Industrials

Napier (Temasek) is looking to raise around US$300m via its secondary selldown in Singapore Airlines (SIA SP).
The deal isn’t very well flagged given that the investor hadn’t earlier given any explicit guidance of a selldown.
Post-Selldown, Temasek will still own over 50% of SIA’s shares outstanding, so the overhang will be a large one.

Tryt IPO – Peer Comp – One of the Widest Margins Historically, but Has Lagged over the Track Record

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

AKR Corporindo (AKRA IJ) – Unseasonally Optimistic

By Angus Mackintosh

AKR Corporindo provided an unseasonally upbeat indication for 2Q2023 for its petroleum and chemical product distribution businesses, and for the strong demand pick up for its retail JV with BP.
Indications suggest that the company is well on track to meet its FY2023 guidance for its distribution businesses, and is optimistic about the build-out of its retail filling stations.
Its JIIPE industrial estate secured 17 hectares in 2Q2023 but its pipeline is now 300-350 hectares, underlining the increasing importance to AKR Corporindo (AKRA IJ).

TRYT IPO: The Bear Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In TRYT IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and high leverage.

Redox IPO Trading – Peers Have Mostly Corrected over the past Month

Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.

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

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

Jun 29

Daily Brief Industrials: Singapore Airlines, Tryt Inc, AKR Corporindo, Redox and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SIA Placement – Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore
Tryt IPO – Peer Comp – One of the Widest Margins Historically, but Has Lagged over the Track Record
AKR Corporindo (AKRA IJ) – Unseasonally Optimistic
TRYT IPO: The Bear Case
Redox IPO Trading – Peers Have Mostly Corrected over the past Month

SIA Placement – Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore

Napier (Temasek) is looking to raise around US$300m via its secondary selldown in Singapore Airlines (SIA SP).
The deal isn’t very well flagged given that the investor hadn’t earlier given any explicit guidance of a selldown.
Post-Selldown, Temasek will still own over 50% of SIA’s shares outstanding, so the overhang will be a large one.

Tryt IPO – Peer Comp – One of the Widest Margins Historically, but Has Lagged over the Track Record

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

AKR Corporindo (AKRA IJ) – Unseasonally Optimistic

By Angus Mackintosh

AKR Corporindo provided an unseasonally upbeat indication for 2Q2023 for its petroleum and chemical product distribution businesses, and for the strong demand pick up for its retail JV with BP.
Indications suggest that the company is well on track to meet its FY2023 guidance for its distribution businesses, and is optimistic about the build-out of its retail filling stations.
Its JIIPE industrial estate secured 17 hectares in 2Q2023 but its pipeline is now 300-350 hectares, underlining the increasing importance to AKR Corporindo (AKRA IJ).

TRYT IPO: The Bear Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In TRYT IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on mid-tier revenue growth rates, margin pressure led by rising labour expenses, bottom-tier FCF margin and high leverage.

Redox IPO Trading – Peers Have Mostly Corrected over the past Month

Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.

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

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

Jun 28

Daily Brief Industrials: Nws Holdings, Redox, Tryt Inc, J&T Express , Wisdom Marine Lines, Walsin Lihwa, iShares Russell 2000 ETF and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family
Redox (RDX AU) IPO – Offering Details & Index Inclusion
Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change
Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
Quiddity Leaderboard T50/100 Jun 23: Wisdom Marine Facing TDIV Deletion
TRYT IPO: The Bull Case
J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative
Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family

Nws Holdings (659 HK) announced a pre-conditional voluntary general offer from the Cheng family at HK$9.15 or HK$9.47 per share (with a potential 2HFY2023 dividend of HK$0.32 per share).
The pre-condition related to regulatory approval from the Insurance Authority of Hong Kong and the Bermuda Monetary Authority is a formality due to the Cheng family’s current sway over NWS.
The key condition is approval by independent New World Development (17 HK) shareholders which is likely as the offer is attractive, reduces NWD’s gearing and results in a special dividend.

