In today’s briefing:
- Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
- Lucror Analytics – Morning Views Asia
- HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!
- What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)
- Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
- PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…
- Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player
- Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
- GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!
Minority Shareholders of Hanwha Corp Preferred Shares Demand Better Protection
- Minority shareholders of Hanwha Corp preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares.
- We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks.
- The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp’s preferred shares.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport, Longfor Group, Softbank Group, Xiaomi Corp
- US treasury yields continued to decline for a fifth straight day, on the back of a strong auction of 7Y notes, as well as increased market expectations for rate cuts. The yield on the 2Y UST fell 6 bps to 3.72%, while that on the 10Y UST declined 5 bps to 4.24%.
- Equities climbed towards record high levels. The S&P 500 gained 0.8% to 6,141, just shy of the peak of 6,144 in February. The Nasdaq advanced 1.0% to 20,168.
HOCHTIEF: Initiation of Coverage- Dominating the Net-Zero Race with Bold Green Investments!
- HOCHTIEF’s full-year 2024 financial results present a nuanced picture of the company’s performance and future outlook, reflecting both strengths and challenges that should inform an investment thesis with a neutral stance.
- On the positive side, HOCHTIEF reported substantial growth in several financial metrics, indicative of the company’s robust operational capabilities and strategic positioning.
- Group sales rose by an impressive 20% to EUR 33.3 billion.
What’s New(s) in Amsterdam – 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet’s)
- In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices
Q4 Follow-Up – NITTO KOGYO CORPORATION (6651 JP)
- Nitto Kogyo Corporation (hereafter, the Company) announced full-year earnings results for FY2025/3 after market close on May 15, 2025.
- The Company reported net sales of JPY 184,683 mn (+14.9% YoY), operating profit of JPY 13,432 mn (+12.2% YoY), ordinary profit of JPY 13,516 mn (+7.6% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 12,097 mn (+38.8% YoY).
- Price revisions and improvements in transaction prices substantially boosted profits. Net profit rose substantially as it recorded a gain on bargain purchases of JPY 2,395 mn under extraordinary income, in line with the acquisition of consolidated subsidiary Tempearl Industry in April 2024.
PFISTERER Holding SE – Attractive Triad of Dynamic Business Development…
- PFISTERER Holding SE (PFISTERER) reported on 14 May 2025 that it had successfully listed on the Scale segment of the Frankfurt Stock Exchange.
- A total of 6.97 million shares were placed: 3.5 million shares came from a capital increase, with the remaining shares coming from the reallocation of existing shareholders.
- At an offer price of €27.00, PFISTERER will receive cash proceeds of approximately €95 million (GBC estimate, net: €85.90 million).
Sambhv Steel Tubes: Backward Integration, Rising Margins,Capacity-Led Growth Steel Pipe Player
- Sambhv’s single-location, fully backward-integrated facility – from sponge iron to pipes—ensures strong cost control and superior EBITDA per ton, outpacing peers reliant on outsourced raw materials and power.
- Capacity ramp-up from 2.5L MT to 4.5L MT in FY25, new stainless-steel lines, and Kesda’s greenfield project set the stage for multi-year growth visibility and operating leverage.
- With ₹390 crore from IPO proceeds going toward debt repayment, Sambhv strengthens financial flexibility, improves credit metrics, and positions itself well for capex execution and margin retention.
Taekwang Industrial: Issuing EB Worth 319 Billion Won Based on Its Treasury Shares [Poor Governance]
- After the market close on 27 June, Taekwang Industrial (003240 KS) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
- Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly.
- Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.
GEA Group AG: Initiation of Coverage-Soaring Margins Signal a New Era of Profitability!
- GEA Group AG commenced the fiscal year 2025 with a robust first quarter, reflecting significant progress and growth across key performance indicators, albeit with certain areas needing cautious observation.
- GEA’s order intake reached EUR 1.4 billion, marking a 3.7% year-over-year increase, in contrast to the record EUR 1.6 billion seen in the previous quarter.
- This suggests a regularization in order volume after an extraordinary high due to several substantial transactions in late 2024.
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