Operator

[Audio Gap] Gentlemen to Whitehaven Coal Q4 FY ’26 Quarterly Production Report. [Operator Instructions] Thank you for joining us today. I would now like to hand over to Managing Director and CEO, Paul Flynn. Please go ahead.

Paul Flynn
MD, CEO & Director

Good morning, everybody, and thanks very much for joining us now for the June quarter production report. Very pleased to put a final quarter to this financial year that rounded out a year full of second half disruptions. In fact, whether that be weather or conflicts obviously around the world. But despite all that, I think we’ve done well to button down the year and record some positive numbers to give us aggregate positive outcomes. So as usual, I’ll just go through the highlights, and then we’ll get to Q&A. And as usual, I’m joined by our COO, Ian Humphris, and our CFO, Kevin Ball.

So just to round out the Q4 round out to the year. Our total recordable injury frequency rate was a very positive outcome for the group. So safety has delivered 3.3 million is the TRIFR and that’s actually a record for the expanded business, which is very positive to see. The June quarter ROM production at 10.7 million tonnes was a nice increment over and above the weather affected March, and we’ve crested 40 million

Thailand has been at the center of significant international news coverage recently, spanning security incidents, major economic developments, sporting events, and diplomatic relations. This summary highlights the most pressing stories shaping the nation’s current narrative.

Security Crisis in Southern Thailand

The most urgent story dominating headlines is a deadly attack on a security checkpoint in southern Thailand, where five soldiers were killed and six civilians were injured in a combined gun and pipe bomb assault. Multiple international outlets, including Al Jazeera, DW, and AP News, confirmed the attack occurred in the country’s long-troubled southern region, which has experienced decades of separatist violence. Thai authorities have launched a manhunt for suspects following the incident, with the army confirming the casualty figures. This attack underscores the persistent security challenges in Thailand’s deep south, a region that has seen recurring violence linked to separatist insurgency movements for years.

Booming Investment and AI Infrastructure Growth

Thailand is experiencing a remarkable surge in foreign investment, driven largely by artificial intelligence infrastructure development. According to Bloomberg and multiple other sources, Thailand’s FDI applications jumped 80% to $41 billion in the first half of the year, while other reports cite figures as high as $43.6 billion, reflecting big tech’s accelerated push into Southeast Asian AI infrastructure. The Board of Investment (BOI) confirmed that first-half investment topped 1.47 trillion baht, with digital and data center projects leading the charge. This investment boom coincides with Thailand’s new investment jumping 37% in the January-June period, positioning the country as an increasingly attractive destination for Southeast Asia’s tech-driven economic expansion. Thai Prime Minister Anutin has pledged full backing for Chinese investment as a Thailand-China expo opened in Bangkok, further cementing bilateral economic ties. For more on how AI is transforming the nation’s investment landscape, see Thailand Business News.

Tyson Fury’s Thailand Fight Draws Global Attention

Boxing fans worldwide are watching Thailand closely as heavyweight legend Tyson Fury prepares for a career-first test against Mariusz Wach. Notably, Fury weighed in 26 pounds lighter than his opponent, marking the first time in his career he has been outweighed by an opponent. Multiple sports outlets, including Sky Sports, BBC, and Reuters, have covered the buildup extensively, with Fury defending his decision to fight in Thailand, reportedly asking rhetorically, “Would Beckham do it?” The boxer has stated that “the best is yet to come” ahead of the bout, generating significant international sports media coverage in the lead-up to the fight.

Controversy Over AI Chip Smuggling

A significant technology controversy has emerged involving China’s Moonshot AI allegedly using servers in Thailand to circumvent U.S. chip export bans. According to U.S. officials cited by NewsNation and other outlets, the White House has accused Moonshot AI of accessing banned Nvidia GB300 chips via Thailand, with reports suggesting the company “stole from Anthropic” and used Thai infrastructure to dodge restrictions. This story adds a geopolitical dimension to Thailand’s growing role in the global AI supply chain, raising questions about the country’s position amid U.S.-China technology tensions.

Border Tensions and Regional Diplomacy

Thailand continues to navigate complex regional relationships. The country is pressing on with a border fence project along its Cambodia frontier following clashes in 2025, according to Reuters. Meanwhile, Myanmar’s military leader Min Aung Hlaing is scheduled to visit Thailand in early August, highlighting Thailand’s continued diplomatic engagement with its neighbors despite regional instability. Separately, China has asked Thailand to deport a Chinese journalist, with human rights organizations warning of potential persecution—a story that has drawn scrutiny from press freedom advocates.

Trade, Tariffs, and Economic Diversification

Thailand faces potential trade headwinds, as the country is on alert following a U.S. Section 301 probe that could raise tariffs by up to 25%. Simultaneously, Thailand is pursuing economic diversification through initiatives like a $700 million EV plan aimed at replacing 80,000 vehicles, signaling commitment to sustainable transportation. Additionally, China’s durian imports from Thailand and Malaysia have soared amid a supply glut pressuring regional growers, illustrating the interconnected nature of Southeast Asian agricultural trade.

