INDUSTRIALS Archives | Page 154 of 295 | Smartkarma

There should be two changes for the NIFTY Index (NIFTY INDEX) in March. That could increase to three, but that would take some big price moves from now to January.
Impact on the potential changes is pretty large at over 6 days of ADV to trade from passive trackers. The impact is over 11 days of delivery volume.
Inclusion of Avenue Supermarts Ltd (DMART IN) in the F&O segment before January could lead to another change.

Cainiao IPO: Index Inclusion Timeline

By Shifara Samsudeen, ACMA, CGMA

Cainiao Smart Logistics (1437124D HK) has filed an application proof to list on the HKEX (388 HK) and could raise US$1bn at a valuation between US$15bn-20bn.
Cainiao Smart Logistics (1437124D HK) could get Fast Entry to the HSCI and be included in Southbound Stock Connect once the price stabilisation period is complete.
Inclusion in other indices will take longer with the highest probability of index inclusion in June. Earlier inclusion will depend on the IPO timing, size and allocation to strategic/cornerstone investors.

J&T Global Express IPO: PHIP Updates

Global logistics and express delivery service provider J&T Express’ HKEx IPO application has been approved and this insight focuses on new data points from the PHIP filings.
SEA segment’s GPM has further declined during 1H2023, however, gross losses of the other two segments have declined significantly resulting in GPM for the company.
Our analysis suggests that with falling SEA margins, J&T Global Express (1936374D CH) may not be able to generate operating profits in the medium-term.

J&T Global Express Pre-IPO, Part 5 | Analysis of H123 Performance | Updated EV Estimate US$9.1 Bn

By Daniel Hellberg

In this insight we focus on J&T’s improved H123 performance in China and SE Asia
How did the company achieve these gains? And do the improvements appear sustainable?
We conclude with an updated estimate of J&T’s Enterprise Value: US$9.1 Bn

FuelCell Energy Inc.: New Commercial Development Initiatives Explained! – Major Drivers

FuelCell Energy, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus regarding earnings.
The company reported total revenues of $25.5 million for the quarter.
The two latest module exchanges at the plant owned by Korea Southern Power Company and the module exchange at the plant at Trinity College were the main factors behind the increase in service agreement revenue for the third quarter of fiscal year 2023.

J&T Global Express Pre-IPO – PHIP Updates – Managed to Grow but Isn’t Sustainable Yet

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance in our earlier notes. In this note we will look at its PHIP updates.

Cintas Corporation: Collaboration With Honda & Other Major Developments

Cintas Corporation managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
The company’s bottom line reaps the rewards of its robust volume and revenue growth.
Besides, the Fire business generated $174.3 million in revenue, with a 14.2% organic revenue growth rate.

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Oct 03

Daily Brief Industrials: Taiwan Secom, JSW Infrastructure, China Communications Construction, MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade
JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
China Comm Const (1800 HK): Well Worth Revisiting
Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade

Using data from the close on 28 September, there could be 6 adds and 5 deletes to the Yuanta/P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 19.8% and a one-way trade of US$1.36bn.
There are 15 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.

JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre

By Clarence Chu

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.

China Comm Const (1800 HK): Well Worth Revisiting

By Osbert Tang, CFA

The fall in share price in the last five months have sent China Communications Construction (1800 HK) back to very attractive level. The market has misread the strong 2Q23 result.
2Q23 recurring net profit surged 68.5% as 2Q22 has an inflated base. Gross margin has recorded meaningful YoY recovery while capex, particularly for BOT, has scaled back significantly.
There should not be concerns about CCCC’s contract outlook. Its backlog is enough to cover 4.9x FY23F revenue and its PER of 2.7x has provided more than sufficient buffer.

Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips

By Water Tower Research

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.
MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.
Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.

