Industrials

Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles.
The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.

India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB

By Pranav Bhavsar

In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN).
ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode.
Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.

Frontier Management Inc. (7038 JP) – 1Q Follow-Up

By Sessa Investment Research

1Q operating profit rose 18%, on a 19% rise in sales. Net profit rose 10%.
According to the company’s data, the pace of increase in orders has been increasing since around the last week of 1Q, indicating a potential for stronger results in this FY.
Management Consulting business sales rose 14%.

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May 26

Daily Brief Industrials: Berli Jucker, Almac, ABB India Ltd, Frontier Management Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Berli Jucker (BJC TB) – The Big C Factor
Almac IPO Preview
India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
Frontier Management Inc. (7038 JP) – 1Q Follow-Up

Berli Jucker (BJC TB) – The Big C Factor

By Angus Mackintosh

Berli Jucker‘s 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare & Technical, with margin improvements at the same time.
The key near-term catalyst for Berli Jucker will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets.
Berli Jucker is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions.

Almac IPO Preview

Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles.
The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.

India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB

By Pranav Bhavsar

In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN).
ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode.
Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.

Frontier Management Inc. (7038 JP) – 1Q Follow-Up

By Sessa Investment Research

1Q operating profit rose 18%, on a 19% rise in sales. Net profit rose 10%.
According to the company’s data, the pace of increase in orders has been increasing since around the last week of 1Q, indicating a potential for stronger results in this FY.
Management Consulting business sales rose 14%.

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May 25

Daily Brief Industrials: Japan Post Holdings, JD Industrials, Toyo Construction, ZTO Express, Kyoto Fusioneering, Horizon Construction Development, Greenland Technologies Holdi, Caterpillar Inc, Honeywell International and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

StubWorld: Japan Post Holdings Coming Up “Cheap”
JD Industrials Pre-IPO – Peer Comparison
Stuck With Each Other: Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals
Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)
Japan-Based Nuclear Fusion Firm Powers up with $79m Raise
JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings
Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support
Greenland Technologies Holding Corp. – Pen Market Purchase by CEO Shows Confidence in Outlook
Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers
Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

StubWorld: Japan Post Holdings Coming Up “Cheap”

At 0.3x, Japan Post Holdings (6178 JP) is top of the heap in terms of dollar “UpValue” to move to PBR 1.0x under Japan’s governance changes.
Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

JD Industrials Pre-IPO – Peer Comparison

JD Industrials (JDI) is looking to raise about US$1bn in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
In this note, we will undertake a peer comparison versus domestic and international peers.

Stuck With Each Other: Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals

By Travis Lundy

Today, Toyo Construction (1890 JP) announced it was against YFO’s AGM shareholder proposals. And that the Special Committee was unanimously against YFO’s tender proposal.
The content is mixed. Some is probably correct (YFO hasn’t done a great job it appears). Some is clearly taking management’s statements at face value where it shouldn’t.
And some is just the passage of time. Last year, ¥1,000 was “too high.” This year it is “not enough.” Now Toyo and YFO are stuck with each other.

Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)

Industry and company reports show ASP declines gained momentum in April
April volume jumped 36% Y/Y on a weak comp from 2022 (Covid-19 lockdowns)
Our thesis: pricing is getting weaker, and this trend will soon impact margins

Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

By Tech in Asia

Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.
The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms – the same process that powers the sun.
According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns.

JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.

Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In this note, we will talk about the trading dynamics and valuation.

Greenland Technologies Holding Corp. – Pen Market Purchase by CEO Shows Confidence in Outlook

GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on May 23.
The shares acquired represent slightly more than one half a percent of the total shares outstanding and have increased the CEO’s ownership by more than 55%.
We note that these shares are not part of an incentive program or corporate grant.

Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers

Caterpillar had a strong start to 2023 with an all-around beat.
The company’s result was marked by double-digit top-line growth across all segments, higher operating profit margins, and significant adjusted profit per share.
Caterpillar experienced healthy customer demand across most end markets for its products and services, reflecting the successful execution of its long-term growth strategy.

