Daily Brief Energy/Materials: Rex Minerals, Posco Future M, First Trust NASDAQ Clean Edge, Schlumberger Ltd, CES Energy Solutions, Ocean Power Technologies, PT Pertamina (Persero) and more

• Rex Minerals being acquired by major shareholder, Selim Group, for $393 million
• Acquisition comes after extensive partnering process and recent investment by Mac with 16% shareholding
• Rex’s Hillside project in South Australia has historical challenges but now looks set for development with new ownership and funding capabilities

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• The review period for the September rebalance ends 31 July, the changes will be announced in the first week of September and implemented at the close of trading 12 September.
• There are changes expected for each of the Secondary Battery, Bio, Internet, Game and BBIG indices. The Shift Up (462870 KS) listing should result in more changes.
• The largest flows will be in Posco Future M, Ecopro BM, SK Biopharmaceuticals, Alteogen, Douzone Bizon, SKC Co and Kakao Corp.

• AI advancements will increase data center power demand by 160% by 2030, consuming 8% of U.S. electricity.
• A single ChatGPT query uses 2.9 watt-hours of electricity, compared to 0.3 watt-hours for a Google search.
• 2 of the 5 top performing stocks year-to-date in the S&P 500 are utility companies Vistra Corp and Constellation Energy. Utility sector has gained 6.7% in 2024. 

• Schlumberger’s revenue is expected to rise 12.1% YoY and net profit by 15.3% YoY in Q2 2024. Management sees sequential margin growth across divisions.
• Q2 growth is expected to be driven by SLB’s International segment, offsetting North American weakness. The International segment contributed 82% of Q1 revenue.
• SLB announced plans to increase shareholder returns from USD 2.5 billion to USD 3 billion in 2024 and to USD 4 billion in 2025.

• CES Energy (CEU) is an asset lite oil field services company focused on drilling fluids and production chemicals
• Trading at C$5.55 per share with a US$931MM market cap
• Analysts project a 75% upside potential with a valuation of C$10 per share by FY25 due to expected mid-single digit earnings growth and cashflow return to shareholders at a 13% yield

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• OPT has partnered with Unique Group, a UAE-based subsea technology company that aims to deploy OPT’s USVs in the UAE and GCC region.
• The partnership aims to develop a new GCC-specific USV model (WAM-V 22) that adheres to local safety regulations and prioritizes environmental efficiency.
• OPT, a developer of low-carbon marine power solutions, signed an OEM agreement with Teledyne Marine, a supplier of maritime equipment.

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 Vanke
• PT Pertamina (Persero)
• Sunny Optical Technology Group