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Smartkarma Daily Briefs

Mar 23
0

Daily Brief Thematic (Sector/Industry): Charted Insights: India’s Inflation Trajectory – What Lies Ahead in FY26? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Charted Insights: India’s Inflation Trajectory – What Lies Ahead in FY26?
  • APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Charted Insights: India’s Inflation Trajectory – What Lies Ahead in FY26?

By Nimish Maheshwari

  • Inflation is poised to trend lower in FY26 due to improving food supply conditions, a benign global commodity environment, and supportive monsoon expectations, risks from climate and geopolitical uncertainties.
  • Looking ahead, the continued moderation in inflation, combined with the government’s commitment to fiscal consolidation, creates a favourable backdrop for further monetary easing.
  • A watchful policy stance and responsive fiscal-monetary coordination will be critical to sustaining the disinflation path.

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

By Tina Banerjee

  • Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
  • AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
  • Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.

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Mar 23
0

Daily Brief ECM: DN Solutions IPO: The Bull Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • DN Solutions IPO: The Bull Case

DN Solutions IPO: The Bull Case

By Arun George

  • DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   
  • DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
  • The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.

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Mar 23
0

Daily Brief Event-Driven: LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4 and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000
  • HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying
  • Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]
  • (Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric
  • Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

By Travis Lundy

  • On Friday 21 March, LY (4689 JP) made an announcement it had received all the required approvals and would launch the Tender Offer on 24 March. 
  • Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.
  • This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying

By Travis Lundy

  • Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
  • The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
  • Included is a summary of important China Stocks-relevant news as I saw it this week.

Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]

By Douglas Kim

  • Murphy’s law is at progress for Kum Yang (001570 KS).
  • On 21 March, Kum Yang’s external auditor gave a disclaimer of opinion on the on its audit report.
  • Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.

(Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric

By David Blennerhassett

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

By David Blennerhassett

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Mar 23
0

Daily Brief Equity Bottom-Up: [Tencent (700 HK and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • [Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares
  • MHI (7011 JP): U.S. Presses Japan to Spend More on Defense
  • Samsung Electronics(005930): Shareholders’ Meeting Results
  • Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong
  • Hong Kong Earnings in the Week Commencing March 24
  • Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!
  • LICHF: Benign Credit Cost Led to Strong Q3FY25
  • Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!
  • Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!
  • Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

[Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares

By Ying Pan

  • Tencent reported C4Q24 revenue, IFRS op. profit, and IFRS net income in-line, (5.3%), 6.0% vs. our est. and 2.1%, (12.6%), 5.3% vs. cons. 
  • We shifted our game TOP PICK from Tencent to NetEase on January 16 2025, due to pipeline gaps. 
  • We reiterate our BUY rating and raise TP to HK$545 on Tencent. We expect game pipeline to fill the gap with the launch of two blockbusters in C3Q25.

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

By Scott Foster

  • Japan’s top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.
  • A reasonably optimistic scenario brings MHI’s P/E ratio down to 22X in FY Mar-28, by which time Japan’s defense spending is scheduled reach 2% of GDP.
  • The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. 

Samsung Electronics(005930): Shareholders’ Meeting Results

By SUSTINVEST

  • All proposals at Samsung Electronics’ March 19 shareholders’ meeting were approved, despite opposition recommendations from Sustinvest, a Korean proxy advisory firm.
  • Sustinvest had recommended voting against outside director candidate Kim Jun-sung (Agenda 2-1-1) and inside director candidate Jeon Young-hyun (Agenda 2-2-1).
  • The approval of all agenda items indicates strong shareholder support for Samsung’s current management direction despite some governance concerns raised by proxy advisors.

Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong

By Tina Banerjee

  • Top Glove Corp (TOPG MK) achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M.
  • Management remains bullish on the U.S. market with North America region (23% of revenue) witnessing 13% QoQ sales growth in 2QFY25.
  • ASP were up 3–4% across product categories. Top Glove expects the ASP to further strengthen.

Hong Kong Earnings in the Week Commencing March 24

By Gaudenz Schneider

  • The Hong Kong earnings season enters its final week with at least 17 Hang Seng Index companies reporting their 2024 results and announcing dividends.
  • The proportion of companies reporting in the coming week and the week after is significant at an index level, with notable weightings in the HSI, HSCEI, and HS TECH indices.
  • Opportunities to profit from price movement around earnings are manifold and include event-focused trading, statistical arbitrage, hedging, and capitalizing on changes in dividends and implied volatility.

Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!

