Equity analyst UK & Europe, UK Long Short

Peter Toeman

Equity analyst UK & Europe

Accelerating Tomorrow’s Independent Research

Boost Research

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Thematic (Sector/Industry)

With just two weeks left before the UK is set to leave the EU, the shape of the arrangements with country's largest trading partners is still to be decided. Imminent political developments will determine whether Brexit is hard, soft, deferred, or aborted.
The UK's principal share index the FTSE 100 is virtually unchanged since we established our Long/Short portfolio a month ago. Results from Lloyds and Centrica have lead to useful outperformance and underperformance respectively. The M&amp;S joint venture with Ocado is judged by investors to have added a lot more value to the latter than the former. We have been wrong-footed by Melrose Industries, but heck, there is always one.
Remembering that no one ever got poor from taking  profits,  we have closed out our long position in Lloyds Banking.  
<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/081/949/original/Capture%201.PNG?1552520300" class="editor-image img-responsive" data-smartkarma-image-id="81949"></figure>
<div class="content-caption">S&amp;P Capital IQ</div>
</div>

With just two weeks left before the UK is set to leave the EU, the shape of the arrangements with country's largest trading partners is still to be decided. Imminent political developments will determine whether Brexit is hard, soft, deferred, or aborted.
The UK's principal share index the FTSE 100 is virtually unchanged since we established our Long/Short portfolio a month ago. Results from Lloyds and Centrica have lead to useful outperformance and underperformance respectively. The M&amp;S joint venture with Ocado is judged by investors to have added a lot more value to the latter than the former. We have been wrong-footed by Melrose Industries, but heck, there is always one.
Remembering that no one ever got poor from taking  profits,  we have closed out our long position in Lloyds Banking.  


S&amp;P Capital IQ


Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

<ul>
<li>China implements coal import caps specifically targeting Australian producers</li>
<li>Unclear as to how widespread these restrictions will eventually be</li>
<li>Thermal and metallurgical coal exports affected</li>
<li>Impacting ~A$8.4Bn of metallurgical coal exports; or 4.4% of national income</li>
<li>Thermal coal exports affected worth ~A$3.8Bn; or an additional 2% of national income</li>
<li>Collectively, thermal and metallurgical exports equate to ~0.9% of Australian annual GDP </li>
<li>Actions appear to be a response to blocking Huawei bidding for the 5G network</li>
<li>Recent Chinese cyber-attacks harden Australian Government's resolve</li>
<li>Expect similar Chinese measures (in time) to be applied to other commodities and industries</li>
</ul>


China implements coal import caps specifically targeting Australian producers
Unclear as to how widespread these restrictions will eventually be
Thermal and metallurgical coal exports affected
Impacting ~A$8.4Bn of metallurgical coal exports; or 4.4% of national income
Thermal coal exports affected worth ~A$3.8Bn; or an additional 2% of national income
Collectively, thermal and metallurgical exports equate to ~0.9% of Australian annual GDP 
Actions appear to be a response to blocking Huawei bidding for the 5G network
Recent Chinese cyber-attacks harden Australian Government's resolve
Expect similar Chinese measures (in time) to be applied to other commodities and industries


Confluence of Politics - China Bans Australian Coal Imports (Flash Note)