Redox (RDX AU) IPO – Offering Details & Index Inclusion

By Brian Freitas

Redox (RDX AU), a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.
With the float expected to be over 30%, the stock is eligible for inclusion in the S&P/ASX indices but limited trading history could only mean S&P/ASX300 inclusion in March 2024.
With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.

Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the not so positive aspects of the deal.

J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically

J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the positive aspects of the deal.

Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change

In this insight, we take a look at Quiddity’s flow expectations for the September 2023 index rebalance.
Since the semi-annual rebalance events are in June and December, there will not be any “regular” changes caused by dividend-yield rankings.
However, external factors such as deletion from the selection universe and a shift in tracking AUM assumptions can still trigger US$130mn capping flows in September 2023.

Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.

Quiddity Leaderboard T50/100 Jun 23: Wisdom Marine Facing TDIV Deletion

In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the September 2023 Rebalance.
At present, I see two changes for the T50 index and one change for the T100 index.
The T100 change is an important one as the expected DEL Wisdom Marine Lines (2637 TT) could also get deleted from the TDIV index.

TRYT IPO: The Bull Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan’s welfare and nursing sector.
The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.

J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative

J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the not-so-positive aspects of the deal.

Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

By Joe Jasper

We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.
We continue to watch short-term support at 4300, and we cannot be bearish if the S&P 500 is above 4300.
The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170

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

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

Jun 28

Daily Brief Industrials: Nws Holdings, Redox, Tryt Inc, J&T Express , Wisdom Marine Lines, Walsin Lihwa, iShares Russell 2000 ETF and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family
Redox (RDX AU) IPO – Offering Details & Index Inclusion
Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change
Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
Quiddity Leaderboard T50/100 Jun 23: Wisdom Marine Facing TDIV Deletion
TRYT IPO: The Bull Case
J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative
Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family

Nws Holdings (659 HK) announced a pre-conditional voluntary general offer from the Cheng family at HK$9.15 or HK$9.47 per share (with a potential 2HFY2023 dividend of HK$0.32 per share).
The pre-condition related to regulatory approval from the Insurance Authority of Hong Kong and the Bermuda Monetary Authority is a formality due to the Cheng family’s current sway over NWS.
The key condition is approval by independent New World Development (17 HK) shareholders which is likely as the offer is attractive, reduces NWD’s gearing and results in a special dividend.

Redox (RDX AU) IPO – Offering Details & Index Inclusion

By Brian Freitas

Redox (RDX AU), a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.
With the float expected to be over 30%, the stock is eligible for inclusion in the S&P/ASX indices but limited trading history could only mean S&P/ASX300 inclusion in March 2024.
With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.

Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the not so positive aspects of the deal.

J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically

J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the positive aspects of the deal.

Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change

In this insight, we take a look at Quiddity’s flow expectations for the September 2023 index rebalance.
Since the semi-annual rebalance events are in June and December, there will not be any “regular” changes caused by dividend-yield rankings.
However, external factors such as deletion from the selection universe and a shift in tracking AUM assumptions can still trigger US$130mn capping flows in September 2023.

Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.

Quiddity Leaderboard T50/100 Jun 23: Wisdom Marine Facing TDIV Deletion

In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the September 2023 Rebalance.
At present, I see two changes for the T50 index and one change for the T100 index.
The T100 change is an important one as the expected DEL Wisdom Marine Lines (2637 TT) could also get deleted from the TDIV index.

TRYT IPO: The Bull Case

Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan’s welfare and nursing sector.
The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.

J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative

J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the not-so-positive aspects of the deal.

Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

By Joe Jasper

We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.
We continue to watch short-term support at 4300, and we cannot be bearish if the S&P 500 is above 4300.
The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170

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

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

Jun 27

Daily Brief Industrials: IdeaForge Technology Limited, Tryt Inc, Nws Holdings, Hainan Meilan International Airport, J&T Express , Srg Takamiya, Steelcase Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

IdeaForge Technologies IPO- Forensic Analysis
Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well
Chow Tai Fooks’ Offer For NWS (659 HK). Buy NWD (17 HK)
Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value
J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability
Takamiya Co., Ltd (2445 JP) – 23/3 Full Year Follow-Up
Update Note – Steelcase, Inc. (SCS)

IdeaForge Technologies IPO- Forensic Analysis

By Nitin Mangal

IdeaForge Technology Limited (1475641D IN)‘s IPO opens for subscription this week.
The company is said to be the market leader in manufacturing of drones, an industry that is expected to grow rapidly in the next five years.
However, there are several forensic takeaways that include disclosure errs relating to litigations, treatment of R&D, cash generation, etc.

Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well

By Shifara Samsudeen, ACMA, CGMA

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the positive aspects of the deal.

Chow Tai Fooks’ Offer For NWS (659 HK). Buy NWD (17 HK)

By David Blennerhassett

Chow Tai Fook (CTFE) has made a voluntary cash Offer for New World Development (17 HK)‘s (NWD) 60.88%-held NWS Holdings (659 HK) at HK$9.15/share, a 22.2% premium to undisturbed.
CTFE and connected parties hold 45.24% of NWD, therefore the parent is effectively injecting ~US$2.75bn of cash into NWD for its NWS stake.
The Offer is subject to regulatory approvals in Hong Kong and Bermuda. These will not be an issue given CTFE is NWD’s ultimate shareholder.

Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

By Eric Chen

A slew of bad news from weak China consumption, depreciating RMB to negative progress in an arbitration sent Meilan Airport stock down to below book value.
Yet when it comes to the fundamental of the company itself, we believe concerns are over-blown and very much priced in.
Meilan Airport is the most under-valued major airport in China airport space in our view. Patience will pay off.

J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability

Global logistics and express delivery service provider J&T Express (1936374D CH) has filed for an IPO on the HKEx to raise about US$500m-1bn.
J&T’s SEA operation is the only gross margin making business, however, the segment’s gross margin has been on a declining trend.
Though the gross losses of China biz has reduced during 2020-2022, J&T continues to invest in China to capture market share which we think would delay profits.

Takamiya Co., Ltd (2445 JP) – 23/3 Full Year Follow-Up

By Sessa Investment Research

FY23/3 full-year results were announced in the last month.
In its consolidated earnings, Operating profit rose 33.9%, ¥2,253 mn, on a 5.3% rise in sales, to ¥41,894 mn. Ordinary profit was up 22.9%, to ¥2,400 mn, and net profit rose 51.3%, to ¥1,460mn.
Compared to the company’s forecast at the time of the 3Q results announcement, net sales fell short by about 7%, but operating profit and net profit were in line.

Update Note – Steelcase, Inc. (SCS)

This note follows up on the Steelcase 1QFY24 earnings release, management’s earnings conference call, and our earnings analysis note from June 22.
Herein, we refresh our estimates for Steelcase.
Steelcase has been tied to the fortunes of commercial/contract furniture, where the company is a global leader.

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

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

Jun 27

Daily Brief Industrials: IdeaForge Technology Limited, Tryt Inc, Nws Holdings, Hainan Meilan International Airport, J&T Express , Srg Takamiya, Steelcase Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

IdeaForge Technologies IPO- Forensic Analysis
Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well
Chow Tai Fooks’ Offer For NWS (659 HK). Buy NWD (17 HK)
Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value
J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability
Takamiya Co., Ltd (2445 JP) – 23/3 Full Year Follow-Up
Update Note – Steelcase, Inc. (SCS)

IdeaForge Technologies IPO- Forensic Analysis

By Nitin Mangal

IdeaForge Technology Limited (1475641D IN)‘s IPO opens for subscription this week.
The company is said to be the market leader in manufacturing of drones, an industry that is expected to grow rapidly in the next five years.
However, there are several forensic takeaways that include disclosure errs relating to litigations, treatment of R&D, cash generation, etc.

Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well

By Shifara Samsudeen, ACMA, CGMA

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the positive aspects of the deal.

