Daily Brief Energy/Materials: Kum Yang, Barito Renewables, Freeport Mcmoran, Hunting PLC, Cleveland-Cliffs Inc , Rpm International, Trigon Metals , Vedanta Resources and more

• In addition to full market cap and trading value, float-adjusted market cap will be added as a quantitative screening tool. 
• Regarding extreme price increases, KRX plans to utilize the deviation between the average daily market capitalizations for two, three, and six months leading up to the screening base date.
• We should consider designing trading setups that target stocks with relatively low free-float rates and high price volatility in recent months.

• Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. 
• Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. 
• Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.

• Freeport-McMoRan Inc. delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus regarding earnings.
• Despite this setback, Freeport-McMoRan outperformed expectations, achieving a lower-than-expected unit net cash cost of 47 per pound.
• This, combined with solid copper prices, resulted in robust margins and an impressive EBITDA of 14 billion.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.
• There could be a couple of intra-review changes in the next 2-3 months but the intra-review replacement names could depend on the timing of these changes.
• Separately, I see one regular ADD and DELETE for F250 in December 2023 but many names are close to the border and index change expectations could change if prices fluctuate.

• Cleveland-Cliffs Inc. delivered mixed results for the previous quarter, with revenues above the analyst consensus.
• Cleveland produced its best free cash flow quarter since 2021, with $756 million.
• The richer mix had an offsetting effect in Q2 on expenses, as Cleveland’s unit costs were unchanged from the previous quarter.

• RPM International Inc. delivered a positive result and managed an all-around beat in the last quarter.
• Net sales for the Construction Products Group reached $748 million, a small increase over the same period the previous year.
• The consumer group increased sales by 4.9% to $716.4 million in the quarter.

• Trigon announced drill results from Kombat at the East 400 area, with a highlight of 4.2% Cu over 13m.
• This morning, Trigon Metals Inc. (TM:TSXV) announced confirmation drill results at the Kombat Mine in Namibia.
• The drill results reported today have extended the known mineralization and mineable tonnage in the East 400 area (Figure 1).

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.

• China Jinmao Holdings
• China Vanke
• Greentown China
• Vedanta Resources