In today’s briefing:
- Breton Technology Pre-IPO: Growing but Continues to Bleed
- Talgo Acquisition: Sidenor’s Bid and Competitive Landscape
- Inpost SA – Research alert: Ahold Delhaize / PostNL | Amazon: muddying up the waters?
- Inpost SA – Research report: Ahold Delhaize / PostNL | Amazon: muddying up the waters?
- Kanematsu Corp (8020 JP): Q3 FY03/25 flash update
- Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company
- Mitsuboshi Belting (5192 JP): Q3 FY03/25 flash update
- W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!
- Hosokawa Micron (6277 JP): Q1 FY09/25 flash Update
Breton Technology Pre-IPO: Growing but Continues to Bleed
- Breton Technology (1884270D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- It is a new energy solution provider in China, focused on the design, development and commercialization of electric-powered engineering machinery, including battery-electric loaders and wide-body dump trucks.
- In this note, we look at the firm’s past performance.
Talgo Acquisition: Sidenor’s Bid and Competitive Landscape
- Sidenor’s non-binding offer: Raised to €4.8 per share for 29.8% of Talgo, with a fixed €4.15 and €0.65 contingent on financial targets in 2027 and 2028.
- Competing interest from Pesa and Jupiter Wagons: Polish and Indian bidders are considering offers, while SEPI explores involvement to maintain Spanish control over Talgo.
- Uncertainty persists: Regulatory approvals, financial conditions, and competing bids complicate Talgo’s ownership future, with binding offers due by February 14, 2025.
Inpost SA – Research alert: Ahold Delhaize / PostNL | Amazon: muddying up the waters?
- After Poland, Amazon announced it will make Easy Ship available for domestic merchant partners on its Amazon.nl platform.
- The Easy Ship offers the sellers in its platform a simple solution for shipping products at rates from EUR 2.33 per shipment, which is well below the tariffs seen elsewhere on the Dutch market.
- We see this as an attempt to narrow the gap with market leader bol, owned by Ahold Delhaize.
Inpost SA – Research report: Ahold Delhaize / PostNL | Amazon: muddying up the waters?
- After Poland, Amazon announced it will make Easy Ship available for domestic merchant partners on its Amazon.nl platform.
- The Easy Ship offers the sellers in its platform a simple solution for shipping products at rates from EUR 2.33 per shipment, which is well below the tariffs seen elsewhere on the Dutch market.
- We see this as an attempt to narrow the gap with market leader bol, owned by Ahold Delhaize.
Kanematsu Corp (8020 JP): Q3 FY03/25 flash update
- Companywide revenue rose to JPY781.7bn (+7.7% YoY), driven by mobile and aerospace business sales, with operating profit at JPY33.4bn (+0.9% YoY).
- Segment reclassification in FY03/25 affected revenue and profit figures, with notable increases in mobile, semiconductor, and aerospace businesses.
- Declines in operating profit were observed in the meat products, feedstuff, iron, steel, and energy businesses, impacting overall profitability.
Karman Holdings Inc.(KRMN): Pure Play Space & Defense IPO Sees Advantages as Public Company
- This is a unique company who is well-placed within the defense department. Karman has a seat in developing strategic weapons systems and contracts in place to sustain growth.
- The company has made seven acquisitions over four years. The company has solid year-over-year revenue growth and tailwinds moving forward.
- Private Equity backed Karman Holdings is scheduled to go public on February 14th.
Mitsuboshi Belting (5192 JP): Q3 FY03/25 flash update
- Mitsuboshi’s Q4 revenue is typically lower due to decreased demand for agricultural machinery and snowmobile belts in the US.
- Revenue increased 7.7% YoY to JPY67.9bn, with operating profit up 4.8% YoY to JPY6.5bn.
- Automotive and industrial belts saw YoY revenue growth, with strong demand for repair parts and new products.
W.W. Grainger Inc.: Expansion of Seller Coverage & Market Penetration & 5 Critical Factors Impacting Its Performance In 2025 & Beyond!
- W.W. Grainger Inc. delivered robust financial performance in 2024, demonstrating consistent strategic progress in response to fluctuating market dynamics.
- The company achieved a total revenue of $17.2 billion, marking a 4.2% increase on a reported basis and a 4.7% increase on a daily organic constant currency basis.
- The growth was driven by substantial contributions from both High-Touch Solutions and Endless Assortment segments, with the latter showing an impressive 11.6% rise in daily constant currency sales.
Hosokawa Micron (6277 JP): Q1 FY09/25 flash Update
- The company recorded orders of JPY20.2bn, sales of JPY18.1bn, and an order backlog of JPY48.6bn, all declining YoY.
- FY09/25 forecasts include sales of JPY83.0bn, operating profit of JPY6.5bn, and recurring profit of JPY6.9bn, all decreasing YoY.
- Capital expenditures for FY09/25 are planned at JPY5.0bn, with R&D expenses at JPY1.2bn, both increasing YoY.
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