Daily Brief Energy/Materials: Hanwha Corporation, Whitehaven Coal, Packaging Corporation of America, Schlumberger Ltd and more

• After the Kim family-backed Hanwha Energy completed Hanwha Corporation‘s Partial Offer last month, Hanwha Galleria (452260 KS)‘s VP Kim Dong-seon has now launched a Partial Offer for 17.5% in Galleria. 
• Preceding my comments on Hanwha are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Blackwater sell down to Nippon and Jfezenhe Steel for US 1.08 billion upfront
• Deal includes selling 30% of Blackwater, reducing net debt by 150 million and potential future contingent payments
• Transaction costs and transition costs higher than expected, but deal significantly impacts balance sheet and future cash flow

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• Packaging Corporation of America (PCA) reported second-quarter 2024 financial results with both strengths and challenges.
• The company announced a net income of $199 million, resulting in $2.21 earnings per share (EPS).
• Excluding special items, the EPS stood at $2.20, showing a slight decrease compared to the same quarter of the previous year at $2.31.

• In the second quarter of 2024, Schlumberger showcased a strong ability to capitalize on the ongoing growth cycle while driving efficiency throughout its operations.
• The company reported a 5% increase in revenue compared to the first quarter.
• Schlumberger’s adjusted EBITDA grew 11%, and its adjusted EBITDA margin expanded 142 basis points.