Infrastructure and Tourism Developments

Thailand’s high-speed rail link to China is targeted for completion of its first phase by 2030, according to multiple railway industry publications. In tourism, IHG Hotels & Resorts is expanding its Thailand portfolio with a new Holiday Inn Express location in Krabi Ao Nang, while Thailand has extended stay and work authorization for migrant workers, addressing labor market needs. The country also scrapped plans to end visa-free entry for Indian tourists, reflecting efforts to sustain its critical tourism sector.

Source : Google News – Search

Other People are Reading

ET Intelligence Group: Funds raised by asset management companies (AMCs) through new fund offers (NFOs) continued their year-on-year slide in the June 2026 quarter for the sixth consecutive period to reach a five year low of ₹1,759 crore. NFO collections fell 73% from the year-ago level of ₹6,506 crore, according to data from the Association of Mutual Funds in India (AMFI). On a sequential basis, too, they fell for the third consecutive quarter, this time by a sharp 83.5% from the prior quarter’s collection of ₹10,661 crore.

The sharp slowdown followed weak sentiments in the equity market during the preceding quarter. The BSE Sensex had fallen nearly 16% to 71,947 by the end of March, amid escalating geo-political tensions in West Asia. Retail investors often take cues from recent market performance while making investments. Although market sentiment improved in the June quarter, with the Sensex rising nearly 5% to 76,479 by the end of June, the recovery did little to revive NFO fundraising.

Read more: FIIs increase PSU exposure, trim stakes in private banks

“NFO activity is closely linked to market sentiment and performance. During rising markets, positive returns tend to improve investor confidence, encouraging AMCs to launch more new schemes and attracting greater retail participation,” Rishi Kohli, chief investment officer, Jio BlackRock Asset Management told ET, adding that the impact of market conditions is not uniform across all NFOs. Schemes launched by established AMCs and managed by fund managers with a proven track record, or NFOs offering product differentiation can continue to attract investor interest even during volatile periods.

Passive funds dominated new launches in the June 2026 quarter. Of the 31 NFOs launched by AMCs, 26 were index funds and ETFs, which collectively mobilised Rs 1,024 crore.

AMFI data indicates that the first quarter of a financial year has historically been a weak period for NFO mobilisation compared with the rest of the year. SIP inflow, on the other hand, has remained largely unfazed by stock market volatility, reaching Rs 31,115 crore in April, Rs 30,954 crore in May and Rs 31,781 crore in June.
“The headline strength in SIP inflow is driven largely by contributions from new mutual fund investors,” Swarup Mohanty, CEO of Mirae Asset Investment Managers told ET citing that a section of existing investors, however, has either paused or reduced investments amid heightened market volatility.
Mohanty expects SIP inflow to strengthen further from the current `25,000-30,000 crore monthly range, eventually reaching `40,000 crore a month over the next two years.

Mumbai: Public sector lenders, even those beyond the top rungs of the business and market-capitalisation leaderboards, found favour with foreign institutional investors (FIIs) over the past year, showed an ET analysis, while they reduced exposure to top-tier private banks. Analysts believe the trend mirrors the diminishing premiums for private lenders as state-run rivals quickly close the performance gap.

HDFC Bank, India’s biggest by value and largely considered the benchmark-setter in prudential banking over the past two decades, has seen its FII ownership shrink more than 6 percentage points to 36.26%. The story is similar at Kotak Mahindra Bank, where overseas fund ownership has fallen 5.48 percentage points by the end of June.

Read more: NFO flows hit a 5-year low in June quarter, SIPs stay robust

FII equity in ICICI Bank is down 4.21 percentage points, Axis Bank 2.45 percentage points, and IndusInd Bank 4.31 percentage points. By contrast, their stake has climbed 4 percentage points in the Bank of Maharashtra. Bank of India (up 3.34 percentage points) and Bank of Baroda (up 2.06 percentage points) appear to be the other two major PSU lender beneficiaries from the shift in focus by FIIs. Analysts say that the FIIs are moving their money based on the returns they are getting. The premium that private sector banks enjoyed has diminished as public sector banks have caught up on a lot of parameters.

Vanishing Premiums
“In asset quality, underwriting and loan growth there is not much to choose between both these groups which means the thesis of PSU underperformance is no longer valid,” said Siddharth Rajpurohit, an analyst at Systematix Shares and Stocks. “Large private banks are enjoying lower spreads on their retail loans like home and auto loans because of competition. The lines are now blurred, and investors have to cherry pick between banks – not merely PSU or private.”

To be sure, FII holding in PSU banks is largely low, compared with their overall exposure to top-tier private banks, with the 12.68% stake in Canara Bank being the largest for this category of lenders.
To be sure, FII holding in PSU banks is largely low, compared with their overall exposure to toptier private banks, with the 12.68% stake in Canara Bank being the largest for this category of lenders. By contrast, they collectively own nearly 40% in Axis Bank, in which FII ownership is the largest among private lenders. The shift by FIIs toward PSU banks has boosted their share prices, which have climbed for the past two years as better PSU performance has also coincided with corporate governance issues at some of the large private sector banks.

