External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. 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

<ul><li>Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ)</li><li>The core profit removes the impact of exchange gains/losses as well as tax reversals</li><li>Despite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectively</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.

Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ)The core profit removes the impact of exchange gains/losses as well as tax reversalsDespite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectivelyContent 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.

Fertiglobe: 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Fertiglobe - 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<div><ul style="list-style-type: disc;"><li>Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.</li><li>Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.</li><li>The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.</li></ul></div>

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.

Thematic (Sector/Industry)

<ul>
<li>We expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.</li>
<li>Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.</li>
<li>We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.</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 expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.
Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.
We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.

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.

United Arab Emirates

MITSUBISHI GAS CHEMICAL COMPANY, INC. produces chemical products such as xylene and methanol.  The Company also manufactures engineering plastics and specialty chemicals.

Orica Limited is a diversified manufacturing company.  The Company produces industrial and specialty chemicals, polyethylene, surface coatings for vehicles, food and beverage flavoring and fragrances, packaging and appliances. The Company also supplies explosive and blasting services to the mining, quarrying and construction industries.

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Resonac Holdings Corporation manufactures and distributes chemical products. The Company produces synthetic resins, petrochemical products, inorganics, and other related products. Resonac Holdings also produces ceramics, metals, carbon, electronic materials, and other products.

Mitsui Chemicals, Inc. manufactures and markets a variety of chemical products. The Company's products include ethylene, propylene and other petrochemicals, basic chemicals, synthetic resins, and fine chemicals.  The Company operates worldwide.

Zhejiang Longsheng Group Co., Ltd. manufactures a variety of dyes including high intensity and rapid-dying Lonsperse Dye. The Company sells its products domestically and exports worldwide.

Zhejiang Longsheng Group Co., (600352 CH)

Huntsman Corporation manufactures differentiated and commodity chemical products.  The Company markets a broad range of chemical products and formulations to a diversified group of consumer and industrial customers. Huntsman's products are used in a range of applications, including those in adhesives, aerospace, automotive, construction products, and consumer products.

Zhejiang Huafeng Spandex Co., Ltd. manufactures and markets spandex products.

SKC Co., Ltd. manufactures a variety of films, including polyester films, silicon coated films, and inkjet films.  The Company also produces chemical products, such as propylene oxide, propylene glycol, and styrene monomer. In addition, SKC provides materials for photovoltaic.

Nissan Chemical Industries, Ltd. produces a variety of chemical products, ranging from basic chemicals to functional chemical products.  The Company also manufactures agrochemicals and pharmaceutical products.

Fertiglobe plc operates as an export-focused nitrogen fertilizer platform. The Company offers a range of nitrogen products serving agricultural and industrial customers around the world.

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Fertiglobe plc (FERTIGLB UH)

Fertiglobe: 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Fertiglobe posted 1Q24 core profit of USD77mn, down 51% YoY (-28% QoQ). The core profit removes the impact of exchange gains/losses as well as tax...

International Securities

Fertiglobe - 1Q24 Core Profit Down 51% YoY (-28% QoQ) To USD77mn, in Line with Estimates

Despite stable volume, revenue was lower by 20% YoY (-15% QoQ) led by 9% and 45% YoY decline in Urea and Ammonia benchmark prices, respectively

International Securities

1st Quarter 2024 Letter to Investors

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...

Massif Capital Research

4Q23 Quarterly Result Previews

Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.

International Securities

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