Industrials

Southwest Airlines demonstrated a mixed performance in the first quarter of 2025, highlighting both progress in strategic initiatives and challenges faced due to the macroeconomic environment.
The company’s revenue strategy transformation seems to be bearing fruit, as indicated by record operating revenues of $6.4 billion, driven by a 3.5% increase in revenue per available seat mile (RASM).
Key initiatives contributing to this include amendments to their agreement with Chase, enhancements to the Rapid Rewards program, and expanded distribution channels like Expedia.Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Jacobs Solutions Is Tanking On DOGE & Tariff Fears — Why The Market May Be Getting It Wrong!

Jacobs Solutions has been making headlines recently as its stock took a hit, down nearly 11% this year, far underperforming the broader industrial sector’s decline.
Two major factors have fueled investor concerns: the impact of Elon Musk’s Department of Government Efficiency (DOGE) initiatives and renewed trade war risks under President Donald Trump.
Yet, a deeper dive into the company’s developments suggests that the market may be overreacting.

Knight-Swift Transportation: Is Its Strategic Positioning & Brand Integration The Right Move to Strengthen Its Market Position?

Knight-Swift Transportation’s first-quarter 2025 results indicate a mixed performance amidst an uncertain market environment, highlighting both strengths and challenges faced by the company.
On the positive side, the company experienced an increase in overall revenue, excluding fuel surcharge, by 1.2%, and a significant improvement in adjusted operating income by 68.2%.
This was partially due to cost management initiatives and improved productivity.

How Masco Corporation is Quietly Building an E-Commerce Business That Could Redefine Its Future!

Masco Corporation’s recent earnings for the first quarter of 2025 revealed several key aspects of its performance and future outlook, marked by both challenges and areas of strength.
On the positive side, the company continues to drive innovation across its strong portfolio of brands, such as Delta Faucet and Behr, contributing to its solid reputation in the repair and remodel industry.
New product launches and awards highlight the company’s commitment to maintaining its competitive edge.

Alaska Air Group Eyes Massive Cost Synergies from Hawaiian Deal—Is a Profit Surge Coming?

The Alaska Air Group reported a challenging first quarter of 2025, with a GAAP net loss of $166 million and an adjusted net loss of $95 million, excluding special items and fuel hedge adjustments.
This represents a difficult start to the year primarily due to a divergence in air travel demand from the robust levels seen in prior months.
However, the company is committed to its strategic initiative, Alaska Accelerate, which focuses on long-term value creation and profitability.

Norfolk Southern Corporation Wins Big-Thanks to Bold Customer Service Reboot!

Norfolk Southern Corporation’s latest earnings for Q1 2025 outlined key aspects of its operational and financial performance amidst challenging conditions, including adverse weather impacts.
The company’s approach was marked by resilience and focus on productivity improvements, despite external uncertainties such as economic conditions and potential tariff impacts.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Will Otis Worldwide Corporation’s Modernization & Repair Boom Unlock Explosive Revenue Growth?

Otis Worldwide Corporation has reported its first quarter 2025 financial results, revealing a mixed performance across its segments.
These results reflect the ongoing challenges in the New Equipment segment, but also showcase the resilience of its Service business.
Positives from the results include the solid performance of Otis’ Service segment, which saw an organic sales growth of 4% and a maintenance portfolio that expanded by 4%.

Republic Services: The 5 Factors That Could Derail Its Performance In 2025!

Republic Services, Inc.’s first-quarter 2025 results showcase several strengths and challenges, painting a comprehensive picture of the company’s current status and future prospects.
The company reported a solid revenue growth of 4% and a notable adjusted EBITDA growth of 9%, which translated into an expanded EBITDA margin of 140 basis points to 31.6%.
Adjusted earnings per share were reported at $1.58, and adjusted free cash flow was robust at $727 million.

