In today’s briefing:
- JCET (600584.CH): 2022 Outlook Should Be Better than Fear
- Misumi Group (9962 JP): Watch Out for Recession
JCET (600584.CH): 2022 Outlook Should Be Better than Fear
- JCET reported revenue/GM RMB$8,138mn/10.7% in 1Q22, which grew 21.2% YoY and 0.5% QoQ.
- We expect that its growth would continue and likely reach to revenue/GM for about RMB$8,234.5mn/10.8% in 2Q22.
- Although the mainland China insists in the Zero Policy against COVID-19, the GDP growth was targeting at ~5.5% in 2022.
Misumi Group (9962 JP): Watch Out for Recession
- The shares look cheap on FY Mar-23 guidance, but operating profit has dropped back after a surge and 1H looks difficult.
- On the positive side, the VONA e-commerce business is catching up with Factory Automation as a source of profit. Annual sales and profitability have reached new highs.
- Management has rebalanced the business. The main risk now is macro-economic.
Related tickers: JCET Group (600584.SS), Misumi Group (9962.T)
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