In today’s briefing:
- FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
- Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean
- GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)
- 10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification
- OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)
- What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)
- Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!
- IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!
- AKTOR (GROUP) S.A. Common Stock – March 4, 2025
FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
- The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
- We currently forecast two potential changes at the next rebalance in June – both are high probability changes.
- The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.
Overhang on KDB’s Sell Down of Its 19.5% Stake in Hanwha Ocean
- Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (042660 KS) to sell some of its stake in the company through block deal sales.
- KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares).
- Hanwha Ocean’s lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its shares over the next 3-6 months.
GAPB MM – Actinver Research – GAP 1Q25: Solid Results, Beating Estimates (Quick View)
- Operating Revenues of P$8.4 Bn were driven by solid aeronautical and non-aeronautical revenue performance.
- Total operating sales growth of 26% YoY was driven by a 41% YoY gain in non-aeronautical revenues, mainly explained by consolidating the cargo and free trade zone business at the Guadalajara airport (GWTC).
- On the other hand, we highlight that aeronautical revenues (71% of total) increased by 21% YoY, propelled by a 16% increase in the aero-weighted average rate (reflecting GAP’s MDP tariffs approved last year) and a 4% gain in total PAX.
10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification
- ISDN’s core Industrial Automation segment contributes 94% of revenue, with China accounting for 71% of IA revenue.
- Renewable Energy revenue doubled in 1H2024 due to successful commercialisation of three mini-hydropower plants in Indonesia.
- ISDN maintains a dividend policy of distributing 25% of net profit attributable to shareholders as dividends.
OMAB US – Actinver Research – OMA 1Q25: Posted better-than-expected Q results (Quick View)
- OMA’s quarterly results were better than expected by the consensus and our estimates.
- Total EBITDA came in at P$2.4 Bn (+3% above our estimate and +5% above the consensus expectation) with a 16% YoY gain.
- The EBITDA margin was 74.9%, an implicit 0.3 pp.
What’s News in Amsterdam – 29 April (Alfen | e-commerce (logistics) sector)
- In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold
Herc Holdings: The Mega Project Pipeline Is A Pivotal Growth Lever!
- Herc Holdings’ latest earnings provide a comprehensive view of the company’s current operational and financial standing.
- Viewing the data from a neutral perspective, both positive and negative aspects emerge that can inform an investment thesis.
- On the positive side, Herc Holdings continues to demonstrate resilience and adaptability amidst challenging macroeconomic conditions.
IPower, Inc. – Assuming Coverage: Diving into the Puts and Takes of Tariffs; We See a Silver Lining!
- We are assuming coverage of iPower (IPW). The company sells consumer products on multiple online marketplaces, but primarily on Amazon (AMZN), where it is both a vendor (i.e., AMZN purchases inventory directly under its “Vendor Central” program and labels it as “Sold by Amazon”, which represents 80- 90% of IPW’s sales to AMZN) as well as a third-party (3P) seller.
- The company has also started leveraging its AMZN relationship and experience to support other sellers in an initiative called “SuperSuite”, where it reports revenue as a mix of product sales and services.
- Hydroponics, which was once dominant, is now <10% of sales.
AKTOR (GROUP) S.A. Common Stock – March 4, 2025
- Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe.
- The Company’s shares are listed in the Athens Stock Exchange since 2001.
- Additionally, Aktor’s share is included in a series of national indices, such as ATHEX_ESG, FTSE, FTSE_IN, HELMSI, FTSEA, ATG (Athens General Composite).
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