In today’s briefing:
- Guming Holdings (1364 HK): Potential Valuation Upside with Upcoming Mixue IPO
- Shimano (7309) | A Slow but Steady Ascent
- EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market
- Impress Holdings (9479 JP): Q3 FY03/25 flash update
- Murphy USA Inc.: Can Merchandising Contribution & Growth Catalyze Growth?
- Nhk Spring (5991 JP): Q3 FY03/25 flash update
- Takamatsu Construction (1762 JP): Q3 FY03/25 flash update
- Mitsuba Corp (7280 JP): Q3 FY03/25 flash update
- Happinet Corp (7552 JP): Q3 FY03/25 flash update
- JP-HOLDINGS, INC. (2749 JP): Q3 FY03/25 flash update
Guming Holdings (1364 HK): Potential Valuation Upside with Upcoming Mixue IPO
- Guming Holdings (1364 HK) ‘s shares closed 7% below issue price by end of yesterday’s trading.
- Institutional investors may be cautious, with many likely waiting for the upcoming IPO of Mixue Group (MIX HK), widely viewed as a more attractive and bigger opportunity in tea space.
- The upcoming Mixue IPO—aiming to raise about USD500 million—could spark broader investor interest in the sector and may boost valuations for Guming given its relative operational strengths.
Shimano (7309) | A Slow but Steady Ascent
- Cautious but Credible – FY25 guidance underwhelms, but Shimano’s realism is justified. The bike market is recovering, even if 2025 will be a grind.
- Sitting on a Cash Pile – ¥530 billion in net financial assets, yet capital returns remain restrained. Investors will be watching for bolder moves.
- Quality Wins – mid-cycle ROIC north of 20% and end-market inventories normalising – a long-term winner at a fair price.
EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market
- The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
- Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
- Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.
Impress Holdings (9479 JP): Q3 FY03/25 flash update
- Revenue decreased YoY in several segments, with notable declines in Content and Platform Businesses due to market trends.
- Operating losses were reduced across multiple segments, attributed to improved profitability and lower SG&A expenses despite revenue declines.
- Certain segments experienced revenue growth, driven by strong sales in Internet Media services and new platform developments.
Murphy USA Inc.: Can Merchandising Contribution & Growth Catalyze Growth?
- Murphy USA recently reported its fourth-quarter and full-year 2024 financial results, presenting a mixed performance and outlook.
- The company reported an EBITDA of just over $1 billion for 2024, indicating strong revenue capabilities despite several challenges throughout the year.
- The notable positives include growth in perstore merchandise sales and margin, along with robust retail fuel margins, which improved by 50 basis points to $0.281 per gallon.
Nhk Spring (5991 JP): Q3 FY03/25 flash update
- Revenue increased YoY across most segments, with Automotive Seating declining; operating profit rose, and GPM improved to 13.7%.
- Revenue increased YoY, narrowing losses; yen depreciation boosted yen-denominated earnings at overseas subsidiaries.
- Semiconductor market recovery increased sales of process components, while high-capacity HDD demand boosted HDD suspensions revenue.
Takamatsu Construction (1762 JP): Q3 FY03/25 flash update
- Orders increased by 10.3% YoY to JPY275.4bn, with revenue up 10.8% YoY to JPY247.8bn.
- Architecture segment orders rose 16.7% YoY, while Civil Engineering orders declined 13.0% YoY.
- Real Estate segment saw a 32.6% YoY increase in orders, with revenue rising 32.5% YoY.
Mitsuba Corp (7280 JP): Q3 FY03/25 flash update
- Cumulative Q3 revenue rose 0.2% YoY to JPY257.4bn, with notable growth in the Other business segment.
- Operating profit increased 8.0% YoY to JPY15.6bn, driven by price improvements and growth in core business segments.
- Transportation Equipment-related Operations faced a 23.1% YoY revenue decline in China, despite growth in other regions.
Happinet Corp (7552 JP): Q3 FY03/25 flash update
- Sales increased to JPY283.2bn (+4.0% YoY) driven by growth in Toys and Amusement segments despite declines elsewhere.
- Operating profit rose to JPY9.8bn (+26.7% YoY) with improved margins, despite a decline in the Video Games segment.
- Full-year targets for FY03/25 were raised, forecasting JPY360.0bn sales and JPY130.0 dividend per share.
JP-HOLDINGS, INC. (2749 JP): Q3 FY03/25 flash update
- Revenue increased by 6.5% YoY, with operating profit and recurring profit growing 25.5% and 28.1% YoY, respectively.
- The company opened 20 new facilities, including nurseries and after-school clubs, expanding its child-rearing support facilities.
- Net income attributable to owners rose 36.6% YoY, driven by increased child enrollment and revised staffing ratios.
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