Smartkarma Daily Briefs

Adobe Inc.
delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.
This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.

Jabil Inc.: What Are Its Latest Advancements In AI? – Major Drivers

The second quarter of fiscal year 2024 saw Jabil Inc.
achieve approximately $6.8 billion in revenue.
This performance was in line with the guidance for the majority of the company’s businesses.

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

By Tina Banerjee

Dentsply International (XRAY US) guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.
The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.
In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.

Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays

By William Keating

Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.
Investment Tax Credit (ITC) of up to 25% on > $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer
Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!

PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? – Major Drivers

In the Fourth Quarter and Full Fiscal Year 2024 Results, PagerDuty demonstrated solid growth, indicating the company’s steady progression in the market.
The full-year revenue grew 16% year over-year, and non-GAAP operating margin expanded to 13%.
Similarly, in the fourth quarter, revenue grew 10% to $111 million, exceeding the high end of the company’s guidance range.

Topbuild Corp (BLD) – Thursday, Dec 21, 2023

BLD offers comprehensive services for roofing, including material selection, expert installation, and post-installation service.
They are known for their focus on high-quality materials, professional installation, and exceptional customer service.
BLD has established itself as a leader in the industry, serving both residential and commercial markets with a commitment to meeting the evolving needs of the construction industry.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Esperion Therapeutics Inc (ESPR) – Friday, Dec 22, 2023

ESPR pharmaceutical company has two commercialized drugs and could potentially double in value with a $300 million milestone payout
Ongoing litigation with DSE due to failure to meet payment obligations under a milestone agreement
ESPR entitled to a Regulatory Milestone Payment pending regulatory approval for a licensed product in DSE territory, making it a strong investment opportunity with potential for high returns

Dollar Tree: How Long Will The Family Dollar Underperformance Continue? – Major Drivers

Dollar Tree, Inc., in their latest quarterly earnings, reported continued progress in their organizational transformation towards establishing a foundation for sustainable growth.
The company experienced growth across the retail metrics of sales per square foot, transactions, and units sold, indicating an overall positive momentum in the business.
It reported an increase of 12% in consolidated net sales to $8.6 billion in the fourth quarter of 2023, including a $560 million benefit from the year’s 53rd week.

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Mar 23

Daily Brief India: Jindal Steel & Power and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Jindal Steel & Power- Forensic Analysis

Jindal Steel & Power- Forensic Analysis

By Nitin Mangal

Jindal Steel & Power (JSP IN) has been engaging in high related party transactions with few promoter entities and the engagement is increasing year on year.
The company still faces pain in its foreign mining operations especially Australia. A large amount of loans has been impaired and written off lately.
The company also sees high churn in board of directors. However, on the flipside, the deleverage is visible and overall balance sheet health has improved.

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Mar 23

Daily Brief China: Ant Group, Kuaishou Technology, Shui On Land, Sunny Optical Technology Group, ZTO Express Cayman and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Ant Group Completes Microloan Business Reshuffle
[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic
Shui On Land – Earnings Flash – FY 2023 Results – Lucror Analytics
Sunny Optical – Earnings Flash – FY 2023 Results – Lucror Analytics
[ZTO Express (ZTO US, BUY, TP US$24) Target Price Change]: Two Trends, Both Are Favorable to ZTO

Ant Group Completes Microloan Business Reshuffle

By Caixin Global

Chinese fintech giant Ant Group Co. Ltd. has completed the reshuffle of its consumer lending businesses Huabei and Jiebei, wrapping up a years-long, government-driven overhaul, a person close to the matter told Caixin.
Ant’s two wholly owned small loan business units, the operators of Huabei and Jiebei, have fully exited the businesses during the past year.
The two brands have been incorporated into Chongqing Ant Consumer Finance Co. Ltd. (CACF), a subsidiary set up in 2021 that is 50% owned by Ant, according to the person close to CACF.

[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic

By Ying Pan

Kuaishou reported C4Q23 revenue, IFRS OP, and IFRS net income in line, 31%, and 51% vs. our estimates; and in line, 43%, and 67% vs. consensus.
The significant profit beat was mainly due to the rich content supply on the platform that led to organic traffic influx, resulted in marketing costs reductions.
We raised our TP by HK$2 to HK$81, implies 20X PE, vs. current trading at 13X PE for 2025.

Shui On Land – Earnings Flash – FY 2023 Results – Lucror Analytics

By Leonard Law, CFA

Shui On Land’s (SOL) FY 2023 results were slightly weak, in our view. Positively, the company’s rental income increased moderately, supported by contributions from new commercial assets and China’s re-opening from the pandemic. Recurring operating income from rentals and property management covered 0.8x of interest expense. In addition, the gross margin remained very strong, even as revenue from the property development segment was halved on account of lower sales and deliveries.

