In today’s briefing:
- Mitsubishi Heavy (7011 JP) | Just Getting (Re)Started
- WICE: Earnings Still Continue to Expand in 2022 with Potential Upside
- Polen U.S. Small Company Growth Q1 2022 Portfolio Manager Commentary
Mitsubishi Heavy (7011 JP) | Just Getting (Re)Started
- MHI reported a strong 7% growth in the order backlog to ¥5,500 billion
- MHI is a beneficiary of the global energy crisis, geared into gas turbine and nuclear supply chains
- The stock is trading below book value (10 year average 1x) at a time when the core energy order book is as strong as ever
WICE: Earnings Still Continue to Expand in 2022 with Potential Upside
- Expect impact from an expected drop in sea freight rate (50% of WICE revenue link to this freight price) is likely to be offset by an increase in cross border
- We have factored in impact from China border restriction and a gradual drop in sea-air freight,which we anticipated to normalize to pre-COVID-19 gradually.Our revenue forecast at Bt8.2bn is on conservative
- WICE report 1Q22 net profit at Bt158m (+93%YoY and -13%QoQ). QoQ contraction from all-time high level in 4Q21 was due to a drop in air freight and cross border revenue
Polen U.S. Small Company Growth Q1 2022 Portfolio Manager Commentary
- Polen Capital is a high-conviction growth investment manager.
- Over the first quarter, Polen U.S.
- Small Company Growth Composite Portfolio returned -21.98% gross and -22.18% net of fees, respectively, underperforming the -12.63% return of the Russell 2000 Growth Index.
Before it’s here, it’s on Smartkarma