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May 02

Daily Brief Industrials: Hainan Meilan International Airport, Aeorema Communications, Meiwa Corp, Rasa Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Hainan Meilan Intl Airport (357 HK): Hainan SASAC’s Left/Right Pocket MGO
Meilan Airport (357 HK): Possible Unconditional MGO at HK$10.62
Hainan Meilan Intl Airport (357 HK): Possible Mandatory General Offer
Hybridan Small Cap Feast: 23/04/2025
Meiwa Corp (8103 JP): Full-year FY03/25 flash update
Rasa Corporation (3023 JP): Coverage Initiation

Hainan Meilan Intl Airport (357 HK): Hainan SASAC’s Left/Right Pocket MGO

By David Blennerhassett

Hainan Meilan International Airport (357 HK) has announced a potential change of control, via the domestic shares.
Haikou Meilan’s major shareholder, Hainan Airport Industrial, has entered into a SPA with Hainan Island (600515 CH) to sell its 50.19% stake, the completion of which triggers an unconditional MGO.
The H-share Offer price will be HK$10.62/share. That’s not compelling; but it’s not meant to be as Hainan Airport Industrial and Hainan Island Construction are ultimately controlled by Hainan SASAC.

Meilan Airport (357 HK): Possible Unconditional MGO at HK$10.62

By Arun George

Haikou Meilan International Airport Company entered an SPA with Hainan Island Construction (600515 CH) to sell its Hainan Meilan International Airport (357 HK) 50.19% stake at RMB9.85 per share (HK$10.62).
The SPA completion requires several regulatory approvals, which are low-risk, particularly as Hainan SASAC is the largest shareholder of the offeror and the seller.
Under Rule 26.1 of the Takeovers Code, upon completion, the offeror will be required to make an unconditional mandatory cash offer at HK$10.62 per share. The MGO price is final.

Hainan Meilan Intl Airport (357 HK): Possible Mandatory General Offer

By Osbert Tang, CFA

The change in controlling shareholder at Hainan Meilan International Airport (357 HK) will trigger a general offer. At HK$10.62, we do not see the proposed offer price attractive.
The proposed price is only at 10.6% premium to the latest closing price, and equals to 1.15x 12-month forward P/B, way lower than the 5-year peak of 5.1x.
The new parent Hainan Airport Infrastructure (600515 CH) can generate synergy, and the turn of Hainan into a Free Trade Port will attract visitors, boosting the long-term outlook.

Hybridan Small Cap Feast: 23/04/2025

By Hybridan

The strategic communications group with offices in London, New York, and Cannes reports a renewed contract with Stagwell (NASDAQ: STGW).
It is to produce SPORT BEACH at the Cannes Lions International Festival of Creativity in June 2025.
The event includes a reimagined structural design, expanded capacity, new interactive elements and new brand partners, and global athletes.

Meiwa Corp (8103 JP): Full-year FY03/25 flash update

FY03/25 revenue was JPY156.7bn (-1.0% YoY), with operating profit JPY3.6bn (+20.1% YoY) and net income JPY3.4bn (+22.6% YoY).
FY03/26 forecast: revenue JPY160.0bn (+2.1% YoY), operating profit JPY3.2bn (-10.3% YoY), net income JPY3.0bn (-11.1% YoY).
Meiwa plans a JPY38.00 per share dividend for FY03/26, down from JPY42.00 in FY03/25.

Rasa Corporation (3023 JP): Coverage Initiation

In FY03/24, Rasa reported revenue of JPY27.9bn (-5.9% YoY), operating profit of JPY2.5bn (-12.5% YoY), recurring profit of JPY2.8bn (-5.6% YoY), and net income attributable to owners of the parent of JPY2.0bn (-5.5% YoY).
Despite higher profit in the Industrial and Construction Machinery business, overall operating profit declined YoY due to lower profit in the Resources and Metallic Materials and Plant and Equipment Engineering businesses.
In FY03/25, the company forecasts revenue of JPY27.7bn (-0.8% YoY), operating profit of JPY2.3bn (-7.9% YoY), recurring profit of JPY2.5bn (-11.2% YoY), and net income attributable to owners of the parent of JPY1.9bn (-4.9% YoY).