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Oct 03

Daily Brief Industrials: Taiwan Secom, JSW Infrastructure, China Communications Construction, MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade
JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
China Comm Const (1800 HK): Well Worth Revisiting
Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips

Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade

Using data from the close on 28 September, there could be 6 adds and 5 deletes to the Yuanta/P-Shares Taiwan Dividend Plus ETF in December.
There will also be capping and funding flows that will lead to a one-way turnover of 19.8% and a one-way trade of US$1.36bn.
There are 15 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.

JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre

By Clarence Chu

JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.

China Comm Const (1800 HK): Well Worth Revisiting

By Osbert Tang, CFA

The fall in share price in the last five months have sent China Communications Construction (1800 HK) back to very attractive level. The market has misread the strong 2Q23 result.
2Q23 recurring net profit surged 68.5% as 2Q22 has an inflated base. Gross margin has recorded meaningful YoY recovery while capex, particularly for BOT, has scaled back significantly.
There should not be concerns about CCCC’s contract outlook. Its backlog is enough to cover 4.9x FY23F revenue and its PER of 2.7x has provided more than sufficient buffer.

Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips

By Water Tower Research

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.
MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.
Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.

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Oct 02

Daily Brief Industrials: Nws Holdings, Japan Airlines, Cainiao Smart Logistics, Seibu Giken , Novafives SAS and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem
APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise
Cainiao Pre-IPO: An on the Ground Introduction
Seibu Giken IPO Trading – Still Not Particularly Enticing
Novafives – ESG Report – Lucror Analytics

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Keiyo Co Ltd (8168 JP), 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), IMAX China Holding (1970 HK), JSR Corp (4185 JP).
Lowest spreads Yaizu Suisankagaku Industry (2812 JP), Healius (HLS AU), Pact Group Holdings (PGH AU), T&K Toka Co Ltd (4636 JP), Celltrion Healthcare (091990 KS), Seiko Pmc Corp (4963 JP).

APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

By Neil Glynn

We publish a detailed update on the APAC airline sector, featuring ANA, Cathay Pacific, JAL, Korean Air, Qantas and Singapore Airlines, addressing cargo yield normalisation, and unit cost inflation.
We see 24% upside to consensus EBITDAR for JAL in FY24 to March 2024, and 24% downside risk at Singapore Airlines based on our detailed analysis and quarterly earnings bridges.
We expect earnings at most carriers to decline in calendar 2024 versus 2023 as the combination of cargo yield normalisation, fuel price pressure, and further capacity restoration prompt margin declines.

Cainiao Pre-IPO: An on the Ground Introduction

By Ming Lu

We talk about what we see and hear here on the ground, that the company may not mention in its prospectus.
We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors since the company’s inception.
We also believe Cainiao has been trying to take competitors’ market share by taking their client lists.

Seibu Giken IPO Trading – Still Not Particularly Enticing

Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.

Novafives – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Novafives’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial”, but Disclosure is “Weak”.
Novafives is an industrial engineering group that designs and supplies plant equipment. It also provides services spanning a wide variety of industrial sectors, including automotive, logistics, steel, aluminium, energy, cement and aerospace.

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Oct 02

Daily Brief Industrials: Nws Holdings, Japan Airlines, Cainiao Smart Logistics, Seibu Giken , Novafives SAS and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem
APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise
Cainiao Pre-IPO: An on the Ground Introduction
Seibu Giken IPO Trading – Still Not Particularly Enticing
Novafives – ESG Report – Lucror Analytics

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Keiyo Co Ltd (8168 JP), 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), IMAX China Holding (1970 HK), JSR Corp (4185 JP).
Lowest spreads Yaizu Suisankagaku Industry (2812 JP), Healius (HLS AU), Pact Group Holdings (PGH AU), T&K Toka Co Ltd (4636 JP), Celltrion Healthcare (091990 KS), Seiko Pmc Corp (4963 JP).

APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

By Neil Glynn

We publish a detailed update on the APAC airline sector, featuring ANA, Cathay Pacific, JAL, Korean Air, Qantas and Singapore Airlines, addressing cargo yield normalisation, and unit cost inflation.
We see 24% upside to consensus EBITDAR for JAL in FY24 to March 2024, and 24% downside risk at Singapore Airlines based on our detailed analysis and quarterly earnings bridges.
We expect earnings at most carriers to decline in calendar 2024 versus 2023 as the combination of cargo yield normalisation, fuel price pressure, and further capacity restoration prompt margin declines.

Cainiao Pre-IPO: An on the Ground Introduction

By Ming Lu

We talk about what we see and hear here on the ground, that the company may not mention in its prospectus.
We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors since the company’s inception.
We also believe Cainiao has been trying to take competitors’ market share by taking their client lists.

Seibu Giken IPO Trading – Still Not Particularly Enticing

Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.
SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.

Novafives – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Novafives’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial”, but Disclosure is “Weak”.
Novafives is an industrial engineering group that designs and supplies plant equipment. It also provides services spanning a wide variety of industrial sectors, including automotive, logistics, steel, aluminium, energy, cement and aerospace.

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Oct 01

Daily Brief Industrials: Toshiba Corp, Toyo Construction, HEICO Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec

Tactically, it isn’t attractive owning Toshiba (6502 JP) at 1% spread. Expect it to trade wider. There is still a fair bit of stock to come down the pipe.
Because of significant business overlap, CK Infrastructure Holdings (1038 HK) looks very similar to Power Assets Holdings (6 HK). And CKI is coming up cheap on my monitor versus PAH.
There is less fundamental alpha to Rakuten Bank (5838 JP) than before and more “just keep it because it is going up“-ness to the trade.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Bain’s Offer for System Information (3677 JP) and DCM’s for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities (665 HK) appears imminent.
Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),

HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.

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Oct 01

Daily Brief Industrials: Toshiba Corp, Toyo Construction, HEICO Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec

Tactically, it isn’t attractive owning Toshiba (6502 JP) at 1% spread. Expect it to trade wider. There is still a fair bit of stock to come down the pipe.
Because of significant business overlap, CK Infrastructure Holdings (1038 HK) looks very similar to Power Assets Holdings (6 HK). And CKI is coming up cheap on my monitor versus PAH.
There is less fundamental alpha to Rakuten Bank (5838 JP) than before and more “just keep it because it is going up“-ness to the trade.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Bain’s Offer for System Information (3677 JP) and DCM’s for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities (665 HK) appears imminent.
Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),

HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Sep 30

Daily Brief Industrials: EURO STOXX 50 Price EUR, Ecoeye and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys
Ecoeye IPO Preview

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

By Joe Jasper

Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.
This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.
We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare

Ecoeye IPO Preview

By Douglas Kim

Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses.
The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won.
Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting.

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✓ Company Data and News
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Sep 30

Daily Brief Industrials: EURO STOXX 50 Price EUR, Ecoeye and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys
Ecoeye IPO Preview

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

By Joe Jasper

Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.
This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.
We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare

Ecoeye IPO Preview

By Douglas Kim

Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses.
The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won.
Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Sep 29

Daily Brief Industrials: Posco International Corporation, Cainiao Smart Logistics, Marco Polo Marine, Parker Hannifin and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies
Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists
What’s Trending: Oil plays in spotlight as crude prices rise
Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies

By Douglas Kim

We believe that Warren Buffett’s investments in Japanese trading companies have also positively impacted several Korean trading companies in the past three years.
We highlighted seven Korean trading companies three years ago including Posco International and their share prices are up more than 76% on average in this period.
Despite their outstanding share price performance in the past three years, there could be some significant headwinds ahead, as evidenced by the steep inverted yield curve.

Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists

Cainiao Smart Logistics, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.

What’s Trending: Oil plays in spotlight as crude prices rise

By Geoff Howie

What you need to know about the SG market #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.
Global oil demand growth expected to exceed supply growth in 2023 What are companies that have benefitted from higher oil prices?.

Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers