Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

<ul><li>During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.</li><li>The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.</li><li>Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.</li></ul>

During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.

Copper Inventories Back at Pre-Covid Levels & Oil Demand Cuts Everywhere

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tokyo Metro Co., Ltd. offers passenger service. The Company mainly operates passenger rail transportation business. Tokyo Metro also offers station stores operation, real estate, and  advertising services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Livzon Pharmaceutical Group In / Equity Bottom-Up

Livzon Pharmaceutical Group Inc. develops and manufactures pharmaceutical products, including chemical medicines, bio-chemical medicines, biological engineering medicines, chemical compound crude medicines, antibiotics, micro-ecological preparations, patent Chinese medicines, and diagnosis reagents etc.

Livzon Pharmaceutical Group In (000513 CH)

<ul>
<li>With rising COVID-19 cases, a pandemic outbreak in late 2024 is likely. Investors should focus on related sectors and stocks again.</li>
<li>Due to BIOSECURE Act, US companies are leaving Chinese partners.If Trump is elected, his sanctions on China's supply chain may intensify. So, there should be “valuation discount” for China CXOs.</li>
<li>Livzon may have negative YoY revenue growth in 24H1, but full-year revenue may have positive low single-digit YoY growth. Due to good dividend/repurchase policy, Livzon deserves more patience from investors.</li>
</ul>


With rising COVID-19 cases, a pandemic outbreak in late 2024 is likely. Investors should focus on related sectors and stocks again.
Due to BIOSECURE Act, US companies are leaving Chinese partners.If Trump is elected, his sanctions on China's supply chain may intensify. So, there should be “valuation discount” for China CXOs.
Livzon may have negative YoY revenue growth in 24H1, but full-year revenue may have positive low single-digit YoY growth. Due to good dividend/repurchase policy, Livzon deserves more patience from investors.


China Healthcare Weekly (Aug.18)- COVID Is Here, BIOSECURE Act Update, Livzon Deserves More Patience

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Virios Therapeutics, Inc. operates as a biotechnology company. The Company develops novel antiviral therapies to treat diseases associated with a viral triggered abnormal immune response. Virios Therapeutics serves patients in the United States.

<ul><li>On August 8, 2024, Virios Therapeutics, Inc. (VIRI) announced financial results for the second quarter of 2024 and provided a business update.</li><li>The company recently announced that the Phase 2a clinical trial of IMC-2 (valacycovir+celecoxib) has completed enrollment and we anticipate topline results from the trial in October 2024.</li><li>Ongoing blinded safety analysis of the Phase 2a study indicates that study drug has been well tolerated with no serious adverse events reported.</li></ul>

On August 8, 2024, Virios Therapeutics, Inc. (VIRI) announced financial results for the second quarter of 2024 and provided a business update.The company recently announced that the Phase 2a clinical trial of IMC-2 (valacycovir+celecoxib) has completed enrollment and we anticipate topline results from the trial in October 2024.Ongoing blinded safety analysis of the Phase 2a study indicates that study drug has been well tolerated with no serious adverse events reported.

VIRI: Enrollment Complete in Phase 2a Long COVID Trial  Results Expected in October 2024 

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Koh Brothers Group Limited is an investment holding company whose subsidiaries are active in construction and real estate development.  The Company also manufactures concrete products and building materials, manages hotels, and sells and rents construction equipment.  Koh Brothers distributes, designs, and fabricates equipment products for the oil and gas industry.

<ul><li>A focus on innovation and adaptability has enabled Oiltek, a vegetable and edible oil process engineering company, to grow steadily, even amid global crises.</li><li>When Henry Yong joined Malaysia-based Oiltek in 2008 as its managing director, his priority was to hone its innovation.  “We have diversified into refinery processes and engineering solutions for a wide variety of edible oils, including palm, sunflower and soybean oil, non-edible oils, renewable energy, such as biogas, biodiesel and feedstock for sustainable aviation fuel, and animal feed.</li></ul>

A focus on innovation and adaptability has enabled Oiltek, a vegetable and edible oil process engineering company, to grow steadily, even amid global crises.When Henry Yong joined Malaysia-based Oiltek in 2008 as its managing director, his priority was to hone its innovation.  “We have diversified into refinery processes and engineering solutions for a wide variety of edible oils, including palm, sunflower and soybean oil, non-edible oils, renewable energy, such as biogas, biodiesel and feedstock for sustainable aviation fuel, and animal feed.

kopi-C with Oiltek’s CEO: ‘We’ve sailed through the Covid-19 pandemic and Ukraine war’

On the impact of Coronavirus and COVID-19