Core Viewpoint - OMS Energy Technologies, a Singapore-based company, raised US$29 million through its IPO on Nasdaq, but is currently trading lower than its IPO price, indicating potential undervaluation and investment opportunities [1][6][21]. Company Overview - OMS Energy Technologies operates in the oil and gas industry and has been led by CEO How Meng Hock, who has 30 years of experience in the sector. The company was previously under Sumitomo Corporation and faced significant challenges from 2014 to 2019 due to poor oil demand forecasts [2][21]. - The company underwent a management buyout in 2023, initiated by Meng Hock, to ensure the continuity of employment for its 600 employees and their families [3][21]. Financial Performance - OMS has shown a strong financial performance with net income reaching US$34 million within two years post-buyout. The company has zero debt and holds US$126 million in cash, indicating a strong liquidity position [9][10][21]. - The financial metrics for OMS are promising, with gross profit and net income figures for various periods indicating profitability. For instance, in 2H 2025, gross profit was US$68 million and net income was US$47 million [10][11]. Revenue and Client Base - OMS's revenue is heavily reliant on long-term contracts, particularly with Saudi Aramco, which accounted for 67% of its revenue prior to the latest quarter. This reliance introduces fluctuations in revenue recognition due to the nature of call-up orders [12][30]. - The company is actively seeking to diversify its client base and expand its product portfolio to mitigate risks associated with dependency on a single client [29][30]. Cash Management and Future Plans - The company has demonstrated effective cash management, with significant increases in cash holdings over recent periods, attributed to operating cash flow and IPO proceeds [15][21]. - Future plans include potential share buybacks to enhance earnings per share (EPS) and improve market valuation, although there are concerns about the effective use of cash [19][22]. Market Position and Valuation - OMS is classified as a micro-cap company with a market capitalization of approximately US$195.5 million. The current trading price suggests it is undervalued, trading at about 2 times ex-cash price-to-earnings (PE) ratio [7][13]. - The company’s valuation is seen as attractive, especially given its high return on invested capital (ROIC) and the potential for future earnings growth [18][24].

点击注册小程序 查看完整报告 风险分析： 上游资本开支增速不及预期、原油和天然气价格大幅波动。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 地缘冲突缓和预期走强，本周油价低位震荡 OPEC+有望在周日的会议上维持现有的石油产量水平不变，并将推动制定一项新机制，以评估成员国最 大产能；而OPEC+自愿减产8国将维持其暂停增产的决定。当前原油市场仍面临供需过剩，本次 OPEC+放缓增产决策有望改善过剩风险。需求端，IEA于2025年11月月报预计2026年原油需求增长77 万桶/日，供给端，IEA预计2026年全球原油供给增长250万桶/日，其中非OPEC+增长120万桶/日， OPEC+增长130万桶/日。当前美联储重启降息周期，全球贸易冲突风险仍具不确定性，建议关注26年需 求预期变化对油价的影响。 "三桶油" ...

