In today’s briefing:
- Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
- Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
- Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
- Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
- Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
- Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
- What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
- Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
- Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
- BQE: Wrapping Up Another Record Year
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
- In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
- Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period.
- Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.
Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
- Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
- Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
- Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.
Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
- Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
- Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
- This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.
Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
- Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
- The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
- Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.
Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
- Bureau Veritas has exhibited a resilient performance for fiscal year 2024, maintaining its strategic trajectory as laid out in the LEAP I 28 strategy.
- The company has achieved strong financial results with revenue reaching EUR 6.2 billion, reflecting a growth of 6.4% on a reported basis and an impressive 10.2% organically.
- Bureau Veritas has demonstrated the capability to manage macroeconomic complexities while ensuring robust growth across its business lines and regions.
Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
- Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO.
- Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
- According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023.
What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
- In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return
Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
- Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.
- The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.
- This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.
Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
- Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
- The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
- The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.
BQE: Wrapping Up Another Record Year
- BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
- Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
- 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.)
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