Industrials

• Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).
• Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
• In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.

• Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
• The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
• This is a Tender Offer with a 90% acceptance threshold. “The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level“.

• Wan Hai Lines (2615 TT) and Yang Ming Marine Transport (2609 TT) are currently in contention to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in December.
• Passive trackers will need to trade around 0.5x ADV in the inclusions while impact on the forecast deletes is between 0.36-2.2x ADV.
• Short interest has decreased and is near the lows for the forecast adds while short interest has been increasing in the forecast deletions.

• CiDi, a China’s leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
• The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
• I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.

• Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).
• Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
• In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.

• Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
• The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
• This is a Tender Offer with a 90% acceptance threshold. “The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level“.

• Wan Hai Lines (2615 TT) and Yang Ming Marine Transport (2609 TT) are currently in contention to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in December.
• Passive trackers will need to trade around 0.5x ADV in the inclusions while impact on the forecast deletes is between 0.36-2.2x ADV.
• Short interest has decreased and is near the lows for the forecast adds while short interest has been increasing in the forecast deletions.

• CiDi, a China’s leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
• The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
• I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.

• SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
• SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
• When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

• GXO Logistics’ latest earnings for the third quarter of 2024 painted a mixed yet informative picture of its financial performance and strategic positioning.
• The company reported record revenues of $3.2 billion, marking a substantial year-over-year increase of 28%.
• This robust top-line growth is partially attributed to an organic revenue growth of 3%, which has shown a sequential upward trend throughout the fiscal year.

• Howmet Aerospace’s third quarter 2024 results demonstrate significant performance gains amidst a complex operating environment.
• The company’s revenue growth was substantial at 11% year-over-year, with commercial aerospace driving much of this improvement with a 17% increase in revenue.
• The engine products and fasteners segments excelled, supported by robust structures performance.

• TriMas Corporation reported its third-quarter 2024 results, highlighting both positive trends and challenges across its business segments.
• The company operates three key segments: TriMas Packaging, TriMas Aerospace, and Specialty Products, which together offer a diversified portfolio designed to leverage opportunities across different markets.In the TriMas Packaging segment, the company achieved a notable 12% increase in net sales compared to the same quarter last year.
• This growth was primarily driven by high demand in the beauty, personal care, and home care markets, where organic sales increased over 20%.

• SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
• SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
• When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

• GXO Logistics’ latest earnings for the third quarter of 2024 painted a mixed yet informative picture of its financial performance and strategic positioning.
• The company reported record revenues of $3.2 billion, marking a substantial year-over-year increase of 28%.
• This robust top-line growth is partially attributed to an organic revenue growth of 3%, which has shown a sequential upward trend throughout the fiscal year.

• Howmet Aerospace’s third quarter 2024 results demonstrate significant performance gains amidst a complex operating environment.
• The company’s revenue growth was substantial at 11% year-over-year, with commercial aerospace driving much of this improvement with a 17% increase in revenue.
• The engine products and fasteners segments excelled, supported by robust structures performance.

• TriMas Corporation reported its third-quarter 2024 results, highlighting both positive trends and challenges across its business segments.
• The company operates three key segments: TriMas Packaging, TriMas Aerospace, and Specialty Products, which together offer a diversified portfolio designed to leverage opportunities across different markets.In the TriMas Packaging segment, the company achieved a notable 12% increase in net sales compared to the same quarter last year.
• This growth was primarily driven by high demand in the beauty, personal care, and home care markets, where organic sales increased over 20%.

• Q1 FY06/25 revenue was JPY21.7bn (-62.5% YoY), operating profit JPY1.3bn (-71.5% YoY), net loss JPY578mn.
• Revenue decline due to US import tariff expiration; company plans new production bases in Ethiopia and US.
• FY06/25 forecast: revenue JPY80.0bn (-61.7% YoY), operating profit JPY10.0bn (-57.2% YoY), dividend undecided.

• BlueLinx has seen a significant increase in equity and liquidity due to the homebuilding surge from 2020-2022
• The company has a book value per share of $76.50 and $98 per share in liquidity, indicating a strong balance sheet
• Management plans to use excess capital for M&A, entering new markets, and price-sensitive buybacks, with potential for earnings power to exceed current estimates of $12 EPS

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.

• Revenue decreased YoY across BPO and CRM businesses, but operating profit increased due to cost reduction efforts.
• New partnerships with seven local governments expanded client base to 177, focusing on economic stimulus projects.
• Revenue rose in food processing and manufacturing, driven by strong orders and efficient SG&A expense management.

