Daily Brief Industrials: Nws Holdings, Plug Power Inc, Adani Ports & Special Economic Zone, Sunrun Inc, FedEx Corp, Masco Corp, Union Pacific and more

• Nws Holdings (659 HK)’s IFA opines that the conditional voluntary general offer from the Cheng family is fair and reasonable. The offer + 2H dividend is HK$9.46 per share.
• The key condition is (majority vote) approval by independent NWD shareholders (EGM on 2 November). The timetable is designed such that the shareholders will also receive the NWS final dividend.
• NWD has a high but declining AGM minority participation rate. Retail forums suggest support for the transaction. On balance, we believe that this deal gets up. 

• Plug Power Inc. delivered a mixed set of results for the quarter, with revenues above the analyst consensus.
• Plug’s second quarter results show significant growth in a number of its recently introduced goods, especially in its cryogenic industry, which generated $69 million in revenue in the quarter, more than a threefold increase over the same period last year.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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• Adani Ports & Special Economic Zone
• Shui On Land
• Yuexiu Property

• Sunrun Inc. delivered mixed results in the quarter, with revenues below analysts’ anticipations but above-par earnings.
• In Q2, Sunrun added more than 100 megawatt hours of storage capacity, up 35% over the same quarter last year.
• With a net subscriber value of $12,321 in the quarter, subscriber value was roughly 44,700, and creation cost was approximately $32,400.

• FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
• The company’s transformation efforts are already reaping the rewards, notably in the Ground segment, which saw increased revenue due to higher yields and exceptional operational performance.
• The transformative DRIVE initiative is progressing as planned, with substantial cost reductions achieved across the network.

• Masco Corporation delivered a positive result and managed an all-around beat in the last quarter.
• The company faced a challenging business landscape in the second quarter, with a 10% decrease in top-line revenue despite a robust 8% comparison.
• Despite the top-line decline, Plumbing managed to expand its margin by 270 basis points, reaching 20% in the second quarter.

• Union Pacific Corporation delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.
• In the second quarter, the company faced challenges, with a 2% decline in volume driven by weak market conditions in the premium and bulk business groups.
• Freight revenue decreased by 5% due to lower fuel surcharges and a 2% volume decrease.