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.
The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.
The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.

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May 25

Daily Brief Industrials: Japan Post Holdings, JD Industrials, Toyo Construction, ZTO Express, Kyoto Fusioneering, Horizon Construction Development, Greenland Technologies Holdi, Caterpillar Inc, Honeywell International and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

StubWorld: Japan Post Holdings Coming Up “Cheap”
JD Industrials Pre-IPO – Peer Comparison
Stuck With Each Other: Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals
Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)
Japan-Based Nuclear Fusion Firm Powers up with $79m Raise
JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings
Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support
Greenland Technologies Holding Corp. – Pen Market Purchase by CEO Shows Confidence in Outlook
Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers
Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

StubWorld: Japan Post Holdings Coming Up “Cheap”

At 0.3x, Japan Post Holdings (6178 JP) is top of the heap in terms of dollar “UpValue” to move to PBR 1.0x under Japan’s governance changes.
Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

JD Industrials Pre-IPO – Peer Comparison

JD Industrials (JDI) is looking to raise about US$1bn in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
In this note, we will undertake a peer comparison versus domestic and international peers.

Stuck With Each Other: Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals

By Travis Lundy

Today, Toyo Construction (1890 JP) announced it was against YFO’s AGM shareholder proposals. And that the Special Committee was unanimously against YFO’s tender proposal.
The content is mixed. Some is probably correct (YFO hasn’t done a great job it appears). Some is clearly taking management’s statements at face value where it shouldn’t.
And some is just the passage of time. Last year, ¥1,000 was “too high.” This year it is “not enough.” Now Toyo and YFO are stuck with each other.

Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)

Industry and company reports show ASP declines gained momentum in April
April volume jumped 36% Y/Y on a weak comp from 2022 (Covid-19 lockdowns)
Our thesis: pricing is getting weaker, and this trend will soon impact margins

Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

By Tech in Asia

Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.
The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms – the same process that powers the sun.
According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns.

JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings

JD Industrials is looking to raise about US$1bn in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.

Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In this note, we will talk about the trading dynamics and valuation.

Greenland Technologies Holding Corp. – Pen Market Purchase by CEO Shows Confidence in Outlook

GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on May 23.
The shares acquired represent slightly more than one half a percent of the total shares outstanding and have increased the CEO’s ownership by more than 55%.
We note that these shares are not part of an incentive program or corporate grant.

Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers

Caterpillar had a strong start to 2023 with an all-around beat.
The company’s result was marked by double-digit top-line growth across all segments, higher operating profit margins, and significant adjusted profit per share.
Caterpillar experienced healthy customer demand across most end markets for its products and services, reflecting the successful execution of its long-term growth strategy.

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.
The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.
The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.

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May 24

Daily Brief Industrials: JSW Infrastructure, Tokyo Electron, Ingersoll Rand and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

JSW Infrastructure Pre-IPO Tearsheet
Tokyo Electron (8035 JP): Dubious Guidance
Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers

JSW Infrastructure Pre-IPO Tearsheet

JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO.
The deal will be run by JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak and SBI Capital.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.

Tokyo Electron (8035 JP): Dubious Guidance

By Scott Foster

Guidance for 1H of FY Mar-24 should be easy to beat. The sharp rebound that management is forecasting for 2H is open to question.
TSMC and Micron plan long-term expansion in Japan and Rapidus will be a new customer. But exports to China – the company’s largest market – will be restricted.
The share price has spiked, but uncertainty is high, visibility is low and valuations are not compelling.Management’s MAGIC medium-term targets look like … magic.

Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers

It was a successful Q1 for Ingersoll Rand as the company delivered an all-around beat with double-digit adjusted EBITDA and EPS growth with strong free cash flow generation.
Their organic growth initiatives leveraged mega sustainability trends, digitization, and quality of life using their tool, DGX within IRX, to capture above-market growth.
With new acquisitions, they are focused on cost improvement and maintaining focus on growth, accelerating organic growth across three levers.