伊通社11月23日报道，伊朗政府日前批准进口的"超级汽油"（95号汽油）于今日正式在国家能源交易所 开放交易，基准价格为65.8万里亚尔/升，目前有24家伊朗公共或私营部门的燃料分销公司允许参与交 易。在一周到一个月的施工和运输后，将首先向德黑兰地区加油站供应，后续视需求向其他省份地区供 应。据行业专家估测，在加上运输成本、码头佣金以及约13%的附加费用后，超级汽油在加油站终端的 消费价格将接近80万里亚尔/升（按现期美元汇率折算约为0.7美元，略高于沙特、阿联酋、卡塔尔汽油 价格）。伊政府发言人多次强调，进口"超级汽油"不会影响普通汽油（目前伊自产用87号汽油）价格， 仅为满足特定市场需求，并为消费者提供更多选项。目前，伊补贴普通汽油价格为3万里亚尔/升（约合 0.03美元）。部分专家和经济分析人士对进口超级汽油的市场并不乐观，认为价格过高，不太可能受到 欢迎，即便是豪华车车主们，供或过于求。一些人甚至质疑伊政府供应此类汽油的动机，认为此举意在 为汽油价格上涨创造条件和空间。总体看，"超级汽油"市场接受度和实施情况还有待继续观察。（驻伊 朗使馆经商处） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International oil prices are influenced by both bullish and bearish factors, and domestic industrial enterprise profits have declined. A - shares are expected to fluctuate weakly in the short - term, and the bond market still has bearish sentiment. Gold and silver prices are expected to fluctuate, copper prices are expected to be strongly volatile, aluminum prices are expected to fluctuate favorably, alumina prices are expected to continue to be weak, casting aluminum prices are expected to fluctuate at a high level, zinc prices are expected to fluctuate in a wide range, lead prices are expected to stabilize and consolidate, tin prices are expected to be strongly volatile, industrial silicon prices are expected to be strongly volatile, lithium carbonate prices are expected to fluctuate widely, nickel prices are expected to be strongly volatile, soda ash and glass prices are expected to fluctuate at a low level, steel prices are expected to fluctuate weakly, iron ore prices are expected to fluctuate under pressure, coking coal and coke prices are expected to fluctuate weakly, soybean meal and rapeseed meal prices are expected to fluctuate, and palm oil prices are expected to fluctuate in a range [2][3][4][6][8][10][11][12][13][15][16][18][20][21][22][23][24][25][26][27][28][29] Summary by Related Catalogs 1. Metal Main Varieties Yesterday's Trading Data - SHFE copper closed at 86,990 yuan/ton, up 0.46%; LME copper closed at 10,930 dollars/ton, down 0.21% [30] - SHFE aluminum closed at 21,500 yuan/ton, up 0.21%; LME aluminum closed at 2,832 dollars/ton, down 1.13% [30] - SHFE zinc closed at 22,415 yuan/ton, up 0.27%; LME zinc closed at 3,022 dollars/ton, down 1.08% [30] - SHFE lead closed at 16,955 yuan/ton, down 0.64%; LME lead closed at 1,984 dollars/ton, up 0.51% [30] - SHFE nickel closed at 116,900 yuan/ton, down 0.31%; LME nickel closed at 14,840 dollars/ton, down 0.03% [30] - SHFE tin closed at 302,200 yuan/ton, up 2.14%; LME tin closed at 37,925 dollars/ton, down 0.43% [30] - COMEX gold closed at 4,189.60 dollars/ounce, down 0.15%; SHFE silver closed at 12,525.00 yuan/kilogram, up 2.44%; COMEX silver closed at 53.83 dollars/ounce, up 0.12% [30] - SHFE rebar closed at 3,093 yuan/ton, down 0.19%; SHFE hot - rolled coil closed at 3,293 yuan/ton, down 0.33% [30] - DCE iron ore closed at 799.5 yuan/ton, up 0.31%; DCE coking coal closed at 1,071.0 yuan/ton, down 1.24%; DCE coke closed at 1,607.0 yuan/ton, down 0.74% [30] - GFEX industrial silicon closed at 9,115.0 yuan/ton, up 1.05% [30] - DCE soybean meal closed at 3,055.0 yuan/ton, up 1.33%; CZCE rapeseed meal closed at 2,469.0 yuan/ton, up 1.23% [30] 2. Industrial Data Perspective - For copper, SHFE copper's closing price on November 27 was 86,990 yuan/ton, up 400 from the previous day; LME copper's closing price was 10,930 dollars/ton, down 23. SHFE copper's warehouse receipts remained unchanged, LME copper's inventory increased by 675 tons [31] - For nickel, SHFE nickel's closing price on November 27 was 116,900 yuan/ton, down 360 from the previous day; LME nickel's closing price was 14,840 dollars/ton, down 5. SHFE nickel's warehouse receipts decreased by 396 tons, LME nickel's inventory increased by 930 tons [31] - For zinc, SHFE zinc's closing price on November 27 was 22,415 yuan/ton, up 60 from the previous day; LME zinc's closing price was 3,022 dollars/ton, down 33. SHFE zinc's warehouse receipts decreased by 2,502 tons, LME zinc's inventory increased by 875 tons [34] - For lead, SHFE lead's closing price on November 27 was 16,955 yuan/ton, down 90 from the previous day; LME lead's closing price was 1,973.5 dollars/ton, down 8. SHFE lead's warehouse receipts decreased by 98 tons, LME lead's inventory increased by 400 tons [34] - For aluminum, SHFE