• Q1 FY06/25 revenue declined 6.7% YoY due to subsidiary exclusion, with operating profit falling 27.9% from increased costs.
• FY06/25 forecast projects revenue of JPY21.0bn (+0.4% YoY) and operating profit of JPY2.5bn (+1.8% YoY).
• Company focuses on expressway projects, sales in building maintenance, and R&D investment to enhance technical capabilities.

• Consolidated sales declined to JPY32.5bn (-1.7% YoY), while net income attributable to owners reached JPY5.2bn (+570.2% YoY).
• HR-Tech engage segment reported sales of JPY4.4bn (+45.3% YoY) with an operating loss of JPY1.6bn.
• Human Resource Platform segment achieved JPY4.1bn in sales (+17.8% YoY) and an operating profit of JPY601mn.

• Expion360’s shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting on September 27, 2024.
• The company’s Board of Directors decided to implement a 1:100 stock reverse stock split effective October 9, 2024.
• The company also reported third quarter 2024 results which again fell short of our forecast.

• 1H FY03/25 results: Sales JPY7.9bn (+16.9% YoY), Operating profit JPY1.1bn (+131.1% YoY), Net income JPY795mn (+169.0% YoY).
• FY03/25 forecast: Sales JPY16.0bn (+10.0% YoY), Operating profit JPY1.9bn (+28.8% YoY), Net income JPY1.4bn (+18.3% YoY).
• Domestic sales forecast JPY10.0bn (+4.2% YoY), Overseas sales forecast JPY4.9bn (+20.8% YoY), New businesses JPY983mn (+24.0% YoY).

• Q1 FY06/25 revenue was JPY21.7bn (-62.5% YoY), operating profit JPY1.3bn (-71.5% YoY), net loss JPY578mn.
• Revenue decline due to US import tariff expiration; company plans new production bases in Ethiopia and US.
• FY06/25 forecast: revenue JPY80.0bn (-61.7% YoY), operating profit JPY10.0bn (-57.2% YoY), dividend undecided.

• BlueLinx has seen a significant increase in equity and liquidity due to the homebuilding surge from 2020-2022
• The company has a book value per share of $76.50 and $98 per share in liquidity, indicating a strong balance sheet
• Management plans to use excess capital for M&A, entering new markets, and price-sensitive buybacks, with potential for earnings power to exceed current estimates of $12 EPS

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.

• Revenue decreased YoY across BPO and CRM businesses, but operating profit increased due to cost reduction efforts.
• New partnerships with seven local governments expanded client base to 177, focusing on economic stimulus projects.
• Revenue rose in food processing and manufacturing, driven by strong orders and efficient SG&A expense management.

• Q1 FY06/25 revenue declined 6.7% YoY due to subsidiary exclusion, with operating profit falling 27.9% from increased costs.
• FY06/25 forecast projects revenue of JPY21.0bn (+0.4% YoY) and operating profit of JPY2.5bn (+1.8% YoY).
• Company focuses on expressway projects, sales in building maintenance, and R&D investment to enhance technical capabilities.

• Consolidated sales declined to JPY32.5bn (-1.7% YoY), while net income attributable to owners reached JPY5.2bn (+570.2% YoY).
• HR-Tech engage segment reported sales of JPY4.4bn (+45.3% YoY) with an operating loss of JPY1.6bn.
• Human Resource Platform segment achieved JPY4.1bn in sales (+17.8% YoY) and an operating profit of JPY601mn.

• Expion360’s shareholders authorized the company to effect a reverse stock split with a ratio of 1:50 to 1:100 at the annual shareholders meeting on September 27, 2024.
• The company’s Board of Directors decided to implement a 1:100 stock reverse stock split effective October 9, 2024.
• The company also reported third quarter 2024 results which again fell short of our forecast.

• 1H FY03/25 results: Sales JPY7.9bn (+16.9% YoY), Operating profit JPY1.1bn (+131.1% YoY), Net income JPY795mn (+169.0% YoY).
• FY03/25 forecast: Sales JPY16.0bn (+10.0% YoY), Operating profit JPY1.9bn (+28.8% YoY), Net income JPY1.4bn (+18.3% YoY).
• Domestic sales forecast JPY10.0bn (+4.2% YoY), Overseas sales forecast JPY4.9bn (+20.8% YoY), New businesses JPY983mn (+24.0% YoY).

