Category

Industrials

Daily Brief Industrials: Evergreen Marine Corp, Uber Technologies , Tokyo Metro and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way
  • Uber to Partner With China’s WeRide for Autonomous Vehicles, Beginning in UAE
  • Weekly Deals Digest (29 Sep) – Tokyo Metro, CR Beverage, K Bank, Fuji Soft, Sun Art, Xingda, Capitol


Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

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 2024 index rebal event.
  • 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 current estimate for one-way flow in December 2024 is US$1.38bn.

Uber to Partner With China’s WeRide for Autonomous Vehicles, Beginning in UAE

By Caixin Global

  • Uber Technologies Inc. has entered into a partnership with Chinese autonomous driving startup WeRide Corp. to promote self-driving taxis on Uber’s global platform, with the first deployment set to take place in Abu Dhabi by the end of the year, the two companies said Wednesday.
  • Founded in 2017, WeRide develops autonomous driving technology and is testing or deploying it commercially in 30 cities in seven countries.
  • In July 2023, the company was granted the United Arab Emirates’ first and only national license for self-driving vehicles, enabling it to test and operate its autonomous vehicles on public roads across the entire country.


Weekly Deals Digest (29 Sep) – Tokyo Metro, CR Beverage, K Bank, Fuji Soft, Sun Art, Xingda, Capitol

By Arun George


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Evergreen Marine Corp, Uber Technologies , Tokyo Metro and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way
  • Uber to Partner With China’s WeRide for Autonomous Vehicles, Beginning in UAE
  • Weekly Deals Digest (29 Sep) – Tokyo Metro, CR Beverage, K Bank, Fuji Soft, Sun Art, Xingda, Capitol


Quiddity Leaderboard TDIV Dec 24: 5 ADDs/4 DELs Likely; US$1.38bn One-Way

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 2024 index rebal event.
  • 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 current estimate for one-way flow in December 2024 is US$1.38bn.

Uber to Partner With China’s WeRide for Autonomous Vehicles, Beginning in UAE

By Caixin Global

  • Uber Technologies Inc. has entered into a partnership with Chinese autonomous driving startup WeRide Corp. to promote self-driving taxis on Uber’s global platform, with the first deployment set to take place in Abu Dhabi by the end of the year, the two companies said Wednesday.
  • Founded in 2017, WeRide develops autonomous driving technology and is testing or deploying it commercially in 30 cities in seven countries.
  • In July 2023, the company was granted the United Arab Emirates’ first and only national license for self-driving vehicles, enabling it to test and operate its autonomous vehicles on public roads across the entire country.


Weekly Deals Digest (29 Sep) – Tokyo Metro, CR Beverage, K Bank, Fuji Soft, Sun Art, Xingda, Capitol

By Arun George


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Symbotic, Contemporary Amperex Technology (CATL), Herc Holdings , Patrick Industries and more

By | Daily Briefs, Industrials

In today’s briefing:

  • SYM: One Site Equals Sell
  • CATL is Using AI to Discover Next-Generation Battery Materials
  • Herc Holdings Inc.: Market Positioning & Investment in Mega Projects As A Crucial Growth Lever!
  • Patrick Industries Inc (PATK) – Friday, Jun 28, 2024


SYM: One Site Equals Sell

By Hamed Khorsand

  • SYM has disclosed one additional customer site location, Cullman, Alabama, in third quarter 2024. This one location brings the total number of sites where customers have accepted SYM’s to twenty.
  • We believe the slowdown in system placements and acceptance has continued into the third quarter and the challenges faced in the second quarter are likely to continue.
  • SYM has been promising several product placements progressing from backlog to acceptance. We believe this pace has slowed with only one location so far in Q3

CATL is Using AI to Discover Next-Generation Battery Materials

By Caixin Global

  • Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest battery producer, is focusing its research and development team on the use of artificial intelligence to discover the next generation of battery materials.
  • Zeng Yuqun, the CATL’s chairman, said his company has 20,000 people working in R&D and discovering the materials that will push forward battery innovation was their main aim. He was talking on Wednesday to Nicolai Tangen, chairman of Norway’s sovereign wealth fund Norges Bank Investment Management.
  • CATL holds a dominant position in the global power battery market, accounting for 37.6% of the market in the first seven months of 2024, according to South Korean research firm SNE Research.

