In today’s briefing:
- Nidec | Pragmatism Shines; Q3 Results
- Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion
- TXR Robotics IPO Preview
- Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish
Nidec | Pragmatism Shines; Q3 Results
- Q3 net sales reached ¥652,153 million, up 1.0% quarter-on-quarter, driven by strong demand for power generators and battery energy storage systems. Operating profit of ¥54,536 million (-10.1% QoQ) missed expectations.
- There has been a notable vibe-shift since Kishida took over as CEO – more focus on operational improvements and hopefully margin accretion.
- Strategic M&A remains a driver and the Makino Milling deal makes sense. At 14x EV / EBIT, the stock should be on the radar of value or GARP investors
Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion
- On the 17th January, Malaysia Airports Holdings (MAHB MK)‘s Offer was extended to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.
- The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to lower the acceptance threshold to 85% from 90%.
- Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly.
TXR Robotics IPO Preview
- TXR Robotics is getting ready to complete its IPO in KOSDAQ in March 2025. TXR Robotics is a robot and logistics automation company in Korea.
- The company plans to offer 3.075 million shares in the IPO. The IPO price range is from 11,500 won to 13,500 won.
- The bankers used PSR method to value TXR Robotics. The bankers used five companies including Yuil Robotics, Robotis, Neuromeka Co, Kornic Automation, and Hyundai Movex as comps.
Local Tops for 10-Year Treasury Yield, DXY, and Crude Oil; All Major Indexes Breaking Out. Bullish
- Our outlook remains bullish, and since late-December we have been suggesting to use the pullback as a buying opportunity.
- Most recent/highest conviction “buy-the-dip” call came last week (1/14/25) amid all major indexes testing supports (SPX, QQQ, DJI, IJH, VXF, IWM, ARKK, SMH), bullish breadth divergences, other ongoing bullish signals.
- Those dip buys are finally paying off, with all these indexes breaking out from 1+month consolidations. The SPX has gapped-up on four of past five trading days, indicating significant strength
💡 Before it’s here, it’s on Smartkarma
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