In today’s briefing:
- Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
- Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
- Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
- Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
- ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
- Zhejiang Sanhua Intelligent Controls (2050 HK) has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.
- I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
- The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.
Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
- Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
- Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.
UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
- 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 & FY2022.
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