Daily Brief Energy/Materials: Natural Gas, Alconix Corp, Japan Pure Chemical, T Hasegawa, Ardagh Metal Packaging and more

• The EIA expects US natural gas production to fall by 1% in 2024 and lifted LNG price forecast for Henry Hub benchmark by 13% for the year.
• OPEC’s 2024 global oil demand growth forecast unchanged at 2.25m bpd. But IEA lowered its projection to 960k bpd from 1.1m bpd.
• Russia, Iraq, & Kazakhstan continued to oversupply despite lowering production MoM in May.

• FY03/24 revenue was JPY174.9bn (-1.9% YoY), operating profit JPY5.5bn (-34.9% YoY), and net income JPY1.6bn (-70.9% YoY).
• FY03/25 forecast: revenue JPY185.0bn (+5.8% YoY), operating profit JPY7.2bn (+31.8% YoY), net income JPY4.5bn (+181.6% YoY).
• FY03/27 targets: revenue JPY220.0bn, operating profit JPY12.0bn, recurring profit JPY12.0bn, EBITDA JPY16.4bn, ROE at least 12.0%.

• In FY03/24, JPC reported revenue of JPY11.4bn (-29.7% YoY), operating profit of JPY354mn (-37.6% YoY), recurring profit of JPY553mn (-26.6% YoY), and net income of JPY548mn (-3.8% YoY).
• Revenue and profit declined YoY due to lower sales of plating chemicals for connectors and lead frames, as demand for consumer products such as smartphones and PCs was slow to recover.
• The revised FY03/25 forecast looks for full-year revenue of JPY13.0bn (+13.8% YoY), operating profit of JPY500mn (+41.1% YoY), recurring profit of JPY680mn (-22.9% YoY), and net income of JPY580mn (+5.8% YoY).

• In FY09/23, revenue was JPY64.9bn (+4.0% YoY), operating profit was JPY7.5bn (-6.8% YoY), recurring profit was JPY8.2bn (-9.8% YoY), and net income attributable to owners of the parent was JPY6.7bn (-16.7% YoY).
• Consolidated revenue amounted to JPY64.9bn (+4.0% YoY).
• Revenue increased 1.4% YoY at the parent, while major US subsidiaries saw a 4.6% increase YoY (-6.3% YoY on a local currency basis) due to a weak yen.

• FY03/24 revenue was JPY174.9bn (-1.9% YoY), operating profit JPY5.5bn (-34.9% YoY), and net income JPY1.6bn (-70.9% YoY).
• FY03/25 forecast: revenue JPY185.0bn (+5.8% YoY), operating profit JPY7.2bn (+31.8% YoY), and net income JPY4.5bn (+181.6% YoY).
• FY03/27 targets: revenue JPY220.0bn (CAGR 7.9% vs. FY03/24), operating profit JPY12.0bn (30.3%), and recurring profit JPY12.0bn (30.1%).

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Ardagh Metal Beverage Packaging’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Strong”.

• FY03/24 revenue was JPY174.9bn (-1.9% YoY), operating profit JPY5.5bn (-34.9% YoY), and net income JPY1.6bn (-70.9% YoY).
• FY03/25 forecast: revenue JPY185.0bn (+5.8% YoY), operating profit JPY7.2bn (+31.8% YoY), and net income JPY4.5bn (+181.6% YoY).
• FY03/27 targets: revenue JPY220.0bn (CAGR 7.9%), operating profit JPY12.0bn (30.3%), recurring profit JPY12.0bn (30.1%).

• In FY03/24, the company reported revenue of JPY322.3bn (+17.5% YoY), operating profit of JPY12.4bn (-24.0% YoY), pre-tax profit of JPY12.4bn (-1.8% YoY), and net income attributable to owners of the parent of JPY24.5bn (+124.1% YoY).
• Revenue, operating profit, and pre-tax profit exceeded the previously announced targets due to higher-than-expected gold sales prices and growth in the North American operations in the Precious Metals business.
• Additionally, following the completion of the share exchange between the previously consolidated subsidiary, Japan Waste Corporation, and Renatus Co., Ltd., the company recorded the fair value assessment of Renatus’s shares under net income from discontinued operations.

• In FY03/24, revenue was JPY174.9bn (-1.9% YoY), operating profit JPY5.5bn (-34.9% YoY), recurring profit JPY5.4bn (-33.4% YoY), and net income attributable to owners of the parent JPY1.6bn (-70.9% YoY).
• Although revenue increased in the Aluminum and Copper Products, Equipment and Materials, and Metal Processing businesses in line with an increase in automobile-related transactions, overall revenue declined due to sluggish nickel and other material transactions in the Electronic and Advanced Materials business.
• Despite the increase in automobile-related transactions, profit declined due to delays in passing on higher costs to customers.

• Revenue for FY03/24 was JPY322.2bn (+17.5% YoY), driven by higher gold sales volumes and North American refining growth.
• Operating profit for FY03/24 was JPY12.4bn (-24.0% YoY) due to delayed recovery in precious metals recycling and falling palladium and rhodium prices.
• FY03/25 forecasts include revenue of JPY370.0bn (+14.8% YoY), operating profit of JPY18.0bn (+45.5% YoY), and a dividend of JPY80.0.