Category

Daily Briefs

Mar 09
0

Daily Brief Indonesia: Delta Dunia Makmur and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

By Trung Nguyen

Delta Dunia Makmur has launched a tender offer for the USD 7.75% 2026 notes (USD 365.7 mn outstanding), with a concurrent consent solicitation. We recommend that noteholders tender their bonds, and close our “Buy” call on the BUMAIJ 7.75 ’26s.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief China: Baidu, Shanghai Zhida Technology Development Co Ltd, NetEase and more

By | China, Daily Briefs

In today’s briefing:

  • Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers
  • Shanghai Zhida Technology Development Pre-IPO Tearsheet
  • NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers

By Baptista Research

  • The recent earnings of Baidu indicated solid performance for the fiscal year 2023.
  • An extremely neutral analysis reveals several positives.
  • The total revenue for Baidu Core’s total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.

Shanghai Zhida Technology Development Pre-IPO Tearsheet

By Clarence Chu

  • Shanghai Zhida Technology Development Co Ltd (SZTD HK) is looking to raise about US$130m in its upcoming Hong Kong IPO. Shenwan Hongyuan is the sole bookrunner.
  • Shanghai Zhida Technology Development (SZTD) is a provider of electric vehicle (EV) home charging solutions.
  • As per F&S, the firm was the world’s largest provider of EV home charging solutions in terms of sales volume of home EV chargers over its track record period.

NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

By Baptista Research

  • The NetEase Q4 earnings revealed several strengths and weaknesses in the company.
  • On the positives, NetEase reported a 7% increase in total net revenue for 2023 to RMB 103.5 billion (USD 14.6 billion), driven by momentum across its businesses.
  • The revenue growth was attributed mainly to increased revenue contribution from the launch of new games such as Justice Mobile, and sustainably developed titles like Egg Party.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Japan: Nippon Express Holdings, Tokyo Electron, COPRO-HOLDINGS Co Ltd, Tsuruha Holdings, Eisai Co Ltd, Frontier Management Inc and more

By | Daily Briefs, Japan

In today’s briefing:

  • Nippon Express (9147 JP): The Current Playbook
  • Tokyo Electron (8035): Q3 FY03/24 Update
  • 3Q Follow-Up – Copro-Holdings (7059 Jp)
  • Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance
  • Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi
  • 4Q Follow-Up – Frontier Management Inc. (7038 JP)

Nippon Express (9147 JP): The Current Playbook

By Arun George

  • Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
  • The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Tokyo Electron (8035): Q3 FY03/24 Update

By Shared Research

  • Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
  • In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
  • Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.

3Q Follow-Up – Copro-Holdings (7059 Jp)

By Sessa Investment Research

  • COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
  • Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
  • COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. 

Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

By Shared Research

  • Tsuruha Holdings (3391 JP) , established in 1929, operates a chain of drugstores.
  • In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.
  • In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.

Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi

By Tina Banerjee

  • Eisai Co Ltd (4523 JP) has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.
  • By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.
  • Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.

4Q Follow-Up – Frontier Management Inc. (7038 JP)

By Sessa Investment Research

  • The financial results were strong, as shown in the table below, and exceeded the company’s forecasts.
  • The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.
  • Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Utilities: Avangrid and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Iberdrola/Avangrid: Logical Move

Iberdrola/Avangrid: Logical Move

By Jesus Rodriguez Aguilar

  • Iberdrola SA (IBE SM) launches a $34.25/share cash offer to acquire the minorities (18.4%) in its US subsidiary Avangrid (AGR US). Premium is 6.8%, and the cost c. $2.5 billion.
  • The market was awaiting this move since the cancellation of the PNM deal, which explains the recent rise in the share price of Avangrid.
  • Gross spread is 4.5%. It seems investors are buying in the hope of an offer sweetening, knowing that Iberdrola has some cash available to spend from the profitable Mexico exit.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Energy/Materials: Hindustan Copper, Permian Resources , Delta Dunia Makmur, Enterprise Products Partners, Geopark Ltd, Ovintiv and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Copper Is the New “GOLD”: India’s Rush for Rare Minerals
  • Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers
  • Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics
  • Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia’s Volumes That Could Drive Growth? – Key Drivers
  • GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price
  • Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! – Financial Forecasts

Copper Is the New “GOLD”: India’s Rush for Rare Minerals

By Nimish Maheshwari

  • Copper, known as the “red metal” and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.
  • Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.
  • India possessing only 0.25% of the world’s reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.

Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers

By Baptista Research

  • This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.
  • The company reported its Q4 and full-year 2023 earnings with significant growth and progress.
  • The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.

Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

By Trung Nguyen

Delta Dunia Makmur has launched a tender offer for the USD 7.75% 2026 notes (USD 365.7 mn outstanding), with a concurrent consent solicitation. We recommend that noteholders tender their bonds, and close our “Buy” call on the BUMAIJ 7.75 ’26s.

Enterprise Products Partners L.P.: Is There A Potential Increase in Bahia’s Volumes That Could Drive Growth? – Key Drivers

By Baptista Research

  • Enterprise Products Partners L.P. displayed robust financial and operational achievements in 2023.
  • The company’s distributable cash flow touched $7.6 billion, contributing to a 1.7x coverage and retained $3.2 billion.
  • The year 2023 saw Enterprise products set nine financial records and thirteen operating records.

GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price

By Auctus Advisors

  • The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.
  • This represents ~10% of the current market cap of the company.
  • The tender price range represents a premium of 8-20% to the prior day close.

Ovintiv Inc.: Initiation Of Coverage: 4 Biggest Factors Driving Its Growth! – Financial Forecasts

By Baptista Research

  • This is our first report on Ovintiv Inc, a leading producer of oil, condensate, and natural gas.
  • The company’s fiscal performance in 2023 was commendable, with its operational success translating into stellar financial results, a net income of $2.1 billion, and a cash flow of $3.9 billion.
  • The company’s capital investment during the year was $2.7 billion, generating a free cash flow of around $1.2 billion.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief TMT/Internet: Astera Labs , Baidu, Tokyo Electron, Monolithic Power Systems, Inc, Autodesk Inc, Nutanix Inc, Hewlett Packard Enterprise , Elastic NV, Netapp Inc, NetEase and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside
  • Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers
  • Tokyo Electron (8035): Q3 FY03/24 Update
  • Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers
  • Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers
  • Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? – Major Drivers
  • Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! – Key Drivers
  • Elastic N.V.: Will The Growing Demand For Hybrid Search Last? – Key Drivers
  • NetApp Inc.: Will Their Investment In AI Technology Pay Off? – Key Drivers
  • NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside

By Andrei Zakharov

  • Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.
  • California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO.  
  • At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers

By Baptista Research

  • The recent earnings of Baidu indicated solid performance for the fiscal year 2023.
  • An extremely neutral analysis reveals several positives.
  • The total revenue for Baidu Core’s total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.

Tokyo Electron (8035): Q3 FY03/24 Update

By Shared Research

  • Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
  • In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
  • Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.

Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers

By Baptista Research

  • Monolithic Power Systems (MPS) enters 2024 with a cautiously optimistic outlook, following a record revenue of $1.82 billion for the full year of 2023, marking its 12th consecutive year of revenue growth.
  • The highlights of MPS’ performance in 2023 were the consistent execution, continuous innovation, and robust customer focus.
  • However, the visibility beyond the current quarter remains limited due to uncertain customer ordering patterns reflecting overall economic uncertainty.

Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers

By Baptista Research

  • Autodesk demonstrated strong performance in the fourth quarter and full year results of fiscal 2024 with 14% constant currency revenue growth in Q4.
  • The report reflects Autodesk’s resilience and discipline manifested through its subscription business model, product diversification, and robust customer base.
  • The company’s diversified consumer base spans various regions and industries, enabling balanced growth.

Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? – Major Drivers

By Baptista Research

  • Over the quarter, Nutanix reported record revenue of $565 million, which surpassed guidance expectations, as well as an impressive annual recurring revenue (ARR) increment of 26% YoY reaching $1.74 billion.
  • Besides solid financial performance, the company also accomplished its first GAAP operating profitability in Q2 which showcased the effective workings of their subscription model.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Hewlett Packard Enterprise (HPE): Hybrid Cloud Growth & Transition To An As-a-service model! – Key Drivers

By Baptista Research

  • Hewlett Packard Enterprise (HPE) reported that its Q1 2024 revenues did not meet expectations, mainly due to softening in the network industry and the timing of several large GPU acceptances.
  • Reported revenue was lower than anticipated largely because of softening demand industry-wide for network, and the timing of several large GPU acceptances was shifted.
  • Additionally, HPE did not have the supply of GPU it desired, which constrained revenue growth.

Elastic N.V.: Will The Growing Demand For Hybrid Search Last? – Key Drivers

By Baptista Research

  • Elastic’s Q3 fiscal figures demonstrated a robust financial performance, with a revenue growth of 19% YoY and Elastic Cloud growing 29% YoY, a testament to the continued traction in the cloud and consolidation under the Elasticsearch platform.
  • Strong sales were driven by customer interest in Generative AI, with the platform being leveraged to develop Generative AI applications, providing an appreciable advantage relative to pure-play vector database vendors.
  • Another key factor was platform consolidation, with customers choosing Elasticsearch to displace incumbent solutions for multiple use cases, underscoring the platform’s import within the IT infrastructure context.

NetApp Inc.: Will Their Investment In AI Technology Pay Off? – Key Drivers

By Baptista Research

  • NetApp Inc.
  • reported a decent performance in Q3 FY ’24.
  • During this quarter, revenue grew above the company’s guidance, driven by the momentum of their expanded all-flash product portfolio.

NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

By Baptista Research

  • The NetEase Q4 earnings revealed several strengths and weaknesses in the company.
  • On the positives, NetEase reported a 7% increase in total net revenue for 2023 to RMB 103.5 billion (USD 14.6 billion), driven by momentum across its businesses.
  • The revenue growth was attributed mainly to increased revenue contribution from the launch of new games such as Justice Mobile, and sustainably developed titles like Egg Party.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Industrials: Nippon Express Holdings, COPRO-HOLDINGS Co Ltd, Shanghai Zhida Technology Development Co Ltd, Plug Power Inc, Frontier Management Inc, Emcor Group Inc, BRC Asia Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nippon Express (9147 JP): The Current Playbook
  • 3Q Follow-Up – Copro-Holdings (7059 Jp)
  • Shanghai Zhida Technology Development Pre-IPO Tearsheet
  • Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! – Financial Forecasts
  • 4Q Follow-Up – Frontier Management Inc. (7038 JP)
  • EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)
  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

Nippon Express (9147 JP): The Current Playbook

By Arun George

  • Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
  • The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

3Q Follow-Up – Copro-Holdings (7059 Jp)

By Sessa Investment Research

  • COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
  • Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
  • COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. 

Shanghai Zhida Technology Development Pre-IPO Tearsheet

By Clarence Chu

  • Shanghai Zhida Technology Development Co Ltd (SZTD HK) is looking to raise about US$130m in its upcoming Hong Kong IPO. Shenwan Hongyuan is the sole bookrunner.
  • Shanghai Zhida Technology Development (SZTD) is a provider of electric vehicle (EV) home charging solutions.
  • As per F&S, the firm was the world’s largest provider of EV home charging solutions in terms of sales volume of home EV chargers over its track record period.

Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! – Financial Forecasts

By Baptista Research

  • Plug Power’s Q4 earnings revealed both positive developments and challenges that the company faced during the quarter.
  • Key highlights were its innovative green hydrogen projects and ongoing advancements in improving cash management, positively reflecting the company’s commitment towards a sustainable energy future.
  • Plug Power’s most significant achievement during the Q4 period was the launch of their Georgia plant.

