In today’s briefing:
- Adi Sarana Armada (ASSA IJ) – Harnessing Logistics and Autos
- Danaher Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- Illinois Tool Works Inc.: Initiation of Coverage – Diversified Business Lines & Other Drivers
- Danaher Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Illinois Tool Works Inc.: Initiation of Coverage – Financial Forecasts
Adi Sarana Armada (ASSA IJ) – Harnessing Logistics and Autos
- Adi Sarana Armada (ASSA IJ) continues to represent a unique proxy to play both transport and logistics in Indonesia through its auto business plus logistics including last-mile player Anteraja.
- ASSA Rent is the largest car leasing leader in Indonesia, with Autopedia leading auto auctions and a leader in used car sales through Caroline, which is expanding its presence fast.
- Anteraja has seen rapid growth and may see some slowdown from e-commerce but continues to gain share and ASSA logistics continue to diversify. Valuations are attractive on 10x FY2023E PER.
Danaher Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Danaher Corporation, a well-known manufacturer and provider of instruments and various other offerings to the medical, diagnostics, and environmental sectors.
- The company had a strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.
- It delivered market share gains and strong price execution amid strong foreign exchange headwinds and an inflationary environment.
Illinois Tool Works Inc.: Initiation of Coverage – Diversified Business Lines & Other Drivers
- This is our first report on industrials giant, Illinois Tool Works.
- The company achieved a 13% revenue increase on the top line, with 16% organic growth from its core businesses which is a good sign.
- While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.
Danaher Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Danaher Corporation is a renowned manufacturer and provider of instruments and various other offerings to the medical, diagnostics, and environmental sectors.
- The company has had a decent financial performance off-late and has been consistently delivering market share gains and strong price execution amid strong foreign exchange headwinds and an inflationary environment.
- Its acquisition-led growth strategy implies that it will be in regular need for debt in order to fund acquisitions.
Illinois Tool Works Inc.: Initiation of Coverage – Financial Forecasts
- Illinois Tool Works is an industrials major catering to a wide variety of end markets ranging from automotive to welding and construction projects.
- The company’s financial performance has been decent despite the fact that the operating climate is still quite dynamic and challenging.
- While the recent results were good, Illinois Tool Works is far from being immune to the potential macro problems and uncertainties ahead.
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