In today’s briefing:
- Keisei Electric: Results Unimpressive, Yet Investor Activism Appeal Remains
- Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok
- HNI Corporation – Raising Estimates Following Strong 3Q Earnings Report
- Odyssey Marine Exploration, Inc. – Exploring and Developing Seabed Resources Responsibly
Keisei Electric: Results Unimpressive, Yet Investor Activism Appeal Remains
- Keisei Electric Railway Co (9009 JP)‘s FQ2 earnings, released on October-31st, surpassed revenue and OP expectations, yet the company revised down its revenue and OP guidance by ¥8.8bn and ¥200m.
- Despite this, the share price has surged over 10% in recent days, likely influenced by activist investor Palliser Capital’s interest and a significant 30% increase in annual dividend guidance.
- However, during earnings, the company remained silent about the activist investor’s proposal to reduce its Oriental Land (4661 JP) ownership below 15%.
Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok
- Ventia (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$174m via selling 11.7% of the company.
- The two investors have pared their stake thrice this year and this will be the final cleanup sale. All the past deals have done ok.
- In this note, we will talk about the deal dynamics.
HNI Corporation – Raising Estimates Following Strong 3Q Earnings Report
- We are raising our non-GAAP (adjusted) EPS estimates for 4Q23 and 2024 following HNI’s strong 3Q23 earnings report on Tuesday, October 31, 2023.
- Our sales estimates have moderated. Following the 3Q23 report, margins should be sustainably stronger.
- HNI reported 3Q23 adjusted EPS of $0.93, $0.30 better than consensus. Sales were roughly in line.
Odyssey Marine Exploration, Inc. – Exploring and Developing Seabed Resources Responsibly
- We hosted a fireside chat with Chief Executive Officer and Chairman of the Board of Directors Mark D. Gordon.
- This report contains a transcript of the fireside chat from October 12, 2023, which can be accessed on demand.
- Deep roots and unique capabilities. Odyssey Marine Exploration, Inc. is a company with nearly 30 years of experience exploring and recovering deep-sea sites, amassing more than 24,000 hours of deep-sea experience, and exploring more than 74,000 square kilometers of the seafloor in the process.
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