In today’s briefing:
- Jindal Steel & Power- Forensic Analysis
- Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials
- Petróleo Brasileiro S.A. – Petrobras – What Is Their Biggest Competitive Advantage? – 6 Major Drivers
- Wheaton Precious Metals Corp.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Mining Player! – Financial Forecasts
Jindal Steel & Power- Forensic Analysis
- Jindal Steel & Power (JSP IN) has been engaging in high related party transactions with few promoter entities and the engagement is increasing year on year.
- The company still faces pain in its foreign mining operations especially Australia. A large amount of loans has been impaired and written off lately.
- The company also sees high churn in board of directors. However, on the flipside, the deleverage is visible and overall balance sheet health has improved.
Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials
- The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.
- Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we’d welcome some consolidation, though it may come from higher levels.
- Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials
Petróleo Brasileiro S.A. – Petrobras – What Is Their Biggest Competitive Advantage? – 6 Major Drivers
- Petróleo Brasileiro S.A., also known as Petrobras, showcased strong financial results in the earnings call transcript for Q4 2023, despite an adverse external environment.
- The company presented the second highest economic and financial results in its history in terms of EBITDA, operational cash flow, free cash flow, and net profit.
- These outcomes were combined with numerous record achievements across its operations, including oil and gas production levels, refinement levels, and increased energy efficiency.
Wheaton Precious Metals Corp.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Mining Player! – Financial Forecasts
- This is our first report on mining player, Wheaton Precious Metals’ (WPM).
- The company’s recent fourth quarter and full year 2023 earnings exhibited a positive business outlook along with certain challenges.
- During the year, the company achieved solid financial performance by meeting its production guidance of 620,000 gold equivalent ounces (GEO’s).
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