In today’s briefing:
- Nikon (7731) – Beware The Bloomberg Headline But There’s Value Here
- Quiddity Leaderboard DAX/MDAX Mar 24: Traton Could Outperform the DAX Index
- 99 Speedmart Holding Pre-IPO – Consistent Network Expansion, Although Margins Remain Well Below Peak
- Luk Fook 590.HK – Losing Its Shine?
- Grocery Outlet Holding Corp.: Initiation Of Coverage – A Tale Of Increasing Operational Efficiency With Technology Implementation! – Major Drivers
- Mister Car Wash Inc.: Initiation Of Coverage – Increased Revenue Through Titanium 360 Rollout & Member Upgrades & Other Major Drivers
- Murphy USA Inc.: Initiation Of Coverage – Expansion Of Tobacco Business & Digital Transformation
- Frontdoor Inc.: Initiation Of Coverage – Revenue Enhancements & Customer Base Growth Strategies! – Major Drivers
- Intralot – Focus on business development in FY24
- GES: Snapping the Store: Moving to a Boutique Model; Reiterate Buy, $37 PT
Nikon (7731) – Beware The Bloomberg Headline But There’s Value Here
- Yesterday, post-close, Bloomberg reported a headline “*SILCHESTER REPORTS NIKON STAKE; MAY SEEK CAPITAL POLICY CHANGES“
- That was exciting. It was in all caps. It was activist-ish-y. Today the stock rose 10.3% and we got another article saying it was up because of Silchester’s filing.
- Beware the Bloomberg headline. Nuance is sometimes lost. They aren’t always designed to help investors invest. Often, the main purpose is clickbait.
Quiddity Leaderboard DAX/MDAX Mar 24: Traton Could Outperform the DAX Index
- In this insight, we take a look at the potential ADDs/DELs for the DAX index and the MDAX index in the run up to the June 2024 index rebal event.
- I currently see no changes for the DAX index but there could be one change for the MDAX index.
- M&A candidate MorphoSys AG (MOR GR) could be deleted in the run up to the June 2024 review.
99 Speedmart Holding Pre-IPO – Consistent Network Expansion, Although Margins Remain Well Below Peak
- 99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$300m in its upcoming Malaysia IPO.
- 99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.
- In this note, we look at the firm’s past performance.
Luk Fook 590.HK – Losing Its Shine?
- March Same-Store sales in China disappoint mainly due to diamond jewellery demand
- Overall, gold demand in China continues to rise both in the retail and the official sector
- Visitor arrivals to Hong Kong pick up but are still ~40% below pre-Covid levels.
Grocery Outlet Holding Corp.: Initiation Of Coverage – A Tale Of Increasing Operational Efficiency With Technology Implementation! – Major Drivers
- The Grocery Outlet management reported its full-year 2023 earnings results, which were slightly ahead of expectations.
- The company demonstrated strong customer acquisition and traffic, driven by competitive pricing and its treasure hunt shopping experience.
- The acquisition of United Grocery Outlet is one of the major highlights of the company’s performance, as it added 40 stores to the network.
Mister Car Wash Inc.: Initiation Of Coverage – Increased Revenue Through Titanium 360 Rollout & Member Upgrades & Other Major Drivers
- Mister Car Wash unveiled its financial performance for the fourth quarter and full fiscal year ending December 31, 2023.
- The annual results demonstrated solid progress driven by the company’s efforts to enhance its services, physical operations, and team.
- During Q4, sales rose 7% to $230 million, and adjusted EBITDA grew by 5% to $69.5 million.
Murphy USA Inc.: Initiation Of Coverage – Expansion Of Tobacco Business & Digital Transformation
- In the fourth quarter of 2023, Murphy USA reported solid performance which supports their enduring commitment to drive sustainable value for its stakeholders.
- The company has been successful at achieving more from the same loyal customers, with statistics showing these customers spend 50% more than they did in 2019.
- Furthermore, the company’s new loyalty members showed similar behavior as their most loyal customers in 2019, making about 5 transactions per month and spending at higher levels.
Frontdoor Inc.: Initiation Of Coverage – Revenue Enhancements & Customer Base Growth Strategies! – Major Drivers
- The fourth quarter and full fiscal year 2023 earnings offered insights into Frontdoor’s financial performance, key initiatives, and strategic moves being executed by the company.
- From the CEO, Bill Cobb’s comments, it is evident that 2023 was a record year in which the company exceeded Expectations and delivered exceptional financial performance.
- 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.
Intralot – Focus on business development in FY24
Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability. The much-improved balance sheet and extension of debt maturities mean management can focus on the significant business development opportunities available in FY24 and beyond. The share price looks attractive in the absence of potential new contract wins, which could be materially enhancing to the valuation.
GES: Snapping the Store: Moving to a Boutique Model; Reiterate Buy, $37 PT
- We are reiterating our Buy rating, $37 price target and projections for Guess?
- after visiting stores in the Metro New Your City area and Long Island.
- Management continues to materially upgrade the Guess?
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