Industrials

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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✓ 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

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 Shifara Samsudeen, ACMA, CGMA

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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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

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 Shifara Samsudeen, ACMA, CGMA

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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Sep 27

Daily Brief Industrials: Toyo Construction, DISCO Corp, Ryobi Ltd, HMM Co., Ltd., Cosco Shipping Energy Transportation Co. Ltd. (H) and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255
Disco (6146 JP): Rolling Over
Ryobi (5851) | Re-Rating as Die-Casting Becomes Gigacasting
Seizing a Trading Opportunity Aimed at HMM’s New Stock Listing Date
COSCO Shipping Energy (1138 HK): Clearly Over-Optimistic

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255

By Arun George

YFO has returned with a potential tender offer price of JPY1,255 per share for Toyo Construction (1890 JP), 25.5% above its previous offer of JPY1,000 per share.
The offer is conditional on due diligence access to confirm the feasibility of the medium-term management plan and no material accounting, tax, or legal issues.
The due diligence will take a month, with the offer expected to commence in late December. Expect due diligence access as the revised offer represents a 10-year high.

Disco (6146 JP): Rolling Over

By Scott Foster

After more than doubling between early April and the end of August, Disco has dropped back. The outlook for demand and valuations suggest potential downside of 20%.
Operating profit was down 21% YoY in the June quarter on a 10% decline in sales. Management is guiding for 18% and 32% declines this quarter.
Over-Optimistic expectations regarding the pace and degree of cyclical recovery are being squeezed out of the share price.

Ryobi (5851) | Re-Rating as Die-Casting Becomes Gigacasting

By Mark Chadwick

Ryobi is a global manufacturer of high-quality aluminum die castings used for transmission cases, engine parts, and other vehicle parts
Ryobi has recently gained market attention following an announcement that the company will produce large electric-vehicle body parts using “gigacasting”
The stock is expected to benefit from EV adoption with improved earnings and increased market recognition

Seizing a Trading Opportunity Aimed at HMM’s New Stock Listing Date

By Sanghyun Park

Should the stock conversion decision be reached this week, the new shares will be listed on the 15th of the upcoming month. So, they will officially debut on October 16th.
On the day of the new share listing during the immediate previous case, the price dropped by 2.36%, and on the very next trading day, it declined by 3.72%.
Given the present dilution rate of 30%, there is a higher probability of even more pronounced price movements in the same direction.

COSCO Shipping Energy (1138 HK): Clearly Over-Optimistic

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) has rallied sharply on strong earnings recovery, but this is too excessive. We think unrealistic expectation has been built on 2H23 earnings.
Over the last three months, the spot VLCC rate has collapsed by 90%, indicating a weakened demand outlook. The resilient share price has clearly not yet factored in this movement.
The recent surge in crude oil is driven by supply, not demand, factors. This has led to a 14% increase in bunker price which will heighten CSET’s fuel bill.

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✓ Company Data and News
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Sep 27

Daily Brief Industrials: Toyo Construction, DISCO Corp, Ryobi Ltd, HMM Co., Ltd., Cosco Shipping Energy Transportation Co. Ltd. (H) and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255
Disco (6146 JP): Rolling Over
Ryobi (5851) | Re-Rating as Die-Casting Becomes Gigacasting
Seizing a Trading Opportunity Aimed at HMM’s New Stock Listing Date
COSCO Shipping Energy (1138 HK): Clearly Over-Optimistic

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255

By Arun George

YFO has returned with a potential tender offer price of JPY1,255 per share for Toyo Construction (1890 JP), 25.5% above its previous offer of JPY1,000 per share.
The offer is conditional on due diligence access to confirm the feasibility of the medium-term management plan and no material accounting, tax, or legal issues.
The due diligence will take a month, with the offer expected to commence in late December. Expect due diligence access as the revised offer represents a 10-year high.

Disco (6146 JP): Rolling Over

By Scott Foster

After more than doubling between early April and the end of August, Disco has dropped back. The outlook for demand and valuations suggest potential downside of 20%.
Operating profit was down 21% YoY in the June quarter on a 10% decline in sales. Management is guiding for 18% and 32% declines this quarter.
Over-Optimistic expectations regarding the pace and degree of cyclical recovery are being squeezed out of the share price.