Herc Holdings Inc.: Market Positioning & Investment in Mega Projects As A Crucial Growth Lever!

By Baptista Research

  • Herc Holdings Inc., a prominent equipment rental company, recently delivered its financial results for the second quarter of 2024, revealing several notable trends that reflect both the company’s strategic decisions and broader industry dynamics.
  • The company has strategically managed to align its operational strategies with market demands, demonstrating an emphasis on increasing market share, enhancing geographic density, optimizing fleet mix, and leveraging technology.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Patrick Industries Inc (PATK) – Friday, Jun 28, 2024

By Value Investors Club

  • Patrick Industries is a manufacturer and distributor of components for various industries such as recreational vehicles, marine, and manufactured housing
  • The company has a history of value creation and shareholder value creation
  • Despite being undercovered in the investing community, PATK presents an opportunity for long-term investors due to potential future upside and its competitive landscape in the manufacturing sector

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.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Symbotic, Contemporary Amperex Technology (CATL), Herc Holdings , Patrick Industries and more

By | Daily Briefs, Industrials

In today’s briefing:

  • SYM: One Site Equals Sell
  • CATL is Using AI to Discover Next-Generation Battery Materials
  • Herc Holdings Inc.: Market Positioning & Investment in Mega Projects As A Crucial Growth Lever!
  • Patrick Industries Inc (PATK) – Friday, Jun 28, 2024


SYM: One Site Equals Sell

By Hamed Khorsand

  • SYM has disclosed one additional customer site location, Cullman, Alabama, in third quarter 2024. This one location brings the total number of sites where customers have accepted SYM’s to twenty.
  • We believe the slowdown in system placements and acceptance has continued into the third quarter and the challenges faced in the second quarter are likely to continue.
  • SYM has been promising several product placements progressing from backlog to acceptance. We believe this pace has slowed with only one location so far in Q3

CATL is Using AI to Discover Next-Generation Battery Materials

By Caixin Global

  • Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest battery producer, is focusing its research and development team on the use of artificial intelligence to discover the next generation of battery materials.
  • Zeng Yuqun, the CATL’s chairman, said his company has 20,000 people working in R&D and discovering the materials that will push forward battery innovation was their main aim. He was talking on Wednesday to Nicolai Tangen, chairman of Norway’s sovereign wealth fund Norges Bank Investment Management.
  • CATL holds a dominant position in the global power battery market, accounting for 37.6% of the market in the first seven months of 2024, according to South Korean research firm SNE Research.

Herc Holdings Inc.: Market Positioning & Investment in Mega Projects As A Crucial Growth Lever!

By Baptista Research

  • Herc Holdings Inc., a prominent equipment rental company, recently delivered its financial results for the second quarter of 2024, revealing several notable trends that reflect both the company’s strategic decisions and broader industry dynamics.
  • The company has strategically managed to align its operational strategies with market demands, demonstrating an emphasis on increasing market share, enhancing geographic density, optimizing fleet mix, and leveraging technology.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Patrick Industries Inc (PATK) – Friday, Jun 28, 2024

By Value Investors Club

  • Patrick Industries is a manufacturer and distributor of components for various industries such as recreational vehicles, marine, and manufactured housing
  • The company has a history of value creation and shareholder value creation
  • Despite being undercovered in the investing community, PATK presents an opportunity for long-term investors due to potential future upside and its competitive landscape in the manufacturing sector

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.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Fortive , Paras Defence & Space Technologies Ltd., Ryder System, Schneider National Inc, Enersys, Franklin Electric Co, KULR Technology Group , Manpowergroup Inc, Matson Inc, Msa Safety Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business
  • Paras Defence and Space Technologies- Forensic Analysis
  • Ryder System: Initiation Of Coverage – Leveraging Cyclical Recovery in Transportation and Logistics But Is It Enough? – Major Drivers
  • Schneider National: Initiation Of Coverage – Its Strategy Towards Market Alignment and Adjusted Service Offerings & Other Major Drivers
  • EnerSys: Initiation Of Coverage – Enhanced Market Position through Product Innovations! – Major Drivers
  • Franklin Electric Co. – Increasing Footprint in Fueling Systems & Other Major Drivers
  • KULR Technology Group Inc.
  • ManpowerGroup Inc.: Initiation Of Coverage – How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! – Major Drivers
  • Matson Inc.: Initiation Of Coverage – China Service Rate & Volume Increases Driving Growth! – Major Drivers
  • MSA Safety Incorporated: Initiation Of Coverage – Tackling Technological Disruption and Innovation Pressure! – Major Drivers


Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

By Garvit Bhandari

  • On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.
  • NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.
  • FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.

