In today’s briefing:
- Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares
- Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025
- HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again
- MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!
- Dongfang Electric (1072 HK): Returning to Growth in 1Q25 Despite Weak FY24
- Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?
- What’s New(s) in Amsterdam – 31 March (KPN | Arcadis)
- Stantec Eyes A Water Infrastructure Boom — But Execution Delays & Cost Pressures Weigh On Performance!
- ESAB Goes Global: Strategic Strikes in Brazil, Bangladesh & Beyond Set Stage For Future Expansion!
- Middleby Corporation Is On A Buying Spree—Is M&A The ONLY Feasible Way For Them To Grow?
Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares
- Hanwha Group Chairman Kim Seung-youn (born in 1952) made a major move to give 11.32% of his shares in Hanwha Corporation (000880 KS) to his three sons.
- It is estimated that the three sons will need to pay nearly 222 billion won in inheritance taxes associated with receiving additional stakes in Hanwha Corp.
- Because the three sons need to pay for the high amounts of inheritance taxes, Hanwha Corp is likely to raise the dividend payout in the next several years.
Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025
- In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
- Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
- Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos.
HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again
- Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. This week was +HK$37bn.
- That’s decent net buying still. Keeping that pace would mean a new record. It IS possible this excess flow is state-managed (or state-insisted as insurers up equity investment ratios).
- Included is a summary of important China Stocks-relevant news as I saw it this week, but tariffs, retaliation, US growth prospects, etc will all matter more.
MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!
- MasTec Inc. has reported strong financial results for the fourth quarter and full year 2024.
- The company’s performance exceeded expectations across several key metrics, including revenue, adjusted EBITDA, and earnings per share (EPS).
- For the fourth quarter, MasTec achieved a revenue of $3.4 billion with an adjusted EBITDA of $271 million, marking a 20% year-over-year increase.
Dongfang Electric (1072 HK): Returning to Growth in 1Q25 Despite Weak FY24
- Dongfang Electric (1072 HK)‘s 1Q25 express report suggested earnings may increase 15-25% YoY, reversing the YoY decline in 4Q24 and FY24. This is encouraging.
- Its signs record new orders in FY24, fuelling its order backlog to Rmb152.6bn, which equals 2x the FY25F revenue. 2H24 new order momentum is better than 1H24.
- The pending A-share placement, while diluting EPS, will enhance book value for the H-share holders. Its 6.4x PER and 7.3% dividend yield are inexpensive.
Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?
- AAON, Inc.’s recent earnings for the fourth quarter of 2024 provided investors with a detailed overview of the company’s financial performance, strategic initiatives, and outlook.
- The company, which boasts a strong position in the heating and cooling industry, highlighted both its achievements and challenges during the year.
- On the positive side, AAON reported a substantial increase in bookings and backlog, signaling strong future demand.
What’s New(s) in Amsterdam – 31 March (KPN | Arcadis)
- In this edition: • KPN | Liberty Global hints on acquiring optical fibre network in the Netherlands • Arcadis | awarded major rail project contract in the UK
Stantec Eyes A Water Infrastructure Boom — But Execution Delays & Cost Pressures Weigh On Performance!
- Stantec Inc.’s latest financial results highlight a year of robust growth and strategic strength, marked by impressive revenue increases and solid performance across its key geographies.
- For the full year 2024, Stantec reported record net revenues of $5.9 billion, constituting a 15.8% growth compared to the previous year.
- This comprised 7.4% organic growth and 7.5% acquisition growth, underscoring the company’s effective strategy in combining steady organic development with strategic acquisitions.
ESAB Goes Global: Strategic Strikes in Brazil, Bangladesh & Beyond Set Stage For Future Expansion!
- ESAB demonstrated a robust financial performance in the fourth quarter of 2024, concluding a year of sustained execution and strategic growth initiatives.
- The company achieved record fourth-quarter profits and adjusted EBITDA margins, which expanded by 90 basis points to reach 20.3%.
- Despite flat organic growth, the margins underscore ESAB’s commitment to the EBX continuous improvement system, which facilitated operational enhancements and cost efficiencies.
Middleby Corporation Is On A Buying Spree—Is M&A The ONLY Feasible Way For Them To Grow?
- The Middleby Corporation has recently reported on various strategic changes and an earnings summary for the fourth quarter of 2024.
- The company announced its decision to spin off its Food Processing business to form a separate publicly traded entity, aiming to create two distinct companies: Middleby Corporation focusing on commercial and residential kitchen equipment, and Middleby Food Processing.
- This move is expected to allow each business to sharpen its strategic and operational focus, optimize capital structure, and align more strategically with its respective market opportunities.
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