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INDUSTRIALS Archives | Page 157 of 295 | Smartkarma

Sep 19
0

Daily Brief Industrials: Seibu Giken , Cummins Inc, iPower , Quanta Services, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Seibu Giken IPO – Quick Note – Not Particularly Enticing
  • Cummins Inc.: High Demand
  • IPower, Inc. -Reports 4Q23 Results
  • Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers
  • Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially

Seibu Giken IPO – Quick Note – Not Particularly Enticing

By Sumeet Singh

  • Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
  • 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 note, we looked at the company’s past performance. In this note, we talk about valuations.

Cummins Inc.: High Demand

By Baptista Research

  • Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.
  • Cummins’ organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.
  • Due to the inclusion of Meritor, high demand, and better pricing, the quarter’s revenue increased.

IPower, Inc. -Reports 4Q23 Results

By Water Tower Research

  • iPower reported 4Q23 and FY23 revenue of $23.4 million and $88.9 million, respectively, up 6% and 12% versus last year’s results.

  • The company reported a loss per share of $0.10 for the quarter, and a loss per share of $0.40 for the year, reflecting the unusual transportation and warehousing expenses experienced as a result of last year’s supply chain disruption.

  • Inventories declined from $30.4 million at the end of FY22 to $20.6 million, with management targeting a further reduction to about $15 million. 

Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers

By Baptista Research

  • Quanta Services, Inc. surpassed the revenue and earnings expectations of Wall Street.
  • They resulted in significant quarterly revenues exceeding $5 billion for the first time in company history and a backlog of $27.2 billion.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially

By Water Tower Research

  • Steelcase reports 2QFY24 after market close on Tuesday, September 19, with its earnings conference call on Wednesday, September 20 at 8:30 am ET.

  • We expect 2Q24 EPS of $0.20 (also consensus) on revenue of $827.8 million (consensus of $829 million). Our EPS estimate is a penny lower than last year on lower revenue.

  • Following 1Q24 results, we shaved our 2Q24 revenue estimates by ~$20 million, but with evidence of better execution on gross margin, our earnings estimate ticked down by only $0.01.

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Sep 18
0

Daily Brief Industrials: AviChina Industry & Technology H, T.S. Lines and more

By | Daily Briefs, Industrials

In today’s briefing:

  • AviChina Industry (2357 HK): This Is Just the Beginning
  • TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

AviChina Industry (2357 HK): This Is Just the Beginning

By Osbert Tang, CFA

  • AviChina Industry & Technology H (2357 HK) is expected to see sustained profit upturn in 2H23 following a 26.8% growth in 1H23. Continued geopolitical turmoil will still benefit it.  
  • All its listed A-share subsidiaries recorded a pick-up in earnings momentum in 2Q23, and this indicates solid underlying demand as well as the impact of product developments.
  • Avicopter PLC (600038 CH) has seen volume and price recovery after product portfolio refinement while new products have stimulated the ancillary system and related business.

TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

By Daniel Hellberg

  • So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity
  • In the company’s core market, Intra-Asia, it appears rates have bottomed out here in Q323
  • We also review Q2 financial results from TS Lines’ main comp, Wan Hai Lines (WHL)

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Sep 18
0

Daily Brief Industrials: AviChina Industry & Technology H, T.S. Lines and more

By | Daily Briefs, Industrials

In today’s briefing:

  • AviChina Industry (2357 HK): This Is Just the Beginning
  • TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

AviChina Industry (2357 HK): This Is Just the Beginning

By Osbert Tang, CFA

  • AviChina Industry & Technology H (2357 HK) is expected to see sustained profit upturn in 2H23 following a 26.8% growth in 1H23. Continued geopolitical turmoil will still benefit it.  
  • All its listed A-share subsidiaries recorded a pick-up in earnings momentum in 2Q23, and this indicates solid underlying demand as well as the impact of product developments.
  • Avicopter PLC (600038 CH) has seen volume and price recovery after product portfolio refinement while new products have stimulated the ancillary system and related business.

TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

By Daniel Hellberg

  • So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity
  • In the company’s core market, Intra-Asia, it appears rates have bottomed out here in Q323
  • We also review Q2 financial results from TS Lines’ main comp, Wan Hai Lines (WHL)

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Sep 17
0

Daily Brief Industrials: S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies

CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies

By Daniel Hellberg

  • CaiNiao and JD Logistics have grown far faster than their parents’ platforms in recent years, and also far faster than “plain vanilla” Chinese express companies
  • CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China’s domestic e-commerce activity
  • In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF’s “plain vanilla” peers in express

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Sep 17
0

Daily Brief Industrials: S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies

CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies

By Daniel Hellberg

  • CaiNiao and JD Logistics have grown far faster than their parents’ platforms in recent years, and also far faster than “plain vanilla” Chinese express companies
  • CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China’s domestic e-commerce activity
  • In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF’s “plain vanilla” peers in express

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Sep 16
0

Daily Brief Industrials: Doosan Robotics, Visional , Generac Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Doosan Robotics IPO: Exuberance Results in Valuation Disconnect
  • Visional: Steady Performance
  • Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? – Major Drivers

Doosan Robotics IPO: Exuberance Results in Valuation Disconnect

By Arun George

Visional: Steady Performance

By Shifara Samsudeen, ACMA, CGMA

  • Visional (4194 JP)‘s 4QFY07/23 revenue missed consensus by 0.2% despite revenues increasing 22.1% YoY to 14.73bn. Operating profit beat consensus by a huge margin of 21%.
  • Though revenue growth has slowed down, BizReach has maintained its steady performance while HRMOS continues to see strong growth with significant reduction in operating losses.
  • The company’s share price moved up by more than 5% following its earnings announcement and Visional remains our top pick in the Japanese HR space.

Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? – Major Drivers

By Baptista Research

  • Generac Holdings delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.
  • The company faced challenges as residential product sales declined significantly by 44%, primarily due to a softer consumer spending environment impacting home standby generators and chore products.
  • In contrast, the company’s Global C&I product segment achieved an all-time quarterly sales high with approximately 24% growth, driven by broad-based expansion across regions and channels.

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Sep 16
0

Daily Brief Industrials: Doosan Robotics, Visional , Generac Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Doosan Robotics IPO: Exuberance Results in Valuation Disconnect
  • Visional: Steady Performance
  • Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? – Major Drivers

Doosan Robotics IPO: Exuberance Results in Valuation Disconnect

By Arun George

Visional: Steady Performance

By Shifara Samsudeen, ACMA, CGMA

  • Visional (4194 JP)‘s 4QFY07/23 revenue missed consensus by 0.2% despite revenues increasing 22.1% YoY to 14.73bn. Operating profit beat consensus by a huge margin of 21%.
  • Though revenue growth has slowed down, BizReach has maintained its steady performance while HRMOS continues to see strong growth with significant reduction in operating losses.
  • The company’s share price moved up by more than 5% following its earnings announcement and Visional remains our top pick in the Japanese HR space.

Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? – Major Drivers

By Baptista Research

  • Generac Holdings delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.
  • The company faced challenges as residential product sales declined significantly by 44%, primarily due to a softer consumer spending environment impacting home standby generators and chore products.
  • In contrast, the company’s Global C&I product segment achieved an all-time quarterly sales high with approximately 24% growth, driven by broad-based expansion across regions and channels.

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Sep 15
0

Daily Brief Industrials: Applus Services SA, INOX India Limited, iMotion Automotive Technology and more

By | Daily Briefs, Industrials

In today’s briefing:

  • I Squared & TDR/Applus: Competing Offer at €9.75
  • INOX India Pre-IPO Tearsheet
  • IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now

I Squared & TDR/Applus: Competing Offer at €9.75

By Jesus Rodriguez Aguilar

  • On 14 September, a “competing” acquisition offer for Applus has been made by Amber Equity, a vehicle of I Squared and TDR Capital, at €9.75/share, in cash, cum dividend.
  • The offer represents 10.7x EV/Fwd NTM EBIT and a 2.6% increase over Apollo’s offer, which seems to signal Amber will not raise its offer by much more.
  • I believe there will be an increased offer from Apollo, probably at least around €10/share (c. 2.6% increase). I’d be long Applus.