4Q Follow-Up – Frontier Management Inc. (7038 JP)

By Sessa Investment Research

  • The financial results were strong, as shown in the table below, and exceeded the company’s forecasts.
  • The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.
  • Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .

EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)

By Baptista Research

  • The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.
  • Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.
  • The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.

kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

By Geoff Howie

  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry’” After becoming one of Singapore’s largest reinforcing steel fabricators through an acquisition, BRC Asia plans to extend its reach to other markets.
  • Incorporated in 1938, BRC Asia Limited (“BRC”) is a leading Pan-Asia prefabricated reinforcing steel solutions provider headquartered in Singapore and listed on the Singapore Stock Exchange.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Industrials: Nippon Express Holdings, COPRO-HOLDINGS Co Ltd, Shanghai Zhida Technology Development Co Ltd, Plug Power Inc, Frontier Management Inc, Emcor Group Inc, BRC Asia Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nippon Express (9147 JP): The Current Playbook
  • 3Q Follow-Up – Copro-Holdings (7059 Jp)
  • Shanghai Zhida Technology Development Pre-IPO Tearsheet
  • Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! – Financial Forecasts
  • 4Q Follow-Up – Frontier Management Inc. (7038 JP)
  • EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)
  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

Nippon Express (9147 JP): The Current Playbook

By Arun George

  • Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
  • The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

3Q Follow-Up – Copro-Holdings (7059 Jp)

By Sessa Investment Research

  • COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
  • Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
  • COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. 

Shanghai Zhida Technology Development Pre-IPO Tearsheet

By Clarence Chu

  • Shanghai Zhida Technology Development Co Ltd (SZTD HK) is looking to raise about US$130m in its upcoming Hong Kong IPO. Shenwan Hongyuan is the sole bookrunner.
  • Shanghai Zhida Technology Development (SZTD) is a provider of electric vehicle (EV) home charging solutions.
  • As per F&S, the firm was the world’s largest provider of EV home charging solutions in terms of sales volume of home EV chargers over its track record period.

Plug Power Inc.: New Contracts & 5 Major Growth Catalysts For 2024 & Beyond! – Financial Forecasts

By Baptista Research

  • Plug Power’s Q4 earnings revealed both positive developments and challenges that the company faced during the quarter.
  • Key highlights were its innovative green hydrogen projects and ongoing advancements in improving cash management, positively reflecting the company’s commitment towards a sustainable energy future.
  • Plug Power’s most significant achievement during the Q4 period was the launch of their Georgia plant.

4Q Follow-Up – Frontier Management Inc. (7038 JP)

By Sessa Investment Research

  • The financial results were strong, as shown in the table below, and exceeded the company’s forecasts.
  • The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.
  • Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .

EMCOR Group: Leveraging Prefabrication & Building Information Modeling (BIM)

By Baptista Research

  • The EMCOR Group reported an exceptional fourth quarter and a very strong 2023 overall.
  • Revenue for the fourth quarter was $3.44 billion with an operating margin of 8.4%, significantly exceeding expectations and indicating 16.2% organic revenue growth.
  • The total revenue for 2023 was $12.6 billion which demonstrates growth of 13.6% and was strictly organic in nature, with a 55% rise in operating income to $875.8 million for the year.

kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

By Geoff Howie

  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry’” After becoming one of Singapore’s largest reinforcing steel fabricators through an acquisition, BRC Asia plans to extend its reach to other markets.
  • Incorporated in 1938, BRC Asia Limited (“BRC”) is a leading Pan-Asia prefabricated reinforcing steel solutions provider headquartered in Singapore and listed on the Singapore Stock Exchange.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Health Care: Classys, Jazz Pharmaceuticals, Karuna Therapeutics Inc, Cooper Cos, Viatris, Veeva Systems Inc Class A, Eisai Co Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends
  • Jazz Pharmaceuticals: Zanidatamab’s Future Progression & 4 Other Drivers
  • Karuna Therapeutics: Is The Bidding Battle Underway?
  • The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! – Key Drivers
  • Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers
  • Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! – Financial Forecasts
  • Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi

Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

By Douglas Kim

  • Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.
  • We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company’s strong growth in sales and profits.
  • On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).

