Category

Daily Briefs

Mar 22
0

Daily Brief ESG: “TSE’s Request” Catalyzes and Attracts Activist Investors to Invest and more

By | Daily Briefs, ESG

In today’s briefing:

  • “TSE’s Request” Catalyzes and Attracts Activist Investors to Invest

“TSE’s Request” Catalyzes and Attracts Activist Investors to Invest

By Aki Matsumoto

  • When investing in a larger company, one can expect higher liquidity, higher expectations of endorsement of the activist investor’s views because of the large institutional holdings, and smoother communication.
  • As cross-shareholding structures are beginning to break down, there’re many opportunities for activist investors to attack such companies because they couldn’t create value and grow due to underutilization of resources.
  • Activist investors have invested in Japanese companies in the past, but never with such success. This success is largely due to a change in the environment.

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Mar 22
0

Daily Brief Thematic (Sector/Industry): Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?
  • US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024
  • Japan Strategy Weekly | Banks & Traders Rally
  • #123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake
  • AUCTUS ON FRIDAY – 21/03/2025

Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

By Nimish Maheshwari

  • The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.
  • India, already a major production hub with 15% global share, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.
  • Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations

US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

By Daniel Tabbush

  • Momentum in weekly HFD for loan growth at US banks is improving, now reaching 3.0% YoY for week 5 March data, a figure not reached since at least early 2024
  • The growth rate in large time deposits continues to remain incredibly low now at 1.2% YoY in the most recent week – these funds are more expensive than other deposits.
  • Loan loss reserves are still much higher than YE19 at 1.59% of loans there is a distinct bottoming and turning over of this ratio – suggesting better credit metrics.

Japan Strategy Weekly | Banks & Traders Rally

By Mark Chadwick

  • The Japanese stock market posted solid gains over the past week, with the Topix rising 3.3% and the Nikkei advancing 1.7%
  • The Bank of Japan maintained its key short-term interest rate at  0.5% in March, given a cautious view over the global macro outlook
  • MHI shares rose 16% this week, driven by optimism over Japan’s nuclear energy expansion plans and rising defense commitments.

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

By Sudarshan Bhandari

AUCTUS ON FRIDAY – 21/03/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S.
  • Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital.
  • In exchange, Standard Bank and Norfund will hold 10% and 20% of the project’s economics, respectively, via preferred equity.

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Mar 22
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy
  • In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.
  • Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.

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Mar 22
0

Daily Brief ECM: CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers and more

By | Daily Briefs, ECM

In today’s briefing:

  • CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

CoreWeave Inc. (CRWV): IPO Valuation Is Fair for AI Industry Believers

By IPO Boutique

  • The valuation of the company in our opinion is “fair” and not “stretching the limit” for investors who believe in AI industry trends.
  • A channel check of this offering revealed that the deal is considered well-oversubscribed with early 1-on-1 conversions and a strong shadow book. 
  • The company is a growth story through and through. They have grown from $16m in revenue in 2022 to $1.9bn in 2024 – the year-over-year growth in 2024 was 737%.

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Mar 22
0

Daily Brief Equity Bottom-Up: [KE Holdings (BEKE US and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • [KE Holdings (BEKE US, BUY, TP US$25) Earnings Review]: Housing Inventory Resolution Drives Recovery
  • Deckers Outdoor: Ugg’s Profit Machine and Hoka’s Expansion—What Investors Need to Know!
  • EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?
  • Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!
  • Alphabet’s $32 Billion Bet On Wiz: A Desperate Move or a Strategic Masterstroke?
  • Mayora (MYOR): Indo Sugar Tax – A Negative
  • Intloop (9556 JP) – Demonstrating Operational Leverage
  • Autodesk Under Seige: Activist Starboard’s Proxy Battle & What It Means for Shareholders!
  • Edwards Lifesciences: Inside the High-Stakes Race for the Next Big Cardiac Breakthrough!
  • Q3 Follow-Up: Japan System Techniques (4323 JP) – March 11, 2025

[KE Holdings (BEKE US, BUY, TP US$25) Earnings Review]: Housing Inventory Resolution Drives Recovery

By Eric Wen

  • Beike reported C4Q24 revenue beat our estimate/consensus by 8.4%/7.4%, non-GAAP OP miss our estimate/consensus by 37.5%/21.6%, due to front-loading expansion cost.
  • We expect Beike to take 2-3ppt of market share in a rebalancing property market in 2025. 
  • We keep the stock as BUY and keep TP at US$25.

