Category

Industrials

Jul 02
0

Daily Brief Industrials: Nissin Corp, Hyundai Construction Equipment, Annto Logistics Supply Chain Technology, Okamura Corp, HD Hyundai Infracore, Samsung SDI, Daehan Shipbuilding, PostNL NV, Knorr-Bremse AG, MillerKnoll and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility
  • HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook
  • Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios
  • Okamura (7994): Why Management Incentives Are So Important
  • Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment
  • Samsung SDI (006400): Still a No
  • Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom
  • PostNL NV – What’s News in Amsterdam
  • Knorr-Bremse AG: How the Company Unlocks Infrastructure Windfalls & Strategic Supremacy!
  • MillerKnoll, Inc: 4Q25 Adj. EPS of $0.60 Beats WTR Estimate

[Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility

By Travis Lundy

  • On 12 May 2025, Bain Capital announced a deal to buy Nissin Corp (9066 JP). The tender was VERY light in price (Bain’s borrowing more than adjusted EV at TOB Price)
  • And it was very long at 41 days. As of Day 1, they announced a long list of “irrevocables” – 16 holders with 5.75% – who had agreed to tender. 
  • Since then Bain have made 7 separate amendment filings detailing additional irrevocables and one possible additional tender agreement to get to 11.30%. Now it’s extended. 

HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

By Sanghyun Park

  • This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.
  • Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.
  • One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.

Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios

By Sreemant Dudhoria,CFA

  • Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
  • Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
  • Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  & bolster operational independence within the Midea ecosystem.

Okamura (7994): Why Management Incentives Are So Important

By Michael Allen

  • Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
  • Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
  • Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.

Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment

By Douglas Kim

  • After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment. 
  • The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore. 
  • We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.

Samsung SDI (006400): Still a No

By Henry Soediarko

  • The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
  • Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
  • It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 

Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom

By Nicholas Tan

  • Daehan Shipbuilding (439260 KS) is looking to raise up to US$350m in its upcoming Korean IPO.
  • It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
  • In this note, we provide updates on the firm’s past performance.

PostNL NV – What’s News in Amsterdam

By The IDEA!

  • In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June

Knorr-Bremse AG: How the Company Unlocks Infrastructure Windfalls & Strategic Supremacy!

By Baptista Research

  • Knorr-Bremse AG, a leading manufacturer in the rail and truck sectors, has presented a mixed performance for the first quarter of 2025.
  • The company’s resilience was emphasized by CEO Marc Llistosella, pointing to strategic measures and a decentralized operational model that has enabled Knorr-Bremse to manage ongoing global trade challenges effectively.
  • The company has positioned itself well in terms of geographic revenue distribution, which mitigates tariff risks and enhances flexibility in volatile markets.

MillerKnoll, Inc: 4Q25 Adj. EPS of $0.60 Beats WTR Estimate

By Water Tower Research

  • Strong sales growth in 4QFY25, especially in North American Contract, driven in part by demand pull forward.
  • MLKN delivered adjusted EPS of $0.60, significantly better than our estimate.
  • North American Contract saw organic sales growth of 12.6%, which led to a 195-bp improvement in operating margins on better sales leverage. 

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Jul 02
0

Daily Brief Industrials: Nissin Corp, Hyundai Construction Equipment, Annto Logistics Supply Chain Technology, Okamura Corp, HD Hyundai Infracore, Samsung SDI, Daehan Shipbuilding, PostNL NV, Knorr-Bremse AG, MillerKnoll and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility
  • HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook
  • Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios
  • Okamura (7994): Why Management Incentives Are So Important
  • Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment
  • Samsung SDI (006400): Still a No
  • Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom
  • PostNL NV – What’s News in Amsterdam
  • Knorr-Bremse AG: How the Company Unlocks Infrastructure Windfalls & Strategic Supremacy!
  • MillerKnoll, Inc: 4Q25 Adj. EPS of $0.60 Beats WTR Estimate

[Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility

By Travis Lundy

  • On 12 May 2025, Bain Capital announced a deal to buy Nissin Corp (9066 JP). The tender was VERY light in price (Bain’s borrowing more than adjusted EV at TOB Price)
  • And it was very long at 41 days. As of Day 1, they announced a long list of “irrevocables” – 16 holders with 5.75% – who had agreed to tender. 
  • Since then Bain have made 7 separate amendment filings detailing additional irrevocables and one possible additional tender agreement to get to 11.30%. Now it’s extended. 

HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

By Sanghyun Park

  • This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.
  • Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.
  • One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.

Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios

By Sreemant Dudhoria,CFA

  • Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
  • Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
  • Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  & bolster operational independence within the Midea ecosystem.

Okamura (7994): Why Management Incentives Are So Important

By Michael Allen

  • Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
  • Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
  • Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.

Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment

By Douglas Kim

  • After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment. 
  • The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore. 
  • We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.

Samsung SDI (006400): Still a No

By Henry Soediarko

  • The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
  • Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
  • It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 

Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom

By Nicholas Tan

  • Daehan Shipbuilding (439260 KS) is looking to raise up to US$350m in its upcoming Korean IPO.
  • It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
  • In this note, we provide updates on the firm’s past performance.

PostNL NV – What’s News in Amsterdam

By The IDEA!

  • In this edition: • ABN Amro | completes the acquisition of Hauck Aufhäuser Lampe • ING | cutting 230 senior roles globally within its Wholesale Banking • InPost | EVRi intends to deploy 10,000 APMs by 2030 • PostNL | proposed changes in postal legislation do not go down well at PostNL • Dutch retail sales | up 2.2% YoY in May; sales volume down 2.2% • Dutch inflation | continued to trend down in June

Knorr-Bremse AG: How the Company Unlocks Infrastructure Windfalls & Strategic Supremacy!

By Baptista Research

  • Knorr-Bremse AG, a leading manufacturer in the rail and truck sectors, has presented a mixed performance for the first quarter of 2025.
  • The company’s resilience was emphasized by CEO Marc Llistosella, pointing to strategic measures and a decentralized operational model that has enabled Knorr-Bremse to manage ongoing global trade challenges effectively.
  • The company has positioned itself well in terms of geographic revenue distribution, which mitigates tariff risks and enhances flexibility in volatile markets.

MillerKnoll, Inc: 4Q25 Adj. EPS of $0.60 Beats WTR Estimate

By Water Tower Research

  • Strong sales growth in 4QFY25, especially in North American Contract, driven in part by demand pull forward.
  • MLKN delivered adjusted EPS of $0.60, significantly better than our estimate.
  • North American Contract saw organic sales growth of 12.6%, which led to a 195-bp improvement in operating margins on better sales leverage. 

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 01
0

Daily Brief Industrials: BayCurrent Consulting , Nippon Concept, Ana Holdings, Mazagon Dock Shipbuilders , Geek+, Fortive , Asia High Yield Bond Index, Deutsche Lufthansa , Hensoldt AG, Kirby Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
  • Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
  • Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
  • AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
  • Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
  • Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
  • Asian Bond Monitor: Asian Bonds for the Upcoming Recession
  • Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!
  • Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!
  • Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

By Brian Freitas

Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal

By Arun George

  • Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
  • The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
  • An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.

Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)

By Janaghan Jeyakumar, CFA

  • JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
  • The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
  • Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

By Brian Freitas

  • We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
  • From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

By Nicholas Tan

  • Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
  • It is a leader in the global autonomous mobile robots (AMR) market.
  • In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?

By Garvit Bhandari

  • Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’. 
  • The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
  • As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

By Warut Promboon

  • Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
  • We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
  • Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!

By Baptista Research

  • Lufthansa Group’s Q1 2025 financial performance illustrated both challenges and progress within a complex operating environment.
  • Revenues surpassed €8 billion for the first time in a first quarter, marking a 10% year over-year increase—a notable achievement as Q1 typically represents the weakest period for the airline industry.
  • The growth was driven by robust demand, increased capacity, and higher yields, particularly in the North Atlantic market, a region where traveler numbers increased by 7% and yields rose by the same percentage.

Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!

