In today’s briefing:
- Tax-Loss Selling in Australia – Brief Historical Analysis And A Trade Basket
- Coal India Follow-On – Recent Momentum Is Strong but past Deals Haven’t Done Much
- Amman Mineral Internasional IPO: The Investment Case
- ConocoPhillips: Breaking Production Milestones Good Enough In The Current Environment? – Key Drivers
- Empire Energy Group Ltd – Carpentaria – on the Road to First Gas
- Martin Marietta Materials Inc.: Major Drivers
- Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers
Tax-Loss Selling in Australia – Brief Historical Analysis And A Trade Basket
- I am not a tax advisor and I do not play one on TV but it is a subject of interest in Australia, as an AFR article last year shows.
- The general gist of the idea is that retail investors in Australia will take gains on things which run up in price, or get taken over, then look for losses.
- Below I present a study using data from 2012-2022 of how a basket portfolio trade might work.
Coal India Follow-On – Recent Momentum Is Strong but past Deals Haven’t Done Much
- The Government of India is looking to raise up to US$540m via selling around 3% of Coal India.
- This will be the third divestment by the Government since 2015 and the past two deals didn’t end up doing much.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Amman Mineral Internasional IPO: The Investment Case
- Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.
- Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.
- The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.
ConocoPhillips: Breaking Production Milestones Good Enough In The Current Environment? – Key Drivers
- ConocoPhillips produced a good first quarter performance, managing an all-around beat, breaking both company and Lower 48 production milestones.
- Production was outstanding, averaging 1,792,000 barrels of oil equivalent per day due to strong performance across the board.
- With new wells coming online and good strong performance, Lower 48 underlying production increased by 8% year over year, reaching 1,036,000 barrels of oil equivalent per day on average.
Empire Energy Group Ltd – Carpentaria – on the Road to First Gas
- Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets.
- EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
- The NT energy basins are fast developing as strategic high-calorific gas bolsters for east coast Australia’s future domestic requirements, growing Gladstone LNG ullage and potential supply for Darwin’s expanding LNG export terminals, amid funding support from Territory and Federal governments.
Martin Marietta Materials Inc.: Major Drivers
- Martin Marietta had a solid start to the year and managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Financially, Martin Marietta reported increased revenues, gross profit, earnings per share, and adjusted EBITDA.
- Solid aggregate demand was observed across their footprint, with attractive pricing fundamentals.
Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers
- It was a successful Q1 for Vulcan Materials as they delivered an all-around beat and projected attractive growth for 2023.
- Despite lower volumes in significant product lines, gross profit improved by 12%, and gross margin expanded by 90 basis points.
- We give Vulcan Materials Company a ‘Hold’ rating with a revised target price.
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