aluminum's closing price on November 27 was 21,565 yuan/ton, up 30 from the previous day; LME aluminum's closing price was 2,831.5 dollars/ton, down 32.5. SHFE aluminum's warehouse receipts decreased by 76 tons, LME aluminum's inventory decreased by 675 tons [34] - For alumina, SHFE alumina's closing price on November 27 was 2,724 yuan/ton, up 4 from the previous day; the national average spot price of alumina remained unchanged. SHFE alumina's warehouse inventory decreased by 604 tons [34] - For tin, SHFE tin's closing price on November 27 was 302,200 yuan/ton, up 6,320 from the previous day; LME tin's closing price was 37,925 dollars/ton, down 165. SHFE tin's warehouse receipts increased by 34 tons, LME tin's inventory remained unchanged [34] - For precious metals, there was no change in the prices of gold and silver in various markets on November 27 compared with the previous day. The gold - to - silver ratio in SHFE decreased by 1.81, and the gold - to - silver ratio in COMEX decreased by 0.22 [34] - For other varieties, data such as prices, warehouse receipts, and inventories of rebar, iron ore, coke, coking coal, lithium carbonate, industrial silicon, soybean meal, and rapeseed meal on November 27 and their changes compared with the previous day are provided [36]

Report Industry Investment Ratings No relevant content provided. Core Viewpoints - The report analyzes various commodities, including energy, metals, agricultural products, and financial derivatives, and provides insights into their market trends, supply - demand dynamics, and price forecasts [2][3][4] - Different commodities show different trends, such as some in range - bound oscillations, some facing supply - demand imbalances, and others affected by geopolitical and macro - economic factors [14][20][21] Commodity Summaries Energy - **Crude Oil**: Overnight international oil prices rebounded, but there is still a downward drive in the long - term. The market faces a greater inventory build - up expectation in Q4 and Q1 next year. The near - term risk is Russia's stance on the new peace plan [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: Overnight fuel oil prices rose due to cost - end increase. High - sulfur fuel oil may be supported by short - term supply disruptions, while low - sulfur fuel oil is expected to weaken as the gasoline - diesel spread narrows [21] - **Asphalt**: Recent shipments in East and South China improved, and inventory declined. The December production plan decreased, and demand will seasonally decline. The spot price is supported at 3000 yuan/ton, but there is medium - to - long - term pressure [22] Metals - **Copper**: Overnight, LME copper rose to $11,000, and SHFE copper followed. The probability of a US rate cut next month increased to 85%, boosting copper prices. Short - term trading should focus on volume [4] - **Aluminum**: Overnight, SHFE aluminum rose slightly. After the price correction last week, downstream restocked at low prices. The industry has limited contradictions, and the price is in high - level oscillations [5] - **Zinc**: The probability of a Fed rate cut in December increased to 84%, and the support at the bottom is strong due to the decline in TC. However, the domestic demand outlook is under pressure, and the price is expected to oscillate between 22,200 - 23,000 yuan/ton [8] - **Nickel & Stainless Steel**: SHFE nickel rebounded, but the market sentiment was cold. Stainless steel inventory decreased, but the cost support weakened. The fundamental situation is weak, and short - selling on rebounds is recommended [10] - **Tin**: Overnight, LME tin rose to $38,000, and SHFE tin followed with increased positions. The short - term probability of a further rise increased [11] Agricultural Products - **Soybean & Bean Meal**: The night - session of the Dalian soybean meal futures followed the US soybean trend and showed a stabilizing trend. The domestic soybean supply is sufficient, and the soybean meal inventory is at a high level. South American new - season soybeans are affected by La Nina [35] - **Corn**: The night - session of corn futures continued to correct. North port corn prices are firm, and farmers are reluctant to sell. The inventory of downstream industries is low, and the replenishment intention is