LNG, Oil & Gas, M&A Market Intelligence Specialist

Massimo Bellino

After a period of low investments and declining LNG prices, the LNG industry is enjoying a new phase of growth characterized by radical changes, as emerging transformational trends are reshaping its market structure and participants, thereby generating new opportunities for value creation.
The surprise growth of LNG demand from Asia in particular from China that started in 2017, is continuing through 2018 and it is forecasted to remain robust in the coming years.
The feared LNG supply glut that was expected to weigh on the LNG market in 2017, didn’t occur. Shell CEO Ben van Beurden said during the Q4 results “The LNG glut – conspicuously absent, isn’t it? -- in fact, we see a rather tight LNG market”. A consensus is growing among LNG market participants that a demand-supply gap will become apparent post-2020.
The positive outlook for LNG has been reflected on the share prices of the LNG focused players that have been outperforming the oil majors in the last twelve months on the back of stronger LNG prices (Exhibit 1). By contrast, the LNG developers have lagged behind as increased competition and changing market structures have made it more difficult for LNG projects to take FID. At the moment there are at least 15 proposed LNG projects in the US alone and 17 globally competing for offtake deals.
The announcement by <a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell (RDSA LN)</a> of the long-awaited FID for LNG Canada last week has been seen as a kick-off for a new wave of project FIDs expected to pick up in 2019. Shell has surprised the market with the news that no off-take deals had been agreed in advance of the FID decision. This aggressive risk-taking approach could be the winning strategy to move forward LNG projects ahead of competitors with a weaker balance sheet unable to do the same.
New technologies that allow scalable, mass-produced LNG solutions at lower cost have been slowly transforming the LNG industry. The mega projects of the past, characterized by bigger trains and higher volumes, often plagued by cost overruns and delays, have been replaced by smaller scale, more cost-efficient, phased projects.
As a result, barriers to entry in the LNG industry are becoming lower as the new wave of LNG projects require lower capital commitments, shorter time to market and less technology risk. Emerging independent US LNG players are rapidly gaining market share. <a href="https://www.smartkarma.com/entities/16683" target="_blank" data-smartkarma-citation="entities:16683:1">Cheniere Energy (LNG US)</a>, Freeport LNG, and Sempra Energy are among the top ten global LNG owners of added capacity, online and in construction, since 2016 alongside the oil majors.
Private equity investors are also among the new participants in the LNG industry. Blackstone has been one of the early entrants that correctly anticipated the significative growth prospects for LNG in the US. Its bet on <a href="https://www.smartkarma.com/entities/27381" target="_blank" data-smartkarma-citation="entities:27381:1">Cheniere Energy Partners LP (CQP US)</a> in 2012 has returned over five times the initial investment in six years. The recent failed $10.5bn takeover bid for Australian LNG player <a href="https://www.smartkarma.com/entities/711" target="_blank" data-smartkarma-citation="entities:711:1">Santos Ltd (STO AU)</a> by Harbour Energy shows that private equity funds are starting to look beyond the US for investment opportunities in the LNG space.
<h2>Exhibit 1: LNG focused players outperforming the oil majors</h2>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/066/331/original/EX1.png?1539091160" class="editor-image img-responsive" data-smartkarma-image-id="66331"></figure>
<div class="content-caption">Source: Capital IQ, Shell 2Q18 results for quarterly JKM prices. Un-weighted index prices. LNG Integrated: Exxon, Chevron, Shell, BP, Total and ENI. Australia LNG: Woodside Energy, Santos, Oil Search. LNG Developers: Tellurian, NextDecade, LNG Ltd, Pieridae Energy.  Prices as of 4th October 2018.</div>

After a period of low investments and declining LNG prices, the LNG industry is enjoying a new phase of growth characterized by radical changes, as emerging transformational trends are reshaping its market structure and participants, thereby generating new opportunities for value creation.
The surprise growth of LNG demand from Asia in particular from China that started in 2017, is continuing through 2018 and it is forecasted to remain robust in the coming years.
The feared LNG supply glut that was expected to weigh on the LNG market in 2017, didn’t occur. Shell CEO Ben van Beurden said during the Q4 results “The LNG glut – conspicuously absent, isn’t it? -- in fact, we see a rather tight LNG market”. A consensus is growing among LNG market participants that a demand-supply gap will become apparent post-2020.
The positive outlook for LNG has been reflected on the share prices of the LNG focused players that have been outperforming the oil majors in the last twelve months on the back of stronger LNG prices (Exhibit 1). By contrast, the LNG developers have lagged behind as increased competition and changing market structures have made it more difficult for LNG projects to take FID. At the moment there are at least 15 proposed LNG projects in the US alone and 17 globally competing for offtake deals.
The announcement by Royal Dutch Shell (RDSA LN) of the long-awaited FID for LNG Canada last week has been seen as a kick-off for a new wave of project FIDs expected to pick up in 2019. Shell has surprised the market with the news that no off-take deals had been agreed in advance of the FID decision. This aggressive risk-taking approach could be the winning strategy to move forward LNG projects ahead of competitors with a weaker balance sheet unable to do the same.
New technologies that allow scalable, mass-produced LNG solutions at lower cost have been slowly transforming the LNG industry. The mega projects of the past, characterized by bigger trains and higher volumes, often plagued by cost overruns and delays, have been replaced by smaller scale, more cost-efficient, phased projects.
As a result, barriers to entry in the LNG industry are becoming lower as the new wave of LNG projects require lower capital commitments, shorter time to market and less technology risk. Emerging independent US LNG players are rapidly gaining market share. Cheniere Energy (LNG US), Freeport LNG, and Sempra Energy are among the top ten global LNG owners of added capacity, online and in construction, since 2016 alongside the oil majors.
Private equity investors are also among the new participants in the LNG industry. Blackstone has been one of the early entrants that correctly anticipated the significative growth prospects for LNG in the US. Its bet on Cheniere Energy Partners LP (CQP US) in 2012 has returned over five times the initial investment in six years. The recent failed $10.5bn takeover bid for Australian LNG player Santos Ltd (STO AU) by Harbour Energy shows that private equity funds are starting to look beyond the US for investment opportunities in the LNG space.
Exhibit 1: LNG focused players outperforming the oil majors

