In today’s briefing:
- Kalyan Jewellers- Grey Areas Surrounding Inventory
- Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer
- Netflix Soars to New Heights: Breaking Down Their Massive Growth and the Challenges Ahead!
- Monthly Chinese Tourism Tracker | Dec & Q424 Numbers | Airlines Outperform Trip.com (January 2025)
- D.R. Horton: Adaptation to Market Trends Powering Our Bullishness! – Major Drivers
- Procter & Gamble (P&G): Its Efforts Towards Brand Investment & Marketing! – Major Drivers
Kalyan Jewellers- Grey Areas Surrounding Inventory
- Kalyan Jewellers (KALYANKJ IN), one of the largest Indian jewellery player, has been under the limelight for various allegations and misconducts, including possibility of inventory overstatement.
- In this insight, we try to look at the inventory from the forensic lens and uncover the disparity in accounting.
- We also note that operating cash flows are boosted by movement in metal loans while company also has several RPT with promoters, especially on the purchases side.
Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer
- Japfa Ltd (JAP SP) disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.
- While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.
- The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.
Netflix Soars to New Heights: Breaking Down Their Massive Growth and the Challenges Ahead!
- Netflix Inc. continues to demonstrate strong performance in the streaming industry, underpinned by significant subscriber growth and robust financial metrics.
- In the fourth quarter of 2024, Netflix reported an unprecedented net addition of 19 million subscribers, culminating in a total of 41 million new members for the year.
- This surge not only surpassed analyst expectations but also propelled the stock to a record high of $999, reflecting investor confidence in the company’s growth trajectory.
Monthly Chinese Tourism Tracker | Dec & Q424 Numbers | Airlines Outperform Trip.com (January 2025)
- Two years after most Covid restrictions ended, pace of travel recovery has slowed, naturally
- Gov’t estimates ahead of LNY travel period seem tepid, actual growth could exceed them
- Trip.com has been stellar performer in segment, but in recent months airlines outperformed
D.R. Horton: Adaptation to Market Trends Powering Our Bullishness! – Major Drivers
- D.R. Horton, Inc., “America’s Builder,” reported its financial performance for the first quarter of fiscal 2025 with results that underscore both strengths and challenges facing the company.
- Earnings came in at $2.61 per diluted share, a decrease from the $2.82 reported in the prior year.
- Despite the dip, the company generated consolidated revenues of $7.6 billion with consolidated pretax income of $1.1 billion, reflecting a pretax profit margin of 14.6%.
Procter & Gamble (P&G): Its Efforts Towards Brand Investment & Marketing! – Major Drivers
- Procter & Gamble’s latest quarterly results reflect a generally steady performance amid various external challenges, delivering organic sales growth, EPS improvement, and significant cash returns to shareholders.
- Organic sales grew by 3%, with contributions from volume and mix, while pricing remained consistent with the previous year.
- The company’s ability to overcome a two-week outage of a global transportation management system and still support strong customer orders highlights operational resilience.
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