In today’s briefing:
- Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
- Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
- GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!
- TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push
- J Com Holdings (2462 JP): Full-year FY05/25 flash update
- Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
- Oswal Pumps Ltd- IPO to the Rescue
Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
- Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
- HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
- The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.
Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
- Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
- The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
- Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.
GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!
- GFL Environmental Inc.’s latest quarterly results present a nuanced picture of its current financial standing and strategic direction.
- The company reported a 12.5% year-over-year increase in revenue, which totaled $1.56 billion for the first quarter.
- This outperformed the company’s initial 2025 guidance and is attributed to several factors, including effective pricing strategies that achieved a price increase of 5.7%, surpassing their planned estimates.
TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push
- We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC’s Expansion into Nodes 2nm and Below
- Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment… also at 100% for SBU Segment
- Takeaways — Kinik as a Concentrated Play on Advanced Node Transitions… Also, We Believe Signs Remain Positive for TSMC’s Recent Activity Momentum
J Com Holdings (2462 JP): Full-year FY05/25 flash update
- Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.
- Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.
- Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.
Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
- Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
- The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
- Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.
Oswal Pumps Ltd- IPO to the Rescue
- Oswal Pumps (1019841D IN) came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares.
- They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications.
- Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.
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