In today’s briefing:
- Eagle Cement: PCC’s Foregone Conclusion
- Valero Energy: Major Drivers
- Morning Views Asia: Vedanta Resources, Yankuang Energy Group
Eagle Cement: PCC’s Foregone Conclusion
- On the 5 October, San Miguel (SMC PM) announced the acquisition of Eagle Cement (EAGLE PM) at P22.02/share. The deal triggered notification and clearance with the Philippine Competition Commission
- I previously concluded in San Miguel Turns Its Sights To Eagle Cement there was no issue with PCC as the transaction was effectively left pocket, right pocket for SMC/Ramon Ang.
- SMC has now announced that the Offer is not subject to approval from the PCC. No surprise there.
Valero Energy: Major Drivers
- Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street expectations.
- The company has a good refining margin supported by continued energy cost advantages, low product inventories, and strong product demand for the U.S. refineries in comparison to the global competitors.
- The refining fundamentals stay strong, with global product supply staying constrained because of the high natural gas prices and capital reductions.
Morning Views Asia: Vedanta Resources, Yankuang Energy Group
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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