In today’s briefing:
- Grab Holdings (GRAB US) – Harvesting Sequentially
- C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
- T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
- Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update
- JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- Toyo Tanso (5310 JP): 1H FY12/25 flash update
- Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?
- Lucror Analytics – Morning Views Asia
- Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update
- Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update
Grab Holdings (GRAB US) – Harvesting Sequentially
- Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
- The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.
- Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.
C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
- C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
- Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
- This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.
T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
- On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
- This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
- We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.
Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update
- Q1 FY03/26 revenue rose 21.3% YoY to JPY10.5bn, with an order backlog of JPY58.5bn, up 21.3% YoY.
- Defense and Communications Equipment segment showed significant revenue growth, narrowing operating losses despite yen appreciation and higher SG&A expenses.
- Operating losses persisted across segments, influenced by increased R&D costs and changes in sales mix by end market.
JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
Toyo Tanso (5310 JP): 1H FY12/25 flash update
- Sales declined to JPY23.0bn (-12.6% YoY), with operating profit at JPY3.8bn (-33.9% YoY) and net income at JPY2.7bn (-48.0% YoY).
- FY12/25 forecast revised to sales of JPY48.0bn (-9.6% YoY) and operating profit of JPY7.5bn (-38.7% YoY).
- Dividend forecast maintained at JPY145.0 per share, with a payout ratio of 60.8% based on FY12/25 forecast.
Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?
- Tetra Tech, Inc. delivered a strong financial performance for the third quarter of fiscal year 2025, setting record highs for operating income and earnings per share.
- The company’s revenue exceeded expected guidance, driven primarily by high staff utilization rates in response to environmental crises in Southern California.
- This elevated staff utilization supported impressive year-over-year growth rates.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
- UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
- Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).
Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update
- Consolidated revenue in Q1 2025 was JPY29.1bn, marking a -0.9% YoY decline, the first in 18 quarters.
- Core operating profit rose 3.0% YoY to JPY2.0bn, with a margin improvement of 0.2pp to 6.9%.
- Operating profit increased 66.6% YoY to JPY3.8bn, while net income rose 37.3% YoY to JPY2.7bn.
Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update
- Mitsuboshi’s Q1 revenue was JPY22.3bn, a 0.5% YoY decrease, with operating profit rising 50.5% YoY.
- Belts (Japan) segment revenue grew 5.6% YoY, while operating profit decreased 16.4% YoY, driven by automotive parts.
- Belts (Outside Japan) segment revenue fell 2.5% YoY, but operating profit surged 97.8% YoY, aided by EV-related products.
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