In today’s briefing:
- Eagle Cement: Offer Open. IFA Says Fair
- Chevron Corp: Collaboration With Mistui Oil Exploration & Other Drivers
- Exxon Mobil Corp: Major Drivers
- Vale SA ADR: Initiation of Coverage – Market Position & Cost Advantage
Eagle Cement: Offer Open. IFA Says Fair
- Back on the 5 October, San Miguel (SMC PM) announced the acquisition of Eagle Cement (EAGLE PM) at P22.02/share. On the 28 October, Philippine Competition Commission said it had no issue.
- The Tender Offer is now out, and the Offer is open for acceptance. The IFA considers the Offer price to be fair.
- The Offer closes on the 5 December with an expected payment on the 14 December.
Chevron Corp: Collaboration With Mistui Oil Exploration & Other Drivers
- Chevron’s third quarter financial results were strong as the company surpassed Wall Street expectations in terms of revenues as well as earnings, with $624 million in favorable foreign exchange effects and $177 million in pension settlement costs.
- Among key updates, Chevron collaborated with Mitsui Oil to investigate the technical and financial viability of advanced geothermal power generation in Japan.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Exxon Mobil Corp: Major Drivers
- Like most other oil majors, Exxon Mobil too is trading close to its 52-week high.
- The company an delivered outstanding quarterly results driven by higher natural gas realizations, stronger refinery throughput, solid refining margins, and strict cost control.
- In the Permian Basin, Exxon increased output to almost 560,000 oil equivalent barrels per day, continuing their rapid expansion from the previous year.
Vale SA ADR: Initiation of Coverage – Market Position & Cost Advantage
- This is our first report on iron ore mining major, Vale SA.
- In the quarter, Vale continued the decharacterization of the two structures, Dike 4 and Baixo Joao Pereira dam.
- The operationally challenging quarter made Vale revise its copper and iron ore guidance for the year.
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