By Baptista Research

  • Robert Half International’s fourth-quarter 2024 earnings results reveal a mixed performance, reflecting both challenges and opportunities.
  • The company reported global enterprise revenues of $1.382 billion, marking a decline of 6% from the previous year on a reported basis.
  • The net income per share for the quarter was $0.53, significantly down from $0.83 a year ago.

LICHF: Benign Credit Cost Led to Strong Q3FY25

By Ankit Agrawal, CFA

  • LICHF reported PAT growth of 23% YoY in Q3FY25 led by benign credit cost. Credit cost was negative (-44cr) in Q3FY25 vs INR 435cr (0.2%+ of AUM) in Q3FY24.
  • Stage 1 assets improved to 93.25% of AUM vs 93.09% QoQ. NIM continues to be stable at around 2.7%, similar to last quarter, making the earnings predictable now. 
  • Led by low credit cost, LICHF is on track to achieve FY25 PAT as per our estimate of INR 5400cr+. This implies LICHF is currently trading at below 6x P/E.

Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!

By Baptista Research

  • Mohawk Industries’ fourth-quarter results showed a mixed performance amid ongoing industry challenges.
  • The company reported net sales of approximately $2.6 billion, consistent with the previous year, although this included the benefit from two additional shipping days.
  • Positively impacting the results were sales initiatives, restructuring efforts, and productivity improvements.

Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!

By Baptista Research

  • Illinois Tool Works Inc. (ITW) completed 2024 on a strong financial footing, achieving record results in several key performance areas.
  • For the fourth quarter, the company reported a modest decline in total revenues by 1.3%, but a robust operating margin increase to 26.2%, an improvement of 140 basis points, driven primarily by enterprise initiatives.
  • The company’s ability to expand operating income by 4% in spite of lower revenue demonstrates effective cost management and strategic execution.

Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

By Baptista Research

  • The financial results for Boston Scientific’s fourth quarter and full-year 2024 highlight both strengths and challenges faced by the company.
  • Achieving robust growth in several segments, the company reported operational sales growth of 23% for the quarter and 18.5% for the year, with organic growth hitting 20% and 16% respectively.
  • These figures surpass their upper guidance limits, indicating strong market performance, driven primarily by the early U.S. adoption of the FARAPULSE system and other key products.

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Mar 23
0

Daily Brief Macro: Overview#20 – Welcome to Bizzaro World! and more

By | Daily Briefs, Macro

In today’s briefing:

  • Overview#20 – Welcome to Bizzaro World!

Overview#20 – Welcome to Bizzaro World!

By Rikki Malik

  • A review of recent events/data impacting our investment themes or outlook
  • The investment world has turned upside down where established norms have gone into reverse.
  • The new investing environment needs to be paid attention to.

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Mar 23
0

Most Read: Korea Stock Exchange KOSPI 200, SAIC Motor, Maynilad Water Services, DN Solutions, Nikkei 225, Hankyu Hanshin REIT, Inc., Binex Co Ltd, Korea Stock Exchange Kospi Index, Beenos Inc, China Mobile and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Korea: Short Selling Is Back in March; Trade Ideas
  • SSE50 Index Rebalance Preview: Three Changes; Some Misses
  • Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO
  • DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule
  • Nikkei 225 Outlook After the Mar25 Rebalance
  • Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come
  • KOSDAQ150 Index Adhoc Rebalance: Binex (053030 KS) To Replace HLB Life Science (067630 KS)
  • Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.
  • LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000
  • HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying

Korea: Short Selling Is Back in March; Trade Ideas

By Brian Freitas

  • Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
  • Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
  • There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.

SSE50 Index Rebalance Preview: Three Changes; Some Misses

By Brian Freitas

  • With nearly 90% of the review period complete, 2 non-constituents are in inclusion zone and 3 constituents are in deletion zone.
  • We estimate one-way turnover of 4.7% at the June rebalance leading to a round-trip trade of CNY 16.4bn (US$2.27bn). Index arb balances will increase the impact on the stocks.
  • The forecast adds have outperformed the forecast deletes over the last 6 months but there has been a retracement in returns over the last month.

Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO

By Brian Freitas

  • Maynilad Water Services (MYNLD PH) is looking to raise up to US$860m by selling shares at ₱20/share, valuing the company at US$2.82bn.
  • The market cap and free float will depend on the number of shares sold in the IPO and whether the shares in the upsize option are primary or secondary shares.
  • Global index inclusions should take place in November and December, while Philippines Stock Exchange PSEi Index (PCOMP INDEX) inclusion could take place in August 2026.

DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule

By Brian Freitas

  • DN Solutions (298440 KS) is looking to raise up to KRW 1,573bn (US$1.08bn), valuing the company at KRW 5.66 trillion (US$3.9bn) at the top end of the IPO price range.
  • The highest probability of DN Solutions being added to the KOSPI200 Index is at the June 2026 rebalance. The stock needs to move 60% higher to be added in December 2025.
  • Inclusion in global indices could commence in August/November and will depend on institutional investor lock-up schedules. Flows are small unless the stock moves higher and is included in bigger indices.

Nikkei 225 Outlook After the Mar25 Rebalance

By Nico Rosti

  • The Nikkei 225 (NKY INDEX) has been in a paralyzed trend since August 2024. Then at the end of February 2025 it started to correct.
  • As explained by Travis Lundy and Brian Freitas the index rebalance on March 5th, 2025 was a bit unexpected and minimal in terms of changes.
  • The index bottomed 1 week after the March 2025 Nikkei 225 Average Review, and then started a rally, quite modest for now which could be signaling short-term tactical weakness.

Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come

By Travis Lundy

  • 3D Investment Partners launched a Partial Tender Offer to buy a 10+% stake in Hankyu Hanshin REIT, Inc. (8977 JP). The REIT finally responded with a “Neutral” stance. 
  • But they also upgraded earnings forecasts, bought a building, and announced the Sponsor would buy units in the market over the next year. It’s big. 
  • And that creates flows, which then engender other reactive flows, and cascading flows, and because the sector isn’t rich, there may be a tailwind.

KOSDAQ150 Index Adhoc Rebalance: Binex (053030 KS) To Replace HLB Life Science (067630 KS)

By Brian Freitas

  • HLB Life Science (067630 KS) was added to the Investment Attention Issue list on 21 March and traded limit down. Then came the announcement of the KOSDAQ 150 Index deletion.
  • As the highest ranked non-constituent from the Healthcare sector at the December rebalance, Binex (053030 KS) will be added to the KOSDAQ 150 Index at the close on 25 March.
  • Historically, intra-review inclusions have moved higher between announcement and implementation and there has been reversion post the index inclusion.

Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.

By Sanghyun Park

  • Today’s update clarifies which brokers are fully linked to NSDS, giving them an edge in short-selling speed and flexibility, while others face more execution constraints.
  • This leads to a clear execution risk gap, requiring traders to factor in trade efficiency differences based on their broker.
  • With lower short-selling restriction triggers, liquidity and short-covering dynamics will shift, requiring traders to reassess market impact and adjust strategies accordingly.

LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

By Travis Lundy

  • On Friday 21 March, LY (4689 JP) made an announcement it had received all the required approvals and would launch the Tender Offer on 24 March. 
  • Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.
  • This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying

By Travis Lundy

  • Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
  • The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
  • Included is a summary of important China Stocks-relevant news as I saw it this week.

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Mar 23
0

Daily Brief TMT/Internet: Tencent, China Mobile, Xiaomi Corp, Samsung Electronics, Shinko Electric Industries, Monolithic Power Systems, Inc, Littelfuse Inc, Gartner Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares
  • HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying
  • Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success
  • Samsung Electronics(005930): Shareholders’ Meeting Results
  • (Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric
  • Monolithic Power: 5 High-Voltage Growth Catalysts You Need to Know Now!
  • Littelfuse: Inside the Semiconductor Shift Driving Its Next Chapter!
  • Gartner Inc: Why We Are Confident Of Its Ongoing Growth In Subscription Revenue!

[Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares

By Ying Pan

  • Tencent reported C4Q24 revenue, IFRS op. profit, and IFRS net income in-line, (5.3%), 6.0% vs. our est. and 2.1%, (12.6%), 5.3% vs. cons. 
  • We shifted our game TOP PICK from Tencent to NetEase on January 16 2025, due to pipeline gaps. 
  • We reiterate our BUY rating and raise TP to HK$545 on Tencent. We expect game pipeline to fill the gap with the launch of two blockbusters in C3Q25.

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying

By Travis Lundy

  • Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
  • The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
  • Included is a summary of important China Stocks-relevant news as I saw it this week.

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

By Gaudenz Schneider

  • Xiaomi Corp (1810 HK) significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.
  • Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.
  • Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.

