Smartkarma Daily Briefs

• BayCurrent Consulting (6532 JP) is a high-growth consulting company. This year sees 22% annual revenue growth and 25% OP growth to Feb 2025. Q3 results come out tomorrow.
• The stock has a fairly large and concentrated active institutional holder base, though interestingly, the foreign active insto base is very long-tailed. LOTS of investors hold this.
• The company is likely to see an index inclusion imminently which will over time mean a buy of more than a third of Maximum Real World Float. 

• To stay in the Value-up index by June, HMM needs to maintain high ROE, but with 2023’s dip and a 2024 estimate around mid-10%, they’ll be borderline in the rankings.
• Local markets expect HMM’s dividend payout to range from 840 KRW to mid-1,000 KRW, with a yield of 4.5% to 8%, while futures show mild backwardation in February and March.
• HMM may finalize the dividend and announce the record date by late January, with the record date likely in mid to late February.

• Vinfast (VFS US) continues to progress in building out its EV brand, being the number one auto brand in Vietnam, and expanding into Indonesia, the Philippines, India, and the US.
• A key trend for Vinfast (VFS US) has been the shift in sales to related GSM towards direct retail sales, which now make up around 80% of total EV sales.
• Its strategies to showcase EVs through ride-hailing, leasing batteries, providing captive charging infrastructure, and guaranteed resale values are proving to be successful one, being rolled out across markets. 

• Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
• Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. 
• Considering Doosan Group’s repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. 

• Sensata Technologies recently held its third quarter 2024 earnings call, providing a comprehensive overview of the company’s financial performance and strategic initiatives amidst a challenging market environment.
• The company’s results were largely in line with expectations, revealing both strengths and hurdles that highlight the complexity of the current external economic landscape.
• For Q3 2024, Sensata Technologies reported revenue of approximately $983 million, a 2% decrease year-over year from $1 billion in Q3 2023.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.

• Downside risk in early teens and 50% loss possible if macro-economic scenario plays out
• Strong potential for a strong return if company executes well and farm economy stabilizes
• Titan Machinery offers a compelling value proposition with significant upside potential.

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.

• BayCurrent Consulting (6532 JP) is a high-growth consulting company. This year sees 22% annual revenue growth and 25% OP growth to Feb 2025. Q3 results come out tomorrow.
• The stock has a fairly large and concentrated active institutional holder base, though interestingly, the foreign active insto base is very long-tailed. LOTS of investors hold this.
• The company is likely to see an index inclusion imminently which will over time mean a buy of more than a third of Maximum Real World Float. 

• To stay in the Value-up index by June, HMM needs to maintain high ROE, but with 2023’s dip and a 2024 estimate around mid-10%, they’ll be borderline in the rankings.
• Local markets expect HMM’s dividend payout to range from 840 KRW to mid-1,000 KRW, with a yield of 4.5% to 8%, while futures show mild backwardation in February and March.
• HMM may finalize the dividend and announce the record date by late January, with the record date likely in mid to late February.

• Vinfast (VFS US) continues to progress in building out its EV brand, being the number one auto brand in Vietnam, and expanding into Indonesia, the Philippines, India, and the US.
• A key trend for Vinfast (VFS US) has been the shift in sales to related GSM towards direct retail sales, which now make up around 80% of total EV sales.
• Its strategies to showcase EVs through ride-hailing, leasing batteries, providing captive charging infrastructure, and guaranteed resale values are proving to be successful one, being rolled out across markets. 

• Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
• Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. 
• Considering Doosan Group’s repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. 

• Sensata Technologies recently held its third quarter 2024 earnings call, providing a comprehensive overview of the company’s financial performance and strategic initiatives amidst a challenging market environment.
• The company’s results were largely in line with expectations, revealing both strengths and hurdles that highlight the complexity of the current external economic landscape.
• For Q3 2024, Sensata Technologies reported revenue of approximately $983 million, a 2% decrease year-over year from $1 billion in Q3 2023.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Recent strategic actions have created higher margins in recent years and brought the leverage ratio down to 1.9x.

• Downside risk in early teens and 50% loss possible if macro-economic scenario plays out
• Strong potential for a strong return if company executes well and farm economy stabilizes
• Titan Machinery offers a compelling value proposition with significant upside potential.

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.