• Back on the 23rd October,  flue gas treatment play China Boqi Environmental Hol (2377 HK) announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.
• The upshot of the buyback lifts the stake of co-founder Zeng Zhijun and concert parties  to 32.59% – up from 27.71% – before options. A whitewash waiver is required.
• A expected, the Offer Doc has now been delayed. It is now expected to be dispatched on or before the 29th November. 

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• SF is the largest integrated logistics service player in China and Asia and the fourth largest player globally in terms of revenue in 2023, according to Frost & Sullivan.   
• The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.

• On 14 November, Di Dong Il Corp (001530 KS) announced that it plans to cancel 3.78 million treasury shares (representing 15% of outstanding shares) on 29 November.
• The company currently has 5.84 million outstanding shares. Thus, the share cancellation of 3.78 million shares represent 65% of its treasury shares. 
• The company is facing an investigation due to suspicions that it conducted a loan transaction with its largest shareholder, the Jung-Hun Foundation, without board approval.

• CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Securities and Ping An.
• It is a leading provider of autonomous driving technology for commercial vehicles in China.
• It focuses on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

• MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.
• MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
• In this note, we look at the firm’s past performance.

• Trex Company, Inc. recently reported its third quarter 2024 earnings.
• The company reported net sales of $234 million, reflecting a decline of 23% from the previous year primarily due to a $70 million reduction in channel inventory.
• Despite this, Trex noted robust consumer demand for its premium products like Trex Transcend Lineage and Signature decking and railing, although sales of lower-priced products were more restrained.

• RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based valuation of $0.40/share, representing potential capital upside of 196% on the current share price.
• FY24 was a turnaround year for Verbrec under new management with a clear strategy of carving out costs, improving operating and risk management disciplines, selling under-performing businesses and finalising legacy projects.
• The business is now recapitalised, profitable, cash generative and, in our opinion, poised for further growth with a favourable macro environment in both VBC’s traditional engineering projects and particularly its areas of sustainable focus, led by the energy transition that is underway in Australia.

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying activities continue to expand and diversify and Braemar remains well-positioned to drive its growth strategy. The trading outlook for FY25 is promising and we expect the company to be able to leverage its strong balance sheet in pursuit of strategic growth in a fragmented market. We maintain our underlying revenue and operating profit estimates for FY25 and FY26, as well as our 535p valuation, although EPS is affected by a reassessment of the number of shares in issue. Estimated end-FY25 net cash improves to £2.5m from a more modest net cash position.

• Crane Company recently presented its third-quarter 2024 financial results, showcasing several key highlights and challenges.
• The company’s performance this quarter was marked by a solid increase in both core sales and earnings per share, despite encountering multiple operational disruptions.
• Firstly, Crane demonstrated robust financial performance by exceeding expectations, with adjusted earnings per share (EPS) rising to $1.38.

• Cumulative Q3 FY12/24 revenue rose 7.3% YoY, driven by Environmental Equipment, Household Equipment, and Renewable Energy segments.
• Operating profit increased 88.0% YoY to JPY677mn, supported by price hikes and strong segment performances.
• Overseas revenue grew due to demand in India and Sri Lanka, with large government projects boosting growth.

• Back on the 23rd October,  flue gas treatment play China Boqi Environmental Hol (2377 HK) announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.
• The upshot of the buyback lifts the stake of co-founder Zeng Zhijun and concert parties  to 32.59% – up from 27.71% – before options. A whitewash waiver is required.
• A expected, the Offer Doc has now been delayed. It is now expected to be dispatched on or before the 29th November. 

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• SF is the largest integrated logistics service player in China and Asia and the fourth largest player globally in terms of revenue in 2023, according to Frost & Sullivan.   
• The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.

• On 14 November, Di Dong Il Corp (001530 KS) announced that it plans to cancel 3.78 million treasury shares (representing 15% of outstanding shares) on 29 November.
• The company currently has 5.84 million outstanding shares. Thus, the share cancellation of 3.78 million shares represent 65% of its treasury shares. 
• The company is facing an investigation due to suspicions that it conducted a loan transaction with its largest shareholder, the Jung-Hun Foundation, without board approval.

• CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Securities and Ping An.
• It is a leading provider of autonomous driving technology for commercial vehicles in China.
• It focuses on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

• MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.
• MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
• In this note, we look at the firm’s past performance.

