Category

Daily Briefs

May 04
0

Daily Brief Event-Driven: Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price” and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill
  • EQD | The NIFTY May Be About to Start A Come Down

Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We are weeks ahead of the TSE and we have all the links.
  • We created a tool to name everyone, show their reports, provide links to every document, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

By Sanghyun Park

  • MMAS prioritizes dividends over low-PBR, key to government’s Value-up momentum. Despite initial market disappointment, dividend stocks rebounded, underscoring continued investor interest.
  • Government officials are collecting historic dividend data to simulate separate taxation impact of dividend income, likely to be included in July’s tax reform bill for National Assembly approval.
  • Local institutions focus on dividend-centric Value-up trading, targeting stocks with high cash reserves and dividends. Strategy needed to manage market impact pre-tax reform bill in July.

EQD | The NIFTY May Be About to Start A Come Down

By Nico Rosti

  • The NIFTY Index kept rising for the past few months but has stalled its advance since March. It may be about to pullback and lose some gains, in May.
  • The index is currently up 2 weeks in a row, not yet strongly overbought but our model say that from a time perspective it could start to pullback next week.
  • If the index does not start to pullback soon, it could rally for another 2-3 weeks.

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May 04
0

Daily Brief Credit: Morning Views Asia: Lippo Karawaci and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Lippo Karawaci, Lippo Malls Indonesia Retail Trust, MGM China Holdings, SK Hynix

Morning Views Asia: Lippo Karawaci, Lippo Malls Indonesia Retail Trust, MGM China Holdings, SK Hynix

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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May 04
0

Daily Brief Equity Bottom-Up: StubWorld: Stay Long PICC (1339 HK) and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • StubWorld: Stay Long PICC (1339 HK)
  • Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield
  • Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio
  • Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients
  • Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers
  • Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers
  • Hilton Worldwide Holdings: Resilient Demand In Key Regions Driving Growth! – Major Drivers
  • Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers
  • O’Reilly Automotive Inc.: Expansion Into The Mexican Market & 5 Major Factors Driving Its Growth! – Financial Forecasts
  • AIXI: AI commercialization efforts accelerate but significant hurdles remain.

StubWorld: Stay Long PICC (1339 HK)

By David Blennerhassett

  • People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
  • Preceding my comments on PICC 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%.

Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield

By Sameer Taneja

  • Multi Bintang Indonesia (MLBI IJ) showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism. 
  • On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY. 
  • Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.

Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio

By Andrei Zakharov

  • Darktrace shares rallied ~64% in 2024 after the company raised FY24 revenue, adj. EBITDA guidance and Thoma Bravo offered 620 pence/share in cash to take Darktrace private.
  • The acquisition is expected to complete during 3Q or 4Q of 2024. The cybersecurity unicorn has delivered revenue growth at scale coupled with solid profitability and cash flow generation.
  • I maintained a bullish view on the undervalued stock and initiated coverage of Darktrace on January 11, 2023, with a 497p price target as steep discount was unjustified.

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
  • International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
  • With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.

Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers

By Baptista Research

  • Teledyne Technologies, a prominent industrial conglomerate focused on aerospace and defense, instrumentation, digital imaging, and engineered systems, reported its Q1 2024 earnings.
  • In the call, management touted robust results including record first quarter non-GAAP operating margin, record adjusted earnings per share, and record free cash flow.
  • The company’s strong performance was driven by growth in its marine, aviation, and select defense businesses which offset sales declines in other areas.

Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers

By Baptista Research

  • Waste Connections, Inc. reported a strong start to 2024, delivering better-than-expected operating and financial results, including adjusted EBITDA margin expansion of 160 basis points to 31.4% in Q1.
  • The company’s earnings exceeded projections due to improvements in employee retention and safety trends, along with rising commodity values.
  • Waste Connections management highlighted several notable trends impacting its business, including continued improvement in employee turnover rates and safety incidents, suggesting an effective culture of accountability within the company.

Hilton Worldwide Holdings: Resilient Demand In Key Regions Driving Growth! – Major Drivers

By Baptista Research

  • Hilton has reported its first-quarter results for 2024, which the company states have continued to demonstrate the strength of Hilton’s business along with its development story.
  • Although the company’s RevPAR growth found itself at the lower end of its guidance, both adjusted EBITDA and adjusted EPS exceeded predictions significantly.
  • Some of Hilton’s newly announced partnerships and portfolio additions have solidified its confidence in future growth.

Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers

By Baptista Research

  • Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger than projected performance in Memory and System on a Chip (SOC) driven primarily by AI applications.
  • Teradyne capitalized on the impact of AI in networking as well as in Edge AI applications like Advanced Driver Assistance Systems (ADAS), with AI applications driving over 40% of memory shipments in Q1.
  • Nonetheless, the mobile sector was weaker than expected for the same period, but the company’s Robotics business met its plan for a third consecutive quarter.

O’Reilly Automotive Inc.: Expansion Into The Mexican Market & 5 Major Factors Driving Its Growth! – Financial Forecasts

By Baptista Research

  • In the first quarter of 2024, O’Reilly Automotive, Inc., had a 3.4% comparable store sales growth, which was primarily driven by mid-single-digit comps in Professional.
  • This marked continuous strong top line sales results and was a testament to consistent execution across all 6,200+ stores.
  • The company noted that its store volumes continued to grow despite the company’s size and market share gains over the years.

AIXI: AI commercialization efforts accelerate but significant hurdles remain.

By Zacks Small Cap Research

  • Xiao-I (NASDAQ: AIXI) is leveraging its experience as a chatbot provider to establish itself as a provider of AI models, principally in China.
  • The company is focused on commercializing products in the consumer, marketing, and banking sectors in 2024 and exploring international expansion opportunities.
  • The company is competing with some of the most successful companies in China for mindshare in AI markets.

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May 04
0

Most Read: Great Wall Motor, Hanmi Semiconductor, Jeju Semiconductor, Hanon Systems, Oriental Land, Mediatek Inc, Sigma Healthcare, Jusung Engineering, People’s Insurance (PICC), Korea Stock Exchange Kospi Index and more

By | Daily Briefs, Most Read

In today’s briefing:

  • RMB Dual Counter Trading Is Coming – This Changes AH Relationships
  • KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June
  • KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends
  • Local Observations on Carlyle’s Possible Buyout of Hanon Systems
  • Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Key Insights from Qualcomm’s Latest Data; Mediatek Taking Market Share?
  • ASX200 Index Adhoc Rebalance: Sigma Healthcare (SIG) Replaces Boral (BLD)
  • Jusung Engineering: Announces Equity Spin Off + Physical Division Split
  • StubWorld: Stay Long PICC (1339 HK)
  • Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

RMB Dual Counter Trading Is Coming – This Changes AH Relationships

By Travis Lundy

  • A week after the State Council issued “Several Opinions” (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
  • They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
  • RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the “To Do” list “as soon as possible and smoothly.” Watch impact on H/A Pairs.

KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June

By Brian Freitas

KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

By Brian Freitas

  • With the review period complete, there could be up to 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
  • Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.
  • The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the review period but performance has flattened over the last month.

Local Observations on Carlyle’s Possible Buyout of Hanon Systems

By Sanghyun Park

  • Carlyle’s renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.
  • Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.
  • Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.

Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We are weeks ahead of the TSE and we have all the links.
  • We created a tool to name everyone, show their reports, provide links to every document, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Key Insights from Qualcomm’s Latest Data; Mediatek Taking Market Share?

By Vincent Fernando, CFA

  • Qualcomm’s latest earnings came in at the high end of guidance with automotive revenue surging and mobile steady. We analyze QCOM results’ key implications for Mediatek.
  • Qualcomm’s 2024E global handset market volume guidance remained unchanged vs. last quarter; however we believe Mediatek may have taken some market share in CY1Q24.
  • Qualcomm confirmed Mediatek’s view regarding high-end phone demand strength right now, with AI capabilities the likely driver. Combining QCOM + Mediatek color suggests an AI-driven handset upgrade cycle ahead.

ASX200 Index Adhoc Rebalance: Sigma Healthcare (SIG) Replaces Boral (BLD)

By Brian Freitas

Jusung Engineering: Announces Equity Spin Off + Physical Division Split

By Douglas Kim

  • On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split.
  • We are negative on this combination of equity spin-off and physical division split of Jusung Engineering. 
  • After the two units are listed on 6 December 2024, it is likely that the semiconductor unit (Jusung Engineering Co) will rise while Jusung Holdings Co is likely to decline.

