Smartkarma Daily Briefs

• Nidec Corp (6594 JP) released a multi-page document regarding its bid for Makino Milling Machine Co (6135 JP) yesterday. 
• It talked a bit about the back-and-forth with Makino, and gave Nidec’s side of the story. Makino has been making their side public too. A meeting is due early March.
• In the document, there was a line suggesting Nidec won’t raise price even against a counteroffer. They didn’t need to say that. The question is what Makino will do.

• ZTO Express Cayman (2057 HK) will be added to the Hang Seng China Enterprises Index (HSCEI INDEX) next week and to a global index couple of weeks after that.
• Despite passives needing to buy more than 5% of float inside a month, the stock has barely budged in a rallying China market.
• The increase in cumulative excess volume has been very gradual, indicative of low positioning in the stock. With a lot to buy over the next few weeks, that could change.

• Greaves Cotton (GRV IN) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.
• Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.
• The company’s core business remains profitable and on a growth path. New funds will improve the mobility arm’s operations and support current business growth would be from ongoing capex investments.

• Huge deal with Mitsui purchasing a 40% stake in Roads Ridge for billions of dollars
• Decades-long negotiation process with owners of the asset culminating in the sale
• Roads Ridge is a massive iron ore deposit with potential for long-term production, standing out for its high quality iron content and low phosphorus levels in comparison to other mines in the region

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• JSW Cement Limited (9858514Z IN)  is looking to raise about US$480m in its upcoming India IPO.
• JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
• In this note, we talk about the company’s historical performance.

• In today’s edition: • InPost | launches end-to-end C2X parcels service in the UK • Just Eat Takeaway.com | agrees on EUR 20.30 per share offer by Prosus • PostNL | expects FY25 normalised EBIT to be in line with FY24 • PostNL | DHL Netherlands to double APM locations and expands into mail • Corporate agenda | week 9 – 12

• Herc Holdings, operating through its principal brand Herc Rentals, reported its fourth quarter and full year 2024 results showcasing a diversified growth strategy and addressing dynamic market conditions.
• A significant factor in the company’s performance was its expansionary strategy, which saw the opening of 23 greenfield branches and the acquisition of 28 locations, emphasizing its urban market growth strategy.
• These strategic moves have amplified Herc Holdings’ market presence, especially in key metropolitan areas, driving improvements in revenue efficiencies.

• Operating Revenues of P$7.1bn were driven by solid non-aeronautical growth.
• Total operating sales growth of 16% YoY was driven by a solid 32% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).
• On the other hand, aeronautical revenues (70% of total) increased by 11% YoY because of a 1.4% increase in total PAX and a 14% gain in the aero-weighted average rate.

• Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend.
• Singtel’s ST28 strategy focuses on connectivity, digital services, and infrastructure, identifying S$6 billion in monetisable assets.
• CapitaLand Investment aims to scale FUM to S$200 billion by 2028, focusing on asset-light, fee income model.

• OMA posted results that were better than expected by the consensus and were in line with our estimates.
• Total EBITDA came in at P$2.4 Bn (+1% above our estimate and +3% above the consensus expectation) with an 8% YoY gain.
• The EBITDA margin was 73.8%, 3.9 pp.

• Nidec Corp (6594 JP) released a multi-page document regarding its bid for Makino Milling Machine Co (6135 JP) yesterday. 
• It talked a bit about the back-and-forth with Makino, and gave Nidec’s side of the story. Makino has been making their side public too. A meeting is due early March.
• In the document, there was a line suggesting Nidec won’t raise price even against a counteroffer. They didn’t need to say that. The question is what Makino will do.

• ZTO Express Cayman (2057 HK) will be added to the Hang Seng China Enterprises Index (HSCEI INDEX) next week and to a global index couple of weeks after that.
• Despite passives needing to buy more than 5% of float inside a month, the stock has barely budged in a rallying China market.
• The increase in cumulative excess volume has been very gradual, indicative of low positioning in the stock. With a lot to buy over the next few weeks, that could change.

• Greaves Cotton (GRV IN) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.
• Company is guiding for 30,000Cr topline by 2030  with 13-15% margins excluding mobility segment.
• The company’s core business remains profitable and on a growth path. New funds will improve the mobility arm’s operations and support current business growth would be from ongoing capex investments.

• Huge deal with Mitsui purchasing a 40% stake in Roads Ridge for billions of dollars
• Decades-long negotiation process with owners of the asset culminating in the sale
• Roads Ridge is a massive iron ore deposit with potential for long-term production, standing out for its high quality iron content and low phosphorus levels in comparison to other mines in the region

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• JSW Cement Limited (9858514Z IN)  is looking to raise about US$480m in its upcoming India IPO.
• JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
• In this note, we talk about the company’s historical performance.

• In today’s edition: • InPost | launches end-to-end C2X parcels service in the UK • Just Eat Takeaway.com | agrees on EUR 20.30 per share offer by Prosus • PostNL | expects FY25 normalised EBIT to be in line with FY24 • PostNL | DHL Netherlands to double APM locations and expands into mail • Corporate agenda | week 9 – 12

• Herc Holdings, operating through its principal brand Herc Rentals, reported its fourth quarter and full year 2024 results showcasing a diversified growth strategy and addressing dynamic market conditions.
• A significant factor in the company’s performance was its expansionary strategy, which saw the opening of 23 greenfield branches and the acquisition of 28 locations, emphasizing its urban market growth strategy.
• These strategic moves have amplified Herc Holdings’ market presence, especially in key metropolitan areas, driving improvements in revenue efficiencies.

• Operating Revenues of P$7.1bn were driven by solid non-aeronautical growth.
• Total operating sales growth of 16% YoY was driven by a solid 32% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).
• On the other hand, aeronautical revenues (70% of total) increased by 11% YoY because of a 1.4% increase in total PAX and a 14% gain in the aero-weighted average rate.

• Seatrium reported FY24 net profit of S$200 million, revenue growth of 27%, and proposed a 1.5 cent dividend.
• Singtel’s ST28 strategy focuses on connectivity, digital services, and infrastructure, identifying S$6 billion in monetisable assets.
• CapitaLand Investment aims to scale FUM to S$200 billion by 2028, focusing on asset-light, fee income model.

• OMA posted results that were better than expected by the consensus and were in line with our estimates.
• Total EBITDA came in at P$2.4 Bn (+1% above our estimate and +3% above the consensus expectation) with an 8% YoY gain.
• The EBITDA margin was 73.8%, 3.9 pp.