Daily Brief Energy/Materials: Esso Thailand, Pidilite Industries, Perpetua Resources Corp, Vedanta Resources and more

• Back on the 11 January, refiner/retailer Bangchak Corporation (BCP TB)‘s board approved the purchase of a 65.99% stake in Esso Thailand (ESSO TB) from Exxon Mobil.
• The purchase price remains indeterminate (the indicative price is Bt8.84/share), based on a pricing adjustment mechanism as it relates to Esso’s financial accounts at the close of the stake purchase.
• Esso is down 17% since the announcement, and 37% from its recent (Oct-22) high. That seems excessive. 

• With roughly a week left in the reference period, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices for the March 2023 Rebalance.
• For NIFTY 50, Pidilite Industries (PIDI IN) is the highest-ranked Potential ADD while Bharat Petroleum Corp (BPCL IN) is the highest-ranked Potential DELETE according to our estimates.
• In this insight, we take a look at the recent price performance of names that can potentially be involved in index changes and our flow expectations.

• ACF identifies PPTA as a US national strategic asset (Sb)and best-in-class gold asset.
• Sb: Proven & Probable Reserves 148 Mlbs at 0.06% in 104 Mt.
• Au: Proven & Probable Reserves at 4.8 Moz gold (Au) @ 1.43 g/t.

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.

• Vedanta Resources
• O-Net Technologies (Group)