Category

Daily Briefs

Feb 15
0

Daily Brief Japan: Hankyu Hanshin REIT, Inc., JX Advanced Metals, GENOVA , JTEC Corp/Osaka, MarketEnterprise Co Ltd, en Japan Inc, Elecom Co Ltd, Core Concept Technologies Inc, Earth Chemical, Epco Co Ltd and more

By | Daily Briefs, Japan

In today’s briefing:

  • 3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
  • JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
  • GENOVA (9341 JP): Q3 FY03/25 flash update
  • JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
  • MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update
  • en Japan Inc (4849 JP): Q3 FY03/25 flash update
  • Elecom Co Ltd (6750 JP): Q3 FY03/25 flash update
  • Core Concept Technologies Inc (4371 JP): Full-year FY12/24 flash update
  • Earth Chemical (4985 JP): Full-year FY12/24 flash update
  • Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

By Travis Lundy

  • For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
  • Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP). 
  • The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here. 

JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep

By Brian Freitas

  • JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
  • At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
  • The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.

GENOVA (9341 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased by 24.7% YoY to JPY7.6bn, with operating profit rising 10.6% YoY to JPY1.6bn.
  • Medical Platform business achieved 18.9% YoY revenue growth, with average contract unit price at JPY1.4mn (-0.2% YoY).
  • Smart Clinic business saw 45.1% YoY revenue growth, with hardware and software services contributing 64.0% and 36.0% respectively.

JTEC Corp (3446 JP) – Reaffirming Long-Term Vision

By Astris Advisory Japan

  • Q1-2 FY6/25 results showed the core Optical business experienced sales growth and generated segmental profits, which was positive.
  • Focusing on developing the Life Science & Equipment segment involving upfront investment resulted in flattish operating losses YoY overall.
  • FY company guidance has been maintained, implying an earnings recovery HoH driven by the Optical segment experiencing order visibility and new customer acquisition. 

MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update

By Shared Research

  • Revenue reached JPY11.5bn (+34.6% YoY), with significant growth in Second-hand Online and Mobile & Telecommunications segments.
  • Operating profit turned positive at JPY249mn, with a 2.2% margin, despite JPY68mn relocation expenses.
  • Revenue in the Media business declined by 19.4% YoY, impacted by changes in Google’s search algorithm.

en Japan Inc (4849 JP): Q3 FY03/25 flash update

By Shared Research

  • en Japan’s FY03/25 sales declined to JPY48.4bn (-2.6% YoY), with operating profit at JPY3.8bn (+48.6% YoY).
  • HR-Tech engage segment sales rose to JPY6.9bn (+40.7% YoY), but incurred an operating loss of JPY2.0bn.
  • en Japan revised its FY03/25 forecast, projecting sales of JPY65.8bn and operating profit of JPY5.2bn.

Elecom Co Ltd (6750 JP): Q3 FY03/25 flash update

By Shared Research

  • Sales increased to JPY87.3bn (+7.7% YoY), with strong demand for power supplies and I/O devices, and Tescom Denki Group’s contribution.
  • Operating profit rose to JPY9.4bn (+1.4% YoY), driven by a JPY2.2bn increase in gross profit despite higher SG&A expenses.
  • B2C sales grew to JPY59.1bn (+14.9% YoY), while B2B sales decreased to JPY28.2bn (-4.9% YoY).

Core Concept Technologies Inc (4371 JP): Full-year FY12/24 flash update

By Shared Research

  • FY12/23 revenue increased 20.4% YoY to JPY19.2bn, with gross profit rising 16.3% YoY to JPY5.0bn.
  • CCT acquired three companies to enhance DX support services and signed a partnership with SAP Japan.
  • FY12/25 forecast: revenue JPY21.8bn (+13.7% YoY), operating profit JPY2.3bn (+14.6% YoY), net income JPY1.6bn (+9.5% YoY).

Earth Chemical (4985 JP): Full-year FY12/24 flash update

By Shared Research

  • Sales were JPY169.3bn (+6.9% YoY), operating profit JPY6.4bn (+0.9% YoY), net income JPY3.5bn (-15.3% YoY).
  • FY12/25 forecast: sales JPY175.0bn (+3.4% YoY), operating profit JPY6.5bn (+1.2% YoY), net income JPY4.3bn (+23.7% YoY).
  • Company plans JPY1.5bn expense for structural reforms, maintaining annual dividend of JPY120 per share for FY12/25.

Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

By Shared Research

  • In FY12/24, revenue increased 10.8% YoY to JPY5.6bn, with operating profit up 106.8% YoY to JPY335mn.
  • The FY12/25 forecast projects revenue of JPY6.1bn (+9.0% YoY) and net income attributable to owners of JPY455mn (+39.1% YoY).
  • The new medium-term plan targets FY12/27 revenue of JPY7.5bn (+33.8% from FY12/24) and recurring profit of JPY1.0bn.