By Baptista Research

  • Hensoldt AG has demonstrated a strong performance for the first quarter of 2025, capitalizing on the shifting geopolitical landscape and increased defense spending in Europe.
  • The company has reported a solid order intake of EUR 701 million, driven by contracts like the Eurofighter Mk1 rebaselining and the Spanish Eurofighter Halcon program.
  • This performance underscores Hensoldt’s strategic alignment with the increased defense budget initiatives, particularly in Germany, aimed at boosting self-sufficiency in defense capabilities.

Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?

By Baptista Research

  • Kirby Corporation’s recent quarterly results present a mixed performance across its major business segments, reflecting an interplay between favorable market conditions and some operational challenges.
  • The reported earnings per share for the quarter were $1.33, indicating a year-over-year improvement from $1.19 per share.
  • In the Marine Transportation segment, both inland and coastal operations faced navigational challenges.

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 01
0

Daily Brief Industrials: BayCurrent Consulting , Nippon Concept, Ana Holdings, Mazagon Dock Shipbuilders , Geek+, Fortive , Asia High Yield Bond Index, Deutsche Lufthansa , Hensoldt AG, Kirby Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
  • Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
  • Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
  • AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
  • Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
  • Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?
  • Asian Bond Monitor: Asian Bonds for the Upcoming Recession
  • Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!
  • Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!
  • Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?

Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

By Brian Freitas

Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal

By Arun George

  • Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
  • The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
  • An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.

Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)

By Janaghan Jeyakumar, CFA

  • JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
  • The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
  • Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

By Brian Freitas

  • We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
  • From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round

By Nicholas Tan

  • Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
  • It is a leader in the global autonomous mobile robots (AMR) market.
  • In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Fortive or Its Spin-Off Ralliant – Which One Is a Better Buy?

By Garvit Bhandari

  • Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’. 
  • The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
  • As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.

Asian Bond Monitor: Asian Bonds for the Upcoming Recession

By Warut Promboon

  • Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
  • We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
  • Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

Deutsche Lufthansa: Initiation of Coverage-Massive Turnaround Sparks Bold Profit Revival!

By Baptista Research

  • Lufthansa Group’s Q1 2025 financial performance illustrated both challenges and progress within a complex operating environment.
  • Revenues surpassed €8 billion for the first time in a first quarter, marking a 10% year over-year increase—a notable achievement as Q1 typically represents the weakest period for the airline industry.
  • The growth was driven by robust demand, increased capacity, and higher yields, particularly in the North Atlantic market, a region where traveler numbers increased by 7% and yields rose by the same percentage.

Hensoldt AG: Initiation of Coverage- Soaring Ahead with Next-Gen Sensor Breakthroughs!

By Baptista Research

  • Hensoldt AG has demonstrated a strong performance for the first quarter of 2025, capitalizing on the shifting geopolitical landscape and increased defense spending in Europe.
  • The company has reported a solid order intake of EUR 701 million, driven by contracts like the Eurofighter Mk1 rebaselining and the Spanish Eurofighter Halcon program.
  • This performance underscores Hensoldt’s strategic alignment with the increased defense budget initiatives, particularly in Germany, aimed at boosting self-sufficiency in defense capabilities.

Kirby Corporation Positioned to Win Big as Onshoring Trends Ignite Domestic Transport Demand; What’s The Expected Revenue Impact?

By Baptista Research

  • Kirby Corporation’s recent quarterly results present a mixed performance across its major business segments, reflecting an interplay between favorable market conditions and some operational challenges.
  • The reported earnings per share for the quarter were $1.33, indicating a year-over-year improvement from $1.19 per share.
  • In the Marine Transportation segment, both inland and coastal operations faced navigational challenges.

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 29
0

Daily Brief Industrials: DH Shipbuilding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • DH Shipbuilding IPO Valuation Analysis

DH Shipbuilding IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
  • Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. 
  • Our target valuation multiple of 5.7x is 20% premium to the comps’ P/B valuation multiple which is justified due to the company’s higher ROE, operating margins and stronger balance sheet.

