Category

Industrials

Apr 08
0

Daily Brief Industrials: Mitsubishi Corp, Mazagon Dock Shipbuilders , Hanjin KAL Corp, Hanwha Aerospace, Jiangsu Zenergy Battery Technologies and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MitCorp (8058) BIG Buyback – Share Demand Will Help Weather The Storm
  • Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion
  • A Pair Trade Between Korean Air and Hanjin Kal
  • Key Takeaways from the Updated Filing on Hanwha Aero’s Rights Offering
  • Jiangsu Zenergy Battery Technologies IPO – PHIP Updates & Quick Thoughts on Peer Comp and Valuation

MitCorp (8058) BIG Buyback – Share Demand Will Help Weather The Storm

By Travis Lundy

Mazagon Dock Shipbuilders (MAZDOCKS IN): OFS & Potential Global Index Inclusion

By Brian Freitas

  • Mazagon Dock Shipbuilders (MAZDOCKS IN) has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.
  • The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.
  • Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.

A Pair Trade Between Korean Air and Hanjin Kal

By Douglas Kim

  • In this insight, we discuss a pair trade between Korean Air Lines (003490 KS) (go long) and Hanjin KAL Corp (180640 KS) (go short). 
  • In the past three months as well as 12 months, there has been a sharp increase in the gap of Korean Air Lines and Hanjin KAL Corp. 
  • It is uncertain how much longer Hoban Group will maintain its stake in Hanjin Kal. Hoban could reduce its stake in Hanjin Kal but increase its stake in LS Corp. 

Key Takeaways from the Updated Filing on Hanwha Aero’s Rights Offering

By Sanghyun Park

  • Hanwha shot down any merger talks between Hanwha Corp and Hanwha Energy, saying they’re just going to funnel Energy’s cash straight into Hanwha Aero via a third-party allotment.
  • These confirm no price manipulation for Hanwha Corp; Hanwha Energy will inject cash into Aero at market value, likely driving bullish short-term price action for both Hanwha Corp and Aero.
  • Despite tighter arb opportunities, doubts remain whether Hanwha Aero can raise the remaining KRW 1.6 trillion given a volatile market and the tight timeline.

Jiangsu Zenergy Battery Technologies IPO – PHIP Updates & Quick Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  is looking to raise US$130m in its Hong Kong IPO.
  • Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
  • In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

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Apr 07
0

Daily Brief Industrials: Jiangsu Zenergy Battery Technologies, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume
  • ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume

By Shifara Samsudeen, ACMA, CGMA

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  (JZBT) is a lithium-ion battery manufacturer in China who is focused on developing a diverse portfolio of market-driven and technology-fueled battery products.
  • The company has filed for an IPO on the HKEx and plans to raise proceeds of around US$130m through the issue of 121m shares.
  • The company’s earnings have seen strong growth over the years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.

ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

By Sumeet Singh

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Apr 07
0

Daily Brief Industrials: Jiangsu Zenergy Battery Technologies, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume
  • ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

Jiangsu Zenergy Battery Tech IPO: Growth Fueled By Volume

By Shifara Samsudeen, ACMA, CGMA

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  (JZBT) is a lithium-ion battery manufacturer in China who is focused on developing a diverse portfolio of market-driven and technology-fueled battery products.
  • The company has filed for an IPO on the HKEx and plans to raise proceeds of around US$130m through the issue of 121m shares.
  • The company’s earnings have seen strong growth over the years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.

ECM Weekly (7 Apr 2025) – CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

By Sumeet Singh

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Apr 06
0

Daily Brief Industrials: Navkar Corporation Limited, Makino Milling Machine Co, Donaldson Co, GFL Environmental , Huntington Ingalls Industries, Terex Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.
  • Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
  • Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!
  • GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?
  • Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
  • Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

  • JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
  • Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
  • JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

By David Blennerhassett

  • At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
  • ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
  • New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!

By Baptista Research

  • Donaldson Company, Inc. recently reported its second quarter fiscal year 2025 financial results, presenting a mixed performance amidst challenging market conditions.
  • The company, known for its focus on technology-led filtration solutions, demonstrated resilience in various segments, although it faced several headwinds.
  • On the positive side, Donaldson achieved a modest 1% increase in sales in constant currency, with total sales reaching $870 million despite a 170 basis point negative impact from currency translation.

GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?

By Baptista Research

  • GFL Environmental Inc. presented a mixed financial performance in its fourth-quarter and annual earnings call for 2024, showcasing both promising growth strategies and some potential headwinds.
  • For the quarter, the company reported consolidated revenue of $1.986 billion, outpacing their expectations due to solid waste organic growth and strategic pricing initiatives.
  • The company also highlighted a 7% organic growth in the solid waste segment, a sign of resilience and effective management strategies.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

By Baptista Research

  • Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
  • The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
  • This decline was attributed to reduced revenues across all three of HII’s segments.

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

By Baptista Research

  • Terex Corporation’s fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.
  • The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.
  • However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.

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Apr 06
0

Daily Brief Industrials: Navkar Corporation Limited, Makino Milling Machine Co, Donaldson Co, GFL Environmental , Huntington Ingalls Industries, Terex Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.
  • Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
  • Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!
  • GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?
  • Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
  • Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

  • JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
  • Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
  • JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

By David Blennerhassett

  • At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
  • ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
  • New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!

By Baptista Research

  • Donaldson Company, Inc. recently reported its second quarter fiscal year 2025 financial results, presenting a mixed performance amidst challenging market conditions.
  • The company, known for its focus on technology-led filtration solutions, demonstrated resilience in various segments, although it faced several headwinds.
  • On the positive side, Donaldson achieved a modest 1% increase in sales in constant currency, with total sales reaching $870 million despite a 170 basis point negative impact from currency translation.

GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?

By Baptista Research

  • GFL Environmental Inc. presented a mixed financial performance in its fourth-quarter and annual earnings call for 2024, showcasing both promising growth strategies and some potential headwinds.
  • For the quarter, the company reported consolidated revenue of $1.986 billion, outpacing their expectations due to solid waste organic growth and strategic pricing initiatives.
  • The company also highlighted a 7% organic growth in the solid waste segment, a sign of resilience and effective management strategies.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

By Baptista Research

  • Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
  • The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
  • This decline was attributed to reduced revenues across all three of HII’s segments.

Terex Corporation: An Insight Into Its Aerial Work Platforms (AWP) Financial Strategy & Other Major Drivers!

By Baptista Research

  • Terex Corporation’s fourth-quarter 2024 results showcase a mixed landscape with regard to its financial and operational performance.
  • The company reported a total net sales of $1.2 billion for the quarter, slightly up due to the contribution from the Environmental Solutions Group (ESG) acquisition.
  • However, legacy segments saw a decline in sales by 17%, reflecting industry-wide channel adjustments and macroeconomic pressures.

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Apr 05
0

Daily Brief Industrials: Makino Milling Machine Co, Mitsubishi Logisnext Co., Ltd., Pace Digitek Ltd, Griffon Corp, Siteone Landscape Supply, ATS , Southwest Airlines Co, Gibraltar Industries, GMS Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings
  • Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
  • Pace Digitek Ltd Pre-IPO Tearsheet
  • Griffon Corporation: What Is Their Global Sourcing & Tariff Playbook That Could Help Them Stay Ahead of The Competition?
  • SiteOne Landscape Supply Ignites Growth With Aggressive Acquisition Spree in Key Markets!
  • ATS Corporation Gears Up for Margin Breakthrough—Here’s How It’s Turning Transportation Woes Into Wins!
  • Southwest Airlines Is Facing Turbulence: How Trump’s Tariffs Are Disrupting Its Turnaround Plan!
  • Gibraltar Industries: Expansion & Modernization in AgTech Business to Safeguard Competitiveness…
  • GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings

By Travis Lundy

  • Nidec Corp (6594 JP) bid ¥11,000 for Makino Milling Machine Co (6135 JP) in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. 
  • A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in “legally binding bids.” No news on those yet, but we have a month.
  • Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec’s bid by about 18 April. Be long. Carry 🍿🍿🍿 .

Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale

By Travis Lundy

  • There was a Nikkei article in December about the Mitsubishi Heavy Industries (7011 JP) selling its interests in Mitsubishi Logisnext Co., Ltd. (7105 JP). 
  • The stock popped. Then popped some more. It was not expensive yet, but no longer dirt cheap. Now the stock is falling as Trump Tariffs threaten to throttle exports.
  • The reasons why this takeout price could be “high” are unchanged. Tariffs meant to drive US-manufacturing don’t reduce need for forklifts. Logisnext is not badly placed.