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Feb 15
0

Most Read: Horizon Robotics, Tokyo Metro, Kaonavi Inc, Delhivery , Contemporary Amperex Technology (CATL), Hankyu Hanshin REIT, Inc., JX Advanced Metals, Samsung Electronics, Renewi, Close Brothers and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade
  • TOPIX Index Upweights: An Early Preview Of “The Big April Basket” 2025
  • Kaonavi (4435 JP) – Small HR Software Co Gets 121% Premium LBO from Carlyle
  • NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March
  • CATL IPO Listing in Hong Kong Preview
  • 3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
  • JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
  • Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung’s Big Three
  • Macquarie/Renewi: Agreed Offer
  • Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

By Brian Freitas

  • The review period for the March rebalance of the Hang Seng TECH Index (HSTECH INDEX) ended on 31 December.
  • There could be one constituent change in March. With capping changes, that could lead to a one-way turnover of 2.6% resulting in a round-trip trade of HK$6.88bn (US$884m).
  • Horizon Robotics (9660 HK) is also a potential inclusion to the HSCI Index in March, though inclusion in Southbound Stock Connect will only come through in May.

TOPIX Index Upweights: An Early Preview Of “The Big April Basket” 2025

By Janaghan Jeyakumar, CFA

  • The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.
  • For companies with “low liquidity” the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.
  • Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2025.

Kaonavi (4435 JP) – Small HR Software Co Gets 121% Premium LBO from Carlyle

By Travis Lundy

  • Another Japanese smallcap takeover at a huge premium. Must be a day ending in “y.” It is a thing recently. 
  • Interestingly, this is NOT an MBO. It is an LBO. Carlyle is buying out Kaonavi Inc (4435 JP) at ¥4,380/share which is 19x book and 89x EBIT. Nice price.
  • I expect this gets done easily because the co-CEO with 28.7% and Recruit with 20.6% are putting in. There’s another easy 9.7%. One more holder and this is done.

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

By Brian Freitas

  • With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
  • Estimated one-way turnover is 8.3% resulting in a one-way trade of INR 7.65bn (US$88m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
  • The outright adds have outperformed the forecast deletes over the last 6 months, but there has been underperformance this calendar year.

CATL IPO Listing in Hong Kong Preview

By Douglas Kim

  • Contemporary Amperex Technology (CATL) is getting ready to complete its IPO on the Hong Kong exchange. CATL is expected to raise at least US$5 billion.
  • CATL maintained its 36.8% share in the global EV battery market in 2023 and January to November 2024. CATL has excellent fundamentals and improving profit margins. 
  • Major risk factors include additional tariffs by the US, recent addition to Pentagon’s blacklist, declining sales in 2024, and lower government subsidies for EVs globally. 

3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

By Travis Lundy

  • For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
  • Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP). 
  • The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here. 

JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep

By Brian Freitas

  • JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
  • At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
  • The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.

Samsung Life’s Official Move to Make Fire a Subsidiary: A Value-Up Play for Samsung’s Big Three

By Sanghyun Park

  • The FSS will review the subsidiary approval, with final approval expected from the FSC by early April. Market signals suggest a near-100% chance of Samsung Life getting the green light.
  • Samsung’s moves post-Lee Jae-yong’s Feb 3rd ruling signal a major pivot, setting up aggressive value-up plays across Samsung Life, Samsung Electronics, and Samsung C&T.
  • Shoring up Samsung Life’s finances triggers a domino effect, positioning Samsung Electronics and Samsung C&T to follow with their own shareholder-friendly moves.

Macquarie/Renewi: Agreed Offer

By Jesus Rodriguez Aguilar

  • Macquarie’s Bid for Renewi: Macquarie-led consortium offers 870p per share, valuing Renewi at £707 million, a 57% premium to the pre-offer price, with the deal structured as a scheme of arrangement.
  • Regulatory and Shareholder Support: 21.1% of Renewi shareholders, including major investors and directors, have given irrevocable undertakings to support the deal, pending approvals from EU, Belgian, and Chinese regulators.
  • Investment Outlook: At 853p, the gross spread is 2.0%, with an annualized return of ~5.5% if completed by Q2 2025. Market implies a 94.3% probability of success (break price 554p).

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
  • We see up to three M&A-related intra-review changes in the next few months.
  • Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.

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Feb 15
0

Daily Brief Industrials: Karman Holdings, Samsung E&A, Cathay Pacific Airways, Ajax Engineering Limited, Punch Industry, Seika Corp, CAE Inc, en Japan Inc, Epco Co Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow
  • Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)
  • A Bullish Case for Cathay Pacific (CX)
  • Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand
  • Punch Industry (6165 JP): Q3 FY03/25 flash update
  • Seika Corp (8061 JP): Q3 FY03/25 flash update
  • Cae Inc (CAE.) – Thursday, Nov 14, 2024
  • en Japan Inc (4849 JP): Q3 FY03/25 flash update
  • Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

By IPO Boutique

  • The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. 
  • The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
  • Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.

Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.
  • The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. 
  • We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.

A Bullish Case for Cathay Pacific (CX)

By Alex Ng

  • Cathay Pacific carried a total of 2,248,950 passengers in December 2024, an increase of 26.4% compared with December 2023.
  • The month’s revenue passenger kilometres (RPKs) increased 27.9% year on year.
  • Passenger load factor increased by 3.6 percentage points to 84.8%, while available seat kilometres (ASKs) increased by 22.5% year on year. 

Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand

By Akshat Shah

  • Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
  • Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Punch Industry (6165 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased to JPY30.3bn (+5.5% YoY) with operating profit at JPY1.2bn (+25.5% YoY) and net income JPY624mn.
  • Revenue in China rose 14.5% YoY, while Japan and Southeast Asia saw declines due to high costs.
  • A capital and business alliance with Misumi Group Inc. aims to leverage precision machining and digital technology strengths.

Seika Corp (8061 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue for cumulative Q3 FY03/25 increased 11.7% YoY to JPY67.7bn, with operating profit up 25.2% YoY.
  • The company revised its FY03/25 forecasts: revenue to JPY94.0bn, operating profit to JPY6.2bn, and net income to JPY7.5bn.
  • Seika’s long-term management vision targets for FY03/31 were revised: revenue to JPY180.0bn, operating profit to JPY12.0bn.

Cae Inc (CAE.) – Thursday, Nov 14, 2024

By Value Investors Club

  • CAE Inc. is expected to experience transitory challenges but presents a strong investment opportunity with impending earnings acceleration and multiple normalization.
  • The company holds a dominant position in the outsourced pilot training market and has strong market share in the defense simulator segment, positioning it for continued growth and profitability.
  • CAE benefits from high barriers to entry and secular tailwinds in both its Civil Aviation and Defense segments, making it a compelling choice for investors seeking long-term growth potential.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

en Japan Inc (4849 JP): Q3 FY03/25 flash update

By Shared Research

  • en Japan’s FY03/25 sales declined to JPY48.4bn (-2.6% YoY), with operating profit at JPY3.8bn (+48.6% YoY).
  • HR-Tech engage segment sales rose to JPY6.9bn (+40.7% YoY), but incurred an operating loss of JPY2.0bn.
  • en Japan revised its FY03/25 forecast, projecting sales of JPY65.8bn and operating profit of JPY5.2bn.

Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

By Shared Research

  • In FY12/24, revenue increased 10.8% YoY to JPY5.6bn, with operating profit up 106.8% YoY to JPY335mn.
  • The FY12/25 forecast projects revenue of JPY6.1bn (+9.0% YoY) and net income attributable to owners of JPY455mn (+39.1% YoY).
  • The new medium-term plan targets FY12/27 revenue of JPY7.5bn (+33.8% from FY12/24) and recurring profit of JPY1.0bn.

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Feb 15
0

Daily Brief Energy/Materials: JX Advanced Metals, Conocophillips, Earth Chemical, Nitta Gelatin, Suzano , Toagosei Co Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep
  • ConocoPhillips: Willow Project & Alaska Opportunities Powering Our Optimism!
  • Earth Chemical (4985 JP): Full-year FY12/24 flash update
  • Nitta Gelatin (4977 JP): Q3 FY03/25 flash update
  • Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen
  • Toagosei Co Ltd (4045 JP): Full-year FY12/24 flash update

JX Advanced Metals (5016 JP) IPO: TPX Add in April; Global Idx: One in August; One in March or Sep

By Brian Freitas

  • JX Advanced Metals (5016 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 19 March.
  • At the indicative IPO price of JPY 862/share, JX Advanced Metals (5016 JP) will be valued at JPY 800bn (US$5.25bn).
  • The stock should be added to the TOPIX INDEX at the close on 28 April while timing of inclusion in global indices will depend on domestic/overseas allocations and price moves.

ConocoPhillips: Willow Project & Alaska Opportunities Powering Our Optimism!

By Baptista Research

  • ConocoPhillips’ fourth quarter 2024 results highlight a mixed financial and operational landscape, reflecting both strengths and areas for scrutiny.
  • The company reported a commendable 4% year-over-year production growth, exceeding its full-year guidance range, and achieved a 123% preliminary organic reserve replacement ratio, marking a three-year average of 131%.
  • The acquisition of Marathon late in 2024 bolstered the portfolio, promising synergies worth over $1 billion by the end of 2025.

Earth Chemical (4985 JP): Full-year FY12/24 flash update

By Shared Research

  • Sales were JPY169.3bn (+6.9% YoY), operating profit JPY6.4bn (+0.9% YoY), net income JPY3.5bn (-15.3% YoY).
  • FY12/25 forecast: sales JPY175.0bn (+3.4% YoY), operating profit JPY6.5bn (+1.2% YoY), net income JPY4.3bn (+23.7% YoY).
  • Company plans JPY1.5bn expense for structural reforms, maintaining annual dividend of JPY120 per share for FY12/25.

Nitta Gelatin (4977 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue for cumulative Q3 FY03/25 was JPY29.6bn, with operating profit at JPY3.2bn, and net income JPY1.9bn.
  • The company revised its full-year forecast, maintaining revenue at JPY39.0bn, but increasing operating profit to JPY3.9bn.
  • The year-end dividend forecast was raised to JPY11 per share, resulting in an annual dividend of JPY20.

