In today’s briefing:
- Recruit 2Q: Earnings Further Slows Down; 2H To Be Even More Challenging
- Jyoti CNC IPO- Forensic Analysis
Recruit 2Q: Earnings Further Slows Down; 2H To Be Even More Challenging
- Recruit Holdings (6098 JP) reported 2QFY03/2024 results today. Revenues decreased YoY due to decline in HR Tech revenues, while operating profit for the quarter increased YoY. OP missed consensus marginally.
- As we expected, the new pricing model has negatively impacted HR Tech revenues, and the segment’s earnings are forecast to decline further going into the second half.
- There is further downside to earnings and the company’s share price has moved up during the last few days, and we are set to nicely gain on the Short side.
Jyoti CNC IPO- Forensic Analysis
- Jyoti CNC Automation (0907734D IN) plans to come up with ~INR 10 bn IPO
- JCAL is an established player in manufacturing of metal cutting CNC machines, mostly in 5-Axis category. It has 8% market share in India and is 12th largest global player.
- Even though JCAL has bright order book visibility, it remains unprofitable, largely because of concerns with subsidiaries.
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