In today’s briefing:
- [Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL? Kokusai a Question, but 2 Ad Hoc Events Coming
- [Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell
- Trane Technologies: Resilient Residential HVAC Transition…
- What’s New(s) in Amsterdam – 18 June (Heineken | AMG Critical Materials | PostNL | E-com/logistics)
- Ryder System: Optimizing Omnichannel Retail Warehouse Network in Supply Chain Solutions For Margin Expansion!
- NIBE Industrier: Initiation of Coverage- How Strategic Market Moves in Europe Are Rewriting Its Growth Playbook!
- Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..
- Cintas Corporation: Cross-Selling & Expanding Product Portfolio To Up Their Game!
- Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected
- Securitas AB – Game-Changing Divestments & Profit Acceleration in Motion!
[Quiddity Index] Nikkei 225 Sep25 Rebal: One ADD/DEL? Kokusai a Question, but 2 Ad Hoc Events Coming
- The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
- For the moment, that leads me to believe we get ONE ADD and ONE DELETE though up to three of each is possible.
- For now, Fast Retailing (9983 JP) capping is off, but there’s an ad hoc coming in late Q3 or early Q4 and the Sony Financial spinoff to look forward to.
[Japan Activism] Mitsui Matsushima (1518) Ups Buyback Tender to 35.8%, Murakami-San Group To Sell
- Today after the close, Mitsui Matsushima (1518 JP) announced it would increase its buyback from 3.5mm shares to 4.0mm shares (31.3% to 35.8%). It also announced a Tender Offer Buyback.
- The tender offer starts tomorrow and goes til mid-July, paid 8 August. Murakami Group will tender a minimum of 3.3mm shares (more likely 4.2mm).
- This is not a huge immediate win, but it’s OK. And it changes the structure of the company’s balance sheet, ROE, effective ROE, and possibly its dividend.
Trane Technologies: Resilient Residential HVAC Transition…
- Trane Technologies reported strong first quarter results for 2025, showing resilience in a challenging macroeconomic environment.
- They achieved an 11% organic revenue growth and a 26% increase in adjusted EPS, largely propelled by their innovations in sustainable solutions and a strategic focus on high-demand sectors like Commercial HVAC.
- The company continues to benefit from its robust operating system and strategic direct sales force, which have driven significant market outperformance and growth in bookings across verticals such as data centers, healthcare, and higher education.
What’s New(s) in Amsterdam – 18 June (Heineken | AMG Critical Materials | PostNL | E-com/logistics)
- In this edition: • Heineken | Vietnam’s consumption tax increases: no near-term impact expected • AMG Critical Materials | increases interest in Zinnwald Lithium to 29.6% • PostNL | House committees to meet today on which topics to declare controversial • E-commerce / E-com logistics | online spending in the Netherlands up 4% YoY in 1Q25
Ryder System: Optimizing Omnichannel Retail Warehouse Network in Supply Chain Solutions For Margin Expansion!
- Ryder System’s first quarter 2025 earnings highlighted a mix of strong strategic execution and challenges from market conditions.
- The company reported a 2% increase in operating revenue, reaching $2.6 billion, driven by contractual growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS), albeit partly offset by weaker rental demand.
- The comparable earnings per share (EPS) from continuing operations rose to $2.46 from $2.14 in the previous year, demonstrating resilience amid a challenging environment.
NIBE Industrier: Initiation of Coverage- How Strategic Market Moves in Europe Are Rewriting Its Growth Playbook!
- NIBE Industrier AB’s Q1 2025 earnings highlighted key operational and financial aspects affecting its divisions, showcasing both challenges and positive strides within its Climate Solutions, Element, and Stoves segments.
- The leadership emphasized a cautious optimism amidst a stabilizing market environment, marking a transition to more traditional and predictable seasonal patterns.
- 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.
Amara Raja Energy & Mobility: Revenue Growth Offset by Margin Pressures, Strategic Capex Continues..
- ARE&M reported Q4 FY25 with modest revenue growth but saw slight declines in EBITDAand PAT margins due to cost pressures and provisions.
- Elevated material and power costs significantly impacted profitability despite underlying business growth, presenting a challenge for margin recovery efforts.
- Focus shifts to monitoring the effectiveness of recent price hikes, cost-saving initiatives, and the ramp-up of new, more efficient manufacturing facilities in restoring targeted margins.
Cintas Corporation: Cross-Selling & Expanding Product Portfolio To Up Their Game!
- Cintas Corporation announced its fiscal 2025 third-quarter results, highlighting both strengths and areas to monitor.
- The company demonstrated robust financial performance, reporting an 8.4% increase in total revenue to $2.61 billion, with an organic growth rate of 7.9%.
- Despite negative impacts from foreign currency exchange rate fluctuations, the Uniform Rental and Facility Services segment achieved a 7% organic growth, while First Aid and Safety Services and Fire Protection Services reported impressive double-digit growth, suggesting a strong customer value proposition.
Samsung Heavy (010140) Ends $3.5B Zvezda Deal; Arbitration On, Order Book Unaffected
- SHI officially terminated $3.54B worth of Russian contracts on June 18, citing prolonged non-performance by Zvezda.
- The company is pursuing arbitration in Singapore, aiming to retain $800M in advances and seek additional damages. Most such cases have favoured shipbuilders.
- With no production initiated and a strong $28–30B backlog, the impact on operations and FY25 guidance is expected to be minimal.
Securitas AB – Game-Changing Divestments & Profit Acceleration in Motion!
- Securitas AB reported its first-quarter financial results, showcasing a mixed performance marked by certain strategic advancements alongside ongoing challenges.
- The company reported a 3% organic growth rate, aligned with a 40-basis-point improvement in their operating margin, which reached 6.4%.
- Importantly, Securitas achieved a 16% growth in earnings per share (EPS), evidence of their financial momentum despite some operational constraints.
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