Core Viewpoint - The article emphasizes the importance of value investing and highlights Transportadora De Gas Ord B (TGS) as a strong candidate for value investors due to its favorable financial metrics and strong earnings outlook [2][7]. Company Analysis - Transportadora De Gas Ord B (TGS) has a Zacks Rank of 1 (Strong Buy) and an A grade for Value, indicating it is currently considered a top value stock [4]. - The stock is trading at a P/E ratio of 10.93, significantly lower than the industry average P/E of 15.70, suggesting it may be undervalued [4]. - TGS's Forward P/E has fluctuated between 54.87 and 10.93 over the past year, with a median of 16.37, indicating volatility but also potential for growth [4]. - The company has a P/B ratio of 1.49, which is lower than the industry average P/B of 1.90, further supporting the notion of undervaluation [5]. - TGS's P/B ratio has ranged from 0.56 to 1.90 in the past 12 months, with a median of 1.03, showing a solid position relative to its book value [5]. - The P/S ratio for TGS is 2.51, which is comparable to the industry average P/S of 2.52, indicating that revenue performance is in line with industry standards [6]. Investment Outlook - The combination of TGS's favorable financial ratios and strong earnings outlook positions it as one of the market's strongest value stocks, appealing to value investors [7].

Group 1 - An Extraordinary General Meeting of TGS ASA was held on 25 July 2024 [1] - All resolutions proposed during the meeting were approved by the shareholders [1] - The minutes from the Extraordinary General Meeting are available on the company's website [2]

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. Another valuation metric that we should highlight is TGS's P/B ratio of 1.64. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B o ...

Core Insights - TGS has entered into a global multi-year agreement with Shell for licensing the TGS Imaging AnyWare software suite, indicating a strategic collaboration aimed at enhancing data processing and analytical capabilities for clients [1][5] - Shell will transition from its in-house software to TGS Imaging AnyWare, which is recognized for its efficiency, flexibility, and usability, validating the software's excellence [2][3] - The partnership aims to continuously improve the performance of Imaging AnyWare while reducing project turnaround time and costs [5] Company Overview - TGS is a global provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain [6] - The company provides a comprehensive range of insights to assist clients in making informed decisions regarding energy resource exploration and production [6]

The minutes from the Annual General Meeting are available on www.tgs.com. Sven Børre Larsen Chief Financial Officer investor@tgs.com TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions. All statements in this press release other than statements of historical fact are forward-look ...

Core Insights - TGS ASA has begun trading on OTCQX under the symbols "TGSNF" and "TGSGY," aiming to enhance recognition and engagement among U.S. investors [1][5] - The upgrade to OTCQX from the Pink market signifies TGS ASA's commitment to high financial standards and best practice corporate governance [2][6] - TGS ASA provides a comprehensive range of energy data and intelligence services, including seismic data, wind energy data, and advanced analytics [2] Company Overview - TGS ASA is a leading provider of energy data and intelligence, offering the world's largest global energy data library [2] - The company has recently acquired Magseis Fairfield, positioning itself as the world's leading OBN (Ocean Bottom Node) provider [2] - TGS ASA specializes in various services, including data management and cloud-based applications [2] Market Context - OTC Markets Group Inc. operates regulated markets for trading 12,000 U.S. and international securities, with TGS ASA qualifying for the OTCQX Best Market [3][5] - The OTCQX Market is designed for companies seeking to provide transparent trading for U.S. investors, allowing them to utilize home market reporting [6]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities and Exchange Act of 1934 _____________ City of Buenos Aires, April 24, 2024. For April 24, 2024 Commission file number: 1-13.396 Transportadora de Gas del Sur S.A. Don Bosco 3672, Fifth Floor 1206 Capital Federal Argentina Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Fo ...

