In today’s briefing:
- Canvest (1381 HK): Regulatory Precondition Satisfied
- HD Hyundai Marine Placement – Very Well Flagged but Overhang Remains
- Insider Selling at Rainbow Robotics
- Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High
- Canvest (1381 HK): SAFE In The Bag, But Oddly, Still Not Free From Pre-Cons
- Watts Water Technologies: An Insight Into Its Market Dynamics and Regional Opportunities!
- Rockwell Automation: An Insight Into Its Megaproject Initiatives & Legislative Tracking!
- Synergy Green Industries Ltd Q3 Update: Set to Triple Capacity and Maximize Growth
Canvest (1381 HK): Regulatory Precondition Satisfied
- The regulatory precondition concerning Canvest Environmental Protection Group (1381 HK)’s privatisation offer from Grandblue Environment Co A (600323 CH) has been satisfied.
- The sole remaining precondition concerns resolving loan guarantee issues. Canvest is taking steps to resolve these issues, and satisfying this precondition is low-risk.
- Despite peers’ re-rating, the offer remains attractive, and the vote is low-risk. At the last close, the gross/annualised spread was 4.5%/15.0% for a mid-June payment.
HD Hyundai Marine Placement – Very Well Flagged but Overhang Remains
- KKR & Co (KKR US) is looking to raise around US$160m via selling some of its stake in HD Hyundai Marine Solution (443060 KS) .
- KKR had come out of its IPO linked lockup in Nov 2024 and had earlier tried to launch a deal in Dec 2024. Hence, the selldown is very well flagged.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Insider Selling at Rainbow Robotics
- On 19 February, it was reported that Rainbow Robotics’ VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price was 413,796 won per share.
- At end of 2024, Samsung Electronics announced that it will become the largest shareholder of Rainbow Robotics which has been the key reason why Rainbow Robotics’ share price has surged.
- Despite Samsung Electronics becoming the largest shareholder of Rainbow Robotics, the overly stretched valuations could result in higher downside risk ahead. It is trading at P/S of 106x in 2026.
Beijing Geekplus Pre-IPO: Losses Narrowing but Revenue Concentration Is High
- Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
- It is a leader in the global autonomous mobile robots (AMR) market, offering a series of AMR solutions to empower warehouse fulfillment and industrial material transport.
- In this note, we look at the firm’s past performance.
Canvest (1381 HK): SAFE In The Bag, But Oddly, Still Not Free From Pre-Cons
- After Canvest Environmental Protection Group (1381 HK) announced on the 23rd Jan it had secured Mofcom approval, after securing NDRC earlier that month, that left SAFE. Or so I thought.
- SAFE has now been secured, yet two pre-cons concerning certain (internal) guarantees remain outstanding. It’s rare to see SAFE sign off with other pre-cons still hanging.
- The consolation here is that KM Lai (ED, DC) and Loretta Lee (ED, CL) are on the hook for a chunk of change if they cause the proposal to lapse.
Watts Water Technologies: An Insight Into Its Market Dynamics and Regional Opportunities!
- Watts Water Technologies Inc. reported strong financial performance in 2024 with record metrics in several areas, despite some challenges.
- The year marked their 150th anniversary, underscoring the company’s long-standing presence in the industry.
- The recorded results demonstrated the impact of strategic investments and operational efficiencies in mitigating broader economic pressures.
Rockwell Automation: An Insight Into Its Megaproject Initiatives & Legislative Tracking!
- Rockwell Automation’s recent earnings provides a detailed overview of its Q1 fiscal 2025 performance and forward-looking statements.
- The company reported a 10% year-over-year increase in orders, but an 8.5% decline in sales, attributable in part to difficult year-over-year comparisons and a sizable product backlog from fiscal 2024.
- This backdrop reflects both the challenges posed by currency headwinds and geopolitical uncertainties, alongside strategic wins that invigorate the company’s outlook.
Synergy Green Industries Ltd Q3 Update: Set to Triple Capacity and Maximize Growth
- Synergy Green Industries (SYGIL IN) Q3 FY2025 results show 10.5% YoY revenue growth, 61% PBT and 128% PAT improvements, alongside capacity upgrades and increased export revenue.
- Robust financial performance and strategic CAPEX investments in capacity expansion and green initiatives strengthen Synergy’s market position amid rising renewable energy demand.
- The company has an installed capacity of 30,000 MT per annum, with an ongoing upgrade to 45,000 MT which is anticipated to start the production in Q2 FY2026.
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