Category

Industrials

Apr 29
0

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 | 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

By Brian Freitas

  • 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

By Sanghyun Park

  • 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

By Angus Mackintosh

  • 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!

By Baptista Research

  • 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!

By Baptista Research

  • 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!

By Baptista Research

  • 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!

By Baptista Research

  • 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%.

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Apr 28
0

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

By | 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

By Shared Research

  • Revenue increased by 3.5% YoY to JPY99.5bn, driven by demand in the Furniture business for office relocations.
  • Operating profit rose by 14.4% YoY to JPY13.5bn, with a 1.6pp increase in GPM due to price revisions.
  • Net income attributable to owners of the parent decreased by 16.4% YoY, despite increases in operating and recurring profits.

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Apr 28
0

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

By | 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

By Shared Research

  • Revenue increased by 3.5% YoY to JPY99.5bn, driven by demand in the Furniture business for office relocations.
  • Operating profit rose by 14.4% YoY to JPY13.5bn, with a 1.6pp increase in GPM due to price revisions.
  • Net income attributable to owners of the parent decreased by 16.4% YoY, despite increases in operating and recurring profits.

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Apr 27
0

Daily Brief Industrials: Makino Milling Machine Co, Csx Corp, Danaher Corp, General Electric , Intertek, Lockheed Martin, Northrop Grumman, Raytheon Technologies , Snap On Inc, United Airlines Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus
  • CSX Corporation: An Insight Into Intermodal Market Dynamics & The Biggest Forces Driving Them Forward!
  • Danaher Corporation: Navigating Market Volatility to Protect Its Market Position!
  • GE Aerospace: Building Aircraft Engine Efficiency, Technological Advancements & Other Major Drivers!
  • Intertek Group PLC: Initiation of Coverage- Strategic Innovation & Market Access Expansion Can Help Maintain Its Solid Market Position!
  • Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!
  • RTX Technologies’ Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?
  • Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?
  • United Airlines Is Focused On Mastering Aircraft Supply Chain To Stay Ahead … But Is It Working?

(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

By David Blennerhassett

CSX Corporation: An Insight Into Intermodal Market Dynamics & The Biggest Forces Driving Them Forward!

By Baptista Research

  • CSX Corporation’s latest earnings provided a comprehensive view of the challenges and opportunities facing the company in the first quarter of 2025.
  • CSX’s total revenue for the quarter stood at $3.4 billion, a 7% decline from the previous year.
  • This downturn was attributed to several factors, including lower benchmark coal prices and reduced fuel surcharge revenues.

Danaher Corporation: Navigating Market Volatility to Protect Its Market Position!

By Baptista Research

  • Danaher Corporation reported its first quarter of 2025 financial results, surpassing expectations in revenue, earnings, and cash flow.
  • The company benefited from robust performance in bioprocessing and a spike in respiratory demand at its subsidiary, Cepheid.
  • Utilization of the Danaher Business System (DBS) enabled the company to drive innovation, market share gains, and efficiency.

GE Aerospace: Building Aircraft Engine Efficiency, Technological Advancements & Other Major Drivers!

By Baptista Research

  • General Electric Company (GE) Aerospace’s earnings presentation for the first quarter of 2025 presents a mixed picture of financial performance, strategic advancements, and ongoing challenges.
  • The company delivered a robust financial outcome, with orders up 12% and revenue growing by 11%, primarily driven by strong demand in both services and equipment segments.
  • Profits surged by 38% to $2.1 billion, pushing the margins to 23.8%.

Intertek Group PLC: Initiation of Coverage- Strategic Innovation & Market Access Expansion Can Help Maintain Its Solid Market Position!

By Baptista Research

  • Intertek Group PLC reported a solid financial performance for the fiscal year 2024, slightly surpassing market expectations.
  • The company achieved its fourth consecutive year of mid-single-digit like-for-like revenue growth, with a 6.6% increase at constant exchange rates, supported by both volume and price enhancements.
  • Operating profit rose by 13% at constant currency, coupled with a robust operating margin improvement of 100 basis points to 17.4%.

Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Lockheed Martin reported its first quarter results for 2025, showcasing a generally strong performance across several metrics.
  • The company achieved a year-over-year sales increase of 4%, signaling continued growth momentum.
  • Performance was bolstered by operating margins of 11.6% across its business sectors and earnings per share (EPS) growth of 14%, reaching $7.28.

Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!

By Baptista Research

  • Northrop Grumman’s financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges.
  • The company reported first-quarter sales of $9.5 billion in 2025, reflecting a 7% decrease from the previous year, primarily due to contracting delays and timing of material receipts.
  • This shortfall was compounded by an almost $100 million reduction in expected sales from the B-21 program, attributed to higher manufacturing costs stemming from process changes required to meet accelerated production rates and increased material costs linked to macroeconomic factors.

RTX Technologies’ Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?

By Baptista Research

  • Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin expansion, and a $900 million improvement in free cash flow compared to the prior year.
  • Commercial aftermarket sales rose 21%, commercial original equipment sales increased 3% despite a tough comparison, and defense sales grew by 4%.
  • Segment profitability was supported by volume increases, cost reduction activities, and a favorable defense sales mix, leading to 18% growth in segment operating profit.

Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?

By Baptista Research

  • Snap-on Incorporated’s first quarter of 2025 reflected mixed results influenced by a variety of external factors and internal strategies.
  • The company’s sales totaled $1,141.1 million, indicating a 3.5% decline year-over-year, also impacted by a 2.3% organic sales decrease and $13.9 million in unfavorable foreign currency translation.
  • Despite this, Snap-on demonstrated resilience with a slight improvement in its gross margin, which rose 20 basis points to 50.7%, highlighting the benefits of RCI (Rapid Continuous Improvement) initiatives.

United Airlines Is Focused On Mastering Aircraft Supply Chain To Stay Ahead … But Is It Working?

By Baptista Research

  • United Airlines Holdings presented its first quarter 2025 earnings amid a challenging macroeconomic environment characterized by softer demand for air travel.
  • The company managed to demonstrate resilience by achieving a pre-tax margin that was the highest since the beginning of the COVID-19 pandemic.
  • The core themes underpinning United’s current performance include having won over brand-loyal customers, contributing to its solid financial metrics even in tougher economic times.

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Apr 27
0

Daily Brief Industrials: Makino Milling Machine Co, Csx Corp, Danaher Corp, General Electric , Intertek, Lockheed Martin, Northrop Grumman, Raytheon Technologies , Snap On Inc, United Airlines Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus
  • CSX Corporation: An Insight Into Intermodal Market Dynamics & The Biggest Forces Driving Them Forward!
  • Danaher Corporation: Navigating Market Volatility to Protect Its Market Position!
  • GE Aerospace: Building Aircraft Engine Efficiency, Technological Advancements & Other Major Drivers!
  • Intertek Group PLC: Initiation of Coverage- Strategic Innovation & Market Access Expansion Can Help Maintain Its Solid Market Position!
  • Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!
  • RTX Technologies’ Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?
  • Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?
  • United Airlines Is Focused On Mastering Aircraft Supply Chain To Stay Ahead … But Is It Working?

(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

By David Blennerhassett

CSX Corporation: An Insight Into Intermodal Market Dynamics & The Biggest Forces Driving Them Forward!

By Baptista Research

  • CSX Corporation’s latest earnings provided a comprehensive view of the challenges and opportunities facing the company in the first quarter of 2025.
  • CSX’s total revenue for the quarter stood at $3.4 billion, a 7% decline from the previous year.
  • This downturn was attributed to several factors, including lower benchmark coal prices and reduced fuel surcharge revenues.

Danaher Corporation: Navigating Market Volatility to Protect Its Market Position!

By Baptista Research

  • Danaher Corporation reported its first quarter of 2025 financial results, surpassing expectations in revenue, earnings, and cash flow.
  • The company benefited from robust performance in bioprocessing and a spike in respiratory demand at its subsidiary, Cepheid.
  • Utilization of the Danaher Business System (DBS) enabled the company to drive innovation, market share gains, and efficiency.

GE Aerospace: Building Aircraft Engine Efficiency, Technological Advancements & Other Major Drivers!

By Baptista Research

  • General Electric Company (GE) Aerospace’s earnings presentation for the first quarter of 2025 presents a mixed picture of financial performance, strategic advancements, and ongoing challenges.
  • The company delivered a robust financial outcome, with orders up 12% and revenue growing by 11%, primarily driven by strong demand in both services and equipment segments.
  • Profits surged by 38% to $2.1 billion, pushing the margins to 23.8%.