Revenue and Financial Performance - 2023年天然气运输公共服务的净收入占总收入的22%[52] - The Liquids production and commercialization segment has represented over 50% of total revenues from 2004 to 2017 and since fiscal year 2021[105] - 65.2% of the company's total consolidated revenues from sales for the year ended December 31, 2023, are denominated in U.S. dollars[167] Regulatory and Government Actions - 根据2017年通过的决议，预计运输费率将增加214.2%，接入和使用费率将增加37%[55] - 2023年12月14日，ENARGAS发布了第704/2023号决议，计划于2024年1月8日举行公开听证会[59] - 2023年12月16日，发布第55/2023号法令，宣布国家能源部门进入紧急状态，直至2024年12月31日[60] - The Argentine government has enacted the Solidarity Law, which froze natural gas and electricity tariffs, impacting revenue generation[81] - The government declared a National Emergency of the Energy Sector, with a utility rates review deadline set for December 31, 2024[82] - The government’s Plan Gas.Ar aims to guarantee natural gas supply and incentivize investments in production, extended until 2028[95] - The Argentine government has created the Transport.Ar program and declared the construction of the NK Pipeline a strategic project, granting a 35-year concession to ENARSA[96] - The Solidarity Law grants the Executive Branch broad legislative powers to ensure public debt sustainability and regulate energy tariffs[218] Economic Conditions and Challenges - 由于阿根廷经济状况，政府于2019年推迟了后续的半年度调整[57] - Argentina's public debt load stands at U.S.$403 billion, including loans from the IMF, with outstanding debt to private bondholders approximately U.S.$134 billion[175] - The primary fiscal deficit for Argentina is projected to be 2.9% of GDP in 2023, up from 2.4% of GDP in 2022[191] - The IMF approved a 30-month extended fund facility to provide Argentina with U.S.$44.1 billion, aimed at strengthening debt sustainability and addressing economic challenges[182] - The Argentine government's ability to finance its deficit is limited due to high levels of public sector indebtedness, which could negatively impact the economy[196] - The Argentine peso depreciated by 356.3% against the US dollar as of December 31, 2023, reaching Ps. 805.45[203] - Argentina's public debt as a percentage of GDP was approximately 88% as of December 31, 2023[208] - Inflation in Argentina has significantly increased operating costs, particularly labor costs, affecting the company's financial condition[207] - The Argentine economy experienced a GDP decrease of 1.6% in 2023, following a growth of 5.2% in 2022[208] - The new administration's emergency measures aim to reduce the fiscal deficit and include a significant cut in public spending and an increase in certain taxes[219] - The recent political instability has led to a decline in market expectations and forecasts for the Argentine economy[212] Operational Risks and Challenges - 公司面临由于未能及时获得费率增加而导致的财务和经济状况恶化的风险[61] - 政府未能及时遵守与费率系统相关的协议可能会对公司的运营结果和财务状况产生负面影响[62] - The company faces risks related to labor union relationships, which could adversely affect business operations and financial condition[66] - The company faces risks related to litigation and administrative proceedings that could materially affect financial conditions and obligations[123] - The company has initiated legal proceedings against regulations that increased natural gas processing costs, which could significantly impact operating margins[110] - The company faces potential environmental risks that could lead to increased operating costs and adversely affect financial condition[128] - New environmental laws in Argentina may impose higher compliance costs, significantly impacting operational results[130] - Increased competition in the Liquids sector may reduce the quality of natural gas available for processing, affecting revenues[136] - The company competes directly with Transportadora de Gas del Norte S.A. for natural gas transportation services, which could impact business operations[137] - The development of the Vaca Muerta natural gas production is contingent on transport infrastructure, which is currently near full capacity[138] Investment and Capital Expenditure - 资本支出计划要求在2017年至2022年期间投资678.6亿比索以改善管道系统的运营和维护[55] - The company has implemented a reduction in current investment plans while ensuring safety, allowing continuity in operations[89] - An investment plan of Ps. 27,690 million is set to be adjusted according to regulatory guidelines, focusing on gas infrastructure works[90] Market and Competitive Environment - The company’s ability to extend or replace transportation contracts may be adversely affected by factors beyond its control, including regulatory changes and competition[86] - The company relies on a long-term agreement for ethane sales with PBB, which is subject to operational conditions that may affect future sales[111] - The volatility in Liquids prices is influenced by geopolitical issues, production variations, and macroeconomic conditions, expected to continue in the future[106] - Stakeholder pressure on financial institutions to limit funding for fossil fuel projects may negatively impact the company's growth opportunities[163] Financial and Credit Risks - A downgrade in credit ratings could lead to increased funding costs and difficulties in raising capital, adversely affecting business operations[143] - The company maintains cash deposits in banks significantly in excess of insured levels, which poses a risk if any of these banks fail[165] - High inflation rates in Argentina could negatively impact the company's business, financial condition, and ability to meet financial obligations[234] External Economic Factors - The ongoing COVID-19 pandemic continues to disrupt global economic activity, contributing to volatility in financial markets[230] - The government implemented mandatory lockdowns during the pandemic, affecting non-essential businesses while oil and gas activities remained exempt[231] - The uncertainty surrounding the Omnibus Law and its potential impact on the Argentine economy creates challenges for the company's future outlook[228]