Paras Defence and Space Technologies- Forensic Analysis

By Nitin Mangal

  • Paras Defence & Space Technologies Ltd. (PARAS IN) is engaged in designing, manufacturing of various products and solutions for Defence & Space Industries. The company launched its IPO in FY22.
  • The company’s operations and order book has picked up post covid, but revenue trajectory has slowed down. Moreover, inventory bulk up has been helping the margins. 
  • Receivables ageing and provisioning shows concern on overall quality. Moreover, RPT and corp. governance with Promoters also need to be kept an eye on.

Ryder System: Initiation Of Coverage – Leveraging Cyclical Recovery in Transportation and Logistics But Is It Enough? – Major Drivers

By Baptista Research

  • Ryder System has demonstrated a resilient financial performance in the second quarter of 2024, overcoming challenges in a demanding freight environment.
  • The company’s strategic adaptations and acquisitions have strengthened its market stance, making major contributions toward revenue growth.
  • The integration of Cardinal Logistics and Impact Fulfillment Services (IFS) is proceeding as planned, enhancing Ryder System’s offerings in dedicated transportation solutions and its supply chain capabilities, respectively.

Schneider National: Initiation Of Coverage – Its Strategy Towards Market Alignment and Adjusted Service Offerings & Other Major Drivers

By Baptista Research

  • Schneider’s recent earnings release and the subsequent conference call offer a mixed picture that merits a balanced perspective when considering the firm as an investment.
  • In their Q2 2024 report, Schneider demonstrates both strengths in operational strategy and areas of concern that are influential to their financial health and broader market position.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

EnerSys: Initiation Of Coverage – Enhanced Market Position through Product Innovations! – Major Drivers

By Baptista Research

  • EnerSys recently discussed its financial results for the first quarter of fiscal 2025.
  • Despite a challenging macroeconomic environment, the company managed to deliver earnings per share (EPS) at the midpoint of expectations, although revenues were reported slightly below the low end of the guidance range.
  • Importantly, EnerSys has been able to leverage its diverse business portfolio and effective management of operational expenses to navigate uneven demand across its key markets.

Franklin Electric Co. – Increasing Footprint in Fueling Systems & Other Major Drivers

By Baptista Research

  • Franklin Electric Co., Inc.’s second quarter 2024 financial results exhibited resilience, albeit with a dip in consolidated sales compared to the previous year.
  • Navigating adverse macroeconomic elements and widespread wet weather in the U.S., the corporation demonstrated sound operational performance.
  • However, there were notable variances across different business segments and geographies, contacting both strengths and challenges within its portfolio.

KULR Technology Group Inc.

By Zacks Small Cap Research

  • KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
  • Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
  • It is also applying its zero-vibration technology to fans in commercial markets which could be a large revenue opportunity.

ManpowerGroup Inc.: Initiation Of Coverage – How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! – Major Drivers

By Baptista Research

  • ManpowerGroup, a global leader in workforce solutions, has reported its financial results for the second quarter of 2024, delivering $4.5 billion in revenue, a decrease of 3% year-over-year in constant currency.
  • Adjusted Earnings Before Interest, Taxes, and Amortization (EBITA) were $112 million, demonstrating a decrease of 9% in constant currency compared to the previous year.
  • The adjusted EBITA margin stood at 2.5%.

Matson Inc.: Initiation Of Coverage – China Service Rate & Volume Increases Driving Growth! – Major Drivers

By Baptista Research

  • Matson, Inc. recently disclosed its financial results for the second quarter of 2024, providing insights into the company’s operational and financial performance.
  • The Ocean Transportation and Logistics business segment exhibited commendable performance, with a rise in year-over-year operating income.
  • A notable driver of the consolidated operating income was Matson’s China service which reported significantly higher fee rates compared to the previous year.