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May 24

Daily Brief Industrials: JSW Infrastructure, Tokyo Electron, Ingersoll Rand and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

JSW Infrastructure Pre-IPO Tearsheet
Tokyo Electron (8035 JP): Dubious Guidance
Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers

JSW Infrastructure Pre-IPO Tearsheet

JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO.
The deal will be run by JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak and SBI Capital.
JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.

Tokyo Electron (8035 JP): Dubious Guidance

By Scott Foster

Guidance for 1H of FY Mar-24 should be easy to beat. The sharp rebound that management is forecasting for 2H is open to question.
TSMC and Micron plan long-term expansion in Japan and Rapidus will be a new customer. But exports to China – the company’s largest market – will be restricted.
The share price has spiked, but uncertainty is high, visibility is low and valuations are not compelling.Management’s MAGIC medium-term targets look like … magic.

Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers

It was a successful Q1 for Ingersoll Rand as the company delivered an all-around beat with double-digit adjusted EBITDA and EPS growth with strong free cash flow generation.
Their organic growth initiatives leveraged mega sustainability trends, digitization, and quality of life using their tool, DGX within IRX, to capture above-market growth.
With new acquisitions, they are focused on cost improvement and maintaining focus on growth, accelerating organic growth across three levers.

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May 23

Daily Brief Industrials: EVE Energy, Sambu Construction, R R Kabel, 3M Co, VinFast, Greenland Technologies Holdi, Trimas Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Eve Energy (300014 CH): Hooked On Lithium
Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects
R R Kabel Pre-IPO Tearsheet
3M Company – Equity Research Flash Note – March 3, 2023
On The Fast Track
Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business
TRS: Package of Catalysts, Initiating with Buy

Eve Energy (300014 CH): Hooked On Lithium

Lithium battery maker, EVE Energy (300014 CH), is expected to invest US$2.3bn in expanding its battery manufacturing capabilities in two new plants.
Both plants are expected to come online within 18-24 months, depending on market conditions and various approvals.
Eve is down 57% from its December 2021 high, and trading around its lowest level since November 2020, excluding a brief dip in April 2022.

Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects

On 22 May, it was announced that Sambu Construction was invited to the Ukraine Global Reconstruction Forum held in Warsaw and Krakow, Poland from 22 to 25 May.
Sambu Construction is likely to be one of the Korean construction companies to be involved in the Ukraine reconstruction projects.
The total cost of reconstruction of Ukraine has been estimated from about $0.4 trillion to $1.1 trillion.

R R Kabel Pre-IPO Tearsheet

By VRS (Valuation & Research Specialists)

R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by Axis Capital, Citigroup, HSBC and JM Financial.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
According to Technopak, the company is the fastest growing consumer electrical company among its peers in India, growing at a CAGR of 33.0% between FY20 and FY22 (31st Mar 2022).

3M Company – Equity Research Flash Note – March 3, 2023

3M Company is a diversified technology company.
The Company is a manufacturer and marketer of a variety of products and services.
It operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. Its Safety and Industrial segment include abrasives, auto- motive aftermarket, closure and masking systems, electrical markets, personal safety, roofing granules, and industrial adhesives and tapes.

On The Fast Track

By subSPAC

Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp, putting it firmly amongst the likes of EV upstarts Lucid Motors and Polestar Electric.
Luxury EV maker Lucid debuted through a $24 billion deal in 2021, while Swedish EV maker Polestar previously went public in 2022 through a $20 billion merger.
However, while both deals were characterized by initial excitement, the enthusiasm has given way to the sobering realities of the growing pains of being an EV upstart.

Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business

Reported 1Q EPS of $0.11 on revenue of $22.1 million, up from the prior quarter’s loss of $0.08 per share on $19.34 million in revenue.
The performance topped the results of the past three quarters, showing the continued recovery of the transmission business in China, which had been affected by the severe COVID restrictions and shutdowns.
This is particularly encouraging as 1Q is typically the seasonally weakest quarter due to the Chinese New Year holiday and manufacturing restocking.