Deckers Outdoor: Ugg’s Profit Machine and Hoka’s Expansion—What Investors Need to Know!

By Baptista Research

  • Deckers Brands delivered a robust performance in its third quarter of fiscal 2025, signaling both high levels of growth and notable profitability.
  • The company’s revenue increased by 17% compared to the previous year, reaching $1.83 billion, with significant contributions from the UGG and HOKA brands.
  • The gross margins improved to 60.3%, and diluted earnings per share rose by 19% to $3.

EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?

By Baptista Research

  • EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.
  • During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.
  • On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.

Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!

By Baptista Research

  • Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that investors might consider when evaluating the company’s investment potential.
  • Positive aspects of Fortive’s performance include a strong track record of financial accomplishments in 2024.
  • The company reported better-than-expected core growth, adjusted earnings, and free cash flow, capping a robust year.

Alphabet’s $32 Billion Bet On Wiz: A Desperate Move or a Strategic Masterstroke?

By Baptista Research

  • Alphabet Inc., Google’s parent company, has officially announced its largest acquisition to date, agreeing to purchase cybersecurity startup Wiz for $32 billion in cash.
  • The move comes after Wiz rejected a $23 billion offer from Alphabet last year, opting instead to explore an IPO.
  • However, with the regulatory landscape shifting under U.S. President Donald Trump’s administration, Wiz’s leadership reconsidered the deal, ultimately securing an extra $9 billion from Google in less than a year.

Mayora (MYOR): Indo Sugar Tax – A Negative

By Henry Soediarko

  • The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.
  • Mayora Indah (MYOR IJ) tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while Unilever Indonesia (UNVR IJ) no longer owns Teh Sosro. 
  • Expecting sentiment to be better, Short Mayora and Long Unilever. 

Intloop (9556 JP) – Demonstrating Operational Leverage

By Astris Advisory Japan

  • We believe the key highlight of Q1-2 FY7/25 results is OPM expansion YoY from 4.7% to 6.6%.
  • The company aims to secure high-margin projects aligned with its strategic aims while maintaining business investment in new hires to grow.
  • Business expansion via strategic alliances is bearing fruit with Itochu Corporation (8001), with other initiatives being unveiled in the food and logistics sectors to expand and diversify the solutions portfolio and accelerate growth. 

Autodesk Under Seige: Activist Starboard’s Proxy Battle & What It Means for Shareholders!

By Baptista Research

  • Autodesk Inc. is at the center of a high-stakes battle as activist hedge fund Starboard Value LP moves forward with a proxy fight, citing financial underperformance and management credibility concerns.
  • After months of behind-the-scenes pressure, Starboard has decided to nominate a minority slate of directors to Autodesk’s board, setting the stage for a potential leadership shake-up.
  • The move comes after a series of turbulent events at Autodesk, including an accounting investigation that led to a CFO replacement, a shift in the company’s sales model, and a recent decision to cut 9% of its workforce.

Edwards Lifesciences: Inside the High-Stakes Race for the Next Big Cardiac Breakthrough!

By Baptista Research

  • Edwards Lifesciences Corporation recently reported its financial results for the fourth quarter and the full year of 2024, providing an insight into its strategic performance and outlook.
  • The company, solely focused on structural heart solutions after divesting its Critical Care segment in the third quarter of 2024, recorded robust financial performance, consistent with its expectations and strategic focus.
  • For the full year 2024, Edwards Lifesciences reported a 9% increase in sales, reaching $5.4 billion.

Q3 Follow-Up: Japan System Techniques (4323 JP) – March 11, 2025

By Sessa Investment Research

  • Japan System Techniques (hereafter, the Company) announced its Q3(9M)
  • Key consolidated figures net sales of JPY 20,549 mn (+10.9% YoY), operating profit of JPY 2,041 mn (+26.5% YoY), ordinary profit of JPY 2,116 mn (+28.4% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,417 mn (+28.9% YoY).
  • Higher sales and profits in the DX&SI business and Package business contributed in Q3 earnings growth.

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Mar 22
0

Daily Brief Event-Driven: Hankyu Hanshin REIT (8977) – Good Fundamental News and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come
  • Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.
  • Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
  • CIE’s Partial Takeover Offer Puts Shareholders in the Fast Lane

Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come

By Travis Lundy

  • 3D Investment Partners launched a Partial Tender Offer to buy a 10+% stake in Hankyu Hanshin REIT, Inc. (8977 JP). The REIT finally responded with a “Neutral” stance. 
  • But they also upgraded earnings forecasts, bought a building, and announced the Sponsor would buy units in the market over the next year. It’s big. 
  • And that creates flows, which then engender other reactive flows, and cascading flows, and because the sector isn’t rich, there may be a tailwind.

Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.

By Sanghyun Park

  • Today’s update clarifies which brokers are fully linked to NSDS, giving them an edge in short-selling speed and flexibility, while others face more execution constraints.
  • This leads to a clear execution risk gap, requiring traders to factor in trade efficiency differences based on their broker.
  • With lower short-selling restriction triggers, liquidity and short-covering dynamics will shift, requiring traders to reassess market impact and adjust strategies accordingly.

Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain

By Nimish Maheshwari

  • Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
  • This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
  • While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.

CIE’s Partial Takeover Offer Puts Shareholders in the Fast Lane

By Jesus Rodriguez Aguilar

  • CIE Automotive launches a 10%partial takeover offer at €24.00, offering a 7% premium to recent trading levels, taking advantage of recent share price weakness.
  • Valuation suggests shares are undervalued; DCF and peer comps support a fair value of €31–33.
  • Offer aims to boost liquidity, with potential future placements to improve free float and attract institutional investors.

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Mar 22
0

Daily Brief Macro: HEW: Hard Data And Deferred Decisions and more

By | Daily Briefs, Macro

In today’s briefing:

  • HEW: Hard Data And Deferred Decisions
  • [ETP 2025/12] WTI Gains on Geopolitical Uncertainty, Henry Hub Falls on Rising Nat-Gas Stockpiles
  • Collapse of Homeplus & More Bankruptcies of PE Owned Companies Globally [A Prelude to Big Short II?]
  • CX Daily: Tsinghua Program Shows the Challenges of Nurturing World-Class Mathematicians

HEW: Hard Data And Deferred Decisions

By Phil Rush

  • The latest UK labour market report shows ongoing resilience in hard data compared to soft data, with policymakers focusing more on hard strength to avoid decision-making being influenced by negative factors. Easing cycles are evolving beyond expected outcomes.
  • The upcoming UK Budget is not exempt from the prevailing uncertainty, with potential deferrals of some unlikely spending cuts being more about political convenience.
  • UK inflation data for February is expected to be relatively stable, with Monday’s Flash PMIs also anticipated to draw attention.

[ETP 2025/12] WTI Gains on Geopolitical Uncertainty, Henry Hub Falls on Rising Nat-Gas Stockpiles

By Suhas Reddy

  • For the week ending 14/Mar, U.S. crude inventories rose 1.7m barrels (vs. expectations of 0.8m build), gasoline stockpiles fell below expectations, and distillate inventories declined more than anticipated.
  • US natural gas inventories rose by 9 Bcf for the week ending 14/Mar, more than analyst expectations of a 3 Bcf build. Inventories are 10% below the 5-year seasonal average.
  • Barclays cut Exxon’s price target to USD 135 from USD 137 with an Overweight rating, while Citigroup lowered Occidental’s target to USD 51 from USD 56 with a Neutral rating.

Collapse of Homeplus & More Bankruptcies of PE Owned Companies Globally [A Prelude to Big Short II?]

By Douglas Kim

  • We discuss an emerging concern in the global financial markets which is that many high-profile PE owned companies around the world are increasingly experiencing bankruptcies or near bankruptcies.
  • The excessive leverage that MBK has tried to use on Homeplus has backfired due to higher interest rates, greater competition from Emart/Coupang, COVID-19, and lower buying power from asset sales.
  • Although it may be premature to declare these bankruptcies/near-bankruptcies to be a prelude to the next Big Short 2, they indeed raise so many alarming bells.

CX Daily: Tsinghua Program Shows the Challenges of Nurturing World-Class Mathematicians

By Caixin Global

  • Math / In Depth: Tsinghua program shows the challenges of nurturing world-class mathematicians
  • Consumption /: Chinese consumers are more confident and willing to spend, survey shows
  • EVs /: Tariff turmoil roils Chinese electric-bus maker’s Mexico plans

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Mar 22
0

Most Read: Korea Stock Exchange KOSPI 200, BayCurrent Consulting , SAIC Motor, Samsung KODEX Autos ETF, Hanwha Aerospace, Rio Tinto Ltd, Bestechnic Shanghai , Hankyu Hanshin REIT, Inc. and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Korea: Short Selling Is Back in March; Trade Ideas
  • The Japan March-End Rebal and Dividend Trade
  • SSE50 Index Rebalance Preview: Three Changes; Some Misses
  • Schedule Info for Front-Running Korea Sector ETF Rebalancing Trades
  • Hanwha Aerospace’s Monster Raise: Checking Key Angles
  • Rio Tinto Dual-Listed Company (DLC) Unification Analysis
  • Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)
  • Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels
  • Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come
  • Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

Korea: Short Selling Is Back in March; Trade Ideas

By Brian Freitas

  • Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
  • Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
  • There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.