Source: Capital IQ, Shell 2Q18 results for quarterly JKM prices. Un-weighted index prices. LNG Integrated: Exxon, Chevron, Shell, BP, Total and ENI. Australia LNG: Woodside Energy, Santos, Oil Search. LNG Developers: Tellurian, NextDecade, LNG Ltd, Pieridae Energy.  Prices as of 4th October 2018.

LNG Industry Insight: New Entrants Gaining Market Share Amid a Tightening LNG Market (Part 1)

Founder & CEO. Oil markets macro-analysis., Vanda Insights

Vandana Hari

Founder & CEO. Oil markets macro-analysis.

Vanda Insights

Vanda Insights is a Singapore-based boutique provider of intelligence on the global energy markets, launched in September 2016. The venture was born out of a desire to extract the signal from the noise in the complex and often volatile oil markets. Our succinct and clear macro analysis is relied upon by thousands of readers globally, including those doing business directly or indirectly in the physical commodity and derivatives markets; wealth managers; governments, regulatory bodies and think-tanks; as well as trade organizations and educational institutions.

Global Energy Markets

Commodities

We attended a major annual oil industry conference in Singapore over Sep 24-26 and spoke to several senior executives and traders from oil majors, big and small trading companies, and national oil companies in attendance. 
Our key takeaways:
<ul class="">
<li>Senior executives from <a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell (RDSA LN)</a>, <a href="https://www.smartkarma.com/entities/21847" target="_blank" data-smartkarma-citation="entities:21847:1">BP PLC (BP/ LN)</a>, Vitol, <a href="https://www.smartkarma.com/entities/764" target="_blank" data-smartkarma-citation="entities:764:1">Glencore Plc (GLEN LN)</a>, <a href="https://www.smartkarma.com/entities/24005" target="_blank" data-smartkarma-citation="entities:24005:1">Trafigura Group Pte Ltd. (1188058D SP)</a> and Mercuria were unanimous that the oil market is entering a period of extreme volatility.</li>
<li>Brent had vaulted over $80 just as the conference began on Monday morning, reacting to the previous day's events in Algiers, where a meeting of some prominent OPEC and non-OPEC ministers had offered plenty of reassurances on supply, but no concrete numbers on incremental barrels. Among the conference speakers and delegates, views on how high Brent may rise in the coming months diverged. But it was hard to tell if those calling for $100 in the next few months were simply more assertive or actually in a majority -- they certainly were the centre of attention.</li>
<li>Mike Muller, former head of crude trading at Shell, who joined Vitol in July this year, was a prominent dissenter.  He downplayed the outcome of the OPEC/non-OPEC gathering in Algiers on September 23, noting that “it was only a committee meeting.” What matters, according to Muller, is not the current OPEC/non-OPEC production, but what they are capable of producing.</li>
<li>The oil demand risk factor due to the US-China tariffs dispute, other trade wars, and the double-whammy of high crude prices and depreciating currencies for several large emerging economies, seemed to disappear in the shadow of supply concerns.</li>
<li>Scott Sheffield, chairman of major US shale producer <a href="https://www.smartkarma.com/entities/10341" target="_blank" data-smartkarma-citation="entities:10341:1">Pioneer Natural Resources (PXD US)</a>, had some optimistic oil demand growth projections for the Permian and the country, but not everyone agreed with him. </li>
<li>A sense of urgency was palpable throughout the APPEC week over the global switch to 0.5% sulphur cap in bunker fuel from 1 January 2020, which, as a <a href="https://www.smartkarma.com/entities/277" target="_blank" data-smartkarma-citation="entities:277:1">Jpmorgan Chase &amp; Co (JPM US)</a> analyst put, is the "perfect storm" headed the way of the shipping and oil refining sectors.</li>
</ul>