StubWorld: Stay Long PICC (1339 HK)

By David Blennerhassett

  • People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
  • Preceding my comments on PICC 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%.

Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

By Sanghyun Park

  • MMAS prioritizes dividends over low-PBR, key to government’s Value-up momentum. Despite initial market disappointment, dividend stocks rebounded, underscoring continued investor interest.
  • Government officials are collecting historic dividend data to simulate separate taxation impact of dividend income, likely to be included in July’s tax reform bill for National Assembly approval.
  • Local institutions focus on dividend-centric Value-up trading, targeting stocks with high cash reserves and dividends. Strategy needed to manage market impact pre-tax reform bill in July.

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May 04
0

Daily Brief Macro: Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024 and more

By | Daily Briefs, Macro

In today’s briefing:

  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024
  • Overview #3 -The Good, the Bad, and the Bank of Japan
  • Surprise Weakness Job Growth Brings Rate Cut Closer
  • Comment on Exchange Rate – EUR/JPY – March 29, 2024
  • Norway Policy Rate 4.5% (consensus 4.5%) in May-24
  • Eurozone Economy – Quarterly Macro Note
  • HEW: Policy Plumage Evolving

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024

By Dr. Jim Walker

  • PMI Data: Mixed bag of Purchasing Managers Indices across Asia, with India showing record-breaking strength at 58.8.
  • Trade Performance: Recent trade data indicates resilience in China’s exports despite global demand weakness.
  • Japan’s Economic Struggles: Japan faces significant challenges, with exports below 2010 levels and key indicators pointing to deep economic trouble.

Overview #3 -The Good, the Bad, and the Bank of Japan

By Rikki Malik

  • A weekly review of recent events impacting our investment themes.
  • No surprises at the Fed meeting and relief at no hint of rate hikes despite the data
  • Prices Paid in the ISM predicting an uptick in CPI

Surprise Weakness Job Growth Brings Rate Cut Closer

By Suhas Reddy

  • US Nonfarm Payrolls shows disappointing growth in jobs, much lower than the anticipated addition of 243,000 jobs.
  • April’s print is also lower than the average monthly gain of 242,000 jobs over the previous 12 months.
  • Unemployment rate comes in at 3.9%, marginally higher than analyst expectations of 3.8%.

Comment on Exchange Rate – EUR/JPY – March 29, 2024

By VRS (Valuation & Research Specialists)

  • During the period under consideration, i.e. February 28th , 2024 to March 29th, 2024, the EUR/JPY exchange rate fluctuated between 160.55 and 165.17.
  • The MA-10 line was moving above the MA-20 line for the first two weeks, and then it crossed below the MA-20, maintaining a steady movement until it crossed over again on March 22nd MA-20 line retained upward trend throughout the entire period.
  • Based on Graph 2, the CCI (red line) was moving downwards at the beginning of the period under consideration but after March 12th the movement changed to the opposite direction.

Norway Policy Rate 4.5% (consensus 4.5%) in May-24

By Heteronomics AI

  • The Norges Bank has maintained the policy rate at 4.5%, aligning with expectations and previous forecasts, to control inflation that is still markedly above the 2% target despite a gradual slowdown.
  • Economic activity in Norway is slightly better than expected, with resilient employment but continued low growth. Rising international policy expectations and a weaker krone complicate future monetary policy decisions.
  • The Committee is prepared to adjust the policy rate up or down, depending on forthcoming economic data, focusing on inflation trends and economic growth rates.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Eurozone Economy – Quarterly Macro Note

By VRS (Valuation & Research Specialists)

  • The Euro area economy narrowly avoided a technical recession in the second half of 2023 and started the new year with mixed macroeconomic fundamentals.
  • Although decreasing inflation, solid wage growth, and a robust labor market are expected to boost consumer spending and business confidence, GDP growth rates fell sharply from 3.5% in 2022 to 0.5% in 2023, with private consumption stagnating and investment slowing due to high financing costs and uncertain economic conditions.
  • Additionally, exports decreased due to lower foreign demand, although the trade balance remained positive.