increasing. The 01 contract of Dalian corn futures is technically strong, and short - selling on highs is recommended [39] - **Palm Oil & Soybean Oil**: The marginal negative factors for palm oil have eased, and the change in palm oil may trigger short - covering. Soybean oil is affected by US soybean exports and South American weather [36] Others - **Shipping Index (European Line)**: The near - month contract of the container shipping index (European line) is weak due to the weak spot market expectation. The 02 - month contract may have some recovery space if the cargo volume continues to recover. The far - month contract is under pressure from geopolitical factors [20] - **Urea**: The supply of urea is abundant, but the concentrated release of downstream demand has improved the trading atmosphere. However, the supply - surplus pattern is expected to continue [23] - **Methanol**: The near - month contract of methanol rose, and the spread strengthened. The overseas production reduction is being realized, and the port is expected to reduce inventory. It is recommended to go long unilaterally or do a positive spread [24] - **PVC & Caustic Soda**: PVC is in an oscillating trend. The export situation has improved, and the inventory has decreased, but the supply - demand situation is still high - supply and low - demand. Caustic soda is in a weak operation with high supply and low demand [28] - **Glass & Soda Ash**: The sales of glass in Shahe improved, and the price rose slightly. The production capacity may be further compressed. It is expected to oscillate strongly. Soda ash is in a supply - surplus situation in the long - term, and the strategy of long glass and short soda ash can be considered [32][34] - **Stock Index & Treasury Bond**: The stock index futures showed a differentiated trend, and the market is waiting for the resonance of geopolitical situation easing and Fed rate - cut expectation. Treasury bond futures closed down, and the market is worried about bond repayment risks [46][47]

Core Viewpoint - Domestic refined oil retail prices are expected to experience the tenth decline of the year by November 24, driven by fluctuating oil prices and a recent unexpected decrease in U.S. crude oil inventories, alongside increased gasoline and distillate demand in the U.S. [2] Price Adjustments - The average price of the referenced crude oil varieties as of November 24 is $61.68 per barrel, with a change rate of -1.21%, leading to a reduction of 70 yuan per ton for gasoline and 65 yuan per ton for diesel [2] - The price adjustments will result in a decrease of approximately 0.05 yuan for 92-octane gasoline, 0.06 yuan for 95-octane gasoline, and 0.06 yuan for 0-octane diesel [2] - After the price adjustment, the national standard price for 92-octane gasoline in Zibo will be approximately 6.86 yuan per liter, while 95-octane gasoline will decrease to around 7.35 yuan per liter [2] Yearly Price Trends - The year-to-date adjustments in refined oil prices show a pattern of "7 increases, 10 decreases, and 6 unchanged," with cumulative reductions of 690 yuan per ton for gasoline and 660 yuan per ton for diesel [2] Cost Implications - For a typical family car with a 50L fuel tank, filling up with 92-octane gasoline will save consumers about 2.5 yuan [3] - For a small private car with a monthly mileage of 2000 kilometers and a fuel consumption of 8L per 100 kilometers, the fuel cost will decrease by approximately 4 yuan before the next price adjustment window [3] - In the logistics sector, a heavy truck running 10,000 kilometers monthly with a fuel consumption of 38L per 100 kilometers will see a reduction of around 114 yuan in fuel costs [3] Market Outlook - Future expectations suggest that ongoing negotiations in Eastern Europe may alleviate oil supply concerns, potentially leading to a weaker oil market amid international trade disputes and overcapacity predictions [3] - Analysts predict a high probability of further price reductions in the next round of refined oil price adjustments due to OPEC+ continuing to increase production and the Federal Reserve possibly pausing interest rate cuts [3] - The next price adjustment window is set to open on December 8, 2025, at 24:00 [3]

