Market Dynamics & Critical Growth Levers!
- Halliburton’s Zeus Frac Fleet: The Silent Move That Could Power Their Growth The Energy Services Market!
- Baker Hughes: Supply Chain Strategy & Tariff Mitigation to Safeguard Earnings Potential & Maintain Steady Operations!
- EQT Corporation: Can Its Olympus Midstream & Strategic Integration Enhance Overall Market Competitiveness?
Shin-Etsu Chemical (4063) – OK Earnings, OK Forecast, But Ground-Breaking Buyback
- Shin Etsu Chemical (4063 JP) reported FY earnings to beat January guidance for all four major measures, just slightly. They only guide 1 quarter out, and Q1 is up year-on-year…
- …in revenues, but down in OP and NP. Note: OP and NP guidance is nearly identical to what they guided for Q1 last year on ¥585bn revenues (vs ¥610bn now)
- The BIG news here is a Very Large Buyback. The company has long has huge piles of cash. This buyback (~90% of annual profit) starts to make use of it.
Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance
- Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024.
- The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability.
- Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore
Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations
- In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
- We expect one change for ASX 20, one change for ASX 50, two changes for ASX 100, and one change for ASX 200. One month left in the reference period.
- Our long basket is up 14% vs shorts in a month. Index Rebal is coming back. ASX Index final index changes will be announced publicly on 6th June 2025.
Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!
- Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company’s operational and financial stability amidst a challenging market environment.
- The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.
- Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.
Alcoa’s Strategic Pivot Under Fire: Will Its Bold Moves Be Enough to Weather the Tariff Storm?
- Alcoa Corporation reported a strong first quarter for 2025, highlighted by improved safety performance and stable production across most operations.
- The company maintained a commitment to operational excellence, focusing on safety, stability, and continuous improvement amid positive market conditions.
- A key development was the improvement at the Alumar smelter in Brazil, which is now operating at 91% capacity.
HZ IN: Operational Targets and Valuation Framework
- Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.
- FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.
- HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.
Range Resources: An Insight Into Its In-Basin Demand, Market Dynamics & Critical Growth Levers!
- Range Resources Corporation reported its financial results for the first quarter of 2025, emphasizing its disciplined operational approach and efficiency gains.
- The company achieved robust free cash flow while maintaining a low level of capital intensity, which it leveraged to increase shareholder returns and reduce debt.
- This aligns with Range Resources’ longstanding strategic focus on maintaining a stable base of production and expanding its drilled uncompleted (DUC) inventory, ensuring flexibility for future growth.
Halliburton’s Zeus Frac Fleet: The Silent Move That Could Power Their Growth The Energy Services Market!
- Halliburton Company’s first-quarter 2025 financial performance presented a picture of mixed results, amid dynamic and shifting market conditions, impacting its regional operations, revenues, and strategic outlook.
- The company reported total revenue of $5.4 billion and an adjusted operating margin of 14.5%.
- A significant highlight from this quarter emanated from international markets, where revenue dipped to $3.2 billion, largely impacted by a 19% decline in Mexico.
Baker Hughes: Supply Chain Strategy & Tariff Mitigation to Safeguard Earnings Potential & Maintain Steady Operations!
- Baker Hughes Company delivered strong results in the first quarter of 2025, with adjusted EBITDA reaching $1.04 billion, marking a 10% year-over-year increase.
- The performance was driven primarily by the Industrial & Energy Technology (IET) segment, which experienced significant growth and contributed to the company’s overall margin expansion.
- Revenues for the quarter hit a record, supported by effective operational execution and strategic transformations, despite a challenging macroeconomic backdrop marked by geopolitical tensions, tariff uncertainties, and fluctuating oil prices.
EQT Corporation: Can Its Olympus Midstream & Strategic Integration Enhance Overall Market Competitiveness?
- EQT Corporation delivered strong results in the first quarter of 2025, emphasizing its strategic approach to maximizing value amid price volatility.
- The company reported robust production at the high end of its guidance, aided by effective well performance and minimal winter disruptions.
- Tactics like increasing production during highdemand winter periods allowed EQT to benefit from favorable Appalachian pricing, significantly boosting its core differential.
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