Intertek Group PLC: Initiation of Coverage- Strategic Innovation & Market Access Expansion Can Help Maintain Its Solid Market Position!

By Baptista Research

  • Intertek Group PLC reported a solid financial performance for the fiscal year 2024, slightly surpassing market expectations.
  • The company achieved its fourth consecutive year of mid-single-digit like-for-like revenue growth, with a 6.6% increase at constant exchange rates, supported by both volume and price enhancements.
  • Operating profit rose by 13% at constant currency, coupled with a robust operating margin improvement of 100 basis points to 17.4%.

Lockheed Martin: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Lockheed Martin reported its first quarter results for 2025, showcasing a generally strong performance across several metrics.
  • The company achieved a year-over-year sales increase of 4%, signaling continued growth momentum.
  • Performance was bolstered by operating margins of 11.6% across its business sectors and earnings per share (EPS) growth of 14%, reaching $7.28.

Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!

By Baptista Research

  • Northrop Grumman’s financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges.
  • The company reported first-quarter sales of $9.5 billion in 2025, reflecting a 7% decrease from the previous year, primarily due to contracting delays and timing of material receipts.
  • This shortfall was compounded by an almost $100 million reduction in expected sales from the B-21 program, attributed to higher manufacturing costs stemming from process changes required to meet accelerated production rates and increased material costs linked to macroeconomic factors.

RTX Technologies’ Backlog Boom vs. Tariff Trouble: What Lies Ahead For The Defense Major?

By Baptista Research

  • Raytheon Technologies Corporation reported a strong first quarter, delivering 8% organic sales growth, 120 basis points of segment margin expansion, and a $900 million improvement in free cash flow compared to the prior year.
  • Commercial aftermarket sales rose 21%, commercial original equipment sales increased 3% despite a tough comparison, and defense sales grew by 4%.
  • Segment profitability was supported by volume increases, cost reduction activities, and a favorable defense sales mix, leading to 18% growth in segment operating profit.

Snap-on Inc.: Will Its Software & Artificial Intelligence Integration Help Alter The Playing Field?

By Baptista Research

  • Snap-on Incorporated’s first quarter of 2025 reflected mixed results influenced by a variety of external factors and internal strategies.
  • The company’s sales totaled $1,141.1 million, indicating a 3.5% decline year-over-year, also impacted by a 2.3% organic sales decrease and $13.9 million in unfavorable foreign currency translation.
  • Despite this, Snap-on demonstrated resilience with a slight improvement in its gross margin, which rose 20 basis points to 50.7%, highlighting the benefits of RCI (Rapid Continuous Improvement) initiatives.

United Airlines Is Focused On Mastering Aircraft Supply Chain To Stay Ahead … But Is It Working?

By Baptista Research

  • United Airlines Holdings presented its first quarter 2025 earnings amid a challenging macroeconomic environment characterized by softer demand for air travel.
  • The company managed to demonstrate resilience by achieving a pre-tax margin that was the highest since the beginning of the COVID-19 pandemic.
  • The core themes underpinning United’s current performance include having won over brand-loyal customers, contributing to its solid financial metrics even in tougher economic times.

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Apr 26
0

Daily Brief Industrials: Hanwha Systems Co Ltd, Safran SA, Vinci SA, Legrand SA, Bureau Veritas SA, Gold Plus Glass Industry Ltd, Alfen, Dassault Aviation SA, Alstom , BQE Water and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
  • Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
  • Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
  • Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
  • Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
  • Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
  • What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
  • Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
  • Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
  • BQE: Wrapping Up Another Record Year

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
  • Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
  • Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?

By Baptista Research

  • Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
  • Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
  • Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.

Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?

By Baptista Research

  • Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
  • Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
  • This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

By Baptista Research

  • Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
  • The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
  • Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.

Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!

By Baptista Research

  • Bureau Veritas has exhibited a resilient performance for fiscal year 2024, maintaining its strategic trajectory as laid out in the LEAP I 28 strategy.
  • The company has achieved strong financial results with revenue reaching EUR 6.2 billion, reflecting a growth of 6.4% on a reported basis and an impressive 10.2% organically.
  • Bureau Veritas has demonstrated the capability to manage macroeconomic complexities while ensuring robust growth across its business lines and regions.