• Trex Company, Inc. recently reported its third quarter 2024 earnings.
• The company reported net sales of $234 million, reflecting a decline of 23% from the previous year primarily due to a $70 million reduction in channel inventory.
• Despite this, Trex noted robust consumer demand for its premium products like Trex Transcend Lineage and Signature decking and railing, although sales of lower-priced products were more restrained.

• RaaS is initiating coverage of engineering, asset management, and infrastructure and training services group Verbrec (ASX:VBC) with a DCF-based valuation of $0.40/share, representing potential capital upside of 196% on the current share price.
• FY24 was a turnaround year for Verbrec under new management with a clear strategy of carving out costs, improving operating and risk management disciplines, selling under-performing businesses and finalising legacy projects.
• The business is now recapitalised, profitable, cash generative and, in our opinion, poised for further growth with a favourable macro environment in both VBC’s traditional engineering projects and particularly its areas of sustainable focus, led by the energy transition that is underway in Australia.

Braemar’s H125 results were in line with expectations, with modest revenue growth and some operational gearing evident in operating profit. The underlying activities continue to expand and diversify and Braemar remains well-positioned to drive its growth strategy. The trading outlook for FY25 is promising and we expect the company to be able to leverage its strong balance sheet in pursuit of strategic growth in a fragmented market. We maintain our underlying revenue and operating profit estimates for FY25 and FY26, as well as our 535p valuation, although EPS is affected by a reassessment of the number of shares in issue. Estimated end-FY25 net cash improves to £2.5m from a more modest net cash position.

• Crane Company recently presented its third-quarter 2024 financial results, showcasing several key highlights and challenges.
• The company’s performance this quarter was marked by a solid increase in both core sales and earnings per share, despite encountering multiple operational disruptions.
• Firstly, Crane demonstrated robust financial performance by exceeding expectations, with adjusted earnings per share (EPS) rising to $1.38.

• Cumulative Q3 FY12/24 revenue rose 7.3% YoY, driven by Environmental Equipment, Household Equipment, and Renewable Energy segments.
• Operating profit increased 88.0% YoY to JPY677mn, supported by price hikes and strong segment performances.
• Overseas revenue grew due to demand in India and Sri Lanka, with large government projects boosting growth.

• Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
• The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector. 
• The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

• SharkNinja’s third quarter of 2024 financial performance highlighted several strengths and strategic initiatives that point to its robust market position and growth trajectory, balanced by some areas of concern that underline potential risks.
• Displaying a strong performance in adjusted net sales and adjusted EBITDA growth, SharkNinja reported substantial year-over-year increases, demonstrating resilience and strategic agility in a fluctuating economic environment.
• The global teams’ efforts mirrored in a 35% rise in adjusted net sales and 26% growth in adjusted EBITDA, showcasing strong operational execution and market responsiveness.

• Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.
• The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.
• Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

• Revenue increased to JPY14.2bn (+27.7% YoY), with operating profit at JPY1.2bn (+67.9% YoY) and recurring profit at JPY1.3bn (+55.1% YoY).
• Net income attributable to owners of the parent reached JPY798mn, marking a 56.4% year-over-year increase.
• Technician numbers grew by 967 (+27.5% YoY) to 4,482, driven by enhanced in-house recruitment capabilities.

• Fastenal started as a small retailer in Minnesota and has evolved into a mission critical supply chain partner for industrial customers
• The company today has nearly USD8 billion in sales and a market capitalization of nearly USD50 billion
• The company’s founder Bob Kierlin has played a significant role in the company’s success

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Hydrofarm is a non-plant touching, NASDAQ-listed leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
• The company’s products consist primarily of consumable products, such as nutrients and grow media, and durable products, such as grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
• Hydrofarm reported 3Q24 results, with revenue of $44.0 million, lower than our estimate of $46.5 million.

• CBAK Energy Technology’s core battery business continues to perform admirably in the face of a broader industry downturn.
• There are several positive catalysts on the horizon for CBAK which are partially offset by the current industry challenges and the continued weakness of the HiTrans raw material business.
• Both of the company’s battery facilities are now operating profitably and the company is poised to materially increase capacity in 2025.