Negatively, SOL’s net debt climbed 14% from FYE 2022, owing to lower cash collections and its acquisition of a Shanghai project in April 2023. Moreover, the company’s increased asset encumbrance would reduce its financial flexibility. Liquidity is weak, considering the thin unrestricted cash balance and substantial refinancing needs over the next 12 months. That said, the company might be able to pledge or dispose of more assets to raise cash.

Sunny Optical – Earnings Flash – FY 2023 Results – Lucror Analytics

By Trung Nguyen

Sunny Optical has released its FY 2023 numbers, which were weak but in line with expectations. Revenue declined 4.6% y-o-y to CNY 31.7 bn, due to lower shipments of handset-related products. Gross profit tumbled c. 30% to CNY 4.6 bn, with the margin shrinking to 14.5%. OCF plunged 64% to CNY 2.7 bn, while capex decreased slightly. FCF was therefore positive, albeit significantly lower. That said, the financial risk profile and liquidity remain healthy, supported by a large net cash position.

We believe the industry operating environment will stabilise. The company marked seven consecutive months of double-digit shipment volume growth in February 2024, indicating that the recovery in the smartphone market is continuing. We expect shipments to stabilise at this level, which will represent a robust increase from the FY 2023 numbers. We project positive revenue and earnings growth in FY 2024.

[ZTO Express (ZTO US, BUY, TP US$24) Target Price Change]: Two Trends, Both Are Favorable to ZTO

By Eric Wen

ZTO reported C4Q23 top-line, GAAP EBIT, and non-GAAP net income (2.2%), (3.8%), and in-line vs. cons., respectively;
There are two concurrent trends in the last-mile market: (1) improved service quality, and (2) smaller parcel sizes. Both are favorable to ZTO, in our view;
ZTO announced new shareholder return plans, which we estimate could return US$ 1.4bn to investors in 2024 for a 7.7% yield;

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Mar 23

Daily Brief Japan: Japan Airlines and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA

By Neil Glynn

JAL finishing FY24 strongly with another guidance upgrade – upgraded FY26 targets more logical in light of existing ANA targets
Demand momentum particularly helpful as wages rise across Japan and cost control to remain impressive over FY25-FY26 as LCC growth set to dilute FSC inflation
Detailed analysis of JAL’s widening margin gap to ANA suggests revenue solution required – momentum helpful and needs to be watched carefully

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Mar 23

Daily Brief Utilities: Opdenergy Holdings , ACWA Power and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Antin/Opdenergy: Squeeze-Out. Who’ll Be Next?
ACWA Power – Record results for FY23

Antin/Opdenergy: Squeeze-Out. Who’ll Be Next?

By Jesus Rodriguez Aguilar

With acceptances from 99.6%, settlement of the offer for Opdenergy Holdings (OPDE SM) will happen on 26 March and squeeze-out on 15 April.
A done deal since outset, at a fair price. The agreement of Anti with the top shareholders left minorities with virtually no capacity to ask for a sweetening.
Readacross: Ecoener, Grenergy, Audax, Solaria could all be the object of takeover bids (either from private equity or minority buyouts), with Grenergy preferred. See comparables table in the insight.

ACWA Power – Record results for FY23

By Edison Investment Research

ACWA Power achieved record results for FY23 (year end 31 December 2023). Net profit attributed to equity shareholders stood at SAR1,662m, up 8% y-o-y, while operating income of SAR2,984m grew 14% y-o-y. ACWA added 10.7GW of power generation capacity to its portfolio throughout 2023, with 66% exclusively renewable energy. The company achieved a record 12 financial closes in FY23, with a total funding raise of approximately SAR60bn. It continues to progress its growth ambition of tripling its assets under management by 2030, sufficiently supported by long-term financing and funding facilities.