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

  • Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO. 
  • Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
  • According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. 

What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)

By The IDEA!

  • In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

By Baptista Research

  • Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.
  • The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.
  • This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

By Baptista Research

  • Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
  • The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
  • The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.

BQE: Wrapping Up Another Record Year

By Atrium Research

  • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
  • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
  • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 

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Apr 26
0

Daily Brief Industrials: Hanwha Systems Co Ltd, Safran SA, Vinci SA, Legrand SA, Bureau Veritas SA, Gold Plus Glass Industry Ltd, Alfen, Dassault Aviation SA, Alstom , BQE Water and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
  • Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
  • Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
  • Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
  • Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
  • Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
  • What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
  • Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
  • Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
  • BQE: Wrapping Up Another Record Year

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
  • Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
  • Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?

By Baptista Research

  • Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
  • Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
  • Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.

Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?

By Baptista Research

  • Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
  • Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
  • This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

By Baptista Research

  • Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
  • The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
  • Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.

Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!

By Baptista Research

  • Bureau Veritas has exhibited a resilient performance for fiscal year 2024, maintaining its strategic trajectory as laid out in the LEAP I 28 strategy.
  • The company has achieved strong financial results with revenue reaching EUR 6.2 billion, reflecting a growth of 6.4% on a reported basis and an impressive 10.2% organically.
  • Bureau Veritas has demonstrated the capability to manage macroeconomic complexities while ensuring robust growth across its business lines and regions.

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

  • Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO. 
  • Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
  • According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. 

What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)

By The IDEA!

  • In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

By Baptista Research

  • Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.
  • The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.
  • This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

By Baptista Research

  • Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
  • The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
  • The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.

BQE: Wrapping Up Another Record Year

By Atrium Research

  • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
  • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
  • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 

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Apr 25
0

Daily Brief Industrials: Samsung C&T, Gaon Cable, Ryanair Holdings, CiDi Inc, Dorf-Ketal Chemicals Ltd, Nidec Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout
  • LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?
  • Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit
  • CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
  • Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
  • Nidec (6594) | Chasing Trends to Fiscal Discipline

Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout

By Sanghyun Park

  • The bill submitted by the Democratic Party today highlights that separate taxation on dividend income applies only to dividends from companies with a 35% payout ratio or higher.
  • We might see re-rating on dividend stocks with solid cash flow but below 35%, especially banks over telcos. Holdcos like Samsung C&T, LG, and Hyundai Glovis could attract attention too.
  • Dark horses like NAVER, with earnings potential, and Samsung Electronics, currently at 25%, could attract attention if they increase payouts to 35%.

LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?

By Douglas Kim

  • On 22 April, LS Cable & System announced that it plans to acquire up to 70 billion won worth of Gaon Cable.
  • If LS Cable purchases 70 billion won worth of Gaon Cable’s shares (7.4% stake at current price), its stake in the company would rise to 89%. 
  • There are numerous options for Gaon Cable going forward including privatization or a merger with LS Cable. 

Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

By Dimitris Ioannidis

  • Ryanair Holdings (RYA ID) raised its foreign ownership limit (FOL) from 50% to 80% on 7 March 2025, due to increasing EU national holdings over the last years.
  • The security is forecasted to be added to global standard in May and global all-world in September 2025 as it now has eligible foreign room after the FOL increase.
  • The security’s free float is expected to rise from 50% to 80% in stoxx europe 600 and euro stoxx at the June 2025 review.

CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

By Troy Wong

  • CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
  • CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
  • The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.

Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty

By Akshat Shah

  • Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
  • DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
  • In this note, we talk about the not-so-positive aspects of the deal.

Nidec (6594) | Chasing Trends to Fiscal Discipline

By Mark Chadwick

  • Nidec beat Q4 expectations but offered muted FY3/26 guidance, with flat sales and modest profit growth amid macro and tariff uncertainty.
  • New CEO Kishida shifts focus from top-line ambition to margin discipline, targeting ¥150bn in cost cuts over three years.
  • Once a high-growth play, Nidec now trades at value multiples — 1.5x book — offering a more grounded path to shareholder returns.

