In today’s briefing:
- Screen Holdings (7735 JP): 25%+ Upside Potential
- SG Fleet (SGF AU): Scheme Vote on 8 April
- Curtiss-Wright: The Resilience & Adaptation to Economic & Policy Shifts!
- MSA Safety: Leveraging Market Demand & Standards to Fuel Sales Growth & Market Expansion!
- Waste Connections: Tackling Rail Network Expansion Obstacles & 4 Critical Challenges!
Screen Holdings (7735 JP): 25%+ Upside Potential
- FY Mar-25 guidance has been raised again after strong 3Q results. Growth should continue next fiscal year with rising demand from TSMC.
- Sales to Chinese customers bounced back strongly last quarter, defying predictions. Capacity adds and process upgrades should continue to drive demand from China.
- FPD, PCB and printing equipment are now profitable and should remain so. More efficient production and slower growth in depreciation should also support the operating margin.
SG Fleet (SGF AU): Scheme Vote on 8 April
- The Sg Fleet (SGF AU) IE considers Pacific Equity Partners’ A$3.50 offer fair and reasonable.
- The key conditions are shareholder (Super Group (SPG SJ) and SG Fleet) and regulatory (FIRB, OIO and FCA) approval.
- The offer is attractive compared to peer multiples and represents an all-time high. At the last close and for a 30 April payment, the gross/annualised spread is 1.5%/8.5%.
Curtiss-Wright: The Resilience & Adaptation to Economic & Policy Shifts!
- Curtiss-Wright Corporation’s latest earnings report reflects a balanced outlook with both growth opportunities and challenges.
- The company reported a 5% year-over-year increase in sales for the fourth quarter of 2024, driven primarily by strong performances in its Defense Electronics and Naval & Power segments.
- However, operating income remained flat, with an operating margin holding steady at 19.8%.
MSA Safety: Leveraging Market Demand & Standards to Fuel Sales Growth & Market Expansion!
- MSA Safety Inc. reported its financial results for the fourth quarter and full-year 2024, providing insights into its operating performance and strategic direction.
- Throughout 2024, the company executed well amidst a complex operating environment, demonstrating resilience across most product categories despite facing some challenges.
- In 2024, MSA Safety achieved 1% growth in net sales on a reported basis and 2% on an organic basis.
Waste Connections: Tackling Rail Network Expansion Obstacles & 4 Critical Challenges!
- Waste Connections Inc. delivered solid financial and operational results in Q4 2024, marking a strong conclusion to the fiscal year.
- The company’s key highlights include double-digit growth in revenue and adjusted EBITDA, indicating robust financial health.
- However, it’s crucial to remain cognizant of both the underlying positives and potential challenges the company faces.
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