In today’s briefing:
- The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
- Voltas Ltd: Forensic Analysis
- JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
- JR East – Full Steam Ahead!
- Fluence Corp Ltd – The story is coming together
- Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
- Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
- Tokai Holdings (3167 JP): Q1 FY03/26 flash update
- Sanyo Trading (3176 JP): Q3 FY09/25 flash update
- Seika Corp (8061 JP): Q1 FY03/26 flash update
The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
- Mitsubishi Electric’s Serendie platform marks a decisive shift toward AI-powered, customer-centric services, with tangible cost savings, ecosystem expansion, and a tripling of Digital Innovation workforce planned by FY2031.
- AI Leadership: The company showcased advanced automation and optimization capabilities at AWS Summit Japan, positioning itself as a leader in applied AI.
- Punchline is the Japan beta vol trade. Macro risks remain pivotal, as navigating tariff shocks, labor distortions, and central bank policy shifts could shape both performance and volatility exposure.
Voltas Ltd: Forensic Analysis
- Voltas Ltd (VOLT IN) is a renowned name among the households in India.
- The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
- But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.
JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
- JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
- It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
- JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation
JR East – Full Steam Ahead!
- Company continues to outperform as a new management plan is released
- Focus on cash flow generation, increased dividends and flexible buybacks
- Continued execution in their real-estate business is key to success
Fluence Corp Ltd – The story is coming together
- Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
- The company has released its quarterly 4C cashflow statement and a Q2FY25 financial and operating update (December year-end) containing some key H125 data points.
- The H125 result was a significantly positive turnaround with growth driven by the Ivory Coast Addendum project and improved performance across most business units.
Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
- Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
- The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
- Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one.
Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
- The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
- GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.
- The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.
Tokai Holdings (3167 JP): Q1 FY03/26 flash update
- FY03/26 marks the final year of “Medium-Term Plan 2025” with record Q1 sales and profits across segments.
- Sales rose 3.4% YoY, driven by customer growth in Information and Communications and Construction, Equipment, and Real Estate.
- Operating profit increased 18.7% YoY, despite higher personnel costs, due to strategic customer acquisition and cost management.
Sanyo Trading (3176 JP): Q3 FY09/25 flash update
- Sanyo Trading’s sales in cumulative Q3 FY09/25 reached JPY98.8bn (+3.0% YoY), driven by Fine Chemicals and Sustainability segments.
- Operating profit declined 5.9% YoY to JPY5.5bn, impacted by increased SG&A expenses and reduced foreign exchange gains.
- Sustainability segment sales rose 44.8% YoY to JPY8.5bn, with operating profit increasing 91.9% YoY to JPY1.3bn.
Seika Corp (8061 JP): Q1 FY03/26 flash update
- Q1 FY03/26 revenue rose 24.8% YoY to JPY24.6bn, but net income decreased 52.5% YoY to JPY1.8bn.
- The company revised its 1H earnings forecast, announced a stock split, and adjusted its dividend forecast.
- An extraordinary loss of JPY489mn was recorded due to a litigation-related provision following a court ruling.
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