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May 02

Daily Brief Industrials: Hainan Meilan International Airport, Aeorema Communications, Meiwa Corp, Rasa Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Hainan Meilan Intl Airport (357 HK): Hainan SASAC’s Left/Right Pocket MGO
Meilan Airport (357 HK): Possible Unconditional MGO at HK$10.62
Hainan Meilan Intl Airport (357 HK): Possible Mandatory General Offer
Hybridan Small Cap Feast: 23/04/2025
Meiwa Corp (8103 JP): Full-year FY03/25 flash update
Rasa Corporation (3023 JP): Coverage Initiation

Hainan Meilan Intl Airport (357 HK): Hainan SASAC’s Left/Right Pocket MGO

By David Blennerhassett

Hainan Meilan International Airport (357 HK) has announced a potential change of control, via the domestic shares.
Haikou Meilan’s major shareholder, Hainan Airport Industrial, has entered into a SPA with Hainan Island (600515 CH) to sell its 50.19% stake, the completion of which triggers an unconditional MGO.
The H-share Offer price will be HK$10.62/share. That’s not compelling; but it’s not meant to be as Hainan Airport Industrial and Hainan Island Construction are ultimately controlled by Hainan SASAC.

Meilan Airport (357 HK): Possible Unconditional MGO at HK$10.62

By Arun George

Haikou Meilan International Airport Company entered an SPA with Hainan Island Construction (600515 CH) to sell its Hainan Meilan International Airport (357 HK) 50.19% stake at RMB9.85 per share (HK$10.62).
The SPA completion requires several regulatory approvals, which are low-risk, particularly as Hainan SASAC is the largest shareholder of the offeror and the seller.
Under Rule 26.1 of the Takeovers Code, upon completion, the offeror will be required to make an unconditional mandatory cash offer at HK$10.62 per share. The MGO price is final.

Hainan Meilan Intl Airport (357 HK): Possible Mandatory General Offer

By Osbert Tang, CFA

The change in controlling shareholder at Hainan Meilan International Airport (357 HK) will trigger a general offer. At HK$10.62, we do not see the proposed offer price attractive.
The proposed price is only at 10.6% premium to the latest closing price, and equals to 1.15x 12-month forward P/B, way lower than the 5-year peak of 5.1x.
The new parent Hainan Airport Infrastructure (600515 CH) can generate synergy, and the turn of Hainan into a Free Trade Port will attract visitors, boosting the long-term outlook.

Hybridan Small Cap Feast: 23/04/2025

By Hybridan

The strategic communications group with offices in London, New York, and Cannes reports a renewed contract with Stagwell (NASDAQ: STGW).
It is to produce SPORT BEACH at the Cannes Lions International Festival of Creativity in June 2025.
The event includes a reimagined structural design, expanded capacity, new interactive elements and new brand partners, and global athletes.

Meiwa Corp (8103 JP): Full-year FY03/25 flash update

FY03/25 revenue was JPY156.7bn (-1.0% YoY), with operating profit JPY3.6bn (+20.1% YoY) and net income JPY3.4bn (+22.6% YoY).
FY03/26 forecast: revenue JPY160.0bn (+2.1% YoY), operating profit JPY3.2bn (-10.3% YoY), net income JPY3.0bn (-11.1% YoY).
Meiwa plans a JPY38.00 per share dividend for FY03/26, down from JPY42.00 in FY03/25.

Rasa Corporation (3023 JP): Coverage Initiation

In FY03/24, Rasa reported revenue of JPY27.9bn (-5.9% YoY), operating profit of JPY2.5bn (-12.5% YoY), recurring profit of JPY2.8bn (-5.6% YoY), and net income attributable to owners of the parent of JPY2.0bn (-5.5% YoY).
Despite higher profit in the Industrial and Construction Machinery business, overall operating profit declined YoY due to lower profit in the Resources and Metallic Materials and Plant and Equipment Engineering businesses.
In FY03/25, the company forecasts revenue of JPY27.7bn (-0.8% YoY), operating profit of JPY2.3bn (-7.9% YoY), recurring profit of JPY2.5bn (-11.2% YoY), and net income attributable to owners of the parent of JPY1.9bn (-4.9% YoY).

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May 01

Daily Brief Industrials: DN Solutions, Kawasaki Heavy Industries, Hanwha Aerospace, Adi Sarana Armada, Naigai Trans Line, Deutsche Post, Azoom, Aktor SA Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
DN Solutions Cancels IPO
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)
Azoom (3496 JP): 1H FY09/25 flash update
Aktor Group of Companies – April 17, 2025

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways

Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

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 ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.

