Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>The gap between OPEC and IEA’s oil demand forecasts widened: OPEC kept its 2024 forecast at 2.25m bpd, while IEA lowered its forecast to 960k bpd from 1.1m bpd.</li>
<li>Europe’s attempt to cut Russian LNG imports grows stronger, as the French Senate Committee recommends cutting Russian dependence.</li>
<li>Since 17/June, Energy majors began recovering. Berkshire increased its holdings in Occidental, while Shell expanded its LNG market access by acquiring Pavilion Energy.</li>
</ul>


The gap between OPEC and IEA’s oil demand forecasts widened: OPEC kept its 2024 forecast at 2.25m bpd, while IEA lowered its forecast to 960k bpd from 1.1m bpd.
Europe’s attempt to cut Russian LNG imports grows stronger, as the French Senate Committee recommends cutting Russian dependence.
Since 17/June, Energy majors began recovering. Berkshire increased its holdings in Occidental, while Shell expanded its LNG market access by acquiring Pavilion Energy.


[ETP 25/2024] Energy Majors Bounce Back; Their Expansion Spree Continues

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-e-s-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2402:1" rel="noopener">Mitsui E&amp;S Holdings (7003 JP)</a> is looking to raise approximately US$451m through a secondary follow-on offering, via selling approximately 21.9m shares (32% of TSO) of <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a>’s stock. </li>
<li>The deal is a large one to digest at 81 days of three month ADV. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsui E&amp;S Holdings (7003 JP) is looking to raise approximately US$451m through a secondary follow-on offering, via selling approximately 21.9m shares (32% of TSO) of Modec Inc (6269 JP)’s stock. 
The deal is a large one to digest at 81 days of three month ADV. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Modec Placement - Deal Seems a Little Opportunistic but Not Particularly Expensive

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car-inc" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (9690 HK)</a> was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.</li>
<li>Tuhu is an integrated online and offline platform for automotive services in China.</li>
<li>Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.</li>
</ul>



Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.
Tuhu is an integrated online and offline platform for automotive services in China.
Trading with a very small float of 1.8%, in its upcoming six-month lockup expiry, &gt;90% of Tuhu’s pre-IPO investors, cornerstones and management combined stakes will come off six-month lockup expiry.


Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orica-ltd" target="_blank" data-smartkarma-citation="entities:895:1" rel="noopener">Orica Ltd (ORI AU)</a> is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. </li>
<li>The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. 
The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Orica Placement - Keeping the Acquisition Momentum Going

Metals Acquisition  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metals-acquisition-corp-206b4b4c-e422-4777-bb84-419017ffff10" target="_blank" data-smartkarma-citation="entities:39082:1" rel="noopener">Metals Acquisition (MTAL US)</a> is looking to raise up to A$300m (US$197m) through its ASX secondary listing.  </li>
<li>The proceeds will be used to repay Glencore’s deferred consideration facility for the MTAL’s acquisition of its CSA copper mine, amongst other uses.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Metals Acquisition (MTAL US) is looking to raise up to A$300m (US$197m) through its ASX secondary listing.  
The proceeds will be used to repay Glencore’s deferred consideration facility for the MTAL’s acquisition of its CSA copper mine, amongst other uses.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Metals Acquisition Ltd Secondary Listing - Too Much to Pay for a Single Asset

United Kingdom

Shell PLC explores and refines petroleum products. The Company produces fuels, chemicals, and lubricants. Shell serves clients worldwide.

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Shell PLC (SHEL LN)

[ETP 25/2024] Energy Majors Bounce Back; Their Expansion Spree Continues

Oil prices rise on seasonal demand growth and Middle East conflicts. Henry Hub slides on the forecast of cooler temperatures next week. Energy...

Mint Finance

Modec Placement - Deal Seems a Little Opportunistic but Not Particularly Expensive

Books will be closing today (21st May 24) and pricing will be tomorrow (22nd May 24) at the earliest. The stock has fallen by around 15% since we...

Ethan Aw

Tuhu Car Lock-Up Expiry - Would Need Some Selling to Improve Liquidity when US$1.5bn Comes Unlocked

Tuhu Car (9690 HK) was listed in Hong Kong on 26th Sept 2023 after raising US$151m. The IPO had been a 100% primary offering.

Clarence Chu

Orica Placement - Keeping the Acquisition Momentum Going

Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to to partially fund the...

Ethan Aw

Metals Acquisition Ltd Secondary Listing - Too Much to Pay for a Single Asset

Metals Acquisition (MTAL US) is looking to raise up to A$300m (US$197m) through its ASX secondary listing. In this note, we talk about the deal...

Ethan Aw

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