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Jun 29
0

Daily Brief Industrials: DH Shipbuilding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • DH Shipbuilding IPO Valuation Analysis

DH Shipbuilding IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
  • Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won. 
  • Our target valuation multiple of 5.7x is 20% premium to the comps’ P/B valuation multiple which is justified due to the company’s higher ROE, operating margins and stronger balance sheet.

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  • ✓ Events & Webinars
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Jun 28
0

Daily Brief Industrials: Hanwha Corporation, Delhi International Airport Limited, Hochtief AG, IMCD Group NV, Nitto Kogyo, PFISTERER Holding, Sambhv Steel Tubes, Taekwang Industrial, GEA Group AG and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
  • Lucror Analytics – Morning Views Asia
  • HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!
  • What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)
  • Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
  • PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…
  • Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player
  • Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
  • GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!

Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection

By Douglas Kim

  • Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares. 
  • We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks. 
  • The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp’s preferred shares.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport, Longfor Group, Softbank Group, Xiaomi Corp
  • US treasury yields continued to decline for a fifth straight day, on the back of a strong auction of 7Y notes, as well as increased market expectations for rate cuts. The yield on the 2Y UST fell 6 bps to 3.72%, while that on the 10Y UST declined 5 bps to 4.24%.
  • Equities climbed towards record high levels. The S&P 500 gained 0.8% to 6,141, just shy of the peak of 6,144 in February. The Nasdaq advanced 1.0% to 20,168.

HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!

By Baptista Research

  • HOCHTIEF’s full-year 2024 financial results present a nuanced picture of the company’s performance and future outlook, reflecting both strengths and challenges that should inform an investment thesis with a neutral stance.
  • On the positive side, HOCHTIEF reported substantial growth in several financial metrics, indicative of the company’s robust operational capabilities and strategic positioning.
  • Group sales rose by an impressive 20% to EUR 33.3 billion.

What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)

By The IDEA!

  • In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)

By Sessa Investment Research

  • Nitto Kogyo Corporation (hereafter, the Company) announced full-year earnings results for FY2025/3 after market close on May 15, 2025.
  • The Company reported net sales of JPY 184,683 mn (+14.9% YoY), operating profit of JPY 13,432 mn (+12.2% YoY), ordinary profit of JPY 13,516 mn (+7.6% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 12,097 mn (+38.8% YoY).
  • Price revisions and improvements in transaction prices substantially boosted profits. Net profit rose substantially as it recorded a gain on bargain purchases of JPY 2,395 mn under extraordinary income, in line with the acquisition of consolidated subsidiary Tempearl Industry in April 2024. 

PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…

By GBC AG

  • PFISTERER Holding SE (PFISTERER) reported on 14 May 2025 that it had successfully listed on the Scale segment of the Frankfurt Stock Exchange.
  • A total of 6.97 million shares were placed: 3.5 million shares came from a capital increase, with the remaining shares coming from the reallocation of existing shareholders.
  • At an offer price of €27.00, PFISTERER will receive cash proceeds of approximately €95 million (GBC estimate, net: €85.90 million).

Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player

By Sudarshan Bhandari

  • Sambhv’s single-location, fully backward-integrated facility – from sponge iron to pipes—ensures strong cost control and superior EBITDA per ton, outpacing peers reliant on outsourced raw materials and power.
  • Capacity ramp-up from 2.5L MT to 4.5L MT in FY25, new stainless-steel lines, and Kesda’s greenfield project set the stage for multi-year growth visibility and operating leverage.
  • With ₹390 crore from IPO proceeds going toward debt repayment, Sambhv strengthens financial flexibility, improves credit metrics, and positions itself well for capex execution and margin retention.

Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]

By Douglas Kim

  • After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
  • Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly. 
  • Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.

GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!

By Baptista Research

  • GEA Group AG commenced the fiscal year 2025 with a robust first quarter, reflecting significant progress and growth across key performance indicators, albeit with certain areas needing cautious observation.
  • GEA’s order intake reached EUR 1.4 billion, marking a 3.7% year-over-year increase, in contrast to the record EUR 1.6 billion seen in the previous quarter.
  • This suggests a regularization in order volume after an extraordinary high due to several substantial transactions in late 2024.