Hanwha Aerospace Rights Offering – Third Time Is a Charm?

Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.

Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.
All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023.
Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA’s mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent.

Naigai Trans Line (9384 JP): Q1 FY12/25 flash update

Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.

What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

Azoom (3496 JP): 1H FY09/25 flash update

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.
The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.
The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching “MyRenderer.”

Aktor Group of Companies – April 17, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe with more than 6,000 employees.
The group is executing an ambitious trans- formation strategy aimed at securing diversified EBITDA streams by leveraging its robust construction expertise to enter and scale adjacent businesses.
The company’s growth plan involves strategic acquisitions, such as the acquisi- tion of Entelecheia regarding construction and that of a security company in facility management. In addition, it includes development and acquisitions of high-value real estate assets, and a bold expansion into renewable energy markets with new agreements.

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May 01

Daily Brief Industrials: DN Solutions, Kawasaki Heavy Industries, Hanwha Aerospace, Adi Sarana Armada, Naigai Trans Line, Deutsche Post, Azoom, Aktor SA Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
DN Solutions Cancels IPO
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)
Azoom (3496 JP): 1H FY09/25 flash update
Aktor Group of Companies – April 17, 2025

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways

Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

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 ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.

DN Solutions Cancels IPO

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.

Hanwha Aerospace Rights Offering – Third Time Is a Charm?

Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.

Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.
All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023.
Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA’s mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent.

Naigai Trans Line (9384 JP): Q1 FY12/25 flash update

Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.

What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

Azoom (3496 JP): 1H FY09/25 flash update

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.
The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.
The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching “MyRenderer.”

Aktor Group of Companies – April 17, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe with more than 6,000 employees.
The group is executing an ambitious trans- formation strategy aimed at securing diversified EBITDA streams by leveraging its robust construction expertise to enter and scale adjacent businesses.
The company’s growth plan involves strategic acquisitions, such as the acquisi- tion of Entelecheia regarding construction and that of a security company in facility management. In addition, it includes development and acquisitions of high-value real estate assets, and a bold expansion into renewable energy markets with new agreements.

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Apr 30

Daily Brief Industrials: Hanwha Aerospace, Hanwha Ocean , Grupo Aeroportuario del Pacifi, ISDN Holdings, Grupo Aeroportuario Cen-Adr, Alfen, Herc Holdings , iPower , Aktor SA Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean
GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)
10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification
OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)
What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)
Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!
IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!
AKTOR (GROUP) S.A. Common Stock – March 4, 2025

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
We currently forecast two potential changes at the next rebalance in June – both are high probability changes.
The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.

Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean

Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.
KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares).
Hanwha Ocean’s lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its shares over the next 3-6 months.

GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)

Operating Revenues of P$8.4 Bn were driven by solid aeronautical and non-aeronautical revenue performance.
Total operating sales growth of 26% YoY was driven by a 41% 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, we highlight that aeronautical revenues (71% of total) increased by 21% YoY, propelled by a 16% increase in the aero-weighted average rate (reflecting GAP’s MDP tariffs approved last year) and a 4% gain in total PAX.

10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification

By Geoff Howie

ISDN’s core Industrial Automation segment contributes 94% of revenue, with China accounting for 71% of IA revenue.
Renewable Energy revenue doubled in 1H2024 due to successful commercialisation of three mini-hydropower plants in Indonesia.
ISDN maintains a dividend policy of distributing 25% of net profit attributable to shareholders as dividends.

OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)

OMA’s quarterly results were better than expected by the consensus and our estimates.
Total EBITDA came in at P$2.4 Bn (+3% above our estimate and +5% above the consensus expectation) with a 16% YoY gain.
The EBITDA margin was 74.9%, an implicit 0.3 pp.

What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)

In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold

Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!

Herc Holdings’ latest earnings provide a comprehensive view of the company’s current operational and financial standing.
Viewing the data from a neutral perspective, both positive and negative aspects emerge that can inform an investment thesis.
On the positive side, Herc Holdings continues to demonstrate resilience and adaptability amidst challenging macroeconomic conditions.

IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!

