In today’s briefing:
- CK Hutch (1 HK): Back To Square One
- USTR Hearings on Section 301 China Maritime Dominance – Fees on Chinese Ships
- A Pair Trade Between DL Holdings and DL E&C
- Jain Resource Recycling Pre-IPO Tearsheet
- Daiseki Co Ltd (9793 JP): Full-year FY02/25 flash update
- kopi-C with ISDN Holdings: Seizing the Moment in Automation: ISDN’s Vision for Future-Proofing and Sustainable Growth
- KULR Technology Group Inc.
- Ohba (9765 Jp) – Announced FY2025/5 Dividend Forecast Increase and Expanded Shareholder Benefits
CK Hutch (1 HK): Back To Square One
- The irony is that CKH (1 HK)‘s Panama-port sale was probably prompted, at least in part, by a desire to get out of a situation which was becoming increasingly political.
- Instead, it has thrust the company right into the heart of it. And the share price has now given up all of its initial gains. And then some.
- After Panama’s Attorney General recently determined CK Hutchison’s concessions were unconstitutional, the Comptroller-General has now announced that an audit had found “many breaches” of the concession.
USTR Hearings on Section 301 China Maritime Dominance – Fees on Chinese Ships
- The original issues were discussed in depth in The USTR’s New “Proposed Actions” For Section 301 Investigation on China’s Maritime/Shipping Sectors (now unpaywalled). Hearings took place 24-26 March 2025.
- The hearings were long, and comments were predictable. Those supporting the measures offered evidence which was simply incorrect. Those against tried. Post-hearing comments were due 2 April.
- We don’t yet know what will happen, but if they stay in place, starting 17 April, US exports of grain/pulses, coal, etc will suffer. Imports will see higher costs too.
A Pair Trade Between DL Holdings and DL E&C
- In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&C (375500 KS) (go short).
- In the past three months, DL Holdings’ share price is down 9.9% versus DL E&C which is up 21%. We believe this gap has become too excessive.
- The shares sold short volume/total traded volume ratio is more than double for DL E&C versus DL Holdings from 31 March to 9 April.
Jain Resource Recycling Pre-IPO Tearsheet
- Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
- The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
- According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.
Daiseki Co Ltd (9793 JP): Full-year FY02/25 flash update
- Daiseki’s FY02/25 sales declined 2.8% YoY to JPY67.3bn, exceeding the forecast of JPY66.0bn.
- Operating profit fell 3.3% YoY to JPY14.3bn, impacted by TOB-related expenses and heavy snowfall.
- FY02/26 forecast: Sales JPY70.0bn (+4.0% YoY), operating profit JPY15.7bn (+9.7% YoY), OPM 22.4% (+1.1pp YoY).
kopi-C with ISDN Holdings: Seizing the Moment in Automation: ISDN’s Vision for Future-Proofing and Sustainable Growth
- ISDN Holdings is expanding its industrial automation capabilities and exploring opportunities in China, Taiwan, and Malaysia.
- The company is building a renewable energy vertical with hydropower plants in Indonesia, aiming for sustainable income.
- ISDN has over 10,000 customers and 74 offices in Asia, serving sectors like semiconductors and Industry 4.0.
KULR Technology Group Inc.
- KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
- Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
- It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in licensing agreements.
Ohba (9765 Jp) – Announced FY2025/5 Dividend Forecast Increase and Expanded Shareholder Benefits
- Dividend Increase | On March 13, 2025, OHBA (hereafter, the Company) announced an increase to its FY2025/5 dividend forecast.
- Prior to the announcement, the Company had planned to pay dividends of JPY 20.00 in H1 and JPY 20.00 in H2, for a total of JPY 40.00.
- However, OHBA decided to increase its H2 dividend by JPY 2.00 to JPY 22.00 (for a full-year dividend of JPY 42.00).
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