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Apr 25
0

Daily Brief Industrials: Samsung C&T, Gaon Cable, Ryanair Holdings, CiDi Inc, Dorf-Ketal Chemicals Ltd, Nidec Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout
  • LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?
  • Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit
  • CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses
  • Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty
  • Nidec (6594) | Chasing Trends to Fiscal Discipline

Korea Dems’ Surprise Proposal: Separate Tax for Dividends Over 35% Payout

By Sanghyun Park

  • The bill submitted by the Democratic Party today highlights that separate taxation on dividend income applies only to dividends from companies with a 35% payout ratio or higher.
  • We might see re-rating on dividend stocks with solid cash flow but below 35%, especially banks over telcos. Holdcos like Samsung C&T, LG, and Hyundai Glovis could attract attention too.
  • Dark horses like NAVER, with earnings potential, and Samsung Electronics, currently at 25%, could attract attention if they increase payouts to 35%.

LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable – Will It Take It Private?

By Douglas Kim

  • On 22 April, LS Cable & System announced that it plans to acquire up to 70 billion won worth of Gaon Cable.
  • If LS Cable purchases 70 billion won worth of Gaon Cable’s shares (7.4% stake at current price), its stake in the company would rise to 89%. 
  • There are numerous options for Gaon Cable going forward including privatization or a merger with LS Cable. 

Ryanair (RYA ID): Global Index Inclusion & EU Upweight Following Raised Foreign Ownership Limit

By Dimitris Ioannidis

  • Ryanair Holdings (RYA ID) raised its foreign ownership limit (FOL) from 50% to 80% on 7 March 2025, due to increasing EU national holdings over the last years.
  • The security is forecasted to be added to global standard in May and global all-world in September 2025 as it now has eligible foreign room after the FOL increase.
  • The security’s free float is expected to rise from 50% to 80% in stoxx europe 600 and euro stoxx at the June 2025 review.

CiDi Pre-IPO – Promising Company Amid Strong Industry Tailwinds & Narrowing Losses

By Troy Wong

  • CiDi Inc. is looking to raise about US$200m in its upcoming Hong Kong IPO.
  • CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
  • The company stands to benefit from sustained industry tailwinds. While still in its early stages, CiDi has made progress in narrowing its losses.

Dorf-Ketal Chemicals India Pre-IPO – The Negatives – Elevated Borrowings and Tariff Uncertainty

By Akshat Shah

  • Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
  • DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
  • In this note, we talk about the not-so-positive aspects of the deal.

Nidec (6594) | Chasing Trends to Fiscal Discipline

By Mark Chadwick

  • Nidec beat Q4 expectations but offered muted FY3/26 guidance, with flat sales and modest profit growth amid macro and tariff uncertainty.
  • New CEO Kishida shifts focus from top-line ambition to margin discipline, targeting ¥150bn in cost cuts over three years.
  • Once a high-growth play, Nidec now trades at value multiples — 1.5x book — offering a more grounded path to shareholder returns.

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Apr 24
0

Daily Brief Industrials: Fanuc Corp, Timee Inc, DN Solutions, Dorf-Ketal Chemicals Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Fanuc (6954) | Growth Flickers, Visibility Dims
  • Timee: Recent Setback in Share Price Offers an Attractive Entry Point
  • DN Solutions IPO – Tariffs, Peer Correction Don’t Help
  • Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion

Fanuc (6954) | Growth Flickers, Visibility Dims

By Mark Chadwick

  • Fanuc returns to revenue growth, driven by robomachine demand in Asia, but core robot sales remain weak after last year’s EV-driven surge.
  • Management offered no guidance for FY3/26, citing tariff and FX uncertainty; we cut forecasts, with downside risk still looming large.
  • A ¥50bn buyback provides limited support, but shares may stay stuck until global capex trends and trade policy clarify.

Timee: Recent Setback in Share Price Offers an Attractive Entry Point

By Shifara Samsudeen, FCMA, CGMA

  • Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. 
  • Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. 
  • Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.

DN Solutions IPO – Tariffs, Peer Correction Don’t Help

By Sumeet Singh

  • DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
  • DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
  • In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the updates since then.

Dorf-Ketal Chemicals India Pre-IPO -The Positives – Strategic Blend of Organic & Inorganic Expansion

By Akshat Shah

  • Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
  • DKCI is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
  • In this note, we talk about the positive aspects of the deal.

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