MSA Safety Incorporated: Initiation Of Coverage – Tackling Technological Disruption and Innovation Pressure! – Major Drivers

By Baptista Research

  • MSA Safety’s second quarter 2024 earnings were showcased as a quarter of robust execution and strategic progress, with net sales and adjusted earnings both recording growth.
  • President and CEO Steve Blanco highlighted a series of achievements including overcoming supply chain disruptions that reduced product backlog to normalized levels, streamlining manufacturing operations, and achieving targeted sales growth in key product categories.
  • From a financial perspective, the company reported net sales of $462 million, marking a 3% increase on a reported basis, and a 4% increase on an organic constant currency basis.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Fortive , Paras Defence & Space Technologies Ltd., Ryder System, Schneider National Inc, Enersys, Franklin Electric Co, KULR Technology Group , Manpowergroup Inc, Matson Inc, Msa Safety Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business
  • Paras Defence and Space Technologies- Forensic Analysis
  • Ryder System: Initiation Of Coverage – Leveraging Cyclical Recovery in Transportation and Logistics But Is It Enough? – Major Drivers
  • Schneider National: Initiation Of Coverage – Its Strategy Towards Market Alignment and Adjusted Service Offerings & Other Major Drivers
  • EnerSys: Initiation Of Coverage – Enhanced Market Position through Product Innovations! – Major Drivers
  • Franklin Electric Co. – Increasing Footprint in Fueling Systems & Other Major Drivers
  • KULR Technology Group Inc.
  • ManpowerGroup Inc.: Initiation Of Coverage – How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! – Major Drivers
  • Matson Inc.: Initiation Of Coverage – China Service Rate & Volume Increases Driving Growth! – Major Drivers
  • MSA Safety Incorporated: Initiation Of Coverage – Tackling Technological Disruption and Innovation Pressure! – Major Drivers


Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

By Garvit Bhandari

  • On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.
  • NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.
  • FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.

Paras Defence and Space Technologies- Forensic Analysis

By Nitin Mangal

  • Paras Defence & Space Technologies Ltd. (PARAS IN) is engaged in designing, manufacturing of various products and solutions for Defence & Space Industries. The company launched its IPO in FY22.
  • The company’s operations and order book has picked up post covid, but revenue trajectory has slowed down. Moreover, inventory bulk up has been helping the margins. 
  • Receivables ageing and provisioning shows concern on overall quality. Moreover, RPT and corp. governance with Promoters also need to be kept an eye on.

Ryder System: Initiation Of Coverage – Leveraging Cyclical Recovery in Transportation and Logistics But Is It Enough? – Major Drivers

By Baptista Research

  • Ryder System has demonstrated a resilient financial performance in the second quarter of 2024, overcoming challenges in a demanding freight environment.
  • The company’s strategic adaptations and acquisitions have strengthened its market stance, making major contributions toward revenue growth.
  • The integration of Cardinal Logistics and Impact Fulfillment Services (IFS) is proceeding as planned, enhancing Ryder System’s offerings in dedicated transportation solutions and its supply chain capabilities, respectively.

Schneider National: Initiation Of Coverage – Its Strategy Towards Market Alignment and Adjusted Service Offerings & Other Major Drivers

By Baptista Research

  • Schneider’s recent earnings release and the subsequent conference call offer a mixed picture that merits a balanced perspective when considering the firm as an investment.
  • In their Q2 2024 report, Schneider demonstrates both strengths in operational strategy and areas of concern that are influential to their financial health and broader market position.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

EnerSys: Initiation Of Coverage – Enhanced Market Position through Product Innovations! – Major Drivers

By Baptista Research

  • EnerSys recently discussed its financial results for the first quarter of fiscal 2025.
  • Despite a challenging macroeconomic environment, the company managed to deliver earnings per share (EPS) at the midpoint of expectations, although revenues were reported slightly below the low end of the guidance range.
  • Importantly, EnerSys has been able to leverage its diverse business portfolio and effective management of operational expenses to navigate uneven demand across its key markets.