Core Insights - Shell has signed a long-term agreement to supply renewable energy to Ferrari until the end of 2034, aimed at reducing carbon emissions for the luxury car manufacturer [1] - The agreement involves a power purchase agreement (PPA), which is becoming increasingly popular in Italy for manufacturers to secure energy costs and ensure green power supply [1] - Shell will provide a total of 650 GWh of electricity over 10 years, meeting nearly half of Ferrari's energy needs at its Maranello plant [1] - The deal is expected to significantly reduce Ferrari's Scope 1 and Scope 2 emissions, with a target to cut absolute emissions by 90% by 2030 [1] - Shell Energy Italy's CEO expressed satisfaction in further strengthening the partnership with Ferrari through this agreement [1] - Shell is already a partner of Ferrari's racing team, Scuderia Ferrari [1]

Core Insights - China Petroleum & Chemical Corporation (Sinopec) has officially launched the largest heavy-duty electric truck supercharging station in Hubei, located at Yichang, which features 14 charging piles and a total output power of nearly 5 megawatts, capable of serving up to 200 truck charging sessions daily [1] Group 1: Charging Station Details - The Yichang supercharging station occupies an area of 3,560 square meters and is equipped with 28 charging guns, providing a maximum output power of 4,960 kilowatts, with individual charging piles capable of delivering up to 800 kilowatts [1] - The station is strategically located at a key logistics hub, facilitating electric heavy-duty truck operations along the logistics corridor from Yidu to Songzi [1] Group 2: Company Strategy and Developments - Sinopec's Hubei branch is transitioning from a traditional oil supplier to a comprehensive energy service provider, focusing on charging and battery swapping as strategic priorities [2] - The company has established over 1,200 charging stations, including 27 heavy-duty truck charging stations across seven cities, with a monthly charging volume exceeding 1.3 million kilowatt-hours [2]

Core Insights - International Petroleum Development Company of Japan has officially launched its blue hydrogen and ammonia demonstration plant in Kashiwazaki, Niigata Prefecture, marking Japan's first fully integrated project for the production and utilization of blue hydrogen and ammonia [1] Group 1: Project Overview - The plant's natural gas feedstock is sourced from Inpex's Minami-Nagaoka gas field located in another area of Niigata Prefecture [1] - The production process captures carbon dioxide as a byproduct, which will be injected into underground storage at the Higashi-Kashiwazaki gas field [1] Group 2: Production and Utilization - The majority of the blue hydrogen produced will be used for power generation, with the electricity being fed into the Niigata Prefecture power grid [1] - The remaining blue hydrogen will be converted into ammonia for supply to relevant customers within Niigata Prefecture [1] Group 3: Support and Funding - The blue hydrogen and ammonia production project has received subsidy support from the New Energy and Industrial Technology Development Organization (NEDO) [1] - This project is a significant component of NEDO's initiative focused on "Fuel Ammonia Utilization and Production Technology Development/Blue Ammonia Production Technology Development" [1]

Core Viewpoint - The retail prices of gasoline and diesel in Changchun have been adjusted downward, effective from November 25, with reductions ranging from 0.05 to 0.07 yuan per liter [1] Price Adjustments - The price of 92 ethanol gasoline has been adjusted from 6.91 yuan per liter to 6.85 yuan per liter, a decrease of 0.06 yuan per liter [1] - The price of 95 ethanol gasoline has been adjusted from 7.45 yuan per liter to 7.39 yuan per liter, a decrease of 0.06 yuan per liter [1] - The price of CN98 gasoline has been adjusted from 8.12 yuan per liter to 8.05 yuan per liter, a decrease of 0.07 yuan per liter [1] - The price of +5 diesel has been adjusted from 6.34 yuan per liter to 6.28 yuan per liter, a decrease of 0.06 yuan per liter [1] - The price of 0 diesel has been adjusted from 6.50 yuan per liter to 6.45 yuan per liter, a decrease of 0.05 yuan per liter [1] - The price of -10 diesel has been adjusted from 6.86 yuan per liter to 6.80 yuan per liter, a decrease of 0.06 yuan per liter [1]