In today’s briefing:
- KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
- Geekplus Technology IPO (2590 HK): Valuation Insights
- Rudi’s View: Charter Hall, Droneshield, Pinnacle, WiseTech & More
- Silk Logistics (SLH AU): ACCC’s Green Light
- Eacon Group Co., Ltd Pre-IPO Tearsheet
- BWX Technologies: Innovations in Nuclear Medicine & Molybdenum-99 Production Driving Our Optimism!
- KION Group: Will Service-Led Innovation Power the Next Industrial Revolution?
- Terex Corporation: An Insight Into Its Backlog
- Fraport AG: Initiation of Coverage- Can Cost Controls Power Massive Profit Upside?
- Renk Group – Powering a €13 Billion Pipeline with Precision
KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
- KCC announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering as the underlying asset.
- The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
- We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.
Geekplus Technology IPO (2590 HK): Valuation Insights
- Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
- I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
- In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.
Rudi’s View: Charter Hall, Droneshield, Pinnacle, WiseTech & More
- Update on changes to and revisions of analysts’ Best Ideas and Conviction Calls, as well as Model Portfolio compositions
Silk Logistics (SLH AU): ACCC’s Green Light
- Given the ACCC’s comprehensive list of concerns, as detailed in Silk Logistics (SLH AU): ACCC’s Statement Of Issues, this approval comes as a (pleasant) surprise.
- DP World’s Offer for Silk Logistics (SLH AU) remains subject to FIRB signing off and a Scheme vote. Neither of which should pose an issue.
- Timing? The IE and Scheme Booklet are all in place – from December last year. This requires a new schedule from the Courts. A possible revised timetable suggest late-August completion.
Eacon Group Co., Ltd Pre-IPO Tearsheet
- Eacon Group Co., Ltd (EG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Haitong.
- EG ranks first among all L4 autonomous driving companies globally by revenue in 2024, as per Frost & Sullivan.
- EG had 11 end-customer groups. Its technology has been deployed across 24 mining sites of leading mining groups like CHN Energy, SPIC, TBEA, Zijin Mining, Shougang Group, and Baowu Group.
BWX Technologies: Innovations in Nuclear Medicine & Molybdenum-99 Production Driving Our Optimism!
- BWX Technologies, Inc. (BWXT) reported its first quarter 2025 financial results, illustrating both robust performance and future growth opportunities.
- The highlights of the quarter included double-digit revenue, EBITDA, and earnings per share growth compared to the previous year.
- This strong performance was attributed to effective execution and an increased pace of work, along with strategic wins in both commercial and government operations.
KION Group: Will Service-Led Innovation Power the Next Industrial Revolution?
- KION Group AG, a prominent player in the intralogistics sector, presented a nuanced performance in the first quarter of 2025, showcasing a blend of resilience and challenges that reflect the complex market environment it operates in.
- The company’s financial results illustrate both positive dynamics and areas where uncertainties prevail.
- In terms of order intake, KION displayed robust performance with a notable 11% increase year-over-year, reaching EUR 2.7 billion.
Terex Corporation: An Insight Into Its Backlog
- Terex Corporation’s first-quarter 2025 earnings report presents a mixed outlook, highlighting areas of strong performance while acknowledging ongoing challenges.
- The company’s overall financial performance exceeded its initial expectations, with earnings per share of $0.83 on sales of $1.2 billion.
- The effective tax rate for the quarter was slightly higher at 21%, and the company predicted a return on invested capital of 15%.
Fraport AG: Initiation of Coverage- Can Cost Controls Power Massive Profit Upside?
- Fraport AG has reported its full fiscal year 2024 results, highlighting both accomplishments and challenges over the period.
- Fraport managed to achieve its financial and operational targets despite encountering a series of external pressures.
- Key financial metrics were noted at all-time highs, with an EBITDA of EUR 1.3 billion and a group net result exceeding EUR 500 million, closely approaching the record levels of 2018.
Renk Group – Powering a €13 Billion Pipeline with Precision
- RENK Group AG reported its Q1 2025 earnings, showing a mix of positive momentum and some areas to watch.
- The company achieved a record high in order intake, reaching EUR 549 million, up 164% year-over-year, with a robust book-to-bill ratio of 2.0x.
- This is a significant achievement compared to the 0.9x last year, driven by major defense orders and strategic expansions in partnerships with key players in future technologies.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