Pace Digitek Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Pace Digitek Ltd (0180382D IN)  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
  • PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&M, and service solutions.
  • PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&M, renewables, and infrastructure development.

Griffon Corporation: What Is Their Global Sourcing & Tariff Playbook That Could Help Them Stay Ahead of The Competition?

By Baptista Research

  • Griffon Corporation’s fiscal first quarter of 2025 reveals a complex financial landscape, demonstrating both strengths and challenges.
  • The company reported robust free cash flow of $143 million, indicating a strong start to the fiscal year.
  • Griffon’s Home & Building Products (HBP) segment maintained revenue consistent with the previous year and achieved a 2% increase in EBITDA.

SiteOne Landscape Supply Ignites Growth With Aggressive Acquisition Spree in Key Markets!

By Baptista Research

  • SiteOne Landscape Supply, Inc. reported its financial results for the fourth quarter and full year of 2024, highlighting both challenges and strategic advancements.
  • The company concluded the year with a 6% increase in net sales, reaching $4.54 billion.
  • However, the year saw a 1% decline in organic daily sales, counteracted by a 7% boost from acquisitions.

ATS Corporation Gears Up for Margin Breakthrough—Here’s How It’s Turning Transportation Woes Into Wins!

By Baptista Research

  • ATS Corporation reported its third-quarter results for fiscal year 2025, showcasing several positive and negative aspects of performance.
  • Positively, ATS experienced its second-highest bookings quarter in history, marking a 32% increase over the same quarter last year, driven by strong organic growth and acquisitions across various market verticals.
  • This has resulted in a significant backlog of approximately $2.1 billion, which offers good visibility for future revenue streams.

Southwest Airlines Is Facing Turbulence: How Trump’s Tariffs Are Disrupting Its Turnaround Plan!

By Baptista Research

  • The outlook for Southwest Airlines has become significantly murkier in recent weeks.
  • The low-cost carrier, once renowned for its no-frills reliability and customer-friendly policies, is now in the midst of the most aggressive transformation in its 53-year history.
  • From the sudden introduction of bag fees and basic economy to sweeping cost-cutting measures and a major executive reshuffling, Southwest is making a full pivot to stay competitive in a challenging environment.

Gibraltar Industries: Expansion & Modernization in AgTech Business to Safeguard Competitiveness…

By Baptista Research

  • Gibraltar Industries, Inc. recently announced its financial results and performance for 2024, providing a detailed analysis of its various business segments and future outlook.
  • The company’s results highlight both achievements and challenges, presenting a complex picture for potential investors.
  • In the fourth quarter of 2024, Gibraltar’s net sales dropped by 7.9%, primarily due to issues in the renewables market.

GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

By Baptista Research

  • GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions.
  • The company faced significant headwinds, which included deteriorating demand conditions, weather related disruptions, and tight lending environments, leading to project delays across its end markets.
  • As a result, GMS reported net sales of $1.3 billion, roughly flat year-over-year, which consisted of a 6.7% organic sales decline despite the contributions from recent acquisitions.

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Apr 05
0

Daily Brief Industrials: Makino Milling Machine Co, Mitsubishi Logisnext Co., Ltd., Pace Digitek Ltd, Griffon Corp, Siteone Landscape Supply, ATS , Southwest Airlines Co, Gibraltar Industries, GMS Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings
  • Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
  • Pace Digitek Ltd Pre-IPO Tearsheet
  • Griffon Corporation: What Is Their Global Sourcing & Tariff Playbook That Could Help Them Stay Ahead of The Competition?
  • SiteOne Landscape Supply Ignites Growth With Aggressive Acquisition Spree in Key Markets!
  • ATS Corporation Gears Up for Margin Breakthrough—Here’s How It’s Turning Transportation Woes Into Wins!
  • Southwest Airlines Is Facing Turbulence: How Trump’s Tariffs Are Disrupting Its Turnaround Plan!
  • Gibraltar Industries: Expansion & Modernization in AgTech Business to Safeguard Competitiveness…
  • GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings

By Travis Lundy

  • Nidec Corp (6594 JP) bid ¥11,000 for Makino Milling Machine Co (6135 JP) in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. 
  • A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in “legally binding bids.” No news on those yet, but we have a month.
  • Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec’s bid by about 18 April. Be long. Carry 🍿🍿🍿 .

Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale

By Travis Lundy

  • There was a Nikkei article in December about the Mitsubishi Heavy Industries (7011 JP) selling its interests in Mitsubishi Logisnext Co., Ltd. (7105 JP). 
  • The stock popped. Then popped some more. It was not expensive yet, but no longer dirt cheap. Now the stock is falling as Trump Tariffs threaten to throttle exports.
  • The reasons why this takeout price could be “high” are unchanged. Tariffs meant to drive US-manufacturing don’t reduce need for forklifts. Logisnext is not badly placed.

Pace Digitek Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Pace Digitek Ltd (0180382D IN)  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
  • PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&M, and service solutions.
  • PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&M, renewables, and infrastructure development.

Griffon Corporation: What Is Their Global Sourcing & Tariff Playbook That Could Help Them Stay Ahead of The Competition?

By Baptista Research

  • Griffon Corporation’s fiscal first quarter of 2025 reveals a complex financial landscape, demonstrating both strengths and challenges.
  • The company reported robust free cash flow of $143 million, indicating a strong start to the fiscal year.
  • Griffon’s Home & Building Products (HBP) segment maintained revenue consistent with the previous year and achieved a 2% increase in EBITDA.

SiteOne Landscape Supply Ignites Growth With Aggressive Acquisition Spree in Key Markets!

By Baptista Research

  • SiteOne Landscape Supply, Inc. reported its financial results for the fourth quarter and full year of 2024, highlighting both challenges and strategic advancements.
  • The company concluded the year with a 6% increase in net sales, reaching $4.54 billion.
  • However, the year saw a 1% decline in organic daily sales, counteracted by a 7% boost from acquisitions.

ATS Corporation Gears Up for Margin Breakthrough—Here’s How It’s Turning Transportation Woes Into Wins!

By Baptista Research

  • ATS Corporation reported its third-quarter results for fiscal year 2025, showcasing several positive and negative aspects of performance.
  • Positively, ATS experienced its second-highest bookings quarter in history, marking a 32% increase over the same quarter last year, driven by strong organic growth and acquisitions across various market verticals.
  • This has resulted in a significant backlog of approximately $2.1 billion, which offers good visibility for future revenue streams.

Southwest Airlines Is Facing Turbulence: How Trump’s Tariffs Are Disrupting Its Turnaround Plan!

By Baptista Research

  • The outlook for Southwest Airlines has become significantly murkier in recent weeks.
  • The low-cost carrier, once renowned for its no-frills reliability and customer-friendly policies, is now in the midst of the most aggressive transformation in its 53-year history.
  • From the sudden introduction of bag fees and basic economy to sweeping cost-cutting measures and a major executive reshuffling, Southwest is making a full pivot to stay competitive in a challenging environment.

Gibraltar Industries: Expansion & Modernization in AgTech Business to Safeguard Competitiveness…

By Baptista Research

  • Gibraltar Industries, Inc. recently announced its financial results and performance for 2024, providing a detailed analysis of its various business segments and future outlook.
  • The company’s results highlight both achievements and challenges, presenting a complex picture for potential investors.
  • In the fourth quarter of 2024, Gibraltar’s net sales dropped by 7.9%, primarily due to issues in the renewables market.

GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

By Baptista Research

  • GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions.
  • The company faced significant headwinds, which included deteriorating demand conditions, weather related disruptions, and tight lending environments, leading to project delays across its end markets.
  • As a result, GMS reported net sales of $1.3 billion, roughly flat year-over-year, which consisted of a 6.7% organic sales decline despite the contributions from recent acquisitions.

