In today’s briefing:
- Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers
- Japan Weekly | Earnings Reports Dictate Stock Moves
- [Blue Lotus Daily – TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN
- AUCTUS ON FRIDAY – 26/04/2024
- [Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ
Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers
- This paper contrasts performance of integrated oil exploration and refining firms (“Explorers”) with oil refineries (“Refiners”).
- Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
- This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.
Japan Weekly | Earnings Reports Dictate Stock Moves
- For the week, the Nikkei ended up 2.34%, while the Topix gained 2.29%.
- Japan’s 10-year government bond yield reached six-month highs, exceeding 0.9%, amidst the BOJ’s unchanged interest rates.
- Shares of Zeon rose by +17% this week after the company reported 4Q3/24 operating profits of ¥4.5 bn, surpassing analyst estimates
[Blue Lotus Daily – TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN
- JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance subsidies (+)
- 700 HK: Source suggested that <Black Myth: Wukong> will commence pre-sales on Tencent’s WeGame platform on May 19th.(+)
- SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)
AUCTUS ON FRIDAY – 26/04/2024
- AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.
- In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
- The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.
[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ
- 9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)
- LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）
- 1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)
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