The Japan March-End Rebal and Dividend Trade

By Travis Lundy

  • Every year it’s the same trade. But sometimes it is not. This year it is Thursday and Friday. Or not.
  • The month-end and quarter-end bring big flows, or not, depending on how things have gone.
  • Over the past 10 years or so, the two-day return on the March trade is pretty good. This year? Well read on!

SSE50 Index Rebalance Preview: Three Changes; Some Misses

By Brian Freitas

  • With nearly 90% of the review period complete, 2 non-constituents are in inclusion zone and 3 constituents are in deletion zone.
  • We estimate one-way turnover of 4.7% at the June rebalance leading to a round-trip trade of CNY 16.4bn (US$2.27bn). Index arb balances will increase the impact on the stocks.
  • The forecast adds have outperformed the forecast deletes over the last 6 months but there has been a retracement in returns over the last month.

Schedule Info for Front-Running Korea Sector ETF Rebalancing Trades

By Sanghyun Park

  • Demand for less crowded rebalancing plays is rising, making off-the-radar flows more critical. A structured timeline is key to tracking and managing these setups efficiently.
  • Key ETFs to watch are local sector names with solid AUM—about 20 names. But the trading approach isn’t one-size-fits-all.
  • Stick to the schedule, track potential flow setups, and front-run by securing rebalance details early and positioning ahead of the crowd.

Hanwha Aerospace’s Monster Raise: Checking Key Angles

By Sanghyun Park

  • Market sees this as an M&A play, not just de-leveraging. Sentiment’s split, and despite a tight discount, uncertainty on take-up could spark major dislocations in stock and rights.
  • Hanwha’s ₩3.6T raise drops just a week after Samsung SDI’s ₩2T—₩5.5T back-to-back. Absorption looks brutal, setting up serious volatility and prime trading opps if liquidity tightens.
  • The FSC fast-tracked this, flagging it instantly but also hinting approval. With regulator risk off, any cash market snapback tomorrow should stay in check.

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

By Jesus Rodriguez Aguilar

  • Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.
  • $2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.
  • Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

By Douglas Kim

  • Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
  • We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
  • It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. 

Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels

By Janaghan Jeyakumar, CFA

  • STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
  • STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
  • In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.

Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come

By Travis Lundy

  • 3D Investment Partners launched a Partial Tender Offer to buy a 10+% stake in Hankyu Hanshin REIT, Inc. (8977 JP). The REIT finally responded with a “Neutral” stance. 
  • But they also upgraded earnings forecasts, bought a building, and announced the Sponsor would buy units in the market over the next year. It’s big. 
  • And that creates flows, which then engender other reactive flows, and cascading flows, and because the sector isn’t rich, there may be a tailwind.

Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

By Nico Rosti

  • Short selling in all stocks in South Korea will resume from 31 March 2025. The KOSPI 200 (KOSPI2 INDEX EQUITY) is approaching the overboughtarea according to our models.
  • If the KOSPI 200 can rise for another week, it would be perfectly ripe for a large, high probability SHORT trade.
  • The probability of WEEKLY reversal in the range between the last Close (355) and the 363 resistance limit is between 50% and 75%, pretty high.

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Mar 22
0

Daily Brief Utilities: Greenko Energy Holdings and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Greenko Energy
  • In the US, the Conference Board Leading Index declined 0.3% (-0.2% e / -0.2% revised p) in February to 101.1. Justyna Zabinska-La Monica, senior manager of business cycle indicators at The Conference Board, noted that “consumers’ expectations of future business conditions turned more pessimistic. Manufacturing new orders, which improved in January, retreated and were the second largest negative contributor to the Index’s monthly decline”.
  • Separately, existing home sales unexpectedly rebounded 4.2% m-o-m (-3.2% e / -4.7% p) to 4.26 mn units in February. Sales climbed the most in the west and south regions, which were afflicted at the start of the year by wildfires in Los Angeles and severe winter storms, respectively.

