Daily Brief Energy/Materials: SK Innovation, Zijin Gold, Larvotto Resources, Gold, CleanMax Enviro Energy Solutions Ltd, Fresnillo PLC, Commercial Metals Co, DuPont, Axalta Coating Systems and more

• SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. 
• SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. 
• A consensus has been forming in the local media regarding Chairman Chey’s expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.

• Zijin Gold showed strong growth momentum in 25Q1-Q3, mainly driven by high gold prices and the two major acquisitions of the Ghana Akyem Gold Mine and Kazakhstan Raygorodok Gold Mine.
• Based on 25Q1-Q3 results, we updated our forecast of Zijin Gold, with net profit to reach US$1.5 billion/US$2.3 billion/US$3.5 billion in 2025/2026/2027, respectively.Theoretically speaking, valuation still has positive upside potential.
• However, our greatest concern is not the fundamental factors but the selling caused by liquidity crisis, which may lead to a synchronous correction of Zijin when the global market declines.

• Larvotto Resources (LRV AU) has disclosed a non-binding proposal from United States Antimony (UAMY US) (USAC) at 6 USAC shares for every 100 Larvotto shares.
• The offer is unattractive as the current implied offer value is 20% below the last close price and undervalues the core Hillgrove Mine based on the DFS’s NPV analysis.
• USAC’s share price meteoric rise YTD amplifies the risk of the all-scrip offer. The Board should push for better terms or outright reject the NBIO. 

• Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down – as panic selling hit the complex.
• The reason for the panic selling: president Trump.
• In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.

• CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
• CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
• In this note, we talk about the positive aspects of the deal.

• Commercial Metals Company is expanding beyond rebar and into concrete.
• In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.
• The acquisition, along with the earlier announced acquisition of CP&P, marks the company’s formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

• Commercial Metals Company is expanding beyond rebar and into concrete.
• In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.
• The acquisition, along with the earlier announced acquisition of CP&P, marks the company’s formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

• DuPont de Nemours has officially approved the spin-off of its electronics business into a new publicly traded entity, Qnity Electronics.
• This strategic separation, effective November 1, 2025, marks a major milestone in DuPont’s multi-year transformation focused on streamlining its portfolio around core industrial and specialty materials.
• The move comes as Qnity positions itself as a pure-play technology solutions provider in the semiconductor and electronics value chain, targeting booming AI and advanced computing markets.

Key points (machine generated)

• Axalta’s stock has dropped 28% despite strong growth from a new management team in the coatings industry.
• Concerns about volume weakness in the key refinish business may be cyclical rather than secular, with potential improvement expected by late 2025.
• With a 25% market share in refinish coatings and high barriers to entry, Axalta could see its stock rise to $41 if it reverts to historical valuation multiples.

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.