Samsung Electronics(005930): Shareholders’ Meeting Results

By SUSTINVEST

  • All proposals at Samsung Electronics’ March 19 shareholders’ meeting were approved, despite opposition recommendations from Sustinvest, a Korean proxy advisory firm.
  • Sustinvest had recommended voting against outside director candidate Kim Jun-sung (Agenda 2-1-1) and inside director candidate Jeon Young-hyun (Agenda 2-2-1).
  • The approval of all agenda items indicates strong shareholder support for Samsung’s current management direction despite some governance concerns raised by proxy advisors.

(Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric

By David Blennerhassett

Monolithic Power: 5 High-Voltage Growth Catalysts You Need to Know Now!

By Baptista Research

  • Monolithic Power Systems (MPS) delivered a strong performance in its fourth quarter of 2024, marking its 13th consecutive year of growth.
  • The company’s revenue for the entire year was $2.2 billion, reflecting a 21% increase from the previous year.
  • Notably, the fourth quarter achieved a record revenue of $621.7 million, representing a 37% improvement over the same period in 2023.

Littelfuse: Inside the Semiconductor Shift Driving Its Next Chapter!

By Baptista Research

  • Littelfuse reported mixed results for the fourth quarter of 2024, aligning with their guided range amidst challenging market conditions.
  • The company saw sales and earnings that reflect stable operational execution.
  • For the full year, Littelfuse navigated a difficult environment, demonstrated by a modest decline in revenues to $2.2 billion, down 7% from the prior year.

Gartner Inc: Why We Are Confident Of Its Ongoing Growth In Subscription Revenue!

By Baptista Research

  • WillScot Holdings Corp reported its fourth-quarter and full-year 2024 financial and operational results, highlighting both achievements and challenges faced during the year.
  • The company, recognized as the largest provider of modular space and portable storage solutions in North America, undertook strategic initiatives aimed at strengthening its market position and driving long-term growth.
  • In 2024, WillScot successfully integrated key components of its operations, notably the merger of its Mobile Mini and WillScot field sales and operations teams.

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Mar 23
0

Daily Brief Energy/Materials: Kum Yang , Sherwin Williams Co and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]
  • Sherwin-Williams: The Lowe’s Partnership and the DIY Boom—What’s Next?

Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]

By Douglas Kim

  • Murphy’s law is at progress for Kum Yang (001570 KS).
  • On 21 March, Kum Yang’s external auditor gave a disclaimer of opinion on the on its audit report.
  • Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.

Sherwin-Williams: The Lowe’s Partnership and the DIY Boom—What’s Next?

By Baptista Research

  • The Sherwin-Williams Company recently concluded its earnings call for the fourth quarter and full year of 2024, reporting both positive and negative aspects that investors might consider when evaluating the company’s performance and future potential.
  • On the positive side, Sherwin-Williams experienced growth in several key metrics despite facing a challenging demand environment.
  • For the full year, consolidated sales saw a slight increase, partly due to strategic investments aimed at gaining market share amidst softness in core accounts.

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Mar 23
0

Daily Brief Industrials: Mitsubishi Heavy Industries, DN Solutions, Robert Half Intl, Ametek Inc, Landstar System, Illinois Tool Works, Evergreen Marine Corp, Hunt (Jb) Transprt Svcs and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MHI (7011 JP): U.S. Presses Japan to Spend More on Defense
  • DN Solutions IPO: The Bull Case
  • Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!
  • AMETEK Inc: A Tale Of Global Expansion & End-Market Diversification!
  • Landstar System: What Its Hybrid Model Means for the Future of Logistics!
  • Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!
  • Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)
  • J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

By Scott Foster

  • Japan’s top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.
  • A reasonably optimistic scenario brings MHI’s P/E ratio down to 22X in FY Mar-28, by which time Japan’s defense spending is scheduled reach 2% of GDP.
  • The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. 

DN Solutions IPO: The Bull Case

By Arun George

  • DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   
  • DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
  • The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.

Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!

By Baptista Research

  • Robert Half International’s fourth-quarter 2024 earnings results reveal a mixed performance, reflecting both challenges and opportunities.
  • The company reported global enterprise revenues of $1.382 billion, marking a decline of 6% from the previous year on a reported basis.
  • The net income per share for the quarter was $0.53, significantly down from $0.83 a year ago.

AMETEK Inc: A Tale Of Global Expansion & End-Market Diversification!

