In today’s briefing:
- Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- The Drill: A rush for gold amidst a geopolitical circus unfolding
- [Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
- Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- Nauticus Robotics, Inc.: On the Anvil of Commercialization
- [ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub
Chagee IPO Trading: Delisting Overhang but Much Cheaper than Peers
- Chagee Holdings (CHA US) raised around US$411m in its US IPO, after pricing the deal at the top of the range at US$28/share.
- Chagee (CG) is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
- In this note, we talk about the trading dynamics and added a new peer to compare with
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.
Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One
- Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00 (high-end of the range) and Opened at $33.75 for a 20.5% gain.
- The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time.
- Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation
Nauticus Robotics, Inc.: On the Anvil of Commercialization
- Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.
- The company expects 2025 “will continue to be a year of change.”
- On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.
[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.
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