In today’s briefing:
- Makino Milling Machine (6135 JP): Nidec Launches Its Offer
- Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet
- Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates
- JSW Infrastructure – ESG Report – Lucror Analytics
- Lotte Global Logistics IPO Valuation Analysis
- Acuity Brand: Robust Financial Management
- Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!
- UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?
- Hybridan Small Cap Feast: 26/03/2025
Makino Milling Machine (6135 JP): Nidec Launches Its Offer
- Nidec Corp (6594 JP) has launched its offer for Makino Milling Machine Co (6135 JP) at an unchanged JPY11,000. The offer is open from 4 April to 21 May.
- The offer was launched despite securing all regulatory approvals and the Board’s postponement request. The launch could also be an attempt to thwart a competing proposal.
- Despite the launch, Nidec’s offer at current terms has a low chance of success, necessitating revised terms. There remains a medium-to-high probability of a competing proposal.
Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet
- Xiamen Hithium Energy Storage Technology (XH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai, Citic, ABC, and BOC.
- XH is a leading pure-play global energy storage company, it’s ranked third in the global energy storage market in 2024, in terms of lithium-ion ESS battery shipments, as per CIC.
- With its integrated value chain and mainly in-house manufacturing, XH offers end-to-end energy storage solutions across various application scenarios, mainly collaborate with third-party system integrators in their main market, China.
Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates
- Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
- Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
- In this note, we talk about the company’s historical performance.
JSW Infrastructure – ESG Report – Lucror Analytics
- Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
- The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
- The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel.
Lotte Global Logistics IPO Valuation Analysis
- Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share.
- We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range.
- Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.
Acuity Brand: Robust Financial Management
- Acuity Brands reported solid financial results for its fiscal 2025 first quarter, reflecting competent execution of its strategic objectives.
- The company achieved year-over-year sales growth of 2% to $952 million, supported by expansions in both its Lighting and Intelligent Spaces segments.
- Acuity Brands’ adjusted operating profit also rose by 3% to $159 million, leading to a slight increase in profit margins, capitalizing on product vitality and improved price management strategies.
Resideo Technologies: Synergies from Snap One Acquisition & Its New E-commerce & Digital Strategy Are Propelling It Forward!
- Resideo Technologies, Inc. reported a strong end to 2024, showcasing robust revenue growth and financial performance amid a challenging global macroeconomic environment.
- The company achieved approximately $6.8 billion in total net revenue, reflecting an 8% increase year-over-year.
- Notably, adjusted EBITDA saw a significant rise of 17%, reaching around $700 million.
UFP: Will Bold Investments in Deckorators & ProWood Fuel the Next Growth Wave?
- UFP Industries Inc. reported its fourth quarter and full-year 2024 financial results, demonstrating mixed performance amid challenging economic conditions.
- The company’s total sales for the year reached $6.7 billion with an EBITDA of $682.3 million, reflecting a 10.3% EBITDA margin.
- Despite a strong balance sheet showing nearly $1.2 billion in cash, the decline in demand across most business segments imposed pressures on both pricing and margins.
Hybridan Small Cap Feast: 26/03/2025
- The strategic communications Company announced interim results to December 2024. Its revenue improved 9.8% to £7.2m, while its loss before tax reduced by 51% to £119,104, cash at December was £2.75m.
- Driving the improved performance were cost reductions and the continued growth at Cannes Lions International Festival of Creativity.
- Since the period end, its secured the Global Economic Forum in Davos which is expected to open new opportunities in the financial and professional service sectors.
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