In today’s briefing:
- Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
- The Drill: A rush for gold amidst a geopolitical circus unfolding
- [Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
- Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News
- [ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub
- Lucror Analytics – Morning Views Asia
Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
- KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
- Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
- So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.
The Drill: A rush for gold amidst a geopolitical circus unfolding
- Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.
- Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.
- We’re staring down the barrel of a pretty material manufacturing slump in Q2.
[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
- Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
- Halliburton has underperformed the S&P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
- Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.
Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News
- Fenix Resources (FEX AU) reported an increase in deliveries from Q3 FY25 to 704k tons from 346k tons/587k tons in Q1/Q2 FY25, transitioning from a 1.3 mtpa-2.8 mtpa runrate.
- The company remains on track to commence production from the Beebyn W-11 mine by the September quarter of 2025, taking the annualized production rate to>4.0 mtpa.
- At ~4 mtpa, we expect the mines to generate 200 mn AUD of operating cash flow (at 100 USD/ton iron ore price), equivalent to FEX’s market cap.
[ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub
- For the week ending 11/Apr, U.S. crude inventories rose by 0.5m barrels (vs. expectations of a 0.4m barrel rise). Gasoline and distillate stockpiles fell more than expected.
- Henry Hub headed for a fourth straight daily loss, with analysts expecting a 24 Bcf build in U.S. natural gas storage for the week ending 11/Apr.
- Analysts cut price targets for Exxon, Chevron, Occidental, Schlumberger, and Halliburton, while TotalEnergies expects Q1 hydrocarbon production at the high end of its guidance range.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
- In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
- Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)
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