Franklin Electric Co. – Increasing Footprint in Fueling Systems & Other Major Drivers

By Baptista Research

  • Franklin Electric Co., Inc.’s second quarter 2024 financial results exhibited resilience, albeit with a dip in consolidated sales compared to the previous year.
  • Navigating adverse macroeconomic elements and widespread wet weather in the U.S., the corporation demonstrated sound operational performance.
  • However, there were notable variances across different business segments and geographies, contacting both strengths and challenges within its portfolio.

KULR Technology Group Inc.

By Zacks Small Cap Research

  • KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
  • Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
  • It is also applying its zero-vibration technology to fans in commercial markets which could be a large revenue opportunity.

ManpowerGroup Inc.: Initiation Of Coverage – How Are The Staffing Solutions Provider Adapting to Geopolitical and Economic Environments! – Major Drivers

By Baptista Research

  • ManpowerGroup, a global leader in workforce solutions, has reported its financial results for the second quarter of 2024, delivering $4.5 billion in revenue, a decrease of 3% year-over-year in constant currency.
  • Adjusted Earnings Before Interest, Taxes, and Amortization (EBITA) were $112 million, demonstrating a decrease of 9% in constant currency compared to the previous year.
  • The adjusted EBITA margin stood at 2.5%.

Matson Inc.: Initiation Of Coverage – China Service Rate & Volume Increases Driving Growth! – Major Drivers

By Baptista Research

  • Matson, Inc. recently disclosed its financial results for the second quarter of 2024, providing insights into the company’s operational and financial performance.
  • The Ocean Transportation and Logistics business segment exhibited commendable performance, with a rise in year-over-year operating income.
  • A notable driver of the consolidated operating income was Matson’s China service which reported significantly higher fee rates compared to the previous year.

MSA Safety Incorporated: Initiation Of Coverage – Tackling Technological Disruption and Innovation Pressure! – Major Drivers

By Baptista Research

  • MSA Safety’s second quarter 2024 earnings were showcased as a quarter of robust execution and strategic progress, with net sales and adjusted earnings both recording growth.
  • President and CEO Steve Blanco highlighted a series of achievements including overcoming supply chain disruptions that reduced product backlog to normalized levels, streamlining manufacturing operations, and achieving targeted sales growth in key product categories.
  • From a financial perspective, the company reported net sales of $462 million, marking a 3% increase on a reported basis, and a 4% increase on an organic constant currency basis.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Tokyo Metro, Samsung C&T, Polycab India , Derichebourg SA, SPX Technologies , Elbit Systems and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Tokyo Metro (9023 JP) IPO: The Bear Case
  • NPS Sues Samsung’s Lee Jae-Yong
  • Tokyo Metro IPO – The Negatives – Hasn’t Recovered Fully but Div and Debt Have
  • Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition
  • Derichebourg – ESG Report – Lucror Analytics
  • SPX Corporation – These Are The 4 Biggest Challenges In Its Path!
  • Elbit Systems Ltd –


Tokyo Metro (9023 JP) IPO: The Bear Case

By Arun George

  • Tokyo Metro (9023 JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.
  • In Tokyo Metro (9023 JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
  • The bear case rests on mid-tier revenue growth, low revenue diversification, the highest leverage among peers and a sizeable post-IPO share overhang. 

NPS Sues Samsung’s Lee Jae-Yong

By Douglas Kim

  • NPS has filed a lawsuit against Samsung Group Chairman Lee Jae-Yong and others involved in the merger of Samsung C&T (028260 KS) and Cheil Industries nearly nine years ago.
  • NPS is trying to recover damages estimated at up to 675 billion won. 
  • If NPS is able to win in this lawsuit, it could result in other minority shareholders launching their own lawsuits which could further raise concerns on Samsung C&T. 

Tokyo Metro IPO – The Negatives – Hasn’t Recovered Fully but Div and Debt Have

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s shareholders aim to raise up to US$2.3bn in its Japan IPO.
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • In this note, we talk about the not-so-positive aspects of the deal.

Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

By Pranav Bhavsar

  • We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.
  • Stocks in focus include Polycab India (POLYCAB IN); KEI Industries (KEII IN) & R R Kabel (2333180Z IN).  
  • Overall industry business momentum remains strong, project delays and competition warrant attention. 