Suzano 4Q24: 2031s & 2032s Offer Value as Fundamentals Strengthen

By Leandro Gubler

  • We upgraded Suzano’s 2031s and 2032s to Outperform, while maintaining the rest of the curve at Market Perform.
  • Suzano posted strong 4Q24 results. Supported by the Pulp segment outperforming despite pricing headwinds. EBITDA reached R$6.5 billion, down a modest 0.6% QoQ but 5.3% above expectations
  • From a credit perspective. Suzano’s results showed improved LTM EBITDA and positive net free cash flow, but net leverage rose slightly to 3.3x due to FX-driven debt increases.

Toagosei Co Ltd (4045 JP): Full-year FY12/24 flash update

By Shared Research

  • The company achieved revenue of JPY167.6bn (+5.2% YoY) and operating profit of JPY14.2bn (+13.9% YoY), with a GPM of 27.3%.
  • Full-year FY12/25 forecast projects revenue of JPY165.0bn (-1.5% YoY) and operating profit of JPY15.0bn (+5.4% YoY).
  • The company plans a JPY7.0bn treasury stock repurchase, targeting a total shareholder return ratio of 108.2% for 2025.

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Feb 15
0

Daily Brief Industrials: Karman Holdings, Samsung E&A, Cathay Pacific Airways, Ajax Engineering Limited, Punch Industry, Seika Corp, CAE Inc, en Japan Inc, Epco Co Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow
  • Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)
  • A Bullish Case for Cathay Pacific (CX)
  • Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand
  • Punch Industry (6165 JP): Q3 FY03/25 flash update
  • Seika Corp (8061 JP): Q3 FY03/25 flash update
  • Cae Inc (CAE.) – Thursday, Nov 14, 2024
  • en Japan Inc (4849 JP): Q3 FY03/25 flash update
  • Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

Karman Holdings Inc.(KRMN): Space and Defense IPO Blasts Off, High Hit Rate in Roadshow

By IPO Boutique

  • The Trive Capital (private equity) backed company priced 23.0mm shares (upsized from 21.05mm) at $22.00 ($2 Above Range) and opened at $30.00 for a 36.3% gain at first trade. 
  • The deal finished roughly 17-times oversubscribed with the top ten percent of the deal receiving 50% of the offerings and top 25% of the transaction receiving 75% of the allocations.
  • Given the success of the IPO on day one, we will be upwardly-revising our 30-day forecast on this IPO.

Top 10 Korean Stock Picks Bi-Weekly (17 February 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks in the Korean stock market for the two weeks starting 17 February.
  • The top 10 stock picks (bi-weekly) include Hyundai G.F. Holding, Binggrae, Cheil Worldwide, Hana Tour, Samsung Electronics (pref), Samsung E&A, Hyundai Elevator, KT Corp, Orion Corp, and Samsung Life Insurance. 
  • We started to incorporate top negative catalysts along with positive catalysts in our top stock picks bi-weekly. Top negative catalyst is tariffs. We tried to exclude companies exposed to tariffs.

A Bullish Case for Cathay Pacific (CX)

By Alex Ng

  • Cathay Pacific carried a total of 2,248,950 passengers in December 2024, an increase of 26.4% compared with December 2023.
  • The month’s revenue passenger kilometres (RPKs) increased 27.9% year on year.
  • Passenger load factor increased by 3.6 percentage points to 84.8%, while available seat kilometres (ASKs) increased by 22.5% year on year. 

Ajax Engineering IPO Trading – Decent Insti Coverage but Subdued Retail Demand

By Akshat Shah

  • Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
  • Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
  • We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Punch Industry (6165 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased to JPY30.3bn (+5.5% YoY) with operating profit at JPY1.2bn (+25.5% YoY) and net income JPY624mn.
  • Revenue in China rose 14.5% YoY, while Japan and Southeast Asia saw declines due to high costs.
  • A capital and business alliance with Misumi Group Inc. aims to leverage precision machining and digital technology strengths.

Seika Corp (8061 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue for cumulative Q3 FY03/25 increased 11.7% YoY to JPY67.7bn, with operating profit up 25.2% YoY.
  • The company revised its FY03/25 forecasts: revenue to JPY94.0bn, operating profit to JPY6.2bn, and net income to JPY7.5bn.
  • Seika’s long-term management vision targets for FY03/31 were revised: revenue to JPY180.0bn, operating profit to JPY12.0bn.

Cae Inc (CAE.) – Thursday, Nov 14, 2024

By Value Investors Club

  • CAE Inc. is expected to experience transitory challenges but presents a strong investment opportunity with impending earnings acceleration and multiple normalization.
  • The company holds a dominant position in the outsourced pilot training market and has strong market share in the defense simulator segment, positioning it for continued growth and profitability.
  • CAE benefits from high barriers to entry and secular tailwinds in both its Civil Aviation and Defense segments, making it a compelling choice for investors seeking long-term growth potential.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

en Japan Inc (4849 JP): Q3 FY03/25 flash update

By Shared Research

  • en Japan’s FY03/25 sales declined to JPY48.4bn (-2.6% YoY), with operating profit at JPY3.8bn (+48.6% YoY).
  • HR-Tech engage segment sales rose to JPY6.9bn (+40.7% YoY), but incurred an operating loss of JPY2.0bn.
  • en Japan revised its FY03/25 forecast, projecting sales of JPY65.8bn and operating profit of JPY5.2bn.