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

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


Apr 04
0

Daily Brief Industrials: Makino Milling Machine Co, Xiamen Hithium, Lotte Global Logistics, JSW Infrastructure, Acuity Brands, Resideo Technologies Inc, UFP Industries , Aeorema Communications and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Makino Milling Machine (6135 JP): Nidec Launches Its Offer
  • Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet
  • Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates
  • JSW Infrastructure – ESG Report – Lucror Analytics
  • Lotte Global Logistics IPO Valuation Analysis
  • Acuity Brand: Robust Financial Management
  • Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!
  • UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?
  • Hybridan Small Cap Feast: 26/03/2025

Makino Milling Machine (6135 JP): Nidec Launches Its Offer

By Arun George

  • Nidec Corp (6594 JP) has launched its offer for Makino Milling Machine Co (6135 JP) at an unchanged JPY11,000. The offer is open from 4 April to 21 May.
  • The offer was launched despite securing all regulatory approvals and the Board’s postponement request. The launch could also be an attempt to thwart a competing proposal.
  • Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high probability of a competing proposal.

Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet

By Troy Wong

  • Xiamen Hithium Energy Storage Technology (XH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai, Citic, ABC, and BOC.
  • XH is a leading pure-play global energy storage company, it’s ranked third in the global energy storage market in 2024, in terms of lithium-ion ESS battery shipments, as per CIC.
  • With its integrated value chain and mainly in-house manufacturing, XH offers end-to-end energy storage solutions across various application scenarios, mainly collaborate with third-party system integrators in their main market, China.

Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates

By Akshat Shah

  • Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
  • Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
  • In this note, we talk about the company’s historical performance.

JSW Infrastructure – ESG Report – Lucror Analytics

By Trung Nguyen

  • Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
  • The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
  • The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. 

Lotte Global Logistics IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share. 
  • We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range. 
  • Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.

Acuity Brand: Robust Financial Management

By Baptista Research

  • Acuity Brands reported solid financial results for its fiscal 2025 first quarter, reflecting competent execution of its strategic objectives.
  • The company achieved year-over-year sales growth of 2% to $952 million, supported by expansions in both its Lighting and Intelligent Spaces segments.
  • Acuity Brands’ adjusted operating profit also rose by 3% to $159 million, leading to a slight increase in profit margins, capitalizing on product vitality and improved price management strategies.

Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!

By Baptista Research

  • Resideo Technologies, Inc. reported a strong end to 2024, showcasing robust revenue growth and financial performance amid a challenging global macroeconomic environment.
  • The company achieved approximately $6.8 billion in total net revenue, reflecting an 8% increase year-over-year.
  • Notably, adjusted EBITDA saw a significant rise of 17%, reaching around $700 million.

UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?

By Baptista Research

  • UFP Industries Inc. reported its fourth quarter and full-year 2024 financial results, demonstrating mixed performance amid challenging economic conditions.
  • The company’s total sales for the year reached $6.7 billion with an EBITDA of $682.3 million, reflecting a 10.3% EBITDA margin.
  • Despite a strong balance sheet showing nearly $1.2 billion in cash, the decline in demand across most business segments imposed pressures on both pricing and margins.

Hybridan Small Cap Feast: 26/03/2025

By Hybridan

  • The strategic communications Company announced interim results to December 2024. Its revenue improved 9.8% to £7.2m, while its loss before tax reduced by 51% to £119,104, cash at December was £2.75m.
  • Driving the improved performance were cost reductions and the continued growth at Cannes Lions International Festival of Creativity.
  • Since the period end, its secured the Global Economic Forum in Davos which is expected to open new opportunities in the financial and professional service sectors. 

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Apr 04
0

Daily Brief Industrials: Makino Milling Machine Co, Xiamen Hithium, Lotte Global Logistics, JSW Infrastructure, Acuity Brands, Resideo Technologies Inc, UFP Industries , Aeorema Communications and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Makino Milling Machine (6135 JP): Nidec Launches Its Offer
  • Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet
  • Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates
  • JSW Infrastructure – ESG Report – Lucror Analytics
  • Lotte Global Logistics IPO Valuation Analysis
  • Acuity Brand: Robust Financial Management
  • Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!
  • UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?
  • Hybridan Small Cap Feast: 26/03/2025

Makino Milling Machine (6135 JP): Nidec Launches Its Offer

By Arun George

  • Nidec Corp (6594 JP) has launched its offer for Makino Milling Machine Co (6135 JP) at an unchanged JPY11,000. The offer is open from 4 April to 21 May.
  • The offer was launched despite securing all regulatory approvals and the Board’s postponement request. The launch could also be an attempt to thwart a competing proposal.
  • Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high probability of a competing proposal.

Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet

By Troy Wong

  • Xiamen Hithium Energy Storage Technology (XH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai, Citic, ABC, and BOC.
  • XH is a leading pure-play global energy storage company, it’s ranked third in the global energy storage market in 2024, in terms of lithium-ion ESS battery shipments, as per CIC.
  • With its integrated value chain and mainly in-house manufacturing, XH offers end-to-end energy storage solutions across various application scenarios, mainly collaborate with third-party system integrators in their main market, China.

Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates

By Akshat Shah

  • Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
  • Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
  • In this note, we talk about the company’s historical performance.

JSW Infrastructure – ESG Report – Lucror Analytics

By Trung Nguyen

  • Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
  • The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
  • The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. 

Lotte Global Logistics IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share. 
  • We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range. 
  • Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.

Acuity Brand: Robust Financial Management

By Baptista Research

  • Acuity Brands reported solid financial results for its fiscal 2025 first quarter, reflecting competent execution of its strategic objectives.
  • The company achieved year-over-year sales growth of 2% to $952 million, supported by expansions in both its Lighting and Intelligent Spaces segments.
  • Acuity Brands’ adjusted operating profit also rose by 3% to $159 million, leading to a slight increase in profit margins, capitalizing on product vitality and improved price management strategies.

Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!

By Baptista Research

  • Resideo Technologies, Inc. reported a strong end to 2024, showcasing robust revenue growth and financial performance amid a challenging global macroeconomic environment.
  • The company achieved approximately $6.8 billion in total net revenue, reflecting an 8% increase year-over-year.
  • Notably, adjusted EBITDA saw a significant rise of 17%, reaching around $700 million.

UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?

By Baptista Research

  • UFP Industries Inc. reported its fourth quarter and full-year 2024 financial results, demonstrating mixed performance amid challenging economic conditions.
  • The company’s total sales for the year reached $6.7 billion with an EBITDA of $682.3 million, reflecting a 10.3% EBITDA margin.
  • Despite a strong balance sheet showing nearly $1.2 billion in cash, the decline in demand across most business segments imposed pressures on both pricing and margins.

Hybridan Small Cap Feast: 26/03/2025

By Hybridan

  • The strategic communications Company announced interim results to December 2024. Its revenue improved 9.8% to £7.2m, while its loss before tax reduced by 51% to £119,104, cash at December was £2.75m.
  • Driving the improved performance were cost reductions and the continued growth at Cannes Lions International Festival of Creativity.
  • Since the period end, its secured the Global Economic Forum in Davos which is expected to open new opportunities in the financial and professional service sectors. 

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Apr 03
0

Daily Brief Industrials: Contemporary Amperex Technology (CATL), Sumitomo Mitsui Construction, Copa Holdings Sa Class A, Schneider National Inc, Leonardo DRS , Chart Industries, Casella Waste Systems Inc A, KULR Technology Group , SPX Technologies , Federal Signal and more

By | Daily Briefs, Industrials

In today’s briefing:

  • CATL A/H Listing – Thoughts on A/H Premium
  • Sumi Mitsui Construction (1821) | Playing Both Sides
  • Copa Airlines’ Bold Expansion Plan: 13 New Jets, Massive Profits, & Unstoppable Growth!
  • Schneider National Is Sitting on a Goldmine of Idle Capacity— An Insight Into Its Pricing Dynamics And Market Conditions Where It Might Just Be Able To Capitalize!
  • Leonardo DRS Reveals Game-Changing Tech & Jaw-Dropping Profit Surge But Is This Here To Stay?
  • Chart Industries: Here are the 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • Casella Waste Systems Taps Hidden Gold in Landfill Internalization—Will It Work?
  • KULR Technology Group Inc.
  • SPX Corporation: Expanding HVAC and Data Center Markets To Catalyze Growth!
  • Federal Signal’s Genius Operational Overhaul Is Quietly Boosting Margins & Market Share!

CATL A/H Listing – Thoughts on A/H Premium

By Sumeet Singh

  • Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
  • CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
  • We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.