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  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 28
0

Daily Brief Industrials: Hanwha Corporation, Delhi International Airport Limited, Hochtief AG, IMCD Group NV, Nitto Kogyo, PFISTERER Holding, Sambhv Steel Tubes, Taekwang Industrial, GEA Group AG and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
  • Lucror Analytics – Morning Views Asia
  • HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!
  • What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)
  • Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
  • PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…
  • Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player
  • Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
  • GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!

Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection

By Douglas Kim

  • Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares. 
  • We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks. 
  • The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp’s preferred shares.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport, Longfor Group, Softbank Group, Xiaomi Corp
  • US treasury yields continued to decline for a fifth straight day, on the back of a strong auction of 7Y notes, as well as increased market expectations for rate cuts. The yield on the 2Y UST fell 6 bps to 3.72%, while that on the 10Y UST declined 5 bps to 4.24%.
  • Equities climbed towards record high levels. The S&P 500 gained 0.8% to 6,141, just shy of the peak of 6,144 in February. The Nasdaq advanced 1.0% to 20,168.

HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!

By Baptista Research

  • HOCHTIEF’s full-year 2024 financial results present a nuanced picture of the company’s performance and future outlook, reflecting both strengths and challenges that should inform an investment thesis with a neutral stance.
  • On the positive side, HOCHTIEF reported substantial growth in several financial metrics, indicative of the company’s robust operational capabilities and strategic positioning.
  • Group sales rose by an impressive 20% to EUR 33.3 billion.

What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)

By The IDEA!

  • In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)

By Sessa Investment Research

  • Nitto Kogyo Corporation (hereafter, the Company) announced full-year earnings results for FY2025/3 after market close on May 15, 2025.
  • The Company reported net sales of JPY 184,683 mn (+14.9% YoY), operating profit of JPY 13,432 mn (+12.2% YoY), ordinary profit of JPY 13,516 mn (+7.6% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 12,097 mn (+38.8% YoY).
  • Price revisions and improvements in transaction prices substantially boosted profits. Net profit rose substantially as it recorded a gain on bargain purchases of JPY 2,395 mn under extraordinary income, in line with the acquisition of consolidated subsidiary Tempearl Industry in April 2024. 

PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…

By GBC AG

  • PFISTERER Holding SE (PFISTERER) reported on 14 May 2025 that it had successfully listed on the Scale segment of the Frankfurt Stock Exchange.
  • A total of 6.97 million shares were placed: 3.5 million shares came from a capital increase, with the remaining shares coming from the reallocation of existing shareholders.
  • At an offer price of €27.00, PFISTERER will receive cash proceeds of approximately €95 million (GBC estimate, net: €85.90 million).

Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player

By Sudarshan Bhandari

  • Sambhv’s single-location, fully backward-integrated facility – from sponge iron to pipes—ensures strong cost control and superior EBITDA per ton, outpacing peers reliant on outsourced raw materials and power.
  • Capacity ramp-up from 2.5L MT to 4.5L MT in FY25, new stainless-steel lines, and Kesda’s greenfield project set the stage for multi-year growth visibility and operating leverage.
  • With ₹390 crore from IPO proceeds going toward debt repayment, Sambhv strengthens financial flexibility, improves credit metrics, and positions itself well for capex execution and margin retention.

Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]

By Douglas Kim

  • After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
  • Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly. 
  • Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.

GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!

By Baptista Research

  • GEA Group AG commenced the fiscal year 2025 with a robust first quarter, reflecting significant progress and growth across key performance indicators, albeit with certain areas needing cautious observation.
  • GEA’s order intake reached EUR 1.4 billion, marking a 3.7% year-over-year increase, in contrast to the record EUR 1.6 billion seen in the previous quarter.
  • This suggests a regularization in order volume after an extraordinary high due to several substantial transactions in late 2024.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jun 27
0

Daily Brief Industrials: HD Hyundai Heavy Industries , Seibu Holdings, Aaon Inc, Mastec Inc, Avis Budget Group, Chart Industries, Clarivate , CEA Industries , Hexcel Corp, Casella Waste Systems Inc A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying
  • Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization
  • AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?
  • MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!
  • How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!
  • Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?
  • Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?
  • CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector
  • Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?
  • Casella Waste Systems: An Acquisitive Growth Strategy

EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying

By Sanghyun Park

  • HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
  • With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
  • Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.

Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization

By Rahul Jain

  • Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
  • Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
  • Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

By Baptista Research

  • AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
  • The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
  • This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!

By Baptista Research

  • MasTec, a diversified infrastructure construction company, reported robust financial performance in the first quarter of 2025, exceeding guidance in key metrics such as revenue, EBITDA, and EPS.
  • The company’s revenue stood at $2.85 billion, with adjusted EBITDA of $164 million, marking significant overperformance.
  • The strong results came amid macroeconomic volatility, highlighting MasTec’s structural demand strength across its diversified business segments.

How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!

By Baptista Research

  • Avis Budget Group presented a mixed set of results for the first quarter of 2025, revealing substantial challenges alongside strategic advancements.
  • The company reported a decline in total revenue to $2.4 billion, compared with $2.5 billion in the same period of the previous year.
  • This decline was attributed to calendar shifts and a 2% decrease in pricing, set against softer commercial demand and relatively strong leisure demand.

Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?

By Baptista Research

  • Chart Industries reported its first quarter results for 2025, showcasing both strengths and areas for potential improvement.
  • The company posted a 17.3% increase in orders compared to the previous year, amounting to $1.32 billion, with significant contribution from the Woodside Louisiana LNG project.
  • Liquefied Natural Gas (LNG) remains a crucial component, accounting for roughly a quarter of the company’s backlog.

Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?

By Baptista Research

  • Clarivate’s first quarter of 2025 showed a mix of strategic advancements and financial performance amid an evolving business landscape.
  • The company is navigating a significant transformation, focusing on optimizing revenue, enhancing sales execution, and accelerating product innovation.
  • This shift is highlighted by their transition to a more subscription-centric model as part of their Value Creation Plan.

CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector

By Atrium Research

  • CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence.
  • Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR.
  • CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA.

Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?

By Baptista Research

  • Hexcel Corporation’s first-quarter 2025 financial results present a nuanced picture of the company’s performance and strategic direction.
  • With sales amounting to $457 million and an adjusted diluted EPS of $0.37, Hexcel has encountered both challenges and opportunities.
  • The company is experiencing the repercussions of ongoing supply chain issues and demand fluctuations, particularly in the commercial aerospace sector.

Casella Waste Systems: An Acquisitive Growth Strategy

By Baptista Research

  • Casella Waste Systems Inc. recently held its first-quarter 2025 earnings discussion, reporting commendable progress with revenues, adjusted EBITDA, and adjusted free cash flow all increasing over 20% year-over-year, marking records for the first quarter.
  • The company’s strategic focus on expanding fleet automation, enhancing internal volume processing, and improving employee retention is yielding favorable outcomes.
  • Casella Waste continues to effectively integrate acquisitions from the past two years, highlighting robust merger and acquisition activity, including four acquisitions in the current year, collectively contributing approximately $50 million in annualized revenues.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jun 27
0

Daily Brief Industrials: HD Hyundai Heavy Industries , Seibu Holdings, Aaon Inc, Mastec Inc, Avis Budget Group, Chart Industries, Clarivate , CEA Industries , Hexcel Corp, Casella Waste Systems Inc A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying
  • Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization
  • AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?
  • MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!
  • How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!
  • Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?
  • Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?
  • CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector
  • Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?
  • Casella Waste Systems: An Acquisitive Growth Strategy

EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying

By Sanghyun Park

  • HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
  • With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
  • Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.