Epco Co Ltd (2311 JP): Full-year FY12/24 flash update and the medium-term business plan

By Shared Research

  • In FY12/24, revenue increased 10.8% YoY to JPY5.6bn, with operating profit up 106.8% YoY to JPY335mn.
  • The FY12/25 forecast projects revenue of JPY6.1bn (+9.0% YoY) and net income attributable to owners of JPY455mn (+39.1% YoY).
  • The new medium-term plan targets FY12/27 revenue of JPY7.5bn (+33.8% from FY12/24) and recurring profit of JPY1.0bn.

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Feb 15
0

Daily Brief TMT/Internet: Cloudflare , Force Mos Technology, Fortinet Inc, Vishay Intertechnology, ROBLOX , Sailpoint Technologies Holdings, Klab Inc, Koninklijke KPN, Nebius Group, Take Two Interactive Software, Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Cloudflare Inc.: Can Its Enhanced Utilization in AI and Agents Help Catalyze Top-Line Growth?
  • Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q ’24
  • Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!
  • Vishay Intertechnology: Subcontractor Strategy, Portfolio Expansion & Other Major Drivers!
  • Roblox Corporation: Expanding Platform & Content Diversity To Possibly Disrupt the Market!
  • SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut
  • Klab Inc (3656 JP): Full-year FY12/24 flash update
  • What’s News in Amsterdam – 14 February 2025 (KPN | Unilever | SBM Offshore | Odido)
  • Nebius Group N V (NBIS) – Friday, Nov 15, 2024
  • Take-Two Interactive: How Its Integration of Zynga Is Helping Them Capture Opportunities Within The Mobile Sphere!

Cloudflare Inc.: Can Its Enhanced Utilization in AI and Agents Help Catalyze Top-Line Growth?

By Baptista Research

  • Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter.
  • Revenue reached $459.9 million, marking a 27% increase compared to the previous year.
  • The company reported significant growth in its large customer segment—those contributing over $100,000 annually—with a year-over-year uptick of 27% in this segment, representing 69% of total revenue, up from 66% the previous year.

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q ’24

By Tech Supply Chain Tracker

  • China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.
  • GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.
  • Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

By Baptista Research

  • Fortinet Inc.’s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.
  • Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.
  • The company’s strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company’s business.

Vishay Intertechnology: Subcontractor Strategy, Portfolio Expansion & Other Major Drivers!

By Baptista Research

  • Vishay Intertechnology has recently reported its fourth-quarter and fiscal year 2024 financial results, highlighting both challenges and opportunities.
  • The company’s quarterly revenue was reported at $714.7 million, a slight decrease from the previous quarter, and total revenue for the year stood at $2.9 billion, reflecting a decline from the prior year.
  • This downturn was attributed to an extended period of inventory correction, primarily impacting the automotive and industrial end markets in Europe, Asia, and the Americas.

Roblox Corporation: Expanding Platform & Content Diversity To Possibly Disrupt the Market!

By Baptista Research

  • Roblox Corporation recently reported its financial results for the fourth quarter and full fiscal year of 2024, showcasing both significant achievements and areas for consideration.
  • The company’s financial performance exceeded its guidance across key metrics, reflecting robust growth despite challenging comparisons to prior periods.
  • On the positive side, Roblox posted a 32% year-on-year increase in revenue for Q4, reaching $988 million, exceeding the high end of its guidance.

SailPoint IPO (SAIL.US): Pricing and First Trading-Day, No IPO Pop In $1B+ Nasdaq Debut

By Andrei Zakharov

  • SailPoint, a Thoma Bravo-backed provider of identity security for the modern enterprise, priced its IPO at $23.00/share and raised $1B+.
  • The offering was 20+ times oversubscribed, according to Bloomberg. However, shares fell as much as ~4% on the first day of trading.
  • I think the stock was fairly valued vs. peers given 20%+ growth rates at scale. Surprisingly, the company boosted its initial price range and priced IPO at top of range.

Klab Inc (3656 JP): Full-year FY12/24 flash update

By Shared Research

  • Revenue decreased by 22.5% YoY to JPY8.3bn, with Japan’s revenue down 38.0% YoY and overseas down 6.9% YoY.
  • Operating loss was JPY1.3bn, with cost-control measures curbing deficit expansion despite decreased sales and gross profit.
  • FY12/25 earnings forecast undisclosed due to uncertainty in EA SPORTS FC™ TACTICAL project; focus on title development.

What’s News in Amsterdam – 14 February 2025 (KPN | Unilever | SBM Offshore | Odido)

By The IDEA!

  • In this edition: • KPN | Tower Company joint venture with ABP will start its operations today • Unilever | Ice Cream unit to be listed in Amsterdam, London and New York • SBM Offshore | Guyana offshore oil projects recovering investments quickly • Odido | current shareholders are exploring options; IPO possibly in 1H24

Nebius Group N V (NBIS) – Friday, Nov 15, 2024

By Value Investors Club

  • Nebius Group NV purchased assets from oligarchs at a deep discount to become owners of the “new” Yandex
  • Value of NBIS is currently uncertain but there is potential for significant upside as they rebuild the business
  • Author sees NBIS as a promising opportunity but urges further discussion and analysis before investing

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Take-Two Interactive: How Its Integration of Zynga Is Helping Them Capture Opportunities Within The Mobile Sphere!

