SEAMECLTD.NSE

Seamec Ltd.

In this briefing: Thai Oil Plc. (TOP): 4Q25/2025 Core Profit Beat; Strong GRM, Deleveraging, CFP BCPG Plc. (BCPG): 4Q25 NP Beat On Monsoon And One-Off Gains Oil futures: Crude heads for narrow weekly loss as IEA cuts outlook Primer: Seamec Ltd (SEAM IN) - Feb 2026 Baker Hughes To Sell Waygate? The Strategic Logic Behind The Rumored $1.5B Deal! 1. Thai Oil Plc. (TOP): 4Q25/2025 Core Profit Beat; Strong GRM, Deleveraging, CFP 4Q25 core/net profit beat estimates by 10%/14% and was the strongest quarter of the year (~63% of full-year earnings), driven by abnormally high market GRM (USD9.4) and GIM (USD11.8). Given stretched current valuation at our 12M FV of Bt50.00 (required return: 9.4%) and limited tactical upside, we downgrade to Neutral (from Outperform; previous FV Bt44.75). Although 1Q26E GRM may soften QoQ from a high 4Q25 base, we expect it to remain within USD5.5–5.7/bbl over the next two years. 2. BCPG Plc. (BCPG): 4Q25 NP Beat On Monsoon And One-Off Gains E 4Q25 core/net profit rose strongly on robust associate income—full-quarter Monsoon wind and higher US CCGT capacity prices. 4Q25 net profit was Bt727mn (+344% YoY, +16% QoQ), beating our/market estimates by 60%/80%, driven by stronger-than-expected contribution from Monsoon and Bt75mn in one-off gains (Bt53mn additional income from Japan solar after meeting SPA conditions and Bt21.5mn insurance claims for fire-damaged solar equipment).

In this briefing: BCPG Plc. (BCPG): 4Q25 NP Beat On Monsoon And One-Off Gains Oil futures: Crude heads for narrow weekly loss as IEA cuts outlook Primer: Seamec Ltd (SEAM IN) - Feb 2026 Baker Hughes To Sell Waygate? The Strategic Logic Behind The Rumored $1.5B Deal! Toyo Kanetsu K K (6369 JP): Q3 FY02/26 flash update 1. BCPG Plc. (BCPG): 4Q25 NP Beat On Monsoon And One-Off Gains E 4Q25 core/net profit rose strongly on robust associate income—full-quarter Monsoon wind and higher US CCGT capacity prices. 4Q25 net profit was Bt727mn (+344% YoY, +16% QoQ), beating our/market estimates by 60%/80%, driven by stronger-than-expected contribution from Monsoon and Bt75mn in one-off gains (Bt53mn additional income from Japan solar after meeting SPA conditions and Bt21.5mn insurance claims for fire-damaged solar equipment). We expect core profit to accelerate in 2026E before easing in 2027–28E, implying a 2Y core EPS CAGR of 3%. 2. Oil futures: Crude heads for narrow weekly loss as IEA cuts outlook Crude oil futures steadied Friday after the previous session's IEA-led selloff left benchmarks heading for a narrow weekly loss.

In this briefing: Oil futures: Crude heads for narrow weekly loss as IEA cuts outlook Primer: Seamec Ltd (SEAM IN) - Feb 2026 Baker Hughes To Sell Waygate? The Strategic Logic Behind The Rumored $1.5B Deal! Toyo Kanetsu K K (6369 JP): Q3 FY02/26 flash update Pakistan Petroleum Limited (PPL): 2QFY26 EPS Down 26% YoY To Rs7.44/Share – In Line With Expectations 1. Oil futures: Crude heads for narrow weekly loss as IEA cuts outlook Crude oil futures steadied Friday after the previous session's IEA-led selloff left benchmarks heading for a narrow weekly loss. Front-month Apr26 ICE Brent futures were trading at $67.58/b (2031 GMT) versus Thursday's settle of $67.52/b, while Mar26 NYMEX WTI was at $62.72/b against a previous close of $62.84/b. Prices dropped towards the end of the week after the International Energy Agency cut its global oil demand forecast for 2026, while maintaining its projection for a sizeable surplus this year. 2. Primer: Seamec Ltd (SEAM IN) - Feb 2026 Seamec is a specialized provider of offshore support vessels, primarily serving the oil and gas industry with a focus on subsea inspection, repair, and maintenance (IRM).

In this briefing: Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026) PVR: Unit Economics Optimised, Ready for Content Cycle Primer: Seamec Ltd (SEAM IN) - Feb 2026 1. Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India Fractal Analytics Ltd (2453623D IN) is expected to list on 16-Feb(Monday). In this insight, we discuss about company's big valuation ask, but there is a bigger addressable market. We discuss about how the listing demand is expected to be and our view on the company. 2. APAC Healthcare Weekly (February 15)–Innovent Bio, InSilico, Eisai, Takeda, Alteogen, Pharmaessentia Innovent Biologics entered a strategic collaboration with Eli Lilly, to advance novel medicines in oncology and immunology. InSilico and China Medical System Holdings stuck partnership on innovative drug development.