Financial Data and Key Metrics - Net income for Q3 2023 was ARS4.9 billion, a significant decline from ARS11.4 billion in Q3 2022, primarily due to a ARS5.7 billion negative variation in financial results and a ARS4 billion decrease in liquids EBITDA [5] - Liquids EBITDA decreased by 31% to ARS9 billion in Q3 2023, compared to ARS13 billion in Q3 2022, driven by a 30% decline in LPG prices [6] - Natural gas transportation EBITDA decreased slightly by ARS1 million, impacted by a ARS10.1 billion negative inflation effect on revenues, partially offset by a ARS7.3 billion increase from a 95% transitional tariff hike [17] - Other services EBITDA increased by 46% to ARS10.8 billion, driven by higher natural gas transportation and conditioning volumes [19] - Cash position increased slightly to ARS210.3 billion (approximately $600 million), with 73% of EBITDA generated by non-regulated businesses [20] Business Line Performance - Liquids business saw a decline in revenues due to lower LPG prices, partially offset by higher ethane volumes sold and lower natural gas costs [6][7] - Natural gas transportation volumes rose from 15 million cubic meters per day in Q3 2022 to 23 million cubic meters per day in Q3 2023, while conditioning volumes increased from 10 million to 15 million cubic meters per day [19] - Midstream services in Vaca Muerta are expected to grow significantly, with expansions increasing capacity to 28 million cubic meters per day by 2024 [14][36] Market and Strategic Developments - The company commissioned a 32-kilometer extension of the North Tranche pipeline in Vaca Muerta, increasing capacity to 60 million cubic meters per day [2] - The Argentine government is revising offers for the reversal of the Techint North pipeline, expected to be commissioned before winter 2024 [3] - The company is working on two additional conditioning capacity expansions, with a CapEx of approximately $300 million, to increase total capacity to 28 million cubic meters per day by 2024 [14] - The company expects to benefit from the commissioning of the Néstor Kirchner pipeline and the construction of its second tranche, providing growth opportunities in midstream services [15] Management Commentary on Operating Environment and Outlook - The company faces challenges due to inflation and foreign exchange restrictions, requiring offshore financing for imports [10][44] - Management expects the license extension to be granted in 2024, which is crucial for strategic planning and business expansion [4][11] - The company anticipates midstream services to become the largest EBITDA contributor by 2026, depending on tariff renegotiations [46] Other Important Information - CapEx for the period amounted to ARS19.8 billion, with loans of ARS11.6 billion and a working capital increase of ARS11.2 billion [9] - Financial results recorded a negative variation of ARS5.7 billion, mainly due to foreign exchange losses and inflation exposure, partially offset by financial asset income [29] Q&A Session Summary Question: What are the CapEx expectations for 2023 and 2024? - The company is taking offshore financing for imports due to restrictions on the official exchange market, with loans expected to be paid next year [10] Question: What is the status of the license extension request? - The company expects the license extension to be granted in 2024, which is critical for business expansion and strategic planning [4][11] Question: What are the reasons for the decline in propane export volumes? - The decline is attributed to seasonality, with expectations of compensation in Q4 2023 [31] Question: What are the expectations for midstream services growth in Vaca Muerta? - The company expects to increase volumes from 15 million to 28 million cubic meters per day by mid-2024, with expansions expected to be operational by May and July/August [36] Question: What are the implications of the license extension for the company? - The extension is crucial for both regulated and non-regulated businesses, with significant implications for strategic planning [33] Question: What are the plans for LNG and LPG projects? - The company is currently studying LNG projects and expects to make a decision in the second half of 2024 [35][38] Question: What are the expectations for natural gas transportation tariff revisions? - The company is in talks with ENARGAS for a transitional adjustment and expects the tariff revision process to take at least six months [40] Question: What are the FX restrictions impacting the company? - The company faces restrictions on accessing the official exchange rate for purchasing goods and services, relying on loans for imports [44] Question: When will midstream services become the largest EBITDA contributor? - Midstream services are expected to become the largest EBITDA contributor by 2026, depending on tariff renegotiations [46] Question: What are the benefits of the Techint North pipeline reversal? - The company expects annual revenues of approximately $150 million from the pipeline reversal [54]