In today’s briefing:
- Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
- JSW Infrastructure Ltd IPO- Forensic Analysis
- YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
- KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage
- Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers
- MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report
Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
- I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
- The estimate for one-way capping flow in December 2023 is US$1.2bn.
JSW Infrastructure Ltd IPO- Forensic Analysis
- JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
- The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
- While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.
YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
- Last night Reuters teased a headline saying the Nintendo Family Office called YFO (and related entities) would raise its proposed takeover price for Toyo Construction to ¥1255/share.
- Recently, the company had agreed to start an investigation and YFO had dropped its demands for an EGM. In Q1, the company reporetd Revenues +18.6%yoy, reasonably in-line with original guidance.
- This new price comes at a 1% premium to previous close, and is meant to start discussions. The Board has indicated it will start deliberations tomorrow.
KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage
- Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.
- The company’s robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.
- The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage.
Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers
- Lyft, Inc. delivered significant results in the quarter.
- Revenue increased by 3% year over year to $1.021 billion.
- In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.
MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report
MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00 pm ET.
Our estimates are non-GAAP (adjusted) EPS of $0.20 on revenue of $889 million. Consensus is EPS of $0.21 on revenue of $896 million.
Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18- 0.24.
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