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Mar 23

Daily Brief Industrials: Japan Airlines, Christie Group, Northern Bear, Wilh Wilhelmsen Holding, Yellow Corporation, ZTO Express Cayman and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA
Company Update – CHRISTIE GROUP PLC – January 26, 2024
Company Update – Northern Bear Plc
Wilh. Wilhelmsen Asa (WWIB.NO) – Friday, Dec 22, 2023
Yellow Corp (YELLQ) – Friday, Dec 22, 2023
[ZTO Express (ZTO US, BUY, TP US$24) Target Price Change]: Two Trends, Both Are Favorable to ZTO

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA

By Neil Glynn

JAL finishing FY24 strongly with another guidance upgrade – upgraded FY26 targets more logical in light of existing ANA targets
Demand momentum particularly helpful as wages rise across Japan and cost control to remain impressive over FY25-FY26 as LCC growth set to dilute FSC inflation
Detailed analysis of JAL’s widening margin gap to ANA suggests revenue solution required – momentum helpful and needs to be watched carefully

Company Update – CHRISTIE GROUP PLC – January 26, 2024

Our estimations for FY 2023 annual revenue range at around £69.88 million and for 2024 at around £73.38 million.
The company’s annual revenue reached £69.19 million in 2022 compared to £61.25 million in 2021, post- ing an increase by 12.96%.
Christie Group’s operating profit for FY 2022 was £5.45 million, increased by 4.96% compared to £5.19 million for the corresponding period of 2021.

Company Update – Northern Bear Plc

Our estimations for FY 2024 annual revenue range at around £77.28 million and for 2025 at around £88.31 million.
The company’s annual revenue reached £69.72 million in 2023 compared to £61.10 million in 2022, post- ing an increase by 14.12%.
Northern Bear gross profit for FY 2023 was £13.94 million, increased by 11.87% compared to £12.46 million for the corresponding period of 2022.

Wilh. Wilhelmsen Asa (WWIB.NO) – Friday, Dec 22, 2023

Wilh. Wilhelmsen has been a successful long-term investment in the shipping industry with an annual return of 13.3% since 2000
The company operates in the stable roll-on roll-off (RoRo) market, leading to an average return on equity of 12.3%
WWI is comprised of various segments including Wilhelmsen Maritime Service and investments in Wallenius Wilhelmsen and Hyundai Glovis, with a history dating back to 1861 and a recent focus on RoRo ships.

Yellow Corp (YELLQ) – Friday, Dec 22, 2023

Yellow Corp. filed for Chapter 11 bankruptcy in August 2023 after a walkout by the Teamster union, leading to no workers or customers.
The company is now pursuing Chapter 11 liquidation with potential for significant returns for investors.
Recent progress in the case has de-risked the story, with the debtor’s financial advisor expecting a recovery to the equity with values ranging from $3.26 to $29.72.

[ZTO Express (ZTO US, BUY, TP US$24) Target Price Change]: Two Trends, Both Are Favorable to ZTO

By Eric Wen

ZTO reported C4Q23 top-line, GAAP EBIT, and non-GAAP net income (2.2%), (3.8%), and in-line vs. cons., respectively;
There are two concurrent trends in the last-mile market: (1) improved service quality, and (2) smaller parcel sizes. Both are favorable to ZTO, in our view;
ZTO announced new shareholder return plans, which we estimate could return US$ 1.4bn to investors in 2024 for a 7.7% yield;

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Mar 23

Daily Brief Energy/Materials: Jindal Steel & Power, BASF , Petroleo Brasileiro , Wheaton Precious Metals and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Jindal Steel & Power- Forensic Analysis
Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials
Petróleo Brasileiro S.A. – Petrobras – What Is Their Biggest Competitive Advantage? – 6 Major Drivers
Wheaton Precious Metals Corp.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Mining Player! – Financial Forecasts

Jindal Steel & Power- Forensic Analysis

By Nitin Mangal

Jindal Steel & Power (JSP IN) has been engaging in high related party transactions with few promoter entities and the engagement is increasing year on year.
The company still faces pain in its foreign mining operations especially Australia. A large amount of loans has been impaired and written off lately.
The company also sees high churn in board of directors. However, on the flipside, the deleverage is visible and overall balance sheet health has improved.

Bullish Outlook Intact; Downgrading India; Buys in Materials, Energy, Discretionary, Industrials

By Joe Jasper

The bullish outlook for global equities (MSCI ACWI) that we initiated in early November 2023 remains intact; continue to ride this trend higher.
Many of the heavily-weighted countries in terms of global market capitalization (U.S., Europe, Japan) are extended; we’d welcome some consolidation, though it may come from higher levels.
Ultimately, market dynamics remain healthy, and we would treat pullbacks as buying opportunities. Downgrading India to market weight. Actionable Themes: Global Materials, Energy, Consumer Discretionary, and Industrials

Petróleo Brasileiro S.A. – Petrobras – What Is Their Biggest Competitive Advantage? – 6 Major Drivers

Petróleo Brasileiro S.A., also known as Petrobras, showcased strong financial results in the earnings call transcript for Q4 2023, despite an adverse external environment.
The company presented the second highest economic and financial results in its history in terms of EBITDA, operational cash flow, free cash flow, and net profit.
These outcomes were combined with numerous record achievements across its operations, including oil and gas production levels, refinement levels, and increased energy efficiency.