By Baptista Research

  • The latest financial earnings report for Take-Two Interactive Software, Inc. presents a balanced outlook on the company’s operations and future growth prospects.
  • The company reported net bookings of $1.37 billion for the third quarter of fiscal 2025, in line with its guidance range.
  • Significant strength was noted in NBA 2K, pushing net bookings within expectations despite some moderation in mobile franchises.

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Feb 15
0

Daily Brief Consumer: NZME Limited, Yum! Brands Inc, Hilton Worldwide Holdings , Harley Davidson, Philip Morris International, MarketEnterprise Co Ltd, Performance Food Group Co, Capri Holdings , Piala, Qb Net Holdings and more

By | Consumer, Daily Briefs

In today’s briefing:

  • NZME Limited (NZM NZ/AU): In Need Of A Good Story
  • Yum! Brands: The Digital Surge Is Real—But Will It Be Enough to Fend Off Competition?
  • Hilton Worldwide: The Luxury Expansion That Could Send Shares to New Highs!
  • Harley-Davidson: Can “The Hardwire” Strategy Save This Iconic Brand from Market Share Collapse?
  • Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?
  • MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update
  • Performance Food Group: Expansion of New Accounts & Customer Penetration Powering Our ‘Outperform’ Rating!
  • Capri Holdings: Fashion Empire in Crisis? What Went Wrong After the Failed Tapestry Merger?
  • Piala (7044 JP): Full-year FY12/24 flash update
  • Qb Net Holdings (6571 JP): 1H FY06/25 flash update

NZME Limited (NZM NZ/AU): In Need Of A Good Story

By David Blennerhassett

  • After NZME Limited (NZM NZ/AU), publisher of the NZ Herald, recently announced sweeping job cuts, the country’s largest private sector union called for the government to step in.
  • The union said the cutbacks not only affected staff, but also readers seeking information on important issues. NZME’s revamped strategy focuses on stories that engage audience. Or clickbait by detractors. 
  • Reports are now emerging of a possible takeover from local entrepreneurs. Those reports appear tenuous, at best.

Yum! Brands: The Digital Surge Is Real—But Will It Be Enough to Fend Off Competition?

By Baptista Research

  • Yum!
  • Brands’ recent earnings presentation offers insights into the company’s performance and strategic trajectory, highlighting both strengths and challenges.
  • The company, encompassing renowned brands like KFC, Taco Bell, and Pizza Hut, presented a mixed set of results for the latest financial year, characterized by robust digital growth, strategic expansions, and cost management, contrasted by varied performance across different market segments.

Hilton Worldwide: The Luxury Expansion That Could Send Shares to New Highs!

By Baptista Research

  • Hilton Worldwide Holdings Inc. provided a comprehensive overview of its performance in the fourth quarter and full year of 2024, demonstrating robust growth and strategic expansion across its hotel portfolio.
  • The company reported strong financial results, including record unit growth, significant increases in revenue per available room (RevPAR), and notable expansion in strategic partnerships and brand diversity.
  • For 2024, Hilton achieved a system-wide RevPAR increase of 2.7% compared to the previous year, showing growth across all segments and major regions.

Harley-Davidson: Can “The Hardwire” Strategy Save This Iconic Brand from Market Share Collapse?

By Baptista Research

  • Harley-Davidson’s recent performance reflects a mixed bag of operational and strategic shifts amid challenging macroeconomic conditions.
  • The company’s 2024 fourth-quarter results exhibited a significant decline, with consolidated revenue decreasing by 35% compared to the previous year.
  • This decline was primarily driven by the Harley-Davidson Motor Company (HDMC) segment, which saw revenue drop by 47% as a result of a 53% decrease in wholesale shipments.

Philip Morris: Is This Tobacco Giant’s Pricing Power Strong Enough to Defy Declining Demand?

By Baptista Research

  • Philip Morris International (PMI) delivered a notable performance in 2024, showcasing both strengths and challenges that investors should weigh.
  • The company’s expansion in the smoke-free product sector, alongside resilient performance in combustible products, is a significant aspect of its strategy, supporting growth in both revenue and profitability.
  • Positives from the 2024 results show strong momentum in smoke-free products, particularly IQOS, with substantial progress in markets like Japan and parts of Europe despite regulatory challenges such as the EU characterizing flavor ban.

MarketEnterprise Co Ltd (3135 JP): 1H FY06/25 flash update

By Shared Research

  • Revenue reached JPY11.5bn (+34.6% YoY), with significant growth in Second-hand Online and Mobile & Telecommunications segments.
  • Operating profit turned positive at JPY249mn, with a 2.2% margin, despite JPY68mn relocation expenses.
  • Revenue in the Media business declined by 19.4% YoY, impacted by changes in Google’s search algorithm.

