In today’s briefing:
- Beijing Geek IPO: Not Worth It
- Samsung’s Vietnam Pivot: Small Deal, Big Signal
- Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!
Beijing Geek IPO: Not Worth It
- Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
- Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
- Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.
Samsung’s Vietnam Pivot: Small Deal, Big Signal
- SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
- With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
- While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.
Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!
- Krones AG, a leading provider of filling and packaging technologies, reported its Q1 2025 earnings, showcasing a positive start to the fiscal year.
- The company’s revenue reached €1.410 billion, marking a 13.1% growth compared to the same period in 2024.
- This growth is partially attributed to the inclusion of Netstal, adding approximately €60 million to the revenue.
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