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BASIC INDUSTRIES: Week in Review

BASIC INDUSTRIES
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All eyes on Anglo next week with BHP’s standstill ending tonight. Western Australia’s Lithium Industry Support program, while small, is a reminder of the difficulties for producers of the precious metal.

  • Anglo American continues to execute its portfolio reorganisation. It agreed the sale of steelmaking coal and did a further placement of Amplats shares. It’s still planning a full exit from that next year.
  • Fitch put CNH Industrial on outlook negative. Moody’s already has the lowest rating of the three agencies; our expectation is that they will hold.
  • Albemarle was downgraded to BBB- by S&P with the outlook still negative. While the rating looks underpinned on consensus, it relies on dividends from a non-controlled JV, which is concerning.

  • MTU Aero Engines released FY25 guidance, with no big surprises; it appears that revenue is slightly bullish with EBIT in-line.

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All eyes on Anglo next week with BHP’s standstill ending tonight. Western Australia’s Lithium Industry Support program, while small, is a reminder of the difficulties for producers of the precious metal.

  • Anglo American continues to execute its portfolio reorganisation. It agreed the sale of steelmaking coal and did a further placement of Amplats shares. It’s still planning a full exit from that next year.
  • Fitch put CNH Industrial on outlook negative. Moody’s already has the lowest rating of the three agencies; our expectation is that they will hold.
  • Albemarle was downgraded to BBB- by S&P with the outlook still negative. While the rating looks underpinned on consensus, it relies on dividends from a non-controlled JV, which is concerning.

  • MTU Aero Engines released FY25 guidance, with no big surprises; it appears that revenue is slightly bullish with EBIT in-line.