Sumi Mitsui Construction (1821) | Playing Both Sides

By Mark Chadwick

  • Murakami-Led funds have quietly amassed a 26.97% stake in Sumi Mitsui Construction while also acquiring a 5.01% stake in its subsidiary, Sumiken.
  • With the Tokyo Stock Exchange clamping down on parent-child listings, Sumiken’s future as a public company looks increasingly uncertain, raising buyout speculation.
  • City Index’s small stake in Sumiken may serve as a defensive move to block rival bids, reinforcing its influence over SMC’s long-term strategy.

Copa Airlines’ Bold Expansion Plan: 13 New Jets, Massive Profits, & Unstoppable Growth!

By Baptista Research

  • Copa Holdings delivered a mixed yet robust performance in the fourth quarter and full year of 2024, illustrating its resilience and operational efficiency in a fluctuating market.
  • Positively, the company reported an operating margin of 21.9% for the year, which reflects consistent execution of its business model focused on cost efficiency and operational excellence.
  • An increase in capacity by 8.6% year-over-year was aligned with previous guidance.

Schneider National Is Sitting on a Goldmine of Idle Capacity— An Insight Into Its Pricing Dynamics And Market Conditions Where It Might Just Be Able To Capitalize!

By Baptista Research

  • Schneider National Inc. recently reported its fourth-quarter and full-year 2024 earnings, providing a comprehensive overview of its current performance and strategic direction.
  • The results highlight various positive developments as well as some areas of concern, offering a nuanced picture of the company’s financial health and future potential.
  • Positives from the results include a strategic acquisition and a targeted focus on market opportunities.

Leonardo DRS Reveals Game-Changing Tech & Jaw-Dropping Profit Surge But Is This Here To Stay?

By Baptista Research

  • Leonardo DRS recently announced its fourth-quarter and fiscal year 2024 results showcasing substantial achievements and strategic initiatives, while also highlighting certain challenges to consider for investors.
  • The company reported record bookings with a 1.3x book-to-bill ratio, both for the fourth quarter and for the entire year, while achieving mid-teens organic revenue growth and a 14% revenue increase year-over-year.
  • Further supporting their performance, Leonardo DRS demonstrated a solid growth in adjusted EBITDA by 23% year-over year, with a notable 90 basis points margin expansion.

Chart Industries: Here are the 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Chart Industries, Inc.’s fourth-quarter and full-year 2024 performance illustrates a year of significant achievements and notable challenges, projecting a complex investment landscape.
  • The company reported robust financial results with a record high in several key metrics, highlighting its strategic operational execution and market responsiveness.
  • Positively, Chart Industries demonstrated strong financial performance in 2024.

Casella Waste Systems Taps Hidden Gold in Landfill Internalization—Will It Work?

By Baptista Research

  • Casella Waste Systems, Inc. has reported robust financial results for the fourth quarter and full year 2024.
  • The company demonstrated significant growth across various key metrics, closing the year on a positive note.
  • Throughout 2024, Casella Waste Systems executed on strategic acquisitions, expanded its revenue base, and fortified its operational efficiencies.

KULR Technology Group Inc.

By Zacks Small Cap Research

  • KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
  • Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
  • It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in licensing agreements.

SPX Corporation: Expanding HVAC and Data Center Markets To Catalyze Growth!

By Baptista Research

  • The earnings report from SPX Technologies showed a mix of positive and cautionary elements, indicating a firm trajectory in several areas along with challenges that may affect future performance.
  • On the positive side, SPX Technologies demonstrated a strong finish to 2024, marked by a significant increase in adjusted EBITDA by 36% and adjusted EPS reaching the higher end of the guidance range.
  • The company also achieved robust operational performance, highlighted by a 13.7% revenue growth with contributions from both its HVAC and Detection & Measurement segments.

Federal Signal’s Genius Operational Overhaul Is Quietly Boosting Margins & Market Share!

By Baptista Research

  • Federal Signal Corporation reported strong financial results for the fourth quarter and full year of 2024.
  • The company achieved record-high net sales of approximately $1.86 billion for the year, an 8% increase over the previous year.
  • Operating income grew by 25% to $281.4 million, and adjusted EBITDA rose by 23% to $350.6 million, translating to a margin of 18.8%.

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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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