In today’s briefing:
- KOSDAQ150 Index Rebalance Preview: Announcement Around the Corner
- Belrise Industries IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID
- Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30
- CBAT: The transition to a new
- THE BOEING COMPANY – Equity Research Flash Note
- UHAL: U-Haul Holding Company to Report 4Q and full-year FY2025 results on May 28th after the close conference call on May 29th at 11 AM ET.
KOSDAQ150 Index Rebalance Preview: Announcement Around the Corner
- With the review period for the June rebalance complete, we highlight 11 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX).
- The estimated impact on the potential inclusions ranges from 0.2-7.5 days of ADV while the impact on the potential deletions varies from 0.2-5.8 days of ADV.
- The forecast adds have outperformed the forecast deletes over the last 6-7 months with a big move higher in the last month. Trim positions into strength.
Belrise Industries IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
- Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
ZTO Express Q125 Results: Adj EBITDA Barely Moved Despite +19% Y/Y Parcel Volume Growth | AVOID
- In Q125, ZTO’s rate of volume growth accelerated, but it still lagged overall market growth
- Despite a sharp (-18% Y/Y) decline in SG&A expenses, OpInc margin fell by -70 bps Y/Y
- Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further
Adani Ports: Anchored on Scale, Navigating Towards 1BT Ambition by FY30
- Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
- FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
- Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.
CBAT: The transition to a new
- CBAK Energy Technology released first-quarter results and indicated that the planned transition to the 40135 cells impacted production at the Dalian facility and will continue to impact results into the second half of 2025.
- Customer demand has led the company to explore shifting production to an unnamed Southeast Asian country.
- Roughly 1.5 GWh of capacity of equipment previously planned to be added to the Nanjing facility will instead be earmarked for a new factory in Southeast Asia.
THE BOEING COMPANY – Equity Research Flash Note
- Our estimations for FY 2025 annual revenue point towards $68,785 million and for 2026 at around $71,502 million.
- The company’s annual revenue reached $66,517 million in 2024 compared to $77,794 million in 2023, posting a decrease by 14.50%.
- BOEING’s gross loss for FY 2024 was $1,991 million, decreased by 126% com- pared to profit of $7,724 million for the corresponding period of 2023.
UHAL: U-Haul Holding Company to Report 4Q and full-year FY2025 results on May 28th after the close conference call on May 29th at 11 AM ET.
- 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.
- U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 and FY2022.
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