Wheaton Precious Metals Corp.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Mining Player! – Financial Forecasts

This is our first report on mining player, Wheaton Precious Metals’ (WPM).
The company’s recent fourth quarter and full year 2023 earnings exhibited a positive business outlook along with certain challenges.
During the year, the company achieved solid financial performance by meeting its production guidance of 620,000 gold equivalent ounces (GEO’s).

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Mar 23

Daily Brief TMT/Internet: Link Administration, Nanya Technology, Ant Group, Adobe Systems, Jabil Circuit, Kuaishou Technology, Intel Corp, PagerDuty Inc, Sunny Optical Technology Group, Science Applications Inte and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Link Admin (LNK AU): 24th April Shareholder Vote
Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit
Ant Group Completes Microloan Business Reshuffle
Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? – Major Drivers
Jabil Inc.: What Are Its Latest Advancements In AI? – Major Drivers
[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic
Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays
PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? – Major Drivers
Sunny Optical – Earnings Flash – FY 2023 Results – Lucror Analytics
Science Applications International Corporation (SAIC) – A New $444 Million Contract & 4 Other Growth Drivers

Link Admin (LNK AU): 24th April Shareholder Vote

By David Blennerhassett

Back on the 18 December 2023, superannuation service provider Link Administration (LNK AU) entered into a Scheme with Mitsubishi UFJ Financial Group.
MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in.
The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done – and trading accordingly.

Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit

By Vincent Fernando, CFA

Micron shares have soared after the company reported its latest results with forward margin guidance well above consensus expectations.
Micron appears to be successfully leapfrogging into ther HBM memory space, and says that its production for 2024E is sold out and for 2025E is already all ‘allocated’.
Taiwan’s Nanya Tech has lagged its peers by a wide margin; Nanya lacks HBM products however HBM market demand is driving supply tightness for all DRAM.

Ant Group Completes Microloan Business Reshuffle

By Caixin Global

Chinese fintech giant Ant Group Co. Ltd. has completed the reshuffle of its consumer lending businesses Huabei and Jiebei, wrapping up a years-long, government-driven overhaul, a person close to the matter told Caixin.
Ant’s two wholly owned small loan business units, the operators of Huabei and Jiebei, have fully exited the businesses during the past year.
The two brands have been incorporated into Chongqing Ant Consumer Finance Co. Ltd. (CACF), a subsidiary set up in 2021 that is 50% owned by Ant, according to the person close to CACF.

Adobe Inc.: When Will Its Adoption Of Generative AI Reflect On Its Top-Line? – Major Drivers

Adobe Inc.
delivered robust financial results for the first quarter of fiscal year 2024, with a revenue of $5.18 billion.
This represents a 12% year-over-year growth, demonstrating the significant role of Adobe products in powering the global digital economy.

Jabil Inc.: What Are Its Latest Advancements In AI? – Major Drivers

The second quarter of fiscal year 2024 saw Jabil Inc.
achieve approximately $6.8 billion in revenue.
This performance was in line with the guidance for the majority of the company’s businesses.

[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic

By Ying Pan

Kuaishou reported C4Q23 revenue, IFRS OP, and IFRS net income in line, 31%, and 51% vs. our estimates; and in line, 43%, and 67% vs. consensus.
The significant profit beat was mainly due to the rich content supply on the platform that led to organic traffic influx, resulted in marketing costs reductions.
We raised our TP by HK$2 to HK$81, implies 20X PE, vs. current trading at 13X PE for 2025.

Intel. CHIPS Act Funding Ceremony Overshadowed By Reports Of New Fab Delays

By William Keating

Intel snags $8.5 billion in direct funding through the CHIPS and Science Act to advance its commercial semiconductor projects in Arizona, New Mexico, Ohio and Oregon.
Investment Tax Credit (ITC) of up to 25% on > $100 billion in qualified investments and eligibility for federal loans up to $11 billion are also on offer
Meanwhile, two separate reports suggest delays of up to two years in Ohio and suppliers in Arizona unable/unwilling to meet previous commitments to establish local supply chains. Ouch!

PagerDuty Inc.: Will Its Accelerated Adoption of Operations Cloud Platform Catalyze Revenue Growth In 2024 & Beyond? – Major Drivers

In the Fourth Quarter and Full Fiscal Year 2024 Results, PagerDuty demonstrated solid growth, indicating the company’s steady progression in the market.
The full-year revenue grew 16% year over-year, and non-GAAP operating margin expanded to 13%.
Similarly, in the fourth quarter, revenue grew 10% to $111 million, exceeding the high end of the company’s guidance range.

