In today’s briefing:
- Doosan Robotics IPO: The Bear Case
- Greenland Technologies Holding Corp. – Strong 2Q Results as Transmission Business Accelerates
Doosan Robotics IPO: The Bear Case
- Doosan Robotics (DOOSANROBO KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO.
- In Doosan Robotics IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on business plan forecasts based on shaky assumptions, high cash burn, rising cash collection cycle and deteriorating balance sheet strength.
Greenland Technologies Holding Corp. – Strong 2Q Results as Transmission Business Accelerates
- Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23.
- The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix.
- Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y.
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