Misaki Pulleiro @GatoAcuatico: "📈 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗞𝗲𝘆 𝗦𝘁𝗼𝗰𝗸..."

United Arab Emirates

Edited

📈 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗞𝗲𝘆 𝗦𝘁𝗼𝗰𝗸 𝗡𝗲𝘄𝘀 𝗢𝗳 𝗧𝗵𝗶𝘀 𝗣𝗮𝘀𝘁 𝗪𝗲𝗲𝗸 (𝟯𝟵) 📈 𝘿𝙚𝙖𝙧 𝘾𝙤𝙥𝙞𝙚𝙧𝙨 𝙤𝙛 𝙂𝙖𝙩𝙤𝘼𝙘𝙪𝙖𝙩𝙞𝙘𝙤'𝙨 🪙💎 𝙐𝙇𝙏𝙍𝘼 𝙃𝙄𝙂𝙃 𝘿𝙄𝙑𝙄𝘿𝙀𝙉𝘿 𝙋𝙊𝙍𝙏𝙁𝙊𝙇𝙄𝙊 💎🪙 Below are five holdings and/or thematic exposures that saw meaningful activity this past week, relevant to our ongoing portfolio strategy: 𝟭. 𝗣𝗲𝘁𝗿𝗼𝗯𝗿𝗮𝘀 𝗦𝗔 ($PBR (Petroleo Brasileiro SA Petrobras-ADR)) 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳 𝘧𝘭𝘢𝘨𝘴 𝘪𝘴𝘴𝘶𝘦𝘴 𝘪𝘯 𝘦𝘮𝘦𝘳𝘨𝘦𝘯𝘤𝘺 𝘥𝘳𝘪𝘭𝘭 𝘣𝘶𝘵 𝘢𝘱𝘱𝘳𝘰𝘷𝘦𝘴 𝘵𝘦𝘴𝘵 — 𝘭𝘪𝘤𝘦𝘯𝘴𝘦 𝘴𝘵𝘪𝘭𝘭 𝘱𝘦𝘯𝘥𝘪𝘯𝘨 - Brazil’s environmental agency (Ibama) approved Petrobras’s emergency-response drill in the contentious Foz do Amazonas basin but identified shortcomings (animal-rescue plan) and asked for revisions; one subsequent Ibama review said a component failed and needed correction. - The mixed outcome keeps a drilling licence probable but delays final sign-off and raises nearer-term regulatory and reputational risk. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Significant operational optionality remains; expect headline-driven volatility while Ibama completes its final review — trim near-term overweight until permit risk resolves. 𝟮. 𝗟𝗼𝗰𝗸𝗵𝗲𝗲𝗱 𝗠𝗮𝗿𝘁𝗶𝗻 ($LMT (Lockheed Martin Corporation)) 𝘚𝘪𝘬𝘰𝘳𝘴𝘬𝘺 𝘸𝘪𝘯𝘴 ~𝘜𝘚$𝟣𝟣𝘣𝘯 𝘜𝘚 𝘕𝘢𝘷𝘺 𝘊𝘏-𝟧𝟥𝘒 𝘤𝘰𝘯𝘵𝘳𝘢𝘤𝘵 - Lockheed’s Sikorsky unit secured a major ~$11 billion production contract for up to 99 CH-53K King Stallion helicopters for the U.S. Navy/Marines. This multi-year order materially bolsters long-cycle backlog. - The award strengthens program visibility and export optionality for years of defence revenues and work-share. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Reinforces long-term revenue and cash-flow profile in the defence allocation; positive for valuation under a steady backlog narrative. 𝟯. 𝗦𝗵𝗲𝗹𝗹 𝗽𝗹𝗰 ($SHEL.L (Shell PLC)) 𝘕𝘪𝘨𝘦𝘳𝘪𝘢 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳 𝘢𝘱𝘱𝘳𝘰𝘷𝘦𝘴 𝘚𝘩𝘦𝘭𝘭/𝘈𝘨𝘪𝘱 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦 𝘰𝘧 𝘛𝘰𝘵𝘢𝘭𝘌𝘯𝘦𝘳𝘨𝘪𝘦𝘴 𝘴𝘵𝘢𝘬𝘦 𝘪𝘯 𝘉𝘰𝘯𝘨𝘢 - Nigeria’s upstream regulator cleared Shell and Agip to acquire TotalEnergies’ 12.5% interest in OML 118 (Bonga), a transaction valued at approximately $510 million, which involves shifting asset and liability responsibilities locally. - The approval advances Shell’s regional footprint while signalling continued asset reshuffling across majors in West Africa. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Positive for Shell’s regional scale and production optionality; monitor final ministerial sign-off and any contingent liabilities that could affect near-term sentiment. 𝟰. 𝗜𝗺𝗽𝗲𝗿𝗶𝗮𝗹 𝗕𝗿𝗮𝗻𝗱𝘀 ($IMB.L (Imperial Brands PLC)) 𝘛𝘩𝘦 𝘤𝘰𝘮𝘱𝘢𝘯𝘺 𝘦𝘹𝘦𝘤𝘶𝘵𝘦𝘴 𝘴𝘩𝘢𝘳𝘦 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴/𝘣𝘶𝘺𝘣𝘢𝘤𝘬 𝘢𝘤𝘵𝘪𝘷𝘪𝘵𝘺 - Recent filings show Imperial Brands is active in share transactions/repurchases, consistent with its ongoing capital-return and dividend profile; the company continues to signal elevated shareholder distributions. - Market reaction has been muted, but the moves underline management’s focus on returning cash while navigating a tobacco-sector backdrop. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Supports income orientation and near-term share support; maintain exposure for yield seekers, but track regulatory/volume trends in the next quarter. 𝟱. 𝗟𝘂𝗳𝘁𝗵𝗮𝗻𝘀𝗮 ($LHA.DE (Deutsche Lufthansa Aktiengesellschaft)) 𝘐𝘵 𝘢𝘯𝘯𝘰𝘶𝘯𝘤𝘦𝘴 𝟦,𝟢𝟢𝟢 𝘢𝘥𝘮𝘪𝘯𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘷𝘦 𝘫𝘰𝘣 𝘤𝘶𝘵𝘴 𝘢𝘯𝘥 𝘵𝘰𝘶𝘨𝘩𝘦𝘳 𝘱𝘳𝘰𝘧𝘪𝘵𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘵𝘢𝘳𝘨𝘦𝘵𝘴 - At its capital markets day, Lufthansa confirmed plans to cut roughly 4,000 administrative roles by 2030, tighten cost bases and lift medium-term margin targets (aiming for an 8–10% adjusted operating margin by 2028). Shares edged up on the news. - The package pairs headcount reduction with fleet and network rationalisation, intended to restore investor confidence. 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗜𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Cost plan is a positive re-rating catalyst if executed; expect short-term headline volatility (industrial relations/pilot unions remain a risk). 𝙃𝙖𝙥𝙥𝙮 𝙩𝙧𝙖𝙙𝙞𝙣𝙜! 𝙈𝙞𝙨𝙖𝙠𝙞

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