• Ichiken’s FY03/25 forecast: Revenue JPY98.0bn, operating profit JPY4.8bn, recurring profit JPY4.7bn, net income JPY3.2bn.
• Medium-term targets FY2023-FY2025: Revenue JPY93bn, OPM 5.0%, ROE 8.0%, dividend payout ratio 30%, total investment JPY10bn.
• Long-term targets FY2030: Revenue JPY100bn, OPM 5.0%, ROE 8.0%, equity ratio 50%, total investment JPY30bn.

• Revenue increased to JPY20.0bn (+4.5% YoY), with growth in China (+15.8% YoY) and declines in Japan and Southeast Asia.
• Operating profit rose to JPY692mn (+32.8% YoY), while recurring profit decreased to JPY606mn (-25.0% YoY).
• Full-year revenue forecast revised to JPY40.8bn, with downward revisions for operating, recurring profit, and net income projections.

• In 1H FY03/25, revenue increased 9.9% YoY to JPY26.0bn, while operating profit decreased 3.5% YoY.
• FY03/25 earnings forecast: revenue JPY52.0bn (+4.5% YoY), operating profit JPY3.5bn (-2.7% YoY), dividend JPY120.0/share.
• Segment profits declined in Machine Tools, Rubber & Tire, and Electronics & Semiconductor; increased in Steel, Automotive, Environment.

• Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
• The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector. 
• The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

• SharkNinja’s third quarter of 2024 financial performance highlighted several strengths and strategic initiatives that point to its robust market position and growth trajectory, balanced by some areas of concern that underline potential risks.
• Displaying a strong performance in adjusted net sales and adjusted EBITDA growth, SharkNinja reported substantial year-over-year increases, demonstrating resilience and strategic agility in a fluctuating economic environment.
• The global teams’ efforts mirrored in a 35% rise in adjusted net sales and 26% growth in adjusted EBITDA, showcasing strong operational execution and market responsiveness.

• Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.
• The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.
• Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

• Revenue increased to JPY14.2bn (+27.7% YoY), with operating profit at JPY1.2bn (+67.9% YoY) and recurring profit at JPY1.3bn (+55.1% YoY).
• Net income attributable to owners of the parent reached JPY798mn, marking a 56.4% year-over-year increase.
• Technician numbers grew by 967 (+27.5% YoY) to 4,482, driven by enhanced in-house recruitment capabilities.

• Fastenal started as a small retailer in Minnesota and has evolved into a mission critical supply chain partner for industrial customers
• The company today has nearly USD8 billion in sales and a market capitalization of nearly USD50 billion
• The company’s founder Bob Kierlin has played a significant role in the company’s success

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Hydrofarm is a non-plant touching, NASDAQ-listed leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
• The company’s products consist primarily of consumable products, such as nutrients and grow media, and durable products, such as grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
• Hydrofarm reported 3Q24 results, with revenue of $44.0 million, lower than our estimate of $46.5 million.

• CBAK Energy Technology’s core battery business continues to perform admirably in the face of a broader industry downturn.
• There are several positive catalysts on the horizon for CBAK which are partially offset by the current industry challenges and the continued weakness of the HiTrans raw material business.
• Both of the company’s battery facilities are now operating profitably and the company is poised to materially increase capacity in 2025.

• Ichiken’s FY03/25 forecast: Revenue JPY98.0bn, operating profit JPY4.8bn, recurring profit JPY4.7bn, net income JPY3.2bn.
• Medium-term targets FY2023-FY2025: Revenue JPY93bn, OPM 5.0%, ROE 8.0%, dividend payout ratio 30%, total investment JPY10bn.
• Long-term targets FY2030: Revenue JPY100bn, OPM 5.0%, ROE 8.0%, equity ratio 50%, total investment JPY30bn.

• Revenue increased to JPY20.0bn (+4.5% YoY), with growth in China (+15.8% YoY) and declines in Japan and Southeast Asia.
• Operating profit rose to JPY692mn (+32.8% YoY), while recurring profit decreased to JPY606mn (-25.0% YoY).
• Full-year revenue forecast revised to JPY40.8bn, with downward revisions for operating, recurring profit, and net income projections.

• In 1H FY03/25, revenue increased 9.9% YoY to JPY26.0bn, while operating profit decreased 3.5% YoY.
• FY03/25 earnings forecast: revenue JPY52.0bn (+4.5% YoY), operating profit JPY3.5bn (-2.7% YoY), dividend JPY120.0/share.
• Segment profits declined in Machine Tools, Rubber & Tire, and Electronics & Semiconductor; increased in Steel, Automotive, Environment.