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Mar 22
0

Daily Brief Industrials: Voltas Ltd, Fortive , Intloop , Simpson Manufacturing Co, Inc, Srg Takamiya, On Assignment, Old Dominion Freight Line, Deutsche Post and more

By | Daily Briefs, Industrials

In today’s briefing:

  • India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds
  • Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!
  • Intloop (9556 JP) – Demonstrating Operational Leverage
  • Simpson Manufacturing Co.: These Are The 5 Biggest Hindrances In Its Path For Growth In 2025 & Beyond!
  • Q3 Follow-Up: Takamiya (2445 JP) – March 10, 2025
  • ASGN Inc.: Will The Strategic Acquisition Of TopBloc Be A Game Changer?
  • Old Dominion Freight: Inside the LTL Leader’s Plan to Maintain Its Competitive Edge!
  • Deutsche Post AG – What’s News in Amsterdam

India’s Summer Stock: Voltas Ltd- Navigating Supply Headwinds

By Sudarshan Bhandari

  • Voltas Ltd (VOLT IN) is shifting to a volume-led strategy while investing INR 260 crore to build in-house compressor manufacturing under PLI 3.0.
  • This approach de-risks supply chains, maintains mass-market pricing, and supports growth amid rising raw material and currency pressures.
  • Voltas is evolving from a margin-led to scale-focused player, making it a resilient long-term bet on India’s low AC penetration and summer-driven demand.

Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!

By Baptista Research

  • Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that investors might consider when evaluating the company’s investment potential.
  • Positive aspects of Fortive’s performance include a strong track record of financial accomplishments in 2024.
  • The company reported better-than-expected core growth, adjusted earnings, and free cash flow, capping a robust year.

Intloop (9556 JP) – Demonstrating Operational Leverage

By Astris Advisory Japan

  • We believe the key highlight of Q1-2 FY7/25 results is OPM expansion YoY from 4.7% to 6.6%.
  • The company aims to secure high-margin projects aligned with its strategic aims while maintaining business investment in new hires to grow.
  • Business expansion via strategic alliances is bearing fruit with Itochu Corporation (8001), with other initiatives being unveiled in the food and logistics sectors to expand and diversify the solutions portfolio and accelerate growth. 

Simpson Manufacturing Co.: These Are The 5 Biggest Hindrances In Its Path For Growth In 2025 & Beyond!

By Baptista Research

  • Simpson Manufacturing Company reported its financial performance for the fiscal year 2024 amidst challenges in the housing markets in both the U.S. and Europe.
  • The company’s net sales for 2024 reached $2.23 billion, showing modest growth compared to 2023.
  • In North America, net sales increased to $1.74 billion, supported by sales volume enhancements and acquisitions, although the company faced a competitive landscape, with housing starts remaining lower.

Q3 Follow-Up: Takamiya (2445 JP) – March 10, 2025

By Sessa Investment Research

  • Q3 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported its Q3(9M) FY2025/3 consolidated earnings results: sales of JPY 32,335 mn (+0.5% YoY), operating profit of JPY 1,316 mn (-45.3% YoY), ordinary profit of JPY 1,209 mn (-52.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 867 mn (-49.8% YoY).
  • Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.
  • Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.

ASGN Inc.: Will The Strategic Acquisition Of TopBloc Be A Game Changer?

By Baptista Research

  • ASGN Incorporated’s latest earnings report reveals a complex picture of the company’s performance and strategic initiatives for the fourth quarter and full year of 2024.
  • On the positive side, ASGN has shown a robust commitment to advancing its business towards higher-end IT consulting solutions, with IT consulting revenues now forming a notable portion of total revenues, increasing from 53% to 58% year-over-year.
  • This growth highlights the strategic shift toward a more specialized, high-margin service offering, particularly in areas like AI, cybersecurity, and data infrastructure.

Old Dominion Freight: Inside the LTL Leader’s Plan to Maintain Its Competitive Edge!

By Baptista Research

  • Old Dominion Freight Line, a prominent player in the less-than-truckload (LTL) industry, reported its fourth quarter and full-year 2024 financial results amidst a challenging economic environment.
  • The earnings call highlighted both positive and negative aspects, providing a comprehensive view of the company’s current standing and future prospects.
  • On the positive side, Old Dominion Freight Line reported strong operational discipline and superior customer service despite declining revenue.

Deutsche Post AG – What’s News in Amsterdam

By The IDEA!

  • In today’s edition: • Unilever | to sell The Vegetarian Butcher to Vivera • InPost/Allegro/DHL | DS Smith survey illustrates the importance of the last mile delivery • PostNL | Budbee plans to triple its APM footprint in the Netherlands • Dutch consumer confidence | dropped even further in March

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