Sunny Optical – Earnings Flash – FY 2023 Results – Lucror Analytics

By Trung Nguyen

Science Applications International Corporation (SAIC) – A New $444 Million Contract & 4 Other Growth Drivers

Science Applications International Corporation (SAIC) delivered strong performance in the fourth quarter of fiscal year 2024 due to its focus on value provision to customers and a favorable funding environment.
This resulted in significant revenue growth and throughout the fiscal year, pro-forma revenue increased by over 7%.
The underlying business execution remains robust, as evidenced by the 11% increase in free cash flow per share and a 50 basis point increase in EBITDA margins, over last year.

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Mar 23

Daily Brief Health Care: HLB Life Science, Dentsply International, Esperion Therapeutics, Respiri Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won
Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation
Esperion Therapeutics Inc (ESPR) – Friday, Dec 22, 2023
Respiri – Termination of coverage

HLB Life Science: Impact of Rights Offering Capital Raise of 150 Billion Won

By Douglas Kim

On 21 March, HLB Life Science announced a rights offering capital raise worth 150 billion won.
The expected rights offering price is 13,630 won (32% lower than current price of 19,930 won) and there are 11 million shares in this rights offering (10% of outstanding shares).
HLB Inc (028300 KS) is the largest controlling shareholder of HLB Life Science (067630 KS) with an 18.7% stake in the company.

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

By Tina Banerjee

Dentsply International (XRAY US) guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.
The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.
In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.

Esperion Therapeutics Inc (ESPR) – Friday, Dec 22, 2023

ESPR pharmaceutical company has two commercialized drugs and could potentially double in value with a $300 million milestone payout
Ongoing litigation with DSE due to failure to meet payment obligations under a milestone agreement
ESPR entitled to a Regulatory Milestone Payment pending regulatory approval for a licensed product in DSE territory, making it a strong investment opportunity with potential for high returns

Respiri – Termination of coverage

By Edison Investment Research

Edison Investment Research is terminating coverage on Respiri (RSH). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

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Mar 23

Daily Brief Industrials: Japan Airlines, Christie Group, Northern Bear, Wilh Wilhelmsen Holding, Yellow Corporation, ZTO Express Cayman and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA
Company Update – CHRISTIE GROUP PLC – January 26, 2024
Company Update – Northern Bear Plc
Wilh. Wilhelmsen Asa (WWIB.NO) – Friday, Dec 22, 2023
Yellow Corp (YELLQ) – Friday, Dec 22, 2023
[ZTO Express (ZTO US, BUY, TP US$24) Target Price Change]: Two Trends, Both Are Favorable to ZTO

Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA

By Neil Glynn

JAL finishing FY24 strongly with another guidance upgrade – upgraded FY26 targets more logical in light of existing ANA targets
Demand momentum particularly helpful as wages rise across Japan and cost control to remain impressive over FY25-FY26 as LCC growth set to dilute FSC inflation
Detailed analysis of JAL’s widening margin gap to ANA suggests revenue solution required – momentum helpful and needs to be watched carefully

Company Update – CHRISTIE GROUP PLC – January 26, 2024

Our estimations for FY 2023 annual revenue range at around £69.88 million and for 2024 at around £73.38 million.
The company’s annual revenue reached £69.19 million in 2022 compared to £61.25 million in 2021, post- ing an increase by 12.96%.
Christie Group’s operating profit for FY 2022 was £5.45 million, increased by 4.96% compared to £5.19 million for the corresponding period of 2021.

Company Update – Northern Bear Plc

Our estimations for FY 2024 annual revenue range at around £77.28 million and for 2025 at around £88.31 million.
The company’s annual revenue reached £69.72 million in 2023 compared to £61.10 million in 2022, post- ing an increase by 14.12%.
Northern Bear gross profit for FY 2023 was £13.94 million, increased by 11.87% compared to £12.46 million for the corresponding period of 2022.

Wilh. Wilhelmsen Asa (WWIB.NO) – Friday, Dec 22, 2023

Wilh. Wilhelmsen has been a successful long-term investment in the shipping industry with an annual return of 13.3% since 2000
The company operates in the stable roll-on roll-off (RoRo) market, leading to an average return on equity of 12.3%
WWI is comprised of various segments including Wilhelmsen Maritime Service and investments in Wallenius Wilhelmsen and Hyundai Glovis, with a history dating back to 1861 and a recent focus on RoRo ships.

Yellow Corp (YELLQ) – Friday, Dec 22, 2023