In today’s briefing:
- KCC Corp: Considering on Issuing an Overseas EB for Its 10% Stake in Samsung C&T
- India Air Conditioners | Who’s Chilling How
- STI Books 5.3% Total Return in 1Q25
KCC Corp: Considering on Issuing an Overseas EB for Its 10% Stake in Samsung C&T
- Kcc Corp (002380 KS) is considering on issuing an overseas exchangeable bond (EB) for its 10% stake in Samsung C&T (028260 KS).
- KCC is the second largest shareholder of Samsung C&T with a 10% stake in the company which is worth 2 trillion won (US$1.4 billion).
- Our NAV valuation of KCC Corp suggests NAV per share of 332,947 won, which is 27% higher than current price.
India Air Conditioners | Who’s Chilling How
- In this Insight, we aim to understand the current demand, environment, competition, and margin trends for major air conditioner manufacturers in India.
- Dealers remain optimistic despite a slower seasonal start, anticipating accelerated growth in this season. While there have been price increases, competition, and cost inflation may not translate into margins.
- Some of the companies in Focus include Voltas Ltd (VOLT IN), Havells India (HAVL IN), Johnson Controls-Hitachi Air Conditioning India (JCHAC IN).
STI Books 5.3% Total Return in 1Q25
- ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.
- Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.
- STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.
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