Daily Brief Industrials: Hyundai Rotem Company, Delhivery , Ocean Wilsons Holdings, Creek & River, 4Global and more

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 14 April. 
• Our top 10 picks in the most recent bi-weekly was down 2.5% on average, outperforming KOSPI which was down 4.9% in the same period. 
• The top 10 picks in this bi-weekly include Binggrae, Hyundai Rotem, Krafton, Nongshim, SK Telecom, Hanwha Systems, APR, SK Inc, Korean Air, and Samsung Heavy Industries. 

• Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
• The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
• Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.

• Sales increased by JPY476mn (+1.0% YoY), driven by growth in the Creative (Japan) segment, while operating profit decreased by JPY489mn (-11.9% YoY).
• The company forecasts FY02/26 consolidated sales of JPY60.0bn (+19.3% YoY) and operating profit of JPY5.0bn (+38.3% YoY).
• Year-end dividend forecast for FY02/26 is JPY45.0 per share, with a payout ratio of 38.9%.

• The provider of data and technology for sports, fitness and wellness organisations to optimise operational and investment decisions, announced that, following a competitive tender, it has secured a contract renewal and expansion with Sport England worth up to £4m over four years in equal terms.
• Sport England initially procured 4GLOBAL in 2021 to provide performance data from public leisure facilities through its platform, Moving Communities, a decision-support tool that uses 4GLOBAL’s dataset to aid understanding of where and how people engage in physical activity, enabling a more evidence-based approach to public investment.
• The platform has since played a central role in programmes such as the National Leisure Recovery Fund and the Swimming Pool Support Fund, tracking over 9 million active people across 1,000+ leisure facilities daily.