Chow Tai Fooks’ Offer For NWS (659 HK). Buy NWD (17 HK)

By David Blennerhassett

Chow Tai Fook (CTFE) has made a voluntary cash Offer for New World Development (17 HK)‘s (NWD) 60.88%-held NWS Holdings (659 HK) at HK$9.15/share, a 22.2% premium to undisturbed.
CTFE and connected parties hold 45.24% of NWD, therefore the parent is effectively injecting ~US$2.75bn of cash into NWD for its NWS stake.
The Offer is subject to regulatory approvals in Hong Kong and Bermuda. These will not be an issue given CTFE is NWD’s ultimate shareholder.

Meilan Airport (357 HK): Positive on The Only China Airport Trading Below Book Value

By Eric Chen

A slew of bad news from weak China consumption, depreciating RMB to negative progress in an arbitration sent Meilan Airport stock down to below book value.
Yet when it comes to the fundamental of the company itself, we believe concerns are over-blown and very much priced in.
Meilan Airport is the most under-valued major airport in China airport space in our view. Patience will pay off.

J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability

Global logistics and express delivery service provider J&T Express (1936374D CH) has filed for an IPO on the HKEx to raise about US$500m-1bn.
J&T’s SEA operation is the only gross margin making business, however, the segment’s gross margin has been on a declining trend.
Though the gross losses of China biz has reduced during 2020-2022, J&T continues to invest in China to capture market share which we think would delay profits.

Takamiya Co., Ltd (2445 JP) – 23/3 Full Year Follow-Up

By Sessa Investment Research

FY23/3 full-year results were announced in the last month.
In its consolidated earnings, Operating profit rose 33.9%, ¥2,253 mn, on a 5.3% rise in sales, to ¥41,894 mn. Ordinary profit was up 22.9%, to ¥2,400 mn, and net profit rose 51.3%, to ¥1,460mn.
Compared to the company’s forecast at the time of the 3Q results announcement, net sales fell short by about 7%, but operating profit and net profit were in line.

Update Note – Steelcase, Inc. (SCS)

This note follows up on the Steelcase 1QFY24 earnings release, management’s earnings conference call, and our earnings analysis note from June 22.
Herein, we refresh our estimates for Steelcase.
Steelcase has been tied to the fortunes of commercial/contract furniture, where the company is a global leader.

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

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

Jun 26

Daily Brief Industrials: CMS Info Systems Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

The Business of CMS Info Systems

The Business of CMS Info Systems

By Invest Karo India

Rajiv Kaul had it all. By 2008, he had won the proverbial game of life.
Armed with an engineering degree from BIT Mesra and an MBA from XLRI Jamshedpur, Rajiv joined Microsoft in 1992 and quickly rose the ranks to become its youngest managing director at the age of 33.
After a stint of 14 years, Rajiv left the comfort and familiarity of Microsoft for the shores of Private Equity.

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

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

Jun 26

Daily Brief Industrials: CMS Info Systems Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

The Business of CMS Info Systems

The Business of CMS Info Systems

By Invest Karo India

Rajiv Kaul had it all. By 2008, he had won the proverbial game of life.
Armed with an engineering degree from BIT Mesra and an MBA from XLRI Jamshedpur, Rajiv joined Microsoft in 1992 and quickly rose the ranks to become its youngest managing director at the age of 33.
After a stint of 14 years, Rajiv left the comfort and familiarity of Microsoft for the shores of Private Equity.

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

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

Jun 23

Daily Brief Industrials: Steelcase Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates

After market close on June 21, Steelcase reported 1QFY24 GAAP EPS of $0.01 and non-GAAP (adjusted) EPS of $0.09, beating consensus of $0.01 and our $0.03 estimate (both adjusted).
Adjusted EPS excluded $0.05 of restructuring and $0.03 in purchased intangible amortization.
Reported consolidated 1QFY24 revenue of $751.9 million was also better than consensus of $719 million and our $715 million estimate.

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

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

Jun 23

Daily Brief Industrials: Steelcase Inc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates

STEELCASE, INC. – 1QFY24 Earnings Ahead of Estimates