External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.</li><li>Most players expect the impact will materialize starting from 3Q should the tariffs be in place.</li><li>Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.Most players expect the impact will materialize starting from 3Q should the tariffs be in place.Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Major global players’ forecast about tariff impact

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Cummins Inc.'s second quarter earnings for 2024 reflect a mixed landscape of performance, showcasing resilience in several key areas along with emerging challenges.</li><li>Notably, the company reported a slight 2% increase in sales to $8.8 billion compared to the same period in 2023, primarily driven by sustained high demand and improved pricing strategies.</li><li>This is despite a challenging economic backdrop and increased market volatility.</li></ul>

Cummins Inc.'s second quarter earnings for 2024 reflect a mixed landscape of performance, showcasing resilience in several key areas along with emerging challenges.Notably, the company reported a slight 2% increase in sales to $8.8 billion compared to the same period in 2023, primarily driven by sustained high demand and improved pricing strategies.This is despite a challenging economic backdrop and increased market volatility.

Cummins Inc.: Strategic Positioning in the Aftermarket and Distribution Business & Other Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Cummins is offering an oddlot exchange with a high pre-tax gain of approximately $2,150 per account compared to other split-off exchanges</li><li>Participants must buy 99 shares of CMI at $265.80 and tender all shares by March 13th to receive around 1,255 shares of ATMU in exchange</li><li>The exchange ratio offers a premium of 7.053% in ATMU shares for each CMI share exchanged, with the final ratio determined by the average VWAP of CMI and ATMU on March 7th, 8th, and 11th</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Cummins is offering an oddlot exchange with a high pre-tax gain of approximately $2,150 per account compared to other split-off exchangesParticipants must buy 99 shares of CMI at $265.80 and tender all shares by March 13th to receive around 1,255 shares of ATMU in exchangeThe exchange ratio offers a premium of 7.053% in ATMU shares for each CMI share exchanged, with the final ratio determined by the average VWAP of CMI and ATMU on March 7th, 8th, and 11thThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

<ul><li>Cummins Inc.'s Q1 2024 financial results revealed a decrease in revenues compared to Q1 2023, standing at $8.4 billion compared to the previous year's $8.44 billion.</li><li>This decrease was, however, marginal at 1%.</li><li>EBITDA in Q1 2024 was doubled that of Q1 2023, being $2.6 billion or 30.6% compared to the previous year's $1.4 billion or 16.1%.</li></ul>

Cummins Inc.'s Q1 2024 financial results revealed a decrease in revenues compared to Q1 2023, standing at $8.4 billion compared to the previous year's $8.44 billion.This decrease was, however, marginal at 1%.EBITDA in Q1 2024 was doubled that of Q1 2023, being $2.6 billion or 30.6% compared to the previous year's $1.4 billion or 16.1%.

Cummins Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2024 & Beyond! - Financial Forecasts

<ul><li>Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.</li><li>This represented a 10% increase from 2022, driven by robust demand across most global markets.</li><li>Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.</li></ul>

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues totaling $8.5 billion.This represented a 10% increase from 2022, driven by robust demand across most global markets.Cummins achieved significant strides in its Destination Zero strategy, developing new 0 emission solutions and investing over $1 billion in fuel-agnostic engine platforms.

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

United States

Cummins Inc. designs, manufactures, distributes and services diesel and natural gas engines. The Company also manufactures electric power generation systems and engine-related component products, including filtration and exhaust aftertreatment, fuel systems, controls, and air handling systems.

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Cummins Inc (CMI US)

Capital Goods - Major global players’ forecast about tariff impact

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs. Most players expect the impact will...

CMB International

Cummins Inc.: Strategic Positioning in the Aftermarket and Distribution Business & Other Major Drivers

Cummins Inc.'s second quarter earnings for 2024 reflect a mixed landscape of performance, showcasing resilience in several key areas along with...

Baptista Research

Cummins Inc (CMI) - Friday, Feb 16, 2024

Cummins is offering an oddlot exchange with a high pre-tax gain of approximately $2,150 per account compared to other split-off exchanges

Value Investors Club (VIC)

Cummins Inc.: These Are The 6 Biggest Factors Influencing Its Performance In 2024 & Beyond! - Financial Forecasts

Cummins Inc.'s Q1 2024 financial results revealed a decrease in revenues compared to Q1 2023, standing at $8.4 billion compared to the previous...

Baptista Research

Cummins Inc: Market Moderation and Cost Reduction Measures! - Major Drivers

Cummins Inc., a global leader in clean energy technology and innovation, experienced a record breaking fourth quarter in 2023, with revenues...

Baptista Research

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