Derichebourg – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Derichebourg’s ESG as “Adequate”, in line with the scores for the Environmental, Social and Governance pillars. Controversies are “Immaterial” and Disclosure is “Strong”. 

We note that the company is active in the recycling industry, which is generally a positive driver.


SPX Corporation – These Are The 4 Biggest Challenges In Its Path!

By Baptista Research

  • SPX Technologies has demonstrated robust growth and strategic execution in its Q2 2024 results, prompting an increase in full-year guidance.
  • The company’s business segments, particularly the HVAC (Heating, Ventilation, and Air Conditioning) and Detection & Measurement, have shown substantial growth and profitability improvements, driven primarily by increased operational efficiencies, strategic acquisitions, and strong demand in diverse markets such as data centers, health care, and industrial facilities.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Elbit Systems Ltd –

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for Elbit Systems (ESLT)

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Tokyo Metro, Samsung C&T, Polycab India , Derichebourg SA, SPX Technologies , Elbit Systems and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Tokyo Metro (9023 JP) IPO: The Bear Case
  • NPS Sues Samsung’s Lee Jae-Yong
  • Tokyo Metro IPO – The Negatives – Hasn’t Recovered Fully but Div and Debt Have
  • Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition
  • Derichebourg – ESG Report – Lucror Analytics
  • SPX Corporation – These Are The 4 Biggest Challenges In Its Path!
  • Elbit Systems Ltd –


Tokyo Metro (9023 JP) IPO: The Bear Case

By Arun George

  • Tokyo Metro (9023 JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.
  • In Tokyo Metro (9023 JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
  • The bear case rests on mid-tier revenue growth, low revenue diversification, the highest leverage among peers and a sizeable post-IPO share overhang. 

NPS Sues Samsung’s Lee Jae-Yong

By Douglas Kim

  • NPS has filed a lawsuit against Samsung Group Chairman Lee Jae-Yong and others involved in the merger of Samsung C&T (028260 KS) and Cheil Industries nearly nine years ago.
  • NPS is trying to recover damages estimated at up to 675 billion won. 
  • If NPS is able to win in this lawsuit, it could result in other minority shareholders launching their own lawsuits which could further raise concerns on Samsung C&T. 

Tokyo Metro IPO – The Negatives – Hasn’t Recovered Fully but Div and Debt Have

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s shareholders aim to raise up to US$2.3bn in its Japan IPO.
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • In this note, we talk about the not-so-positive aspects of the deal.

Polycab India (POLYCAB IN) | Inventory, Demand Environment & Competition

By Pranav Bhavsar

  • We spoke to cable distributors and industry experts to understand any concerns regarding industry-wide inventory levels and to gauge the current demand environment.
  • Stocks in focus include Polycab India (POLYCAB IN); KEI Industries (KEII IN) & R R Kabel (2333180Z IN).  
  • Overall industry business momentum remains strong, project delays and competition warrant attention. 

Derichebourg – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Derichebourg’s ESG as “Adequate”, in line with the scores for the Environmental, Social and Governance pillars. Controversies are “Immaterial” and Disclosure is “Strong”. 

We note that the company is active in the recycling industry, which is generally a positive driver.


SPX Corporation – These Are The 4 Biggest Challenges In Its Path!

By Baptista Research

  • SPX Technologies has demonstrated robust growth and strategic execution in its Q2 2024 results, prompting an increase in full-year guidance.
  • The company’s business segments, particularly the HVAC (Heating, Ventilation, and Air Conditioning) and Detection & Measurement, have shown substantial growth and profitability improvements, driven primarily by increased operational efficiencies, strategic acquisitions, and strong demand in diverse markets such as data centers, health care, and industrial facilities.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Elbit Systems Ltd –

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for Elbit Systems (ESLT)

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Shanghai Shenzhen CSI 300 Inde, Tokyo Metro, Watts Water Technologies A, Aaon Inc, Avis Budget Group, API Group , Applied Industrial Tech and more

By | Daily Briefs, Industrials

In today’s briefing:

  • China’s [Maybe] Biggish [Quasi?] Bazooka
  • Tokyo Metro IPO – The Positives – Quasi-Monopoly Status
  • Watts Water Technologies: Initiation Of Coverage – These Are The 4 Biggest Challenges In Its Path! – Major Drivers
  • AAON Inc.: Initiation Of Coverage – A Tale Of Refrigerant Transition and Product Evolution! – Major Drivers
  • Avis Budget Group: Initiation Of Coverage – Why Its Pricing Strategies and Market Adaptation Strategies Make Us Bullish? – Major Drivers
  • APi Group Corporation: Initiation Of Coverage – Increasing Project Margins through Enhanced Customer and Project Selection & Other Major Drivers
  • Applied Industrial Technologies: Initiation Of Coverage – Expansion of Engineered Solutions & Major Drivers


China’s [Maybe] Biggish [Quasi?] Bazooka

By Travis Lundy

  • Today, in a press conference held jointly by the Governor of the PBOC, the Director of the Financial Regulatory Bureau, and Chairman of the CSRC, China announced market stimulus measures.
  • The PBOC will cut RRR 50bp, the 7-day repo rate 20bp, guide effective mortgage rate cuts, and lower minimum down payments on second homes. There are other commercial RE measures.
  • Three major stock market measures were announced. A RMB500bn collateral swap programme, PBOC backing RMB300bn bank loans for corps to buy stocks, and a Plan to increase Central Huijin investments.

Tokyo Metro IPO – The Positives – Quasi-Monopoly Status

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. 
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • In this note, we talk about the positive aspects of the deal.

Watts Water Technologies: Initiation Of Coverage – These Are The 4 Biggest Challenges In Its Path! – Major Drivers

By Baptista Research

  • Watts Water Technologies, Inc. delivered a strong-second quarter performance for 2024, with record sales, adjusted operating income, and earnings per share.
  • The results were boosted by better-than-expected organic sales in the Americas and APMEA regions, although partly offset by weaker sales in Europe.
  • The company’s ability to manage inventory and productivity effectively contributed to the positive financial results.

AAON Inc.: Initiation Of Coverage – A Tale Of Refrigerant Transition and Product Evolution! – Major Drivers

By Baptista Research

  • AAON, Inc. achieved significant financial and operational milestones in the second quarter of 2024, demonstrating a robust performance despite a challenging macroeconomic environment.
  • The company’s production issues from the previous quarter were largely addressed, allowing for increased volume output and productivity throughout its segments, leading to record sales, earnings, and backlog.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Avis Budget Group: Initiation Of Coverage – Why Its Pricing Strategies and Market Adaptation Strategies Make Us Bullish? – Major Drivers

By Baptista Research

  • Avis Budget Group reported its earnings for the second quarter of 2024, revealing mixed results that draw attention to the company’s ongoing strategy and challenges in the evolving rental car market.
  • The firm reported quarterly revenue surpassing $3 billion and adjusted EBITDA of $214 million.
  • These figures come amidst various strategic maneuvers intended to optimize fleet efficiency and profitability.

APi Group Corporation: Initiation Of Coverage – Increasing Project Margins through Enhanced Customer and Project Selection & Other Major Drivers

By Baptista Research

  • APi Group Corporation recently reported its second quarter 2024 earnings, encompassing various operational and financial aspects.
  • Distinctly evident from the discourse were the efforts and strategic path embarked upon by the company, marked by their pursuit of a recurring revenue model, margin improvement initiatives, and disciplined M&A activities.
  • Throughout the discourse, company leadership provided detailed insights into operational dynamics, financial results, strategic initiatives, and future prospects.

Applied Industrial Technologies: Initiation Of Coverage – Expansion of Engineered Solutions & Major Drivers

By Baptista Research

  • Applied Industrial Technologies ended its fiscal year 2024 with strong financial and operational results, despite facing a challenging and uncertain market.
  • The company’s focus on executing strategic initiatives and maintaining strong customer relationships played a key role in these achievements.
  • This assessment provides an objective overview of the company’s latest quarterly performance, touching on both positive developments and areas that require attention.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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



Daily Brief Industrials: Shanghai Shenzhen CSI 300 Inde, Tokyo Metro, Watts Water Technologies A, Aaon Inc, Avis Budget Group, API Group , Applied Industrial Tech and more

By | Daily Briefs, Industrials

In today’s briefing:

  • China’s [Maybe] Biggish [Quasi?] Bazooka
  • Tokyo Metro IPO – The Positives – Quasi-Monopoly Status
  • Watts Water Technologies: Initiation Of Coverage – These Are The 4 Biggest Challenges In Its Path! – Major Drivers
  • AAON Inc.: Initiation Of Coverage – A Tale Of Refrigerant Transition and Product Evolution! – Major Drivers
  • Avis Budget Group: Initiation Of Coverage – Why Its Pricing Strategies and Market Adaptation Strategies Make Us Bullish? – Major Drivers
  • APi Group Corporation: Initiation Of Coverage – Increasing Project Margins through Enhanced Customer and Project Selection & Other Major Drivers
  • Applied Industrial Technologies: Initiation Of Coverage – Expansion of Engineered Solutions & Major Drivers


China’s [Maybe] Biggish [Quasi?] Bazooka

By Travis Lundy

  • Today, in a press conference held jointly by the Governor of the PBOC, the Director of the Financial Regulatory Bureau, and Chairman of the CSRC, China announced market stimulus measures.
  • The PBOC will cut RRR 50bp, the 7-day repo rate 20bp, guide effective mortgage rate cuts, and lower minimum down payments on second homes. There are other commercial RE measures.
  • Three major stock market measures were announced. A RMB500bn collateral swap programme, PBOC backing RMB300bn bank loans for corps to buy stocks, and a Plan to increase Central Huijin investments.

Tokyo Metro IPO – The Positives – Quasi-Monopoly Status

By Sumeet Singh

  • Tokyo Metro (9023 JP)‘s  shareholders aim to raise up to US$2.3bn in its upcoming Japan IPO. 
  • Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
  • In this note, we talk about the positive aspects of the deal.

Watts Water Technologies: Initiation Of Coverage – These Are The 4 Biggest Challenges In Its Path! – Major Drivers

By Baptista Research

  • Watts Water Technologies, Inc. delivered a strong-second quarter performance for 2024, with record sales, adjusted operating income, and earnings per share.
  • The results were boosted by better-than-expected organic sales in the Americas and APMEA regions, although partly offset by weaker sales in Europe.
  • The company’s ability to manage inventory and productivity effectively contributed to the positive financial results.

AAON Inc.: Initiation Of Coverage – A Tale Of Refrigerant Transition and Product Evolution! – Major Drivers

By Baptista Research

  • AAON, Inc. achieved significant financial and operational milestones in the second quarter of 2024, demonstrating a robust performance despite a challenging macroeconomic environment.
  • The company’s production issues from the previous quarter were largely addressed, allowing for increased volume output and productivity throughout its segments, leading to record sales, earnings, and backlog.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Avis Budget Group: Initiation Of Coverage – Why Its Pricing Strategies and Market Adaptation Strategies Make Us Bullish? – Major Drivers

By Baptista Research

  • Avis Budget Group reported its earnings for the second quarter of 2024, revealing mixed results that draw attention to the company’s ongoing strategy and challenges in the evolving rental car market.
  • The firm reported quarterly revenue surpassing $3 billion and adjusted EBITDA of $214 million.
  • These figures come amidst various strategic maneuvers intended to optimize fleet efficiency and profitability.

APi Group Corporation: Initiation Of Coverage – Increasing Project Margins through Enhanced Customer and Project Selection & Other Major Drivers

By Baptista Research

  • APi Group Corporation recently reported its second quarter 2024 earnings, encompassing various operational and financial aspects.
  • Distinctly evident from the discourse were the efforts and strategic path embarked upon by the company, marked by their pursuit of a recurring revenue model, margin improvement initiatives, and disciplined M&A activities.
  • Throughout the discourse, company leadership provided detailed insights into operational dynamics, financial results, strategic initiatives, and future prospects.

Applied Industrial Technologies: Initiation Of Coverage – Expansion of Engineered Solutions & Major Drivers

By Baptista Research

  • Applied Industrial Technologies ended its fiscal year 2024 with strong financial and operational results, despite facing a challenging and uncertain market.
  • The company’s focus on executing strategic initiatives and maintaining strong customer relationships played a key role in these achievements.
  • This assessment provides an objective overview of the company’s latest quarterly performance, touching on both positive developments and areas that require attention.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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