By Water Tower Research

We are assuming coverage of iPower (IPW). The company sells consumer products on multiple online marketplaces, but primarily on Amazon (AMZN), where it is both a vendor (i.e., AMZN purchases inventory directly under its “Vendor Central” program and labels it as “Sold by Amazon”, which represents 80- 90% of IPW’s sales to AMZN) as well as a third-party (3P) seller.
The company has also started leveraging its AMZN relationship and experience to support other sellers in an initiative called “SuperSuite”, where it reports revenue as a mix of product sales and services.
Hydroponics, which was once dominant, is now <10% of sales.

AKTOR (GROUP) S.A. Common Stock – March 4, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe.
The Company’s shares are listed in the Athens Stock Exchange since 2001.
Additionally, Aktor’s share is included in a series of national indices, such as ATHEX_ESG, FTSE, FTSE_IN, HELMSI, FTSEA, ATG (Athens General Composite).

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Apr 30

Daily Brief Industrials: Hanwha Aerospace, Hanwha Ocean , Grupo Aeroportuario del Pacifi, ISDN Holdings, Grupo Aeroportuario Cen-Adr, Alfen, Herc Holdings , iPower , Aktor SA Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean
GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)
10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification
OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)
What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)
Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!
IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!
AKTOR (GROUP) S.A. Common Stock – March 4, 2025

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
We currently forecast two potential changes at the next rebalance in June – both are high probability changes.
The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.

Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean

Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.
KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares).
Hanwha Ocean’s lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its shares over the next 3-6 months.

GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)

Operating Revenues of P$8.4 Bn were driven by solid aeronautical and non-aeronautical revenue performance.
Total operating sales growth of 26% YoY was driven by a 41% 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, we highlight that aeronautical revenues (71% of total) increased by 21% YoY, propelled by a 16% increase in the aero-weighted average rate (reflecting GAP’s MDP tariffs approved last year) and a 4% gain in total PAX.

10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification

By Geoff Howie

ISDN’s core Industrial Automation segment contributes 94% of revenue, with China accounting for 71% of IA revenue.
Renewable Energy revenue doubled in 1H2024 due to successful commercialisation of three mini-hydropower plants in Indonesia.
ISDN maintains a dividend policy of distributing 25% of net profit attributable to shareholders as dividends.

OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)

OMA’s quarterly results were better than expected by the consensus and our estimates.
Total EBITDA came in at P$2.4 Bn (+3% above our estimate and +5% above the consensus expectation) with a 16% YoY gain.
The EBITDA margin was 74.9%, an implicit 0.3 pp.

What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)

In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold

Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!

Herc Holdings’ latest earnings provide a comprehensive view of the company’s current operational and financial standing.
Viewing the data from a neutral perspective, both positive and negative aspects emerge that can inform an investment thesis.
On the positive side, Herc Holdings continues to demonstrate resilience and adaptability amidst challenging macroeconomic conditions.

IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!

By Water Tower Research

We are assuming coverage of iPower (IPW). The company sells consumer products on multiple online marketplaces, but primarily on Amazon (AMZN), where it is both a vendor (i.e., AMZN purchases inventory directly under its “Vendor Central” program and labels it as “Sold by Amazon”, which represents 80- 90% of IPW’s sales to AMZN) as well as a third-party (3P) seller.
The company has also started leveraging its AMZN relationship and experience to support other sellers in an initiative called “SuperSuite”, where it reports revenue as a mix of product sales and services.
Hydroponics, which was once dominant, is now <10% of sales.

AKTOR (GROUP) S.A. Common Stock – March 4, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe.
The Company’s shares are listed in the Athens Stock Exchange since 2001.
Additionally, Aktor’s share is included in a series of national indices, such as ATHEX_ESG, FTSE, FTSE_IN, HELMSI, FTSEA, ATG (Athens General Composite).

