In today’s briefing:
- Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report
- R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand
- United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers
- ZTO Express (2057 HK/ZTO US): Rock Solid Competitive Position
Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report
- Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).
- Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.
- Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.
R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand
- R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
- R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.
United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers
- United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.
- Consolidated revenue for the quarter was $22.1 billion, a 10.9% decrease from the prior year.
- All three segments showed flexibility in the quarter, reducing total expenses by $2.1 billion compared to the same period last year.
ZTO Express (2057 HK/ZTO US): Rock Solid Competitive Position
- ZTO Express Cayman (2057 HK)‘s impressive 1H23 and 2Q23 results are only reflections of its competitive strengths. We believe the company is poised to generate even better profitability.
- Its market share expansion, excellent cost management, positive volume growth, new business initiatives and solid net cash position are all strengths that drive long-term outlook.
- While trading on premium vs. peers, ZTO’s PER valuations are well justified by its leadership position, healthy financial position, and high EPS CAGR for FY23-FY25F.
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