Performance Food Group: Expansion of New Accounts & Customer Penetration Powering Our ‘Outperform’ Rating!

By Baptista Research

  • Performance Food Group Company (PFGC) reported its fiscal second-quarter results with a mixed performance reflecting both positive steps and ongoing challenges.
  • The company’s organic growth of 5% in the independent restaurant case volume was a significant achievement, driven by market share gains and improving consumer conditions.
  • However, this growth needs to be viewed in the context of difficult year-over-year comparisons, primarily due to calendar differences in December.

Capri Holdings: Fashion Empire in Crisis? What Went Wrong After the Failed Tapestry Merger?

By Baptista Research

  • Capri Holdings Limited’s recent earnings call highlighted several challenges and strategic pivots across its three primary luxury brands—Versace, Jimmy Choo, and Michael Kors.
  • During the third quarter of fiscal 2025, the company experienced a 12% decrease in revenue compared to the prior year, amounting to $1.3 billion.
  • This decline was primarily attributed to weakened demand for fashion luxury goods globally, with a notable downturn in China, along with strategic missteps and a store optimization program that affected sales.

Piala (7044 JP): Full-year FY12/24 flash update

By Shared Research

  • FY12/24 revenue increased 48.8% YoY to JPY13.5bn, with narrowing losses and a return to quarterly profitability.
  • FY12/25 forecast projects 18.1% YoY revenue growth, JPY161mn operating profit, and focus on Mail Order DX Service.
  • Key strategies include growing top 20 clients, accelerating new client acquisition, and utilizing generative AI for efficiency.

Qb Net Holdings (6571 JP): 1H FY06/25 flash update

By Shared Research

  • Revenue increased by JPY248mn (+2.0% YoY), driven by growth in both domestic and overseas businesses.
  • Operating profit declined JPY567mn (-44.0% YoY) due to higher costs and decreased profits in both markets.
  • The company opened 10 new salons, increasing the total number of salons to 698 by end-Q2 FY06/25.

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Feb 15
0

Daily Brief Financials: Hankyu Hanshin REIT, Inc., Close Brothers, Intercontinental Exchange, Blackstone , Spectral AI, WeWork India Management Ltd, Zenrock and more

By | Daily Briefs, Financials

In today’s briefing:

  • 3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)
  • Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible
  • Intercontinental Exchange (ICE): Mortgage Industry Digitization For A Positive Long-Term Trajectory!
  • Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.
  • MDAI: Pivotal Data Analysis Complete
  • WeWork India IPO: A Homegrown Success Story Amid Global Turmoil
  • Zenrock: Paving the Path in DMPC

3D Launches Partial Tender Offer on Hankyu Hanshin REIT (8977)

By Travis Lundy

  • For the second time in 3 weeks, 3D Investment Partners has launched, unannounced, a Partial Tender Offer for pure investment purposes, for a 10-15% stake in a REIT.
  • Last time it was NTT UD REIT Investment Corporation (8956 JP). This time it is Hankyu Hanshin REIT, Inc. (8977 JP). 
  • The trade last time was to sell NTT UD on the pop and replace with peers. That has worked. The trade is probably the same here. 

Quiddity Leaderboard F100/F250 Mar25: High-Impact Intra-Review Additions Possible

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
  • We see up to three M&A-related intra-review changes in the next few months.
  • Our latest estimates suggest there could be one regular change for the F100 index and at least two changes for the F250 index during the March 2025 rebalance.

Intercontinental Exchange (ICE): Mortgage Industry Digitization For A Positive Long-Term Trajectory!

By Baptista Research

  • Intercontinental Exchange (ICE) reported a record-setting financial performance in 2024, marked by notable increases in revenue, profit, and cash flows, despite various economic and market challenges.
  • The company’s adjusted earnings per share reached $6.07, representing an 8% year-over-year increase, while total net revenue climbed to $9.3 billion, reflecting a 6% growth when adjusted for its acquisition impact of Black Knight.
  • This acquisition contributed to pushing operating income to $5.5 billion, marking a 10% rise.

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

By Asia Real Estate Tracker

  • Bain Capital acquires worker housing in Singapore for $555M from Blackstone, expanding their real estate portfolio in the region.
  • Standard Chartered Marketing Shanghai Office Blocks due to BlackRock default, highlighting the impact of financial decisions on commercial real estate.
  • PAG successfully raises $4B for APAC real estate fund, demonstrating investor confidence in the region’s property market despite economic uncertainties.

MDAI: Pivotal Data Analysis Complete

By Zacks Small Cap Research

  • Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
  • The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
  • Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

By Sudarshan Bhandari

  • WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
  • The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
  • Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.

Zenrock: Paving the Path in DMPC

By Delphi Digital

  • Zenrock addresses critical blockchain interoperability challenges through its distributed Multi-Party Computation (dMPC) technology.
  • While existing cross-chain solutions handle significant volumes, they remain vulnerable to security breaches, as evidenced by recent attacks resulting in losses over $965 million.
  • Built on zrChain and zrSign, Zenrock’s dMPC network offers a decentralized, trust-minimized solution for cross-chain communication.

