Industry Trend - European gas deals from Milan conference indicate a commitment to pivot from Russia [1]

Market Overview - The Australian market has diverged from Wall Street trends, with local indices retreating in early September [1] - A roughly 50/50 split was observed among sectors, with real estate leading and healthcare lagging [2] Company Performances - 4D Medical saw a significant increase of 20%, reaching approximately $1.90 per share, maintaining its status as a favored biotech stock despite a lack of major catalysts [2] - Service Stream experienced a 15% jump to $2.30 per share after securing an eight-figure contract with the Australian Defence [3] - Resolute Mining benefited from strong gold prices, contributing to its position among the top gainers [3] Competitive Landscape - Afterpay's parent company Block faced a decline following the successful listing of US competitor Klarna, which poses a significant threat to Afterpay's market position in the US [3] - Boss Energy's stock fell after the company indicated it would provide more clarity on uranium production in the December quarter, which did not satisfy investor expectations [3] Market Activity - Top End Energy, involved in hydrogen and gas, saw its stock decline on low volumes as it announced plans to trade on the US OTC markets, despite not being in the rare earths sector [4]

Gas Supply and Demand - Europe still relies on Russia for 15% of its gas supply [1] - Europe aims to end reliance on Russian gas within the next 18 months, creating increased demand for alternative sources [1] - The United States is positioned to displace Russian gas in Europe [1] Energy Market Growth in Europe - Europe is projected to become a growth market for energy after 20 years of stagnation [2] - Increased demand for AI is expected to drive electricity demand in Europe [2] Export Opportunities - LNG exports to Europe are expected to grow [2] - Oil and refined oil products exports to Europe are also expected to increase [2] Nuclear Technology - The company plans to bring nuclear technology and new reactors to Europe [2]

The EU was entitled to include gas and nuclear energy in its green rulebook allowing the technologies to tap subsidies and cheaper finance, the bloc’s second highest tribunal ruled https://t.co/UYAD43T7ss ...

Reliance on cheap gas has been a “double-edged sword” for Mexico, says a consultancy. It has left the country exposed to price swings—and behind its peers in the transition to renewable energy https://t.co/ufCkDplxIZ ...

Core Viewpoint - Southwest Gas Holdings has successfully completed the public offering of Centuri Holdings, selling 27,362,210 shares at $19.60 per share, resulting in net proceeds of approximately $525 million, and has exited its investment in Centuri [1][2][3]. Group 1: Financial Impact - The company received net proceeds of approximately $525 million from the offering after deducting underwriter's discounts and commissions [2]. - Following the offering, Southwest Gas Holdings has no remaining shares of Centuri's common stock [2]. Group 2: Strategic Transformation - The exit from Centuri positions Southwest Gas Holdings as a fully regulated natural gas company, enhancing transparency and aligning with long-term value creation in the utility sector [3]. - The company has fully repaid all holding company debt, including a term loan, and has about $600 million in cash on hand, providing significant financial flexibility for future capital investments [3]. Group 3: Future Plans - The resources from the offering are expected to primarily support future capital investments at Southwest Gas Corporation, including a potential expansion of Great Basin Gas Transmission Company in 2028 [3].

Market Dynamics - Woodside Energy downplays concerns about decreased Asian liquefied natural gas demand following Gazprom's announcement of the Power of Siberia 2 pipeline to China [1]

Energy Industry Dynamics - Russia's potential pipeline deal with China could reshape its energy future and the global gas trade [1]

Energy Security - Germany has reached a critical gas reserve storage level ahead of schedule, specifically two months early [1] - This achievement alleviates concerns regarding potential heating shortages during the winter season [1]

SNC Investment Highlights - SNC shares offer an attractive dividend yield of 6.3% (8.5% grossed up for franking)[15] - The SNC portfolio can be acquired at a 9.8% discount to its Net Tangible Assets (NTA)[11, 15] - As of July 31, 2025, the company possesses solid profits reserves and franking credits amounting to 42.7 cents per share[11] - SNC has paid and announced 65.8 cents per share in dividends and 24.9 cents per share in imputation credits since its inception[18] SNC Performance - SNC's gross performance to July 31, 2025, shows a 1-year return of 19.0%, a 3-year return of 13.8% per annum, and a since-inception annualized return of 9.9%[22] - SNC's investment selection and portfolio discipline are highlighted by a win/loss ratio of approximately 70%[24] - SNC's gross performance in rising markets averaged 2.9%, while in falling markets, it averaged -3.3% since inception[26] Portfolio Companies - Carbon Conscious Investments Ltd (CCIL) manages large-scale projects of approximately 17,000 hectares[28] - SNC received a fully franked dividend of $720,000 from CCIL in February 2025 and currently holds approximately $1.7 million in cash[30] - QPM Energy Ltd (QPM) has gas reserves exceeding 400PJ and an enterprise value of $143.8 million[31]