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

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

Apr 29

Daily Brief Industrials: Hanwha Ocean , AKR Corporindo, Sodick Co Ltd, Boeing Co, General Electric , Amara Raja Energy & Mobility, Valmont Industries, Waste Connections and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
AKR Corporindo (AKRA IJ) – A New Chapter Begins
Sodick (6143) – From Turnaround to Transformation Towards Growth
Boeing Ramps Up 737 and 787 Production: A Bold Play to Dominate Global Skies!
General Dynamics Unleashes Next-Gen G700 & G800 Jets, Paving the Way for Soaring Profits!
The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments
Valmont Industries: Here Are The 5 Biggest Factors Fueling Our ‘Outperform’ Rating!
Waste Connections: Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky

By Sumeet Singh

Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued

Korea Development Bank is looking to sell 13m shares of Hanwha Ocean (042660 KS). That is US$740m at the top end of the marketed range and 4x ADV.
Following the sale, Korea Development Bank will still own over 15% of the company and that will be an overhang for the stock. Plus the stock appears wildly overvalued.
There will be limited buying from passive trackers at the time of the placement with bigger passive flows coming through in June and August.

KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing

KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.

AKR Corporindo (AKRA IJ) – A New Chapter Begins

AKR Corporindo (AKRA IJ) released a solid set of results driven by its trading & distribution segment, retail gas stations, and very strong utilities earnings from its JIIPE industrial estate.
The company booked a record gross profit despite a lack of land sales in 1Q2025, but it remains positive on the outlook with 20 hectares to be booked in 2Q2025.
AKRA is also upbeat on prospects for trading & distribution and utility earnings this year as anchor tenants ramp up production at JIIPE. Valuations remain compelling.

Sodick (6143) – From Turnaround to Transformation Towards Growth

By Astris Advisory Japan

It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.
Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.
Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.

Boeing Ramps Up 737 and 787 Production: A Bold Play to Dominate Global Skies!

The Boeing Company’s first-quarter 2025 earnings report reveals a mixed but generally favorable performance across the board.
The company continues to focus on its recovery plan, which targets stabilizing the business, improving development program execution, cultural transformation, and building for the future.
Positives in the report are balanced with ongoing challenges, particularly in the areas of tariffs and production stability, which are crucial to consider in an investment thesis.

General Dynamics Unleashes Next-Gen G700 & G800 Jets, Paving the Way for Soaring Profits!

General Dynamics reported a strong first quarter of 2025 with earnings per diluted share reaching $3.66 and revenues of $12.2 billion.
This represents a significant increase in key financial metrics compared to the previous year, with revenue up 13.9%, operating earnings up 22.4%, and net earnings up 24.4%.
The company exceeded consensus estimates by $0.16 per share.

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

By Sudarshan Bhandari

AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.
The company’s shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.
AREML’s future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.

Valmont Industries: Here Are The 5 Biggest Factors Fueling Our ‘Outperform’ Rating!

Valmont Industries Inc.’s latest financial results present a complex mix of market conditions and strategic maneuvers as the company navigates 2025.
The first quarter saw a slight decline in consolidated net sales, down 0.9% year-over-year, although sales increased modestly on a constant currency basis.
Operating margin and earnings per share were stable, reflecting the company’s disciplined approach to executing its strategic priorities amidst a challenging global economic environment.

Waste Connections: Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

Waste Connections, Inc. (WCN) delivered strong financial results in the first quarter of 2025, demonstrating robust performance in various strategic areas.
The company achieved revenue of $2.228 billion, which exceeded the high end of their outlook and marked a year-over-year increase of 7.5%.
Adjusted for foreign exchange impacts, this growth is 8.4%.

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

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

Apr 29

Daily Brief Industrials: Hanwha Ocean , AKR Corporindo, Sodick Co Ltd, Boeing Co, General Electric , Amara Raja Energy & Mobility, Valmont Industries, Waste Connections and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
AKR Corporindo (AKRA IJ) – A New Chapter Begins
Sodick (6143) – From Turnaround to Transformation Towards Growth
Boeing Ramps Up 737 and 787 Production: A Bold Play to Dominate Global Skies!
General Dynamics Unleashes Next-Gen G700 & G800 Jets, Paving the Way for Soaring Profits!
The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments
Valmont Industries: Here Are The 5 Biggest Factors Fueling Our ‘Outperform’ Rating!
Waste Connections: Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky

By Sumeet Singh

Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued

Korea Development Bank is looking to sell 13m shares of Hanwha Ocean (042660 KS). That is US$740m at the top end of the marketed range and 4x ADV.
Following the sale, Korea Development Bank will still own over 15% of the company and that will be an overhang for the stock. Plus the stock appears wildly overvalued.
There will be limited buying from passive trackers at the time of the placement with bigger passive flows coming through in June and August.

KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing

KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.

AKR Corporindo (AKRA IJ) – A New Chapter Begins

AKR Corporindo (AKRA IJ) released a solid set of results driven by its trading & distribution segment, retail gas stations, and very strong utilities earnings from its JIIPE industrial estate.
The company booked a record gross profit despite a lack of land sales in 1Q2025, but it remains positive on the outlook with 20 hectares to be booked in 2Q2025.
AKRA is also upbeat on prospects for trading & distribution and utility earnings this year as anchor tenants ramp up production at JIIPE. Valuations remain compelling.

Sodick (6143) – From Turnaround to Transformation Towards Growth

By Astris Advisory Japan

It has been an active 12 months for Sodick as it delivered a strong turnaround in FY12/24 driven by structural reform, appointed new President and CEO Yuji Akutsu, and affirmed growth prospects on both the Food Machinery segment and new products such as laser processing machines, metal 3D printers, and ultra-high-precision machining centers.
Ongoing structural reforms focus on reducing reliance on China, enhancing profitability through business and product selection based on market dynamics, and rebuilding global production and sales systems to adapt to yen depreciation and evolving customer demand.
Overseas expansion and providing “turnkey” solutions remain high priorities to build sustainable growth.

Boeing Ramps Up 737 and 787 Production: A Bold Play to Dominate Global Skies!

The Boeing Company’s first-quarter 2025 earnings report reveals a mixed but generally favorable performance across the board.
The company continues to focus on its recovery plan, which targets stabilizing the business, improving development program execution, cultural transformation, and building for the future.
Positives in the report are balanced with ongoing challenges, particularly in the areas of tariffs and production stability, which are crucial to consider in an investment thesis.

General Dynamics Unleashes Next-Gen G700 & G800 Jets, Paving the Way for Soaring Profits!

General Dynamics reported a strong first quarter of 2025 with earnings per diluted share reaching $3.66 and revenues of $12.2 billion.
This represents a significant increase in key financial metrics compared to the previous year, with revenue up 13.9%, operating earnings up 22.4%, and net earnings up 24.4%.
The company exceeded consensus estimates by $0.16 per share.

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

By Sudarshan Bhandari

AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.
The company’s shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.
AREML’s future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.

Valmont Industries: Here Are The 5 Biggest Factors Fueling Our ‘Outperform’ Rating!

Valmont Industries Inc.’s latest financial results present a complex mix of market conditions and strategic maneuvers as the company navigates 2025.
The first quarter saw a slight decline in consolidated net sales, down 0.9% year-over-year, although sales increased modestly on a constant currency basis.
Operating margin and earnings per share were stable, reflecting the company’s disciplined approach to executing its strategic priorities amidst a challenging global economic environment.

Waste Connections: Here Are the 6 Key Drivers Shaping Its Performance for 2025 & Beyond!

Waste Connections, Inc. (WCN) delivered strong financial results in the first quarter of 2025, demonstrating robust performance in various strategic areas.
The company achieved revenue of $2.228 billion, which exceeded the high end of their outlook and marked a year-over-year increase of 7.5%.
Adjusted for foreign exchange impacts, this growth is 8.4%.

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

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

Apr 28

Daily Brief Industrials: Keyence Corp, Kokuyo Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Keyence (6861 JP): A Beneficiary of Rising Interest Rates
Kokuyo Co Ltd (7984 JP): Q1 FY12/25 flash update

Keyence (6861 JP): A Beneficiary of Rising Interest Rates

By Scott Foster

Keyence stands to benefit from a rising return on its large holdings of cash and securities, which are also available for investment and higher dividends.
The company’s engineering-service business model should keep gross and operating margins high while it continues to expand overseas.
Projected valuations at the low end of their 5-year ranges. Recession and abrupt appreciation of the yen are the primary risks.

Kokuyo Co Ltd (7984 JP): Q1 FY12/25 flash update