In today’s briefing:
- Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup
- CXW: Strong 2Q25 Reflects Rising Utilization, Expected to Continue, Operating Leverage
- UHAL: U-Haul Reports 1Q FY2025 Financial Results. Revenues were again above expectations
- UHAL: U-Haul Reports 1Q FY2026 Financial Results. Revenues were again above expectations
- Yamabiko Corp (6250 JP): 1H FY12/25 flash update
Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup
- Hunting the reversion point for Square-Hynix price ratio amid local buzz: need clear pro-business tax signals and Hynix’s downtrend to continue despite today’s bounce.
- Tax tweak likely turns neutral despite gov’s cautious tone today. Hynix’s bounce faces headwinds from supply ramp and yield issues, so fresh rally odds remain slim.
- Focus on hunting SK Square vs. Hynix price ratio reversion, pairing it with Samsung Long/Hynix Short for a strong short-term trade setup to ride the trend.
CXW: Strong 2Q25 Reflects Rising Utilization, Expected to Continue, Operating Leverage
- CXW’s adjusted EPS of $0.36 beat our/consensus forecast significantly, primarily reflecting higher populations at its facilities (54k in 2Q25 vs 51.5k in 2Q24) and higher average per diem rates combined with operating leverage and cost efficiencies.
- We believe CXW’s modern facilities & long-term experience will continue to lead to new contracts & that with liquidity of ~$347m & strong cash flow, CXW is well-positioned to continue growth initiatives and maintain other capital allocation activities including share buybacks (3.9m shares in 1H25).
UHAL: U-Haul Reports 1Q FY2025 Financial Results. Revenues were again above expectations
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- Management continues to expand capacity in the self-storage segment and U-Box.
UHAL: U-Haul Reports 1Q FY2026 Financial Results. Revenues were again above expectations
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- Management continues to expand capacity in the self-storage segment and U-Box.
Yamabiko Corp (6250 JP): 1H FY12/25 flash update
- Revenue increased to JPY91.3bn (+5.7% YoY), driven by OPE segment growth, reaching 54.7% of full-year forecast.
- Operating profit rose 3.1% YoY to JPY11.7bn, while recurring profit fell 14.9% YoY due to foreign exchange losses.
- Net income attributable to owners decreased 25.3% YoY to JPY7.5bn, impacted by income tax adjustments and yen appreciation.
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