We attended a major annual oil industry conference in Singapore over Sep 24-26 and spoke to several senior executives and traders from oil majors, big and small trading companies, and national oil companies in attendance. 
Our key takeaways:

Senior executives from Royal Dutch Shell (RDSA LN), BP PLC (BP/ LN), Vitol, Glencore Plc (GLEN LN), Trafigura Group Pte Ltd. (1188058D SP) and Mercuria were unanimous that the oil market is entering a period of extreme volatility.
Brent had vaulted over $80 just as the conference began on Monday morning, reacting to the previous day's events in Algiers, where a meeting of some prominent OPEC and non-OPEC ministers had offered plenty of reassurances on supply, but no concrete numbers on incremental barrels. Among the conference speakers and delegates, views on how high Brent may rise in the coming months diverged. But it was hard to tell if those calling for $100 in the next few months were simply more assertive or actually in a majority -- they certainly were the centre of attention.
Mike Muller, former head of crude trading at Shell, who joined Vitol in July this year, was a prominent dissenter.  He downplayed the outcome of the OPEC/non-OPEC gathering in Algiers on September 23, noting that “it was only a committee meeting.” What matters, according to Muller, is not the current OPEC/non-OPEC production, but what they are capable of producing.
The oil demand risk factor due to the US-China tariffs dispute, other trade wars, and the double-whammy of high crude prices and depreciating currencies for several large emerging economies, seemed to disappear in the shadow of supply concerns.
Scott Sheffield, chairman of major US shale producer Pioneer Natural Resources (PXD US), had some optimistic oil demand growth projections for the Permian and the country, but not everyone agreed with him. 
A sense of urgency was palpable throughout the APPEC week over the global switch to 0.5% sulphur cap in bunker fuel from 1 January 2020, which, as a Jpmorgan Chase &amp; Co (JPM US) analyst put, is the "perfect storm" headed the way of the shipping and oil refining sectors.


Bulls Grab Headlines at Major Asia Oil Conference but Not Everyone Buys into $100 Crude

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/6358" target="_blank" data-smartkarma-citation="entities:6358:1">Zijin Mining Group Co Ltd H (2899 HK)</a>/<a href="https://www.smartkarma.com/entities/24628" target="_blank" data-smartkarma-citation="entities:24628:1">Zijin Mining Group (601899 CH)</a>  <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0906/LTN20180906025.pdf" target="_blank">announced</a> a friendly, all-cash bid for <a href="https://www.smartkarma.com/entities/25784" target="_blank" data-smartkarma-citation="entities:25784:1">Nevsun Resources (NSU CN)</a> at C$6/share, a 26% premium to the unsolicited &amp; hostile bid from <a href="https://www.smartkarma.com/entities/25356" target="_blank" data-smartkarma-citation="entities:25356:1">Lundin Mining (LUN CN)</a> of C$4.75/share, and a 57% premium to the undisturbed price prior to Lundin’s <a href="https://www.nevsun.com/news/2018/may8/" target="_blank">first announcement</a> in April.  
The deal implies an equity value of C$1.86bn for Nevsun. The transaction requires a minimum of 66⅔% of Nevsun’s 302.6mn outstanding shares being tendered, including those held directly or indirectly by Zijin and its affiliates. Zijin currently owns 3.2mn shares or 1.1% of shares out.
Regulatory approvals required include: Canada's Investment Canada Act and the Competition Act, and China's National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange. Nevsun's CEO Peter Kukielski does not foresee any specific bottlenecks in securing these approvals. This offer appears priced to complete.

Zijin Mining Group Co Ltd H (2899 HK)/Zijin Mining Group (601899 CH)  announced a friendly, all-cash bid for Nevsun Resources (NSU CN) at C$6/share, a 26% premium to the unsolicited &amp; hostile bid from Lundin Mining (LUN CN) of C$4.75/share, and a 57% premium to the undisturbed price prior to Lundin’s first announcement in April.  
The deal implies an equity value of C$1.86bn for Nevsun. The transaction requires a minimum of 66⅔% of Nevsun’s 302.6mn outstanding shares being tendered, including those held directly or indirectly by Zijin and its affiliates. Zijin currently owns 3.2mn shares or 1.1% of shares out.
Regulatory approvals required include: Canada's Investment Canada Act and the Competition Act, and China's National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange. Nevsun's CEO Peter Kukielski does not foresee any specific bottlenecks in securing these approvals. This offer appears priced to complete.

