In today’s briefing:
- Naigai Trans Line (9384 JP): IA Partners’ JPY4,065 Tender Offer
- Technically Speaking, Breakouts and Breakdowns: HONG KONG (March 6)
- TXR Robotics: IPO Book Building Results Analysis
- Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More
- Copart Inc.: Geographic & Market Expansion of Purple Wave Boost Its Competitive Position!
- What’s New(s) in Amsterdam – 7 March 2025 (Alfen | PostNL | DHL)
- Inside Quanta’s Clean Energy Takeover: Why It’s Leading the Renewable Future!
Naigai Trans Line (9384 JP): IA Partners’ JPY4,065 Tender Offer
- Naigai Trans Line (9384 JP) has recommended a tender offer from IA Partners at JPY4,065 per share, a 62.3% premium to the last close.
- Despite being below the midpoint of the target IFA’s DCF valuation range, the offer is attractive compared to historical trading ranges and represents an all-time high.
- Given that the offer is reasonable, the required minority acceptance rate is attainable. The offer is from 10 March to 21 April, with payment on 28 April.
Technically Speaking, Breakouts and Breakdowns: HONG KONG (March 6)
- Hong Kong continues its secular bull market and has now reached its first significant resistance in the 24k to 25k. Growth factor investing is leading in long-only investing.
- Mainland buyers continue buying Hong Kong stocks at a historic rate with buying focused in the tech sector and specifically in AI-related companies.
- Zoomlion Heavy Industry H (1157 HK) has broken its double-top formation and is at a new high. Vtech Holdings (303 HK) broke out to a new high with improving momentum.
TXR Robotics: IPO Book Building Results Analysis
- The IPO price of TXR Robotics has been finalized at 13,500 won per share, which is at the high end of the IPO price range.
- The demand ratio among institutional investors was 862.6 to 1.
- According to our valuation analysis, it suggests an implied price of 19,673 won per share, which is 46% higher than the IPO price (13,500 won).
Upgrading Europe to Overweight; Monitoring U.S. (S&P 500) For a Downgrade; Buy Gold Miners and More
- We discussed last week (Feb. 27 Int’l Compass) how both ACWI-US and the S&P 500 displayed false breakouts, and to look for near-term pullbacks
- We said expect pullbacks to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on the S&P 500 in the coming weeks, where we would be buyers.
- The S&P 500 is testing the 5770-5850 range now, while ACWI-US is testing its 200-day MA at $117. It is possible ACWI-US finds support here. Upgrading Europe to overweight
Copart Inc.: Geographic & Market Expansion of Purple Wave Boost Its Competitive Position!
- Copart, Inc. reported its results for the second quarter of fiscal 2025, demonstrating strong operational and financial performance.
- The company showed robust growth in both its domestic and international segments, driven by strategic initiatives and the expansion of its service offerings.
- Copart’s extensive network allows it to effectively manage and capitalize on fluctuations in total loss frequency, a measure that hit an all-time high in the U.S. during the fourth quarter.
What’s New(s) in Amsterdam – 7 March 2025 (Alfen | PostNL | DHL)
- In this edition: • Alfen | awarded 20MW/40MWh BESS from E-Connection • PostNL | PostNord Denmark to stop the delivery of mail by YE25 • DHL | post earnings call comment
Inside Quanta’s Clean Energy Takeover: Why It’s Leading the Renewable Future!
- Quanta Services recently reported strong financial results for the fourth quarter and the full year of 2024, characterized by double-digit growth in both revenues and earnings.
- The total backlog at the end of the year stood at $34.5 billion, reflecting robust demand across segments, particularly in the Renewable Energy Infrastructure Solutions segment, which recorded all-time high backlogs.
- On the positive side, Quanta Services demonstrated a consistent track record with seven out of the last eight years showing record revenues, and seven consecutive years of record adjusted EBITDA alongside eight years of record adjusted diluted earnings per share.
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