Analysts say that the stock market performance of some private banks with high FII holdings — HDFC Bank, IndusInd and Kotak Mahindra — has been below average in the past few years because of diverse reasons.

“On the other hand, PSU bank profitability has improved as they have come out of their asset quality issues and subsequent restrictions imposed by the regulator,” said Anmol Das, research head, Swyon Advisors, an alternative investment fund.

“The government’s assertion that they will have to manage their own capital has also helped in a way. Corporate growth has also slowed; so there are no bulky defaults and the shift toward retail also means higher yields. All these factors are reasons FIIs must have taken a liking to these banks.”

Data analysed by ET shows that the Nifty PSU Bank index has risen 14.42% Since July 1, 2024, beating the 4.51% growth in the private bank index in that period. Indian Bank is the top gainer in that period with a 53% rise in its shares followed by a 26% gain by Bank of Maharashtra and Union Bank of India, respectively.

Yuvraj Choudhary, analyst, Anand Rathi Securities, said PSU banks have outpaced their private sector counterparts in return on equity (RoE) in the last two years. “Aggregate PSU RoE is 15% higher than the aggregate private bank RoE of 12%. PSU banks have outpaced their private sector counterparts for the last eight quarters and on course for the ninth one,” Choudhary said. “They have gained market share, improved asset quality and that is reflected in their book value.” Relative improved performance explains the diminishing premiums — and the increasing interest of FIIs toward state-owned lenders.

South Korean stocks were hammered on Tuesday as a global sell-off in chipmakers sent technology heavyweights sharply lower, with rising competition from China and a steep fall in SK Hynix‘s US-listed shares weighing heavily on investor sentiment.

The benchmark Kospi plunged 551 points, or 8.1%, to 6,2505. The steep decline triggered “sidecar” trading curbs on both the Kospi and the junior Kosdaq index, temporarily halting programme trading.

Memory-chip maker SK Hynix dropped 11% after its American depositary receipts (ADRs) in New York fell to a record low and slipped below their initial US offering price. Samsung Electronics, another heavyweight in the index, declined 9.15%. Together, SK Hynix and Samsung Electronics account for more than half of the KOSPI’s weighting, amplifying the impact of the semiconductor sell-off on the broader market.

Also read: SpaceX at $100 would imply zero AI value, Morgan Stanley says

1. AI spending worries

Fresh concerns over the scale of artificial intelligence spending added to the pressure on semiconductor stocks even as falling oil prices further after potential talks between US and Iran.
The central question for investors is whether companies pouring billions of dollars into artificial intelligence will be able to generate enough returns to justify the spending. Chip stocks remained under pressure in the US as well, with the Philadelphia Semiconductor Index extending its decline for a third consecutive session.

2. China’s new threat

Developments in China added to investor concerns. ChangXin Memory Technologies (CXMT) made a blockbuster market debut, soaring nearly 500%, while reports emerged that a Chinese state-backed company had started producing immersion DUV lithography equipment.”The market’s concern lies less in CXMT’s current earnings and more in its potential for accelerated capacity expansion to rival Korean companies and technology development following its IPO,” Kim Seok-hwan, a Seoul-based market analyst at Mirae Asset Securities, told Reuters.
The broader MSCI Asia Pacific Index fell 2.92%, with technology stocks bearing the brunt of the losses. The Kospi dropped 7.89%, while Japan’s Nikkei declined 3.86%% and the Topix fell 2.77%.

3. US Fed commentary

Investors are also facing a packed week, with interest rate decisions due from the US Federal Reserve, the Bank of Japan and the Bank of England, alongside earnings reports from major technology companies.

Read more: Nvidia to invest $5 billion in Ilya Sutskever’s AI startup

The US Federal Reserve will begin its two-day policy meeting on Tuesday and is widely expected to leave interest rates unchanged on Wednesday.

However, expectations for a rate hike of at least 25 basis points have risen to 36.3%, from 16% a week ago, according to CME FedWatch. Markets are now pricing in an 81% probability of a rate hike at the central bank’s September meeting.

4. Weak global cues

US stock futures also edged lower in early Asian trading on Tuesday as investors braced for a busy week of megacap earnings and awaited the Federal Reserve’s rate decision. S&P 500 futures fell 0.3%, while Nasdaq 100 futures declined 0.2%. Dow futures gained 24 points, or 0.05%.

The moves came after a mixed session on Wall Street. The 30-stock Dow climbed more than 260 points, or around 0.5%, while the S&P 500 posted a modest gain as oil prices retreated following a pause in fighting in the Middle East.

The Nasdaq Composite, however, slipped 0.2% as a sell-off in semiconductor stocks weighed on the tech-heavy index.

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