Seibu Holdings (TSE: 9024) – Asset-Rich Platform With Significant Upside from Monetization

By Rahul Jain

  • Seibu’s FY25 results were buoyed by a ¥350 bn real estate securitization, driving operating profit to ¥263 bn and showcasing the deep value embedded in its property portfolio.
  • Management plans to monetize ~¥1.35 trillion of urban assets over the next 3–5 years, shift to a capital-light hotel model, and revitalize transport margins via fare revisions.
  • Even at the current price of ¥4,868, Seibu trades at a ~45% discount to its fully adjusted SoTP value (~¥8,873/share)—implying substantial re-rating potential if monetization proceeds as planned.

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

By Baptista Research

  • AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
  • The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
  • This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

MasTec Inc. Cashes In on Renewable Energy Wave with Strategic Alliances & Record Backlog!

By Baptista Research

  • MasTec, a diversified infrastructure construction company, reported robust financial performance in the first quarter of 2025, exceeding guidance in key metrics such as revenue, EBITDA, and EPS.
  • The company’s revenue stood at $2.85 billion, with adjusted EBITDA of $164 million, marking significant overperformance.
  • The strong results came amid macroeconomic volatility, highlighting MasTec’s structural demand strength across its diversified business segments.

How Avis Budget Group Turns Rising Vehicle Prices into Opportunity with Flexible Cost Strategies!

By Baptista Research

  • Avis Budget Group presented a mixed set of results for the first quarter of 2025, revealing substantial challenges alongside strategic advancements.
  • The company reported a decline in total revenue to $2.4 billion, compared with $2.5 billion in the same period of the previous year.
  • This decline was attributed to calendar shifts and a 2% decrease in pricing, set against softer commercial demand and relatively strong leisure demand.

Chart Industries Eyes a $1 Billion LNG Windfall—Is This the Biggest Energy Play of the Year?

By Baptista Research

  • Chart Industries reported its first quarter results for 2025, showcasing both strengths and areas for potential improvement.
  • The company posted a 17.3% increase in orders compared to the previous year, amounting to $1.32 billion, with significant contribution from the Woodside Louisiana LNG project.
  • Liquefied Natural Gas (LNG) remains a crucial component, accounting for roughly a quarter of the company’s backlog.

Clarivate Plc: Will The Management Focus On A Subscription-First Model Deliver Solid Growth?

By Baptista Research

  • Clarivate’s first quarter of 2025 showed a mix of strategic advancements and financial performance amid an evolving business landscape.
  • The company is navigating a significant transformation, focusing on optimizing revenue, enhancing sales execution, and accelerating product innovation.
  • This shift is highlighted by their transition to a more subscription-centric model as part of their Value Creation Plan.

CEA Industries – Undervalued Opportunity in the High-Growth Vape Sector

By Atrium Research

  • CEA has recently acquired Fat Panda, a leading Canadian vape retailer, supported by a vertically integrated manufacturing and e-commerce presence.
  • Fat Panda has posted consistent growth over the last five years, growing revenue at a 38% CAGR and Adj. EBITDA at a 71% CAGR.
  • CEA paid $12.6M for the acquisition, equating to 2.1x Adj. EBITDA.

Hexcel Corporation: How Is The Management Dealing With Tariffs & The Challenges Around Aerospace Production Rate Variability?

By Baptista Research

  • Hexcel Corporation’s first-quarter 2025 financial results present a nuanced picture of the company’s performance and strategic direction.
  • With sales amounting to $457 million and an adjusted diluted EPS of $0.37, Hexcel has encountered both challenges and opportunities.
  • The company is experiencing the repercussions of ongoing supply chain issues and demand fluctuations, particularly in the commercial aerospace sector.

Casella Waste Systems: An Acquisitive Growth Strategy

By Baptista Research

  • Casella Waste Systems Inc. recently held its first-quarter 2025 earnings discussion, reporting commendable progress with revenues, adjusted EBITDA, and adjusted free cash flow all increasing over 20% year-over-year, marking records for the first quarter.
  • The company’s strategic focus on expanding fleet automation, enhancing internal volume processing, and improving employee retention is yielding favorable outcomes.
  • Casella Waste continues to effectively integrate acquisitions from the past two years, highlighting robust merger and acquisition activity, including four acquisitions in the current year, collectively contributing approximately $50 million in annualized revenues.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free