Ryobi (5851) | Re-Rating as Die-Casting Becomes Gigacasting

By Mark Chadwick

Ryobi is a global manufacturer of high-quality aluminum die castings used for transmission cases, engine parts, and other vehicle parts
Ryobi has recently gained market attention following an announcement that the company will produce large electric-vehicle body parts using “gigacasting”
The stock is expected to benefit from EV adoption with improved earnings and increased market recognition

Seizing a Trading Opportunity Aimed at HMM’s New Stock Listing Date

By Sanghyun Park

Should the stock conversion decision be reached this week, the new shares will be listed on the 15th of the upcoming month. So, they will officially debut on October 16th.
On the day of the new share listing during the immediate previous case, the price dropped by 2.36%, and on the very next trading day, it declined by 3.72%.
Given the present dilution rate of 30%, there is a higher probability of even more pronounced price movements in the same direction.

COSCO Shipping Energy (1138 HK): Clearly Over-Optimistic

By Osbert Tang, CFA

Cosco Shipping Energy Transportation (1138 HK) has rallied sharply on strong earnings recovery, but this is too excessive. We think unrealistic expectation has been built on 2H23 earnings.
Over the last three months, the spot VLCC rate has collapsed by 90%, indicating a weakened demand outlook. The resilient share price has clearly not yet factored in this movement.
The recent surge in crude oil is driven by supply, not demand, factors. This has led to a 14% increase in bunker price which will heighten CSET’s fuel bill.

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

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

Sep 26

Daily Brief Industrials: Taiwan Secom, JSW Infrastructure, Toyo Construction, Kosaido, Lyft , MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
JSW Infrastructure Ltd IPO- Forensic Analysis
YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage
Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers
MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!

By Janaghan Jeyakumar, CFA

In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way capping flow in December 2023 is US$1.2bn.

JSW Infrastructure Ltd IPO- Forensic Analysis

By Nitin Mangal

JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.

YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share

Last night Reuters teased a headline saying the Nintendo Family Office called YFO (and related entities) would raise its proposed takeover price for Toyo Construction to ¥1255/share.
Recently, the company had agreed to start an investigation and YFO had dropped its demands for an EGM. In Q1, the company reporetd Revenues +18.6%yoy, reasonably in-line with original guidance.
This new price comes at a 1% premium to previous close, and is meant to start discussions. The Board has indicated it will start deliberations tomorrow.

KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage

By Astris Advisory Japan

Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.
The company’s robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.
The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage.

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers

Lyft, Inc. delivered significant results in the quarter.
Revenue increased by 3% year over year to $1.021 billion.
In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.

MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report

MillerKnoll reports 1QFY24 after market close on Tuesday, September 26. It will host its earnings conference call that afternoon, starting at 5:00 pm ET.
Our estimates are non-GAAP (adjusted) EPS of $0.20 on revenue of $889 million. Consensus is EPS of $0.21 on revenue of $896 million.
Management guidance is for revenue of $880-920 million and adjusted EPS of $0.18- 0.24.

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Sep 26

Daily Brief Industrials: Taiwan Secom, JSW Infrastructure, Toyo Construction, Kosaido, Lyft , MillerKnoll and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
JSW Infrastructure Ltd IPO- Forensic Analysis
YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage
Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers
MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report

Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!

By Janaghan Jeyakumar, CFA

In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
The estimate for one-way capping flow in December 2023 is US$1.2bn.

JSW Infrastructure Ltd IPO- Forensic Analysis

By Nitin Mangal

JSW Infrastructure (5978490Z IN) will open up for its IPO subscription this week.
The company is into ports and maritime infrastructure and is the second largest commercial port operator in India in terms of cargo handling capacity.
While the company has grown rapidly, the financials do indicate few concerns such as critical dependence/high RPT with JSW group, high debt-high cash balance sheet, forex risk, etc.

YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share

Last night Reuters teased a headline saying the Nintendo Family Office called YFO (and related entities) would raise its proposed takeover price for Toyo Construction to ¥1255/share.
Recently, the company had agreed to start an investigation and YFO had dropped its demands for an EGM. In Q1, the company reporetd Revenues +18.6%yoy, reasonably in-line with original guidance.
This new price comes at a 1% premium to previous close, and is meant to start discussions. The Board has indicated it will start deliberations tomorrow.

KOSAIDO Holdings (7868) – Wide Economic Moat Providing a Major Competitive Advantage

By Astris Advisory Japan

Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.
The company’s robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.
The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage.

Lyft Inc.: How Women+ Connect is Changing the Game in Passenger Safety! – Major Drivers

Lyft, Inc. delivered significant results in the quarter.
Revenue increased by 3% year over year to $1.021 billion.
In July, Lyft saw sustained robust supply trends, with 25% more drivers using Lyft than the previous year and driver hours increasing by nearly 45% year over year.

MillerKnoll, Inc. – Preview: Watching Order Trends, Margins in 1QFY24 Report