In today’s briefing:
- A Proxy Fight for Korea Zinc in January 2025
- Korea Zinc Saga Turning into a Comedy Show: MBK’s Speculative Move & How It’s Shaping Our Trades
- Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month
- 2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical
- Most executives upbeat after Trump election
- [Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America
- Packaging Corporation of America: What Is The Expected Margin Impact Of Its Strategic Investments To Enhance Operational Efficiency?- Major Drivers
- [ETP 2024/48] WTI Falls on Easing Middle East Tensions, Henry Hub Moderates on Ample Supply
- PPG Industries Inc.: These Are The 4 Biggest Risks Faced By The Paints & Coatings Behemoth! – Major Drivers
- Schlumberger Limited: Will Its Expansion of Deepwater Operations Help Catalyze The Top-Line Growth? – Major Drivers
A Proxy Fight for Korea Zinc in January 2025
- There is likely to be a proxy fight for the control of Korea Zinc (010130 KS) between MBK/Young Poong alliance and Chairman Choi/Bain Capital alliance in January 2025.
- Young Poong Precision announced that it will acquire 39,254 shares of Korea Zinc. Post this purchase, Young Poong Precision will own a 2.11% stake in Korea Zinc (up from 1.92%).
- FSS Governor Lee Bok-Hyun mentioned that the FSS is seriously reviewing a potential accounting issue related to environmental pollution at Young Poong.
Korea Zinc Saga Turning into a Comedy Show: MBK’s Speculative Move & How It’s Shaping Our Trades
- Lee Bok-hyun, head of the Financial Supervisory Service, unexpectedly voiced concerns about MBK winning Korea Zinc’s management battle, catching everyone off guard.
- The key question is how Michael ByungJu Kim will handle government pressure, with MBK possibly aligning with the opposition if the Democratic Party pushes for commercial law reform.
- Korea Zinc now becomes a proxy war over governance reform. Watch MBK’s political stance, as it could drive the stock higher, especially if Michael teams up with the opposition.
Quiddity Leaderboard SET50 Dec 24: Final Expectations; LONGs up +6% Vs SHORTs in a Month
- The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
- In this insight, we take a look at our final expected ADDs/DELs for SET 50 during the index rebal event in December 2024.
- We see four ADDs/DELs in December 2024. While the expected DELs list remains unchanged since last month, there is a change in our expected ADDs list.
2025 High Conviction Idea: PCBL Limited: Transitioning to Specialty Chemical
- Phillips Carbon Black (PHCB IN) PCBL is the largest producer of Carbon Black in the country and seventh largest player in the world.
- Transitioning to specialty carbon black, acquiring companies non-carbon linked companies and entering into JV for sunrise sectors EV battery chemical companies.
- Guiding for 2400Cr Capex for 1Mn capacity of Carbon black capacity, 600Cr capex for Aquafarm chemicals and 500Cr for battery chemicals in the upcoming years for growth.
Most executives upbeat after Trump election
William Companies $WMB believes more Republican control can resolve permitting issues, which would benefit the power industry and the energy infrastructure business.
A favorable tax outcome will also be “a very huge positive to [its] guidance in the immediate term”.
Energy Transfer $ET said the Trump administration will bring “a breath of fresh air.” Nov 06: Q3’24
[Earnings Review] Halliburton Misses Q3 Estimates on Persistent Weakness in North America
- Halliburton’s Q3 revenue fell by 1.8% YoY and missed estimates by 2.2% dragged down by an 8.5% YoY fall in revenue from North America.
- The Completion and Production division’s revenue dropped 5.4% YoY and 3% QoQ, while the Drilling and Evaluation division posted a 3.5% YoY increase but declined 1.4% QoQ.
- Operating cash flow declined 23.5% QoQ, while free cash flow dropped 31.5%. Earnings were impacted by lost revenue from the cybersecurity incident and Gulf storms.
Packaging Corporation of America: What Is The Expected Margin Impact Of Its Strategic Investments To Enhance Operational Efficiency?- Major Drivers
- Packaging Corporation of America reported robust third-quarter 2024 results, showcasing notable growth in both revenue and profitability driven by increased volume and effective cost management.
- The company achieved a net income of $238 million, translating to $2.64 per share, and excluding special items, net income stood slightly higher at $239 million or $2.65 per share.
- This performance marked a significant improvement compared to the third quarter of 2023, where net income was $185 million or $2.05 per share.
[ETP 2024/48] WTI Falls on Easing Middle East Tensions, Henry Hub Moderates on Ample Supply
- For the week ending 22/Nov, US crude inventories fell by 1.8m barrels, beating expectations of a 1.3m barrel decrease. However, gasoline and distillate stocks rose more than expected.
- US natural gas inventories fell by 2 Bcf for the week ending 22/Nov, missing analyst expectations of a 4 Bcf decline. Inventories are 7.2% above the 5-year seasonal average.
- Analysts raised their 12-month price targets on Chevron while trimming their targets for Exxon and Occidental. Both JP Morgan and Morgan Stanley reiterated their Overweight ratings on Reliance Industries.
PPG Industries Inc.: These Are The 4 Biggest Risks Faced By The Paints & Coatings Behemoth! – Major Drivers
- PPG, a global leader in the coatings industry, presented its third-quarter 2024 financial results, reflecting both achievements and challenges faced by the company.
- The earnings disclosed sales of $4.6 billion and highlighted a year-over-year segment margin improvement for the eighth consecutive quarter.
- Notably, adjusted earnings per diluted share reached a record high for a third quarter at $2.13, up 3%, despite complications such as an unfavorable tax rate.
Schlumberger Limited: Will Its Expansion of Deepwater Operations Help Catalyze The Top-Line Growth? – Major Drivers
- During the third quarter earnings of Schlumberger Limited (SLB), the Chief Executive Officer, Olivier Le Peuch, discussed a performance marked by strong margin expansion and robust free cash flow generation.
- While the company reported flat sequential revenue growth, it achieved a significant increase in adjusted EBITDA margin, demonstrating improved operational efficiency.
- Particularly noteworthy was the free cash flow figure, which stood at $1.81 billion for the quarter, highlighting the company’s strong cash-generating capability.
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