In today’s briefing:
- FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: Market Consultation Results Announced; BIG Trade
- PetroTal Corp (AIM: PTAL): Barge constraints should be alleviated in 4Q22
FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: Market Consultation Results Announced; BIG Trade
- The number of FTSE TWSE Taiwan Dividend+ Index constituents will be increased from 30 to 50 in one step at the December rebalance.
- There are a few other changes to the index methodology, mainly around the cutoff ranks for inclusion/exclusion with a few additional constraints.
- We forecast 25 adds and 4 deletes to the index with one-way trade over US$2.2bn and big impact on many stocks due to inclusion, exclusion, capping and funding.
PetroTal Corp (AIM: PTAL): Barge constraints should be alleviated in 4Q22
- 3Q22 production was ~12,229 bbl/d. This is below the guidance of 14.25 mbbl/d due to a continuing shortage of barges caused by the low level of the Amazon river during the dry season.
- With the upcoming end of the dry season, the shortage of barges is expected to disappear in 4Q22. The eventual goal is to send 600,000 bbl per month (~20 mbbl/d) eastbound to Brazil and Iquitos.
- No firm date for the restart of the ONP pipeline has been provided yet and the company is now excluding any contributions from sales through the ONP in its new guidance of 16.5 mbbl/d for 4Q22 (19.5 mbbl/d previously).
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