Industrials

Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.
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 notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.

Novafives – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Novafives’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial”, but Disclosure is “Weak”.
Novafives is an industrial engineering group that designs and supplies plant equipment. It also provides services spanning a wide variety of industrial sectors, including automotive, logistics, steel, aluminium, energy, cement and aerospace.

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Oct 02

Daily Brief Industrials: Nws Holdings, Japan Airlines, Cainiao Smart Logistics, Seibu Giken , Novafives SAS and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem
APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise
Cainiao Pre-IPO: An on the Ground Introduction
Seibu Giken IPO Trading – Still Not Particularly Enticing
Novafives – ESG Report – Lucror Analytics

Merger Arb Mondays (02 Oct) – NWS, Mason, IMAX China, Keiyo, System Info, Toyo, Symbio, Allkem

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Keiyo Co Ltd (8168 JP), 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), IMAX China Holding (1970 HK), JSR Corp (4185 JP).
Lowest spreads Yaizu Suisankagaku Industry (2812 JP), Healius (HLS AU), Pact Group Holdings (PGH AU), T&K Toka Co Ltd (4636 JP), Celltrion Healthcare (091990 KS), Seiko Pmc Corp (4963 JP).

APAC Airline Sector – Cost Inflation Management Differentials Crucial as Cargo Yields Normalise

By Neil Glynn

We publish a detailed update on the APAC airline sector, featuring ANA, Cathay Pacific, JAL, Korean Air, Qantas and Singapore Airlines, addressing cargo yield normalisation, and unit cost inflation.
We see 24% upside to consensus EBITDAR for JAL in FY24 to March 2024, and 24% downside risk at Singapore Airlines based on our detailed analysis and quarterly earnings bridges.
We expect earnings at most carriers to decline in calendar 2024 versus 2023 as the combination of cargo yield normalisation, fuel price pressure, and further capacity restoration prompt margin declines.

Cainiao Pre-IPO: An on the Ground Introduction

By Ming Lu

We talk about what we see and hear here on the ground, that the company may not mention in its prospectus.
We believe Cainiao has the ambition to take the whole logistics chain from retailers’ doors to shoppers’ doors since the company’s inception.
We also believe Cainiao has been trying to take competitors’ market share by taking their client lists.

Seibu Giken IPO Trading – Still Not Particularly Enticing

Seibu Giken (6223 JP) (SG) raised around US$93m in its Japan IPO after pricing at the top of its downward revised range.
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 notes, we looked at the company’s past performance and valuation. In this note, we talk about the trading dynamics.

Novafives – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Novafives’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial”, but Disclosure is “Weak”.
Novafives is an industrial engineering group that designs and supplies plant equipment. It also provides services spanning a wide variety of industrial sectors, including automotive, logistics, steel, aluminium, energy, cement and aerospace.

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Oct 01

Daily Brief Industrials: Toshiba Corp, Toyo Construction, HEICO Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec

Tactically, it isn’t attractive owning Toshiba (6502 JP) at 1% spread. Expect it to trade wider. There is still a fair bit of stock to come down the pipe.
Because of significant business overlap, CK Infrastructure Holdings (1038 HK) looks very similar to Power Assets Holdings (6 HK). And CKI is coming up cheap on my monitor versus PAH.
There is less fundamental alpha to Rakuten Bank (5838 JP) than before and more “just keep it because it is going up“-ness to the trade.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Bain’s Offer for System Information (3677 JP) and DCM’s for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities (665 HK) appears imminent.
Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),

HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.

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Oct 01

Daily Brief Industrials: Toshiba Corp, Toyo Construction, HEICO Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec

Tactically, it isn’t attractive owning Toshiba (6502 JP) at 1% spread. Expect it to trade wider. There is still a fair bit of stock to come down the pipe.
Because of significant business overlap, CK Infrastructure Holdings (1038 HK) looks very similar to Power Assets Holdings (6 HK). And CKI is coming up cheap on my monitor versus PAH.
There is less fundamental alpha to Rakuten Bank (5838 JP) than before and more “just keep it because it is going up“-ness to the trade.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Bain’s Offer for System Information (3677 JP) and DCM’s for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities (665 HK) appears imminent.
Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),

HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers

HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 30

Daily Brief Industrials: EURO STOXX 50 Price EUR, Ecoeye and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys
Ecoeye IPO Preview

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

By Joe Jasper

Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.
This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.
We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare

Ecoeye IPO Preview

Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses.
The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won.
Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting.