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Feb 15
0

Daily Brief Health Care: Healius , Aardvark Therapeutics, Lupin Ltd, JTEC Corp/Osaka, GENOVA , Iqvia Holdings, Kalbe Farma, Becton Dickinson and Co, Sage Therapeutics, Astrazeneca Plc Spons Adr and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?
  • Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red
  • Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue
  • JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
  • GENOVA (9341 JP): Q3 FY03/25 flash update
  • IQVIA Holdings: Mergers & Acquisitions Strategy Is a Significant Needle Mover!
  • Kalbe Farma (KLBF IJ) – Increasingly Healthy Recovery
  • Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?
  • Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential
  • AstraZeneca: A Tale Of Oncology, Rare Diseases & Big Acquisitions!

Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

By David Blennerhassett

Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red

By IPO Boutique

  • Aardvark Therapeutics priced a full size deal of 5.88mm shares at the low end of the range, $16.00, and opened at $15.18 for a loss of 5.1% at first trade.
  • The volume on day one was just 1.7 million shares or less than 30% of the float. 
  • As the company progresses through its trials and more readouts and data becomes available, this biotech may find a better footing.

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

By Tina Banerjee

  • Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
  • North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
  • Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.

JTEC Corp (3446 JP) – Reaffirming Long-Term Vision

By Astris Advisory Japan

  • Q1-2 FY6/25 results showed the core Optical business experienced sales growth and generated segmental profits, which was positive.
  • Focusing on developing the Life Science & Equipment segment involving upfront investment resulted in flattish operating losses YoY overall.
  • FY company guidance has been maintained, implying an earnings recovery HoH driven by the Optical segment experiencing order visibility and new customer acquisition. 

GENOVA (9341 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased by 24.7% YoY to JPY7.6bn, with operating profit rising 10.6% YoY to JPY1.6bn.
  • Medical Platform business achieved 18.9% YoY revenue growth, with average contract unit price at JPY1.4mn (-0.2% YoY).
  • Smart Clinic business saw 45.1% YoY revenue growth, with hardware and software services contributing 64.0% and 36.0% respectively.

IQVIA Holdings: Mergers & Acquisitions Strategy Is a Significant Needle Mover!

By Baptista Research

  • IQVIA Holdings Inc. has reported its fourth-quarter and full-year 2024 earnings, showcasing a mixed but overall resilient financial performance in a challenging landscape.
  • Despite facing hindrances such as the Inflation Reduction Act impacts, geopolitical unrest, high interest rates, and inflation, the company has displayed significant achievements and noticeable resilience.
  • On the positive side, IQVIA has recorded a full-year revenue growth of 5.5% at constant currency excluding COVID-related declines, with adjusted diluted earnings per share rising by over 9%.

Kalbe Farma (KLBF IJ) – Increasingly Healthy Recovery

By Angus Mackintosh

  • Kalbe Farma (KLBF IJ) booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution & Logistics, and consumer health, with slower growth from its nutritionals segment. 
  • The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. 
  • Kalbe Farma is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. 

Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?

By Baptista Research

  • Becton, Dickinson and Company (BD) recently held its first quarter fiscal 2025 earnings presentation, announcing strong financial performance and strategic decisions that could significantly reshape the company’s future.
  • The most critical updates included the impressive results from its existing business units, plans to separate its Biosciences and Diagnostic Solutions segment, and supporting market prospects driven by ongoing innovation.
  • 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.

Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential

By Dalius Tauraitis

  • Biogen owns ~10% of Sage Therapeutics and offered $7.22/share to acquire the rest, which Sage rejected.
  • Sage has ~$500m in net cash and a 50/50 partnership with Biogen on Zurzuvae, valued at $10/share.
  • Biogen’s interest in Sage is driven by Zurzuvae’s potential as a blockbuster drug and associated synergies.

AstraZeneca: A Tale Of Oncology, Rare Diseases & Big Acquisitions!

By Baptista Research

  • AstraZeneca presented robust financial outcomes for the year 2024, achieving a total revenue growth of 21% and an increase in core earnings per share (EPS) of 19%.
  • This reflects solid demand across its diverse portfolio and geographical footprint.
  • The company’s strategic focus led to numerous pipeline advancements, notably nine high-value pivotal trial readouts that signify future growth potential, with an ambition to introduce 20 new medicines by 2030.

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Feb 14
0

Daily Brief ESG: Companies with More Cash on Hand Are Expected to Use Cross-Shareholdings to Repurchase Shares and more

By | Daily Briefs, ESG

In today’s briefing:

  • Companies with More Cash on Hand Are Expected to Use Cross-Shareholdings to Repurchase Shares

Companies with More Cash on Hand Are Expected to Use Cross-Shareholdings to Repurchase Shares

By Aki Matsumoto

  • Stock sale allows brokers to pass on to the company the attraction of being able to diversify its shareholders, and the cross-shareholding sales scheme allows them to obtain higher commissions.
  • One of the solutions that companies have come up with in the absence of improved return on capital is to reduce their policy shareholdings.
  • The use of share repurchases to buy back cross-shareholdings is a very good way to improve return on capital because it also reduces the amount of cash on hand.

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