Switzerland

Schmolz + Bickenbach AG through its subsidiaries, manufacture, processes, and distribute long steel products. The Company produces high-grade steels, bright and special steels, as well as stainless, acid and heat-resistant steels. Schmolz + Bickenbach operate internationally.

Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade chemical intermediates, fine chemicals, and protective bonding, coating and sealing products.  The Company supplies its products to the automotive, transportation, and textile industries.

Sika AG manufactures construction materials. The Company produces concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, and acoustic materials. Sika serves customers worldwide.

Givaudan SA manufactures and markets fragrances and flavors from natural and synthetic ingredients. The Company sells its products to manufacturers of perfumes, beverages, prepared foods, and consumer goods. Givaudan operates worldwide.

Clariant AG is a global specialty chemicals company. The Company's products and services are grouped into four business areas: Care Chemicals, Catalysis & Energy, Natural Resources and Plastics & Coatings. Clariant develops, produces, markets and sells specialty chemical products for various end markets.

Evolva Holding SA is a biotech firm. The Company's mission is to discover and provide innovative, sustainable ingredients for health, nutrition and wellness. Evolva uses biosynthetic and evolutionary technologies to create and optimise small molecule compounds and their production routes.

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

Fortescue Metals Group Ltd. explores for and produces iron ore. The Company conducts business worldwide.

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Newcrest Mining Limited is a gold mining, exploration and production company. The Company is geographically focused in Australia, the Pacific region and Asia. Newcrest Mining operates projects within six provinces in four countries, focusing on the Cadia East and Lihir MOPU expansion projects and the Wafi Golpu and Namosi greenfield projects.

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

China Hongqiao Group Ltd. manufactures aluminum products. The Company's aluminum products consist of molten aluminum alloy, aluminum alloy ingots and aluminum busbars.

Baoshan Iron & Steel Co., Ltd. manufactures and markets a variety of iron and steel products including cold rolled plates and coils, hot rolled plates and coils, seamless steel tubes, high-speed wire rods, and steel billets.  The company also operates in related energy production businesses.

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

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Glencore Plc (GLEN LN)

FTSE 100 Long/Short: Beginner's Luck

With just two weeks left before the UK is set to leave the EU, the shape of the arrangements with country's largest trading partners is still to be...

Boost Research

Confluence of Politics - China Bans Australian Coal Imports (Flash Note)

China implements coal import caps specifically targeting Australian producers Unclear as to how widespread these restrictions will eventually...

Boost Research

Bulls Grab Headlines at Major Asia Oil Conference but Not Everyone Buys into $100 Crude

We attended a major annual oil industry conference in Singapore over Sep 24-26 and spoke to several senior executives and traders from oil majors,...

Vandana Hari

Nevsun's Copper Solution for Zijin

Zijin Mining Group Co Ltd H (2899 HK)/Zijin Mining Group (601899 CH) announced a friendly, all-cash bid for Nevsun Resources (NSU CN) at...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FTSE 100 Long/Short: Beginner's Luck

With just two weeks left before the UK is set to leave the EU, the shape of the arrangements with country's largest trading partners is still to be...

Boost Research

Confluence of Politics - China Bans Australian Coal Imports (Flash Note)

China implements coal import caps specifically targeting Australian producers Unclear as to how widespread these restrictions will eventually...

Boost Research

LNG Industry Insight: New Entrants Gaining Market Share Amid a Tightening LNG Market (Part 1)

After a period of low investments and declining LNG prices, the LNG industry is enjoying a new phase of growth characterized by radical changes, as...

Massimo Bellino

Bulls Grab Headlines at Major Asia Oil Conference but Not Everyone Buys into $100 Crude

We attended a major annual oil industry conference in Singapore over Sep 24-26 and spoke to several senior executives and traders from oil majors,...

Vandana Hari

Nevsun's Copper Solution for Zijin

Zijin Mining Group Co Ltd H (2899 HK)/Zijin Mining Group (601899 CH) announced a friendly, all-cash bid for Nevsun Resources (NSU CN) at...

David Blennerhassett