Daily Brief Energy/Materials: Vedanta Resources, EcoPro Materials, Kasumigaseki Capital, Geopark Ltd, Trigon Metals , Ecopetrol , Corteva and more

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.

• Vedanta Resources

• EcoPro Materials (ECO123 KS) is looking to raise up to US$500m in its Korean IPO.
• Ecopro Materials (EPM) manufactures and sells high-nickel precursors, one of the key materials for high-nickel cathode materials for secondary (rechargeable) batteries.
• In our previous note, we covered the company’s performance. In this note, we will undertake a  peer comparison.

• Over the weekend I wrote about Kasumigaseki Capital (3498 JP)‘s move to TSE Prime and then move to TOPIX. I noted earnings would be out 3 October.  
• I talked about the possibility of a surprise. They had revised full-year to end-Sep to ¥2bn. They got ¥2.05bn. 
• But after growing revenue 79% last year, and growing net profit 101%, this year they expect revs +60% and Net Profit +144%. 

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

• What you need to know: • The precious metals markets were down in September, alongside a pullback across broader markets.
• Commodities and battery metals held in relatively flat.
• Sentiment Update Commodity prices remained relatively flat through the month of September, following another flat month in August.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Ecopetrol’s ESG as “Adequate”, in line with its Governance score. The company has “Strong” scores for the Environmental and Social pillars. Controversies are “Immaterial” and Disclosure is “Strong”.

• Corteva, Inc. delivered mixed results in the quarter, with revenues below Wall Street expectations but above-par earnings.
• Pioneer and Brevant achieved double-digit revenue growth in the United States.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.