INDUSTRIALS Archives | Page 159 of 295 | Smartkarma

• AKR Corporindo (AKRA IJ) has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.
• The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.
• AKR Corporindo (AKRA IJ) remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants. 

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view SPIE’s ESG as “Adequate”, given its Environmental and Governance scores. The company’s Social pillar is “Strong”. Controversies are “Immaterial” and Disclosure is “Strong”.

• We turned bullish on Komatsu a year ago and the stock has since returned over 50%.
• Komatsu is trading at 10x EV/EBIT versus an historical average of 11x, with a target price of ¥5,100/share.
• Komatsu represents a cheaper way to play the theme of onshoring and long-term mining demand from electrification.

• In order to reduce fake subscriptions for IPOs in Korea, the financial regulators have changed the IPO subscription system to extend the number of subscription days from two to five.
• Plus, points based system is implemented so that investors will be given higher points for subscribing on the first day as opposed to the fifth day.
• Doosan Robotics will be a key company to look out for in terms of how this book building changes could impact its IPO as most upcoming IPOs are small caps. 

• Takamiya announced its 1Q results for FY24/3 on August 4, after the close of trading.
• Key figures on a consolidated basis were sales of ¥9,896 mn (+9.7% YoY), operating profit rose 125.5% YoY, to ¥409 mn, ordinary profit rose 41.0%YoY, to ¥615 mn, and quartery net profit rose 33.0%YoY, to ¥417 mn.
• An overview by business segment is as follows

• We turned bullish on Komatsu a year ago and the stock has since returned over 50%.
• Komatsu is trading at 10x EV/EBIT versus an historical average of 11x, with a target price of ¥5,100/share.
• Komatsu represents a cheaper way to play the theme of onshoring and long-term mining demand from electrification.

• In order to reduce fake subscriptions for IPOs in Korea, the financial regulators have changed the IPO subscription system to extend the number of subscription days from two to five.
• Plus, points based system is implemented so that investors will be given higher points for subscribing on the first day as opposed to the fifth day.
• Doosan Robotics will be a key company to look out for in terms of how this book building changes could impact its IPO as most upcoming IPOs are small caps. 

• Takamiya announced its 1Q results for FY24/3 on August 4, after the close of trading.
• Key figures on a consolidated basis were sales of ¥9,896 mn (+9.7% YoY), operating profit rose 125.5% YoY, to ¥409 mn, ordinary profit rose 41.0%YoY, to ¥615 mn, and quartery net profit rose 33.0%YoY, to ¥417 mn.
• An overview by business segment is as follows

• Uchi Technologies (UCHI MK) results significant highlight was an upgrade in USD revenue for FY23 from “flat”  in Q1 2023 to “high single-digit growth” in Q2 2023.
• Operating margins expanded owing to the depreciating ringgit YoY/QoQ by 350/480 bps to 61.6%. Unfortunately, the increasing effective tax rate (3.5% to 23.7%) resulted in a 13.7% YoY PAT decline. 
• With >60% ROCEs, 12x FY23e PE multiple, and a 7.2% dividend yield, this is a stock to keep on your watchlist.

• Deere & Company delivered a solid result and managed an all-around beat in the last quarter.
• Deere & Company demonstrated resilience amid healthy agricultural fundamentals, maintaining a whole order book and positive customer sentiment that drove a solid close to fiscal year 2023.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Uchi Technologies (UCHI MK) results significant highlight was an upgrade in USD revenue for FY23 from “flat”  in Q1 2023 to “high single-digit growth” in Q2 2023.
• Operating margins expanded owing to the depreciating ringgit YoY/QoQ by 350/480 bps to 61.6%. Unfortunately, the increasing effective tax rate (3.5% to 23.7%) resulted in a 13.7% YoY PAT decline. 
• With >60% ROCEs, 12x FY23e PE multiple, and a 7.2% dividend yield, this is a stock to keep on your watchlist.

• Deere & Company delivered a solid result and managed an all-around beat in the last quarter.
• Deere & Company demonstrated resilience amid healthy agricultural fundamentals, maintaining a whole order book and positive customer sentiment that drove a solid close to fiscal year 2023.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• There are 4 changes to the Yuanta/​P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September.
• The impact on the inclusions is larger in terms of flow but smaller in terms of days to ADV to buy. Shorts are higher on the deletions.
• There appears to be big positioning on a lot of the stocks. But the ETF adds could move higher in the short-term on short covering.

• The September 2023 index changes for the TDIV, T50, and T100 Indices were confirmed after the close on Friday 1st September 2023.
• In this insight, we take a look at our final flow expectations for these index changes and the capping flow expectations for the TDIV index.
• There could US$420mn one-way flows across these three indices during this rebalance event.

• There are 4 changes to the Yuanta/​P-Shares Taiwan Top 50 ETF and 1 deletion for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in September.
• The impact on the inclusions is larger in terms of flow but smaller in terms of days to ADV to buy. Shorts are higher on the deletions.
• There appears to be big positioning on a lot of the stocks. But the ETF adds could move higher in the short-term on short covering.

• The September 2023 index changes for the TDIV, T50, and T100 Indices were confirmed after the close on Friday 1st September 2023.
• In this insight, we take a look at our final flow expectations for these index changes and the capping flow expectations for the TDIV index.
• There could US$420mn one-way flows across these three indices during this rebalance event.

• Review of Q2/H1 results, including impact from international, Kerry Logistics Network
• Refining idea of “internationalization”, which we believe is driving force behind SF’s HK IPO
• Testing thesis: did air and international exposure help or hurt SF margins in H1?

• Review of Q2/H1 results, including impact from international, Kerry Logistics Network
• Refining idea of “internationalization”, which we believe is driving force behind SF’s HK IPO
• Testing thesis: did air and international exposure help or hurt SF margins in H1?

• Ventia Services Group Pty (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$214m via selling 14% of the company.
• The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
• In this note, we will talk about the deal dynamics.