TRS: Package of Catalysts, Initiating with Buy

By Hamed Khorsand

We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.
TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions
TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising

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May 23

Daily Brief Industrials: EVE Energy, Sambu Construction, R R Kabel, 3M Co, VinFast, Greenland Technologies Holdi, Trimas Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Eve Energy (300014 CH): Hooked On Lithium
Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects
R R Kabel Pre-IPO Tearsheet
3M Company – Equity Research Flash Note – March 3, 2023
On The Fast Track
Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business
TRS: Package of Catalysts, Initiating with Buy

Eve Energy (300014 CH): Hooked On Lithium

Lithium battery maker, EVE Energy (300014 CH), is expected to invest US$2.3bn in expanding its battery manufacturing capabilities in two new plants.
Both plants are expected to come online within 18-24 months, depending on market conditions and various approvals.
Eve is down 57% from its December 2021 high, and trading around its lowest level since November 2020, excluding a brief dip in April 2022.

Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects

On 22 May, it was announced that Sambu Construction was invited to the Ukraine Global Reconstruction Forum held in Warsaw and Krakow, Poland from 22 to 25 May.
Sambu Construction is likely to be one of the Korean construction companies to be involved in the Ukraine reconstruction projects.
The total cost of reconstruction of Ukraine has been estimated from about $0.4 trillion to $1.1 trillion.

R R Kabel Pre-IPO Tearsheet

By VRS (Valuation & Research Specialists)

R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by Axis Capital, Citigroup, HSBC and JM Financial.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
According to Technopak, the company is the fastest growing consumer electrical company among its peers in India, growing at a CAGR of 33.0% between FY20 and FY22 (31st Mar 2022).

3M Company – Equity Research Flash Note – March 3, 2023

3M Company is a diversified technology company.
The Company is a manufacturer and marketer of a variety of products and services.
It operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. Its Safety and Industrial segment include abrasives, auto- motive aftermarket, closure and masking systems, electrical markets, personal safety, roofing granules, and industrial adhesives and tapes.

On The Fast Track

By subSPAC

Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp, putting it firmly amongst the likes of EV upstarts Lucid Motors and Polestar Electric.
Luxury EV maker Lucid debuted through a $24 billion deal in 2021, while Swedish EV maker Polestar previously went public in 2022 through a $20 billion merger.
However, while both deals were characterized by initial excitement, the enthusiasm has given way to the sobering realities of the growing pains of being an EV upstart.

Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business

Reported 1Q EPS of $0.11 on revenue of $22.1 million, up from the prior quarter’s loss of $0.08 per share on $19.34 million in revenue.
The performance topped the results of the past three quarters, showing the continued recovery of the transmission business in China, which had been affected by the severe COVID restrictions and shutdowns.
This is particularly encouraging as 1Q is typically the seasonally weakest quarter due to the Chinese New Year holiday and manufacturing restocking.

TRS: Package of Catalysts, Initiating with Buy

By Hamed Khorsand

We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.
TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions
TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising

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May 22

Daily Brief Industrials: Evergreen Marine Corp, Sandvik AB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)
Sandvik: Enhancing Customers’ Productivity

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)

Declines in carrier revenues and pricing continued to moderate in April
Inbound to N. America container volume declines also eased in April
Lower fuel prices a tailwind in ’23, shares cheap, we retain our +ive sector view

Sandvik: Enhancing Customers’ Productivity

By Alexis Dwek

Despite a challenging operating environment, Sandvik delivered a strong set of results in FY 2022.
New financial targets were presented, with the ambition to grow 7% on average over a business cycle, whilst delivering adjusted EBITA margins between 20–22% on a group level.
Sandvik enables important shifts in the industry as it offers customers cutting-edge technology. Therefore, customers have equipment and tools that warrant higher productivity, lower costs, and a higher sustainability impact.

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May 22

Daily Brief Industrials: Evergreen Marine Corp, Sandvik AB and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)
Sandvik: Enhancing Customers’ Productivity

Monthly Container Shipping Tracker | Price, Volume Declines Moderate | Fuel=Tailwind (May 2023)