By Baptista Research

  • In the latest earnings, AMETEK reported mixed results for the fourth quarter of 2024, reflecting both strengths and areas of concern that investors might weigh in evaluating the company’s future prospects.
  • The company demonstrated robust financial metrics overall, achieving record levels in sales, operating income, EBITDA, and earnings per share, notably driven by efficient operational execution and effective cost management.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

By Baptista Research

  • Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.
  • Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.
  • The company’s performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.

Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!

By Baptista Research

  • Illinois Tool Works Inc. (ITW) completed 2024 on a strong financial footing, achieving record results in several key performance areas.
  • For the fourth quarter, the company reported a modest decline in total revenues by 1.3%, but a robust operating margin increase to 26.2%, an improvement of 140 basis points, driven primarily by enterprise initiatives.
  • The company’s ability to expand operating income by 4% in spite of lower revenue demonstrates effective cost management and strategic execution.

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

By Daniel Hellberg

  • Price momentum remains very weak, and spot rates are already below 2024 lows
  • Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
  • USTR / MARAD proposed rule changes could add to US tariff chaos & raise carriers’ costs

J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?

By Baptista Research

  • J.B. Hunt Transport Services reported mixed results for the fourth quarter of 2024, reflecting both operational strengths and ongoing challenges in the freight market.
  • The company recognized a 5% year-over-year revenue decline, despite a slight 2% increase in operating income and a 4% rise in diluted earnings per share.
  • However, the year was weighed down by significant one-time charges, including $16 million in intangible asset impairments related to the BNSF Logistics acquisition, contributing to a 16% annual decline in operating income and a 20% decrease in EPS.

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Mar 23
0

Daily Brief Industrials: Mitsubishi Heavy Industries, DN Solutions, Robert Half Intl, Ametek Inc, Landstar System, Illinois Tool Works, Evergreen Marine Corp, Hunt (Jb) Transprt Svcs and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MHI (7011 JP): U.S. Presses Japan to Spend More on Defense
  • DN Solutions IPO: The Bull Case
  • Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!
  • AMETEK Inc: A Tale Of Global Expansion & End-Market Diversification!
  • Landstar System: What Its Hybrid Model Means for the Future of Logistics!
  • Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!
  • Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)
  • J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

By Scott Foster

  • Japan’s top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.
  • A reasonably optimistic scenario brings MHI’s P/E ratio down to 22X in FY Mar-28, by which time Japan’s defense spending is scheduled reach 2% of GDP.
  • The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. 

DN Solutions IPO: The Bull Case

By Arun George

  • DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   
  • DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
  • The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.

Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!

By Baptista Research

  • Robert Half International’s fourth-quarter 2024 earnings results reveal a mixed performance, reflecting both challenges and opportunities.
  • The company reported global enterprise revenues of $1.382 billion, marking a decline of 6% from the previous year on a reported basis.
  • The net income per share for the quarter was $0.53, significantly down from $0.83 a year ago.

AMETEK Inc: A Tale Of Global Expansion & End-Market Diversification!

By Baptista Research

  • In the latest earnings, AMETEK reported mixed results for the fourth quarter of 2024, reflecting both strengths and areas of concern that investors might weigh in evaluating the company’s future prospects.
  • The company demonstrated robust financial metrics overall, achieving record levels in sales, operating income, EBITDA, and earnings per share, notably driven by efficient operational execution and effective cost management.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

By Baptista Research

  • Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.
  • Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.
  • The company’s performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.

Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!

By Baptista Research

  • Illinois Tool Works Inc. (ITW) completed 2024 on a strong financial footing, achieving record results in several key performance areas.
  • For the fourth quarter, the company reported a modest decline in total revenues by 1.3%, but a robust operating margin increase to 26.2%, an improvement of 140 basis points, driven primarily by enterprise initiatives.
  • The company’s ability to expand operating income by 4% in spite of lower revenue demonstrates effective cost management and strategic execution.

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

By Daniel Hellberg

  • Price momentum remains very weak, and spot rates are already below 2024 lows
  • Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
  • USTR / MARAD proposed rule changes could add to US tariff chaos & raise carriers’ costs

J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?

By Baptista Research

  • J.B. Hunt Transport Services reported mixed results for the fourth quarter of 2024, reflecting both operational strengths and ongoing challenges in the freight market.
  • The company recognized a 5% year-over-year revenue decline, despite a slight 2% increase in operating income and a 4% rise in diluted earnings per share.
  • However, the year was weighed down by significant one-time charges, including $16 million in intangible asset impairments related to the BNSF Logistics acquisition, contributing to a 16% annual decline in operating income and a 20% decrease in EPS.

💡 Before it’s here, it’s on Smartkarma

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free