In today’s briefing:
- DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
- Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
- DN Solutions Cancels IPO
- Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
- Hanwha Aerospace Rights Offering – Third Time Is a Charm?
- Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem
- Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
- What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)
- Azoom (3496 JP): 1H FY09/25 flash update
- Aktor Group of Companies – April 17, 2025
DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
- Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
- The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
- They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.
DN Solutions Cancels IPO
- DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
- The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
- The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
- The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
- The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
- It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
- Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
- Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
- Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.
Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem
- Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.
- All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023.
- Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA’s mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent.
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
- Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
- Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
- Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.
What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)
- In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain
Azoom (3496 JP): 1H FY09/25 flash update
- The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.
- The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.
- The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching “MyRenderer.”
Aktor Group of Companies – April 17, 2025
- Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe with more than 6,000 employees.
- The group is executing an ambitious trans- formation strategy aimed at securing diversified EBITDA streams by leveraging its robust construction expertise to enter and scale adjacent businesses.
- The company’s growth plan involves strategic acquisitions, such as the acquisi- tion of Entelecheia regarding construction and that of a security company in facility management. In addition, it includes development and acquisitions of high-value real estate assets, and a bold expansion into renewable energy markets with new agreements.
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