Daily Brief Energy/Materials: EcoPro Materials, Eog Resources, Indika Energy and more

• The indicative price band is ₩36,200 to ₩46,000. Accordingly, the market capitalization implied by the price band is ₩2.68T to ₩3.40T.
• The concern arises as to whether Ecopro Materials can consistently deliver a level of profitability that justifies receiving an equivalent valuation multiple to that of Ecopro BM.
• The timing of this IPO coincides with the ongoing valuation correction in the local battery sector, making the valuation issue the most critical point to watch in this IPO.

• Ecopro Materials is getting ready to complete its IPO in KOSPI in November 2023. The IPO price range is from 36,200 won to 46,000 won. 
• The IPO offering amount is from 524 billion won to 666 billion won. The expected IPO market cap is from 2.7 trillion won to 3.4 trillion won.
• The bankers used four companies including CNGR, Posco Future M (003670 KS), L&F, and Cosmo AM&T (005070 KS) as comps for Ecopro Materials.

• EOG Resources, Inc. managed to surpass the revenue and earnings expectations of Wall Street.
• This quarter, they emphasized improved drilling performance in the South Powder River Basin, Mowry, and Ohio Utica Combo plays.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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.

• Indika Energy
• Tata Steel Thailand