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Sep 30

Daily Brief Industrials: EURO STOXX 50 Price EUR, Ecoeye and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys
Ecoeye IPO Preview

Supports Starting to Break; Upgrading Non-U.S. Small-Caps to Overweight; Transports/Comm/HC Buys

By Joe Jasper

Key support levels on global equity indexes (EURO STOXX 50, $ACWX, $EFA) are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%.
This significantly increases the odds of a break below major $92-$93 support on $ACWI, and we would shift to a more cautious outlook only on a break below $92.
We shifted to overweight value within non-U.S. equities last week, and we are now also shifting to overweight small-caps within non-U.S. equities as well. Buys in Transportation, Communications, and HealthCare

Ecoeye IPO Preview

Ecoeye is getting ready to complete its IPO on the KOSDAQ exchange in November. Ecoeye specializes in carbon emission rights related businesses.
The IPO price range is from 28,500 won to 34,800 won per share. The IPO offering amount is from 59.3 billion won to 72.1 billion won.
Established in 2005, Ecoeye makes money through carbon emissions trading and brokerage, carbon reduction business, carbon emissions trading system, and operation consulting.

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Sep 29

Daily Brief Industrials: Posco International Corporation, Cainiao Smart Logistics, Marco Polo Marine, Parker Hannifin and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies
Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists
What’s Trending: Oil plays in spotlight as crude prices rise
Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies

We believe that Warren Buffett’s investments in Japanese trading companies have also positively impacted several Korean trading companies in the past three years.
We highlighted seven Korean trading companies three years ago including Posco International and their share prices are up more than 76% on average in this period.
Despite their outstanding share price performance in the past three years, there could be some significant headwinds ahead, as evidenced by the steep inverted yield curve.

Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists

Cainiao Smart Logistics, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.

What’s Trending: Oil plays in spotlight as crude prices rise

By Geoff Howie

What you need to know about the SG market #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.
Global oil demand growth expected to exceed supply growth in 2023 What are companies that have benefitted from higher oil prices?.

Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers

In the fourth quarter, Parker-Hannifin achieved a decent performance across all aspects of its operations.
Safety remained a top priority, with a remarkable 20% reduction in recordable incidents, placing the company in the top quartile for safety.
Sales for the quarter reached a record-breaking $5.1 billion, marking a substantial 22% increase compared to the previous year, with organic growth contributing to 6% of this growth.

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Sep 29

Daily Brief Industrials: Posco International Corporation, Cainiao Smart Logistics, Marco Polo Marine, Parker Hannifin and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies
Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists
What’s Trending: Oil plays in spotlight as crude prices rise
Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers

Warren Buffett’s Investments in Japanese Trading Firms: Impact on Korean Trading Companies

We believe that Warren Buffett’s investments in Japanese trading companies have also positively impacted several Korean trading companies in the past three years.
We highlighted seven Korean trading companies three years ago including Posco International and their share prices are up more than 76% on average in this period.
Despite their outstanding share price performance in the past three years, there could be some significant headwinds ahead, as evidenced by the steep inverted yield curve.

Cainiao Pre-IPO – The Negatives – Growth Still Driven by China Ops, Pricing Pressure Persists

Cainiao Smart Logistics, Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the not-so-positive aspects of the deal.

What’s Trending: Oil plays in spotlight as crude prices rise

By Geoff Howie

What you need to know about the SG market #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.
Global oil demand growth expected to exceed supply growth in 2023 What are companies that have benefitted from higher oil prices?.

Parker-Hannifin Corporation: The Strategic Shift That Doubled Their Presence in Key Industries! – Major Drivers

In the fourth quarter, Parker-Hannifin achieved a decent performance across all aspects of its operations.
Safety remained a top priority, with a remarkable 20% reduction in recordable incidents, placing the company in the top quartile for safety.
Sales for the quarter reached a record-breaking $5.1 billion, marking a substantial 22% increase compared to the previous year, with organic growth contributing to 6% of this growth.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 28

Daily Brief Industrials: Doosan Robotics, Cainiao Smart Logistics, Toshiba Corp, Nihon M&A Center, Jacobs Solutions , NOW Inc, Transdigm Group, MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Doosan Robotics (454910 KS): Listing & Index Inclusion Timeline
Cainiao Pre-IPO – The Postivies – Evolving into a Global Player, Decent Revenue Growth
Cainiao Smart Logistics IPO: Lacks Viability as a Standalone Business
Updated TOPIX Selldown and Index Flows This Week – Initial TOPIX Selldown of Toshiba NEXT Month
Nihon M&A: Not Many Catalysts to Move the Stock Price Up
Jacobs Solutions Inc.: What the Healthy Pipeline Means for Future Growth! – Major Drivers
NOW, Inc. – Leveraging Existing Model to Supply Energy Evolution
TransDigm Group Incorporated: How Domestic Travel & Defense Are Fueling Stellar Growth! – Major Drivers
MillerKnoll, Inc. – 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance

Doosan Robotics (454910 KS): Listing & Index Inclusion Timeline

By Brian Freitas

Doosan Robotics (454910 KS) is principally engaged in the manufacture and sale of industrial robots.
Doosan Robotics has raised KRW 421bn (US$311m) in its IPO, valuing the company at KRW 1,685bn (US$1.245bn). Float at listing will vary from 6%-21% depending on index provider.
Inclusion in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) and other global indices will take place between Feb (possibly May) and June next year.

Cainiao Pre-IPO – The Postivies – Evolving into a Global Player, Decent Revenue Growth

By Shifara Samsudeen, ACMA, CGMA

Cainiao Smart Logistics , Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the positive aspects of the deal.

Cainiao Smart Logistics IPO: Lacks Viability as a Standalone Business

By Oshadhi Kumarasiri

Alibaba (ADR) (BABA US)‘s logistics arm, Cainiao Smart Logistics (1437124D HK), filed for an IPO with HKEX yesterday, aiming to raise $1bn to $2bn.
Although efficient, Cainiao may face business challenges, as the majority of logistics costs and revenues stem from services outsourced to logistics partners.
Despite the proposed IPO, we believe that Cainiao will always operate in the shadow of Alibaba’s primary e-commerce business.

Updated TOPIX Selldown and Index Flows This Week – Initial TOPIX Selldown of Toshiba NEXT Month

By Travis Lundy

Last week on 20 Sep I published Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule and Sunday, The Biggish Sep 2023 “Wednesday-Thursday Trade” With Added Monday/Friday Flavour.
They were based on an expectation the TSE would announce the initial selldown for Sep-end as they normally would. Unbeknownst to me, on 22 Sep they announced end-Oct.
The initial TOPIX selldown is 30 Oct, not 28 Sep. This affects expected reverse funding today.

Nihon M&A: Not Many Catalysts to Move the Stock Price Up

Nihon M&A Center’s share price has dropped more than 50% YTD despite several news media outlets reporting that there has been a surge in M&A activity among Japanese companies.
At the same time, the Japanese government also issued new guidelines to promote more M&A activities in the nation to boost competitiveness.
The no. of M&A transactions for the company has continued to grow however, value per transaction has been on a declining trend suggesting these deals are smaller in size.

Jacobs Solutions Inc.: What the Healthy Pipeline Means for Future Growth! – Major Drivers

Jacobs Solutions delivered a decent set of quarterly results, marked by substantial gross and adjusted net revenue growth, well above Wall Street expectations.
Gross income increased, with adjusted net income growing year-over-year.
Notably, the company’s gross margin slightly decreased, primarily due to factors related to PA Consulting.

NOW, Inc. – Leveraging Existing Model to Supply Energy Evolution

We hosted a fireside chat with DNOW on September 12, 2023.
We were joined by President and Chief Executive Officer David Cherechinsky and Vice President Digital Strategy and Investor Relations Brad Wise.
DNOW’s transformed fulfillment model is driving sustainable earnings traction as the company increases its market share.

TransDigm Group Incorporated: How Domestic Travel & Defense Are Fueling Stellar Growth! – Major Drivers

TransDigm Group Incorporated delivered a solid result and managed an all-around beat in the last quarter, particularly in the commercial market segment, which accounts for a significant portion of its revenue.
Commercial OEM revenue increased by approximately 25%, reflecting strong production rates and airline demand for new aircraft.
With a positive outlook for air travel recovery and solid defense market growth, TransDigm remains well-positioned to navigate industry dynamics.

MillerKnoll, Inc. – 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance

After market close on September 26, MillerKnoll reported 1QFY24, beating estimates on significantly above-forecasted gross margin and modestly better-than-estimated sales.
Our tabular analysis compares its 1QFY24 results with 1QFY23 and our 1QFY24 estimates.
The beat notwithstanding, MillerKnoll’s results were below 1QFY23, which benefited from ~$77 million in sales due to a 14th week.

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✓ Company Data and News
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Sep 28

Daily Brief Industrials: Doosan Robotics, Cainiao Smart Logistics, Toshiba Corp, Nihon M&A Center, Jacobs Solutions , NOW Inc, Transdigm Group, MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Doosan Robotics (454910 KS): Listing & Index Inclusion Timeline
Cainiao Pre-IPO – The Postivies – Evolving into a Global Player, Decent Revenue Growth
Cainiao Smart Logistics IPO: Lacks Viability as a Standalone Business
Updated TOPIX Selldown and Index Flows This Week – Initial TOPIX Selldown of Toshiba NEXT Month
Nihon M&A: Not Many Catalysts to Move the Stock Price Up
Jacobs Solutions Inc.: What the Healthy Pipeline Means for Future Growth! – Major Drivers
NOW, Inc. – Leveraging Existing Model to Supply Energy Evolution
TransDigm Group Incorporated: How Domestic Travel & Defense Are Fueling Stellar Growth! – Major Drivers
MillerKnoll, Inc. – 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance

Doosan Robotics (454910 KS): Listing & Index Inclusion Timeline

By Brian Freitas

Doosan Robotics (454910 KS) is principally engaged in the manufacture and sale of industrial robots.
Doosan Robotics has raised KRW 421bn (US$311m) in its IPO, valuing the company at KRW 1,685bn (US$1.245bn). Float at listing will vary from 6%-21% depending on index provider.
Inclusion in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) and other global indices will take place between Feb (possibly May) and June next year.

Cainiao Pre-IPO – The Postivies – Evolving into a Global Player, Decent Revenue Growth

By Shifara Samsudeen, ACMA, CGMA

Cainiao Smart Logistics , Alibaba Group Holding (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
In this note, we talk about the positive aspects of the deal.

Cainiao Smart Logistics IPO: Lacks Viability as a Standalone Business

By Oshadhi Kumarasiri

Alibaba (ADR) (BABA US)‘s logistics arm, Cainiao Smart Logistics (1437124D HK), filed for an IPO with HKEX yesterday, aiming to raise $1bn to $2bn.
Although efficient, Cainiao may face business challenges, as the majority of logistics costs and revenues stem from services outsourced to logistics partners.
Despite the proposed IPO, we believe that Cainiao will always operate in the shadow of Alibaba’s primary e-commerce business.

Updated TOPIX Selldown and Index Flows This Week – Initial TOPIX Selldown of Toshiba NEXT Month

By Travis Lundy

Last week on 20 Sep I published Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule and Sunday, The Biggish Sep 2023 “Wednesday-Thursday Trade” With Added Monday/Friday Flavour.
They were based on an expectation the TSE would announce the initial selldown for Sep-end as they normally would. Unbeknownst to me, on 22 Sep they announced end-Oct.
The initial TOPIX selldown is 30 Oct, not 28 Sep. This affects expected reverse funding today.

Nihon M&A: Not Many Catalysts to Move the Stock Price Up

Nihon M&A Center’s share price has dropped more than 50% YTD despite several news media outlets reporting that there has been a surge in M&A activity among Japanese companies.
At the same time, the Japanese government also issued new guidelines to promote more M&A activities in the nation to boost competitiveness.
The no. of M&A transactions for the company has continued to grow however, value per transaction has been on a declining trend suggesting these deals are smaller in size.

Jacobs Solutions Inc.: What the Healthy Pipeline Means for Future Growth! – Major Drivers

Jacobs Solutions delivered a decent set of quarterly results, marked by substantial gross and adjusted net revenue growth, well above Wall Street expectations.
Gross income increased, with adjusted net income growing year-over-year.
Notably, the company’s gross margin slightly decreased, primarily due to factors related to PA Consulting.

NOW, Inc. – Leveraging Existing Model to Supply Energy Evolution

We hosted a fireside chat with DNOW on September 12, 2023.
We were joined by President and Chief Executive Officer David Cherechinsky and Vice President Digital Strategy and Investor Relations Brad Wise.
DNOW’s transformed fulfillment model is driving sustainable earnings traction as the company increases its market share.

TransDigm Group Incorporated: How Domestic Travel & Defense Are Fueling Stellar Growth! – Major Drivers

TransDigm Group Incorporated delivered a solid result and managed an all-around beat in the last quarter, particularly in the commercial market segment, which accounts for a significant portion of its revenue.
Commercial OEM revenue increased by approximately 25%, reflecting strong production rates and airline demand for new aircraft.
With a positive outlook for air travel recovery and solid defense market growth, TransDigm remains well-positioned to navigate industry dynamics.

MillerKnoll, Inc. – 1QFY24 Beats Estimates on Gross Margin; Hikes Guidance