In today’s briefing:
- MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining
- Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium
MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining
- There is 1 add/delete for each of the MVIS Global Uranium & Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.
- Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&Nuclear Energy Index, Encore Energy is a delete from the Uranium&Nuclear Energy Infrastructure Index.
- The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.
Samsung Heavy Industries (010140.KQ) – Offshore Momentum, LNG Tailwinds Justify Premium
- SHI reported robust Q1 2025 results with revenue of KRW 2.49T (+6% YoY) and operating profit of KRW 123B (+58% YoY), reflecting improved offshore project execution and margin expansion.
- Management reiterated FY2025 guidance of KRW 10.5T revenue and KRW 630B operating profit, with offshore accounting for ~40% of new orders and a USD 9.8B full-year target
- With LNG carrier replacement demand, FLNG ramp-up, and leadership in eco-vessels, SHI’s earnings trajectory supports its 22x FY27E P/E, despite execution and competition risks.
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