In today’s briefing:
- Insolation Energy Ltd- Forensic Analysis
- [US Crude Oil Options Weekly 2024/51] WTI Futures Fall on Weak China Data and Fed Hawkishness
- Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference
- [US Nat Gas Options Weekly 2024/51] Henry Hub Surged for the Second Week on Robust Demand Outlook
- RPPL: Strong Q2 Led by Volume Growth and Margin Normalization
Insolation Energy Ltd- Forensic Analysis
- Insolation Energy (INA IN), originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.
- The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.
- As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.
[US Crude Oil Options Weekly 2024/51] WTI Futures Fall on Weak China Data and Fed Hawkishness
- WTI futures fell 2.6% for the week ending 20/Dec, pressured by weak economic data, a robust dollar, and the Fed’s hawkish outlook on rate cuts in 2025.
- WTI options Put/Call volume ratio fell to 0.95 from 1.15 (13/Dec) last week, as call volume dropped by 52.5% WoW while put volume decreased by 60.8%.
- WTI OI PCR rose to 0.87 from 0.85 last week. Call OI fell by 18.5% WoW, while put OI declined by 16.3%.
Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference
- 40-45% of production forest areas in Vietnam certified for sustainable management
- VRG sold over 800 tons EUDR rubber netting an additional US$250/ton
- Member firms abroad readying to sign contracts on EUDR rubber
[US Nat Gas Options Weekly 2024/51] Henry Hub Surged for the Second Week on Robust Demand Outlook
- US natural gas prices surged by 14.3% for the week ending 20/Dec, driven by rising LNG exports, favourable long-term weather forecasts, and stronger-than-expected declines in natural gas stockpiles.
- Henry Hub Put/Call volume ratio fell sharply to 0.60 from 1.10 (13/Dec) the previous week as call volumes surged by 228.8% WoW, while put volumes increased by 77.6%.
- Henry Hub OI PCR inched up to 0.84 from 0.83 compared to last week. Call OI rose by 5.3% WoW, while put OI increased by 6.0%.
RPPL: Strong Q2 Led by Volume Growth and Margin Normalization
- Q2FY25 performance was strong led by volume growth and margin improvement. Q2FY25 revenue grew 31% YoY and 12%+ QoQ. Volumes grew 24.6% YoY (9.5% QoQ) led by strong demand environment.
- Margins have now normalized as raw material prices have stabilized. EBITDA margin improved to 14.9% vs 14.7% QoQ and 13.5% YoY. PAT margin grew to 5.8% vs 3.2% YoY.
- RPPL’s value-added segments like barrier packaging and injection molding are growing rapidly. Exports are also steady at INR 10cr+ per quarter and have a strong order pipeline.
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