External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

<ul><li>Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.</li><li>The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.</li><li>Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for completion by 1H26.The project includes a 92km hauling road and jetty, which will reduce transportation costs by over US$10 per tonne and double production capacity to 25Mt per year.Additionally, third-party leasing of the infrastructure is expected to create additional revenue streams, enhancing long-term cash flow and profitability.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Tata Group partners with <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> to supply critical EV components, positioning India as a key player in Tesla’s expansion.</li>
<li>India crosses 1 billion tonnes of coal production in FY25, driven by PSUs, private players, and 500,000 workers.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> announces a Rs. 45,000 crore investment plan to expand in copper, aluminium, and specialty alumina sectors.</li>
</ul>


Tata Group partners with Tesla (TSLA US) to supply critical EV components, positioning India as a key player in Tesla’s expansion.
India crosses 1 billion tonnes of coal production in FY25, driven by PSUs, private players, and 500,000 workers.

Hindalco Industries (HNDL IN) announces a Rs. 45,000 crore investment plan to expand in copper, aluminium, and specialty alumina sectors.


#125 India Insight: Tata Partners with Tesla, India Hits 1B Coal Tonnes, Hindalco to Invest ₹45K Cr

Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

Commodities

Coal is a combustible black or brownish-black sedimentary rock usually occurring in rock strata in layers or veins called coal beds or coal seams. The harder forms, such as anthracite coal, can be regarded as metamorphic rock because of later exposure to elevated temperature and pressure. Coal is composed primarily of carbon along with variable quantities of other elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. A fossil fuel, coal forms when dead plant matter is converted into peat, which in turn is converted into lignite, then sub-bituminous coal, after that bituminous coal, and lastly anthracite. This involves biological and geological processes that take place over a long period.

<ul><li>Production Domestic Power Steel Stocks S&amp;D China's power generation reached 1492 TWh for the January-February period, down 200 TWh (-12%) month-on-month but up slightly by 5 TWh (+0%) year-on-year.</li><li>The relatively subdued output reflects a sluggish domestic economy and an unusually mild winter during the period.</li><li>With the exception of solar, which held steady, all sources of power generation declined in January and February compared to December.</li></ul>

Production Domestic Power Steel Stocks S&amp;D China's power generation reached 1492 TWh for the January-February period, down 200 TWh (-12%) month-on-month but up slightly by 5 TWh (+0%) year-on-year.The relatively subdued output reflects a sluggish domestic economy and an unusually mild winter during the period.With the exception of solar, which held steady, all sources of power generation declined in January and February compared to December.

China Coal Monitor (19 March 2025):  A Monthly Update from the DBX Research Coal Observatory

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

DT Midstream, Inc. owns, operates, and develops natural gas midstream interstate pipelines. The Company focuses on intrastate and gathering lateral pipelines, storage, gathering systems and compression, treatment, and surface facilities. DT Midstream serves clients in the United States.

<ul><li>DT Midstream exhibited a robust performance throughout the fiscal year 2024, signaling ongoing growth and operational success.</li><li>The company reported an adjusted EBITDA of $969 million for the year, surpassing its guidance midpoint and highlighting a consistent annual growth rate of 10% since its inception in 2021.</li><li>Despite a backdrop of challenging sector dynamics, including low natural gas prices, issues with LNG export permit approvals, and a volatile political landscape, DT Midstream managed to maintain resilience and achieve high performance.</li></ul>

DT Midstream exhibited a robust performance throughout the fiscal year 2024, signaling ongoing growth and operational success.The company reported an adjusted EBITDA of $969 million for the year, surpassing its guidance midpoint and highlighting a consistent annual growth rate of 10% since its inception in 2021.Despite a backdrop of challenging sector dynamics, including low natural gas prices, issues with LNG export permit approvals, and a volatile political landscape, DT Midstream managed to maintain resilience and achieve high performance.

DTE Midstream: Infrastructure Investment & Expansion to Capitalize On Transitioning Coal Plants To Natural Gas!

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>We continue to expect coal price to normalize and forecast Newcastle price at US$110/t in FY25, driven by growth in Indonesia’s export.</li><li>Amid the projected decline in coal prices, we forecast earnings for Indonesian coal miners to fall by 25-33% in FY25. </li><li>We cut the sector’s rating to Neutral; despite declining earnings, the sector continues to offer an attractive dividend yield (FY25 avg. 11%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We continue to expect coal price to normalize and forecast Newcastle price at US$110/t in FY25, driven by growth in Indonesia’s export.Amid the projected decline in coal prices, we forecast earnings for Indonesian coal miners to fall by 25-33% in FY25. We cut the sector’s rating to Neutral; despite declining earnings, the sector continues to offer an attractive dividend yield (FY25 avg. 11%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal: Steady Dividend Stream to Cushion Normalizing Coal Price...

Coal
Insights on Coal and Coal Companies

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for...

KGI Securities

#125 India Insight: Tata Partners with Tesla, India Hits 1B Coal Tonnes, Hindalco to Invest ₹45K Cr

Tata Group partners with Tesla to supply EV components, India's coal production hits 1 billion tonnes, Hindalco Industries invests Rs. 45,000...

Sudarshan Bhandari

China Coal Monitor (19 March 2025): A Monthly Update from the DBX Research Coal Observatory

Production Domestic Power Steel Stocks S&D China's power generation reached 1492 TWh for the January-February period, down 200 TWh (-12%) month-on...

DBX Commodities

DTE Midstream: Infrastructure Investment & Expansion to Capitalize On Transitioning Coal Plants To Natural Gas!

DT Midstream exhibited a robust performance throughout the fiscal year 2024, signaling ongoing growth and operational success. The company...

Baptista Research

Coal: Steady Dividend Stream to Cushion Normalizing Coal Price...

We cut the sector’s rating to Neutral; despite declining earnings, the sector continues to offer an attractive dividend yield (FY25 avg. 11%).

BRI Danareksa Research

Geo Energy Resources Ltd (GERL SP/RE4.SI): Resilient Performance Amid Coal Market Volatility.

Infrastructure expansion and cost efficiency. Geo Energy’s US$150mn investment in the MBJ Integrated Infrastructure Project is on track for...

KGI Securities

#125 India Insight: Tata Partners with Tesla, India Hits 1B Coal Tonnes, Hindalco to Invest ₹45K Cr

​Tata Group partners with Tesla to supply EV components, India's coal production hits 1 billion tonnes, Hindalco Industries invests Rs. 45,000...

Sudarshan Bhandari

China Coal Monitor (19 March 2025): A Monthly Update from the DBX Research Coal Observatory

Production Domestic Power Steel Stocks S&D China's power generation reached 1492 TWh for the January-February period, down 200 TWh (-12%) month-on...

DBX Commodities

DTE Midstream: Infrastructure Investment & Expansion to Capitalize On Transitioning Coal Plants To Natural Gas!

DT Midstream exhibited a robust performance throughout the fiscal year 2024, signaling ongoing growth and operational success. The company...

Baptista Research

Coal: Steady Dividend Stream to Cushion Normalizing Coal Price...

We cut the sector’s rating to Neutral; despite declining earnings, the sector continues to offer an attractive dividend yield (FY25 avg. 11%).

BRI Danareksa Research

Tata Group partners with Tesla to supply EV components, India's coal production hits 1 billion tonnes, Hindalco Industries invests Rs. 45,000...