INOX India Pre-IPO Tearsheet

By Clarence Chu

  • INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI Securities.
  • INOX India (INOX) is a manufacturer of cryogenic equipment, with over 30 years of experience in designing, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.
  • As per CRISIL, the firm was the largest exporter of cryogenic tanks from India in terms of FY22 sales.

IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now

By Ethan Aw

  • IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
  • The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
  • We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.

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Sep 15
0

Daily Brief Industrials: Applus Services SA, INOX India Limited, iMotion Automotive Technology and more

By | Daily Briefs, Industrials

In today’s briefing:

  • I Squared & TDR/Applus: Competing Offer at €9.75
  • INOX India Pre-IPO Tearsheet
  • IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now

I Squared & TDR/Applus: Competing Offer at €9.75

By Jesus Rodriguez Aguilar

  • On 14 September, a “competing” acquisition offer for Applus has been made by Amber Equity, a vehicle of I Squared and TDR Capital, at €9.75/share, in cash, cum dividend.
  • The offer represents 10.7x EV/Fwd NTM EBIT and a 2.6% increase over Apollo’s offer, which seems to signal Amber will not raise its offer by much more.
  • I believe there will be an increased offer from Apollo, probably at least around €10/share (c. 2.6% increase). I’d be long Applus.

INOX India Pre-IPO Tearsheet

By Clarence Chu

  • INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI Securities.
  • INOX India (INOX) is a manufacturer of cryogenic equipment, with over 30 years of experience in designing, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.
  • As per CRISIL, the firm was the largest exporter of cryogenic tanks from India in terms of FY22 sales.

IMotion Automotive Technology Pre-IPO – PHIP Updates – Concentration Risk Even More Apparent Now

By Ethan Aw

  • IMotion Automotive Technology (1812706D CH) is looking to raise about US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$300m.
  • The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
  • We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.

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Sep 14
0

Daily Brief Industrials: Takisawa Machine Tool, Contec, Seibu Giken , Greenland Technologies Holdi and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nidec (6594) Turns Vinegar to Wine as Takisawa Machine Tool (6121) Agrees To Takeover
  • Contec IPO Preview
  • Seibu Giken Pre-IPO – Rapid Growth Followed by Rapid Deceleration
  • Update Note – Greenland Technologies Holding Corp.

Nidec (6594) Turns Vinegar to Wine as Takisawa Machine Tool (6121) Agrees To Takeover

By Travis Lundy

  • Nidec Corp (6594 JP) has had ambitions in machine tool space. They wanted to buy Takisawa Machine Tool (6121 JP) but Takisawa wouldn’t give them the time of day.
  • So Nidec announced hostile intentions and a 60-day period to negotiate. That’s done, and today they announced a now-friendly deal. 
  • This looks like an easy done deal. There is one major risk factor remaining, then another consideration when thinking about path. 

Contec IPO Preview

By Douglas Kim

  • Contec is getting ready to complete an IPO on the KOSDAQ exchange in October 2023. The IPO price range is from 20,300 won to 22,500 won. 
  • According to the bankers’ valuation, the expected IPO market cap is from 292 billion won to 324 billion won.
  • Contec was spun off from Korea Aerospace Research Institute and offers Space Ground Station Services and Satellite Image Processing & Application Services.

Seibu Giken Pre-IPO – Rapid Growth Followed by Rapid Deceleration

By Sumeet Singh

  • Seibu Giken (6223 JP) (SG) is looking to raise around US$120m in its Japan IPO via selling a mix of primary and secondary shares.
  • 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 this note, we look at the company’s past performance.

Update Note – Greenland Technologies Holding Corp.

By Water Tower Research

  • Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.

  • This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.

  • The first major sales win for HEVI, and one that we expect will accelerate product adoption. 

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