Jazz Pharmaceuticals: Zanidatamab’s Future Progression & 4 Other Drivers

By Baptista Research

  • Jazz Pharmaceuticals reported a strong financial year in 2023, with overall revenues surpassing $3.8 billion.
  • This performance was primarily driven by the growth of key products in the company’s portfolio – Xywav, Epidiolex and Rylaze, which collectively accounted for a 27% year-over-year increase in revenue.
  • The company’s sleep therapeutic area contributed more than $1.9 billion in annual revenue, indicating a strong demand for its offerings given the high prevalence of sleep related disorders.

Karuna Therapeutics: Is The Bidding Battle Underway?

By Andrei Zakharov

  • In December 2023, American multinational pharmaceutical company Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in cash, implying a total equity value of $14B.
  • The special meeting of Karuna’s shareholders to be held on March 12, 2023, to consider and vote on various proposals necessary to approve upcoming M&A deal.
  • I expect the bidding battle among big pharma to acquire Karuna Therapeutics and its valuable pipeline of transformative medicines to treat schizophrenia and psychosis in Alzheimer’s disease.

The Cooper Companies Inc.: Huge Potential Of Myopia Management Market As A Growth Catalyst! – Key Drivers

By Baptista Research

  • As per the Q1 2024 Cooper Companies earnings, the company reported an outstanding start to the fiscal year with record quarterly revenues of $932 million.
  • CooperVision rolled in solid growth worldwide, while CooperSurgical recorded its 13th consecutive quarter of double-digit organic growth.
  • The firm’s earnings were equally strong, with capacity expansion progressing well and demand remaining healthy globally.

Viatris Inc.: Strategic Expansion Into Key Therapeutic Verticals & 6 Other Major Drivers

By Baptista Research

  • Viatris Inc.
  • reported its Q4 and Full Year 2023 Earnings with strong operational results, showing revenue growth for the third consecutive quarter.
  • As Viatris begins 2024, it continues to generate strong free cash flows that provide the flexibility to balance capital return to shareholders and strategic investments for future growth.

Veeva Systems Inc.: Expansion of the Data Cloud & 5 Other Factors Driving Growth! – Financial Forecasts

By Baptista Research

  • Veeva Systems posted robust results for its Q4 and Fiscal 2024 year during its earnings call.
  • Revenues for the quarter totalled $631 million and for the year they were $2.4 billion, both exceeding guidance.
  • Non GAAP operating income surpassed expectations too, with $239 million for Q4 and $843 million for the full year.

Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi

By Tina Banerjee

  • Eisai Co Ltd (4523 JP) has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.
  • By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.
  • Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.

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

Sign Up for Free

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

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


Mar 09
0

Daily Brief Financials: Eureka Group Holdings, NET Lease Office Properties and more

By | Daily Briefs, Financials

In today’s briefing:

  • Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter
  • NLOP: Starting Point for the Year

Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter

By David Blennerhassett

  • On the 23 January, Aspen (APZ AU) improved its scrip terms to 0.26 Aspen shares per Eureka (EGH AU) share, up from 0.225 Aspen shares on the 2 March 2023.
  • Two weeks later, Eureka said they still had not received a formal Offer. Aspen has now released its Bidder’s Statement. Its Offer has a 50.1% acceptance condition.
  • Complicating the Offer was the recent disclosures from FDC Group that it held a 12.89% stake, preventing Aspen compulsory acquiring shares.

NLOP: Starting Point for the Year

By Hamed Khorsand

  • Net Lease Office Products (NLOP) reported its first quarterly report since being spun off late last year.
  • The takeaway from the results was how the Company was structuring the balance sheet ahead of more properties being sold.
  • There were a series of lease signings and extensions within the December quarter. Most notably were the extensions for the property in Poland and Wisconsin

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

Sign Up for Free

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

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