HEW: Policy Plumage Evolving

By Phil Rush

  • The Fed’s expectations surpassed the September call, leading to a shift from a hawkish to a neutral stance on the market. This change occurred just as a dovish Fed and payrolls emerged. There is still perceived value in using equity options to hedge against potential downside risk.
  • Despite positive recent news, the Bank of England (BoE) appears eager to implement cuts. This bias is expected to persist in its decision, although there is no indication that a cut is imminent.
  • Notable events include the end of the technical UK recession and rate decisions in Australia, Sweden, Malaysia, Brazil, and Peru.

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May 04
0

Daily Brief Industrials: Teledyne Technologies, Waste Connections , Rockwell Automation, Fortive , United Rentals, Otis Worldwide , General Electric , Masco Corp, CoreCivic and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers
  • Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers
  • Rockwell Automation: What Is Driving The Acceleration of New Product Orders? – Major Drivers
  • Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! – Major Drivers
  • United Rentals: Is Their Solid M&A Strategy Paying Off? – Major Drivers
  • Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? – Major Drivers
  • General Dynamics Corporation: 5 Critical Developments Including Its Aerospace Program & Its Performance In Combat Systems! – Major Drivers
  • Masco Corporation: Will Its Margins Remain Stable Despite Seasonal Fluctuations? – Major Drivers
  • CXW: Preview 1Q24 Results Expect Recent Positive Trends Continue

Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers

By Baptista Research

  • Teledyne Technologies, a prominent industrial conglomerate focused on aerospace and defense, instrumentation, digital imaging, and engineered systems, reported its Q1 2024 earnings.
  • In the call, management touted robust results including record first quarter non-GAAP operating margin, record adjusted earnings per share, and record free cash flow.
  • The company’s strong performance was driven by growth in its marine, aviation, and select defense businesses which offset sales declines in other areas.

Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers

By Baptista Research

  • Waste Connections, Inc. reported a strong start to 2024, delivering better-than-expected operating and financial results, including adjusted EBITDA margin expansion of 160 basis points to 31.4% in Q1.
  • The company’s earnings exceeded projections due to improvements in employee retention and safety trends, along with rising commodity values.
  • Waste Connections management highlighted several notable trends impacting its business, including continued improvement in employee turnover rates and safety incidents, suggesting an effective culture of accountability within the company.

Rockwell Automation: What Is Driving The Acceleration of New Product Orders? – Major Drivers

By Baptista Research

  • Rockwell Automation’s first quarter demonstrated a sequential growth in orders, with all business segments and regional markets rising from the previous quarter’s low point.
  • Despite ongoing impacts of excess inventory within the distribution channel, underlying demand from machine builders and end-users remained robust.
  • In the quarter under review, total sales grew by 3.6% year-over-year, with organic sales advancing by 1%.

Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! – Major Drivers

By Baptista Research

  • Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving its anticipations regarding core revenue growth, margins extension, earnings, and free cash flow.
  • Fortive’s strategy broadly focuses around invigorating safety and productivity of consumers across manufacturing and healthcare sectors.
  • 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.

United Rentals: Is Their Solid M&A Strategy Paying Off? – Major Drivers

By Baptista Research

  • United Rentals’ (URI) latest earnings depicted strong Q1 results with total revenue increasing by 6% YoY to reach $3.5 billion, a new first quarter record, along with rental revenue growing 7% and fleet productivity increasing by a promising 4%.
  • Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew to a first quarter record of $1.6 billion, culminating in a margin of 45.5%.
  • Furthermore, adjusted Earnings per Share (EPS) appreciated by 15% to reach $9.15.

Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? – Major Drivers

By Baptista Research

  • In the first quarter of 2024, Otis Worldwide Corporation reported a solid performance, reinforcing the continued robustness of its Service-driven business model as the company achieved mid-single digit organic sales growth, led by its Service business.
  • Both Service and New Equipment operating profit margins expanded by 80 and 20 basis points respectively, contributing to a 10% increase in adjusted EPS growth.
  • 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.

General Dynamics Corporation: 5 Critical Developments Including Its Aerospace Program & Its Performance In Combat Systems! – Major Drivers

By Baptista Research

  • The latest earnings from General Dynamics Corporation indicated a robust start to 2024.
  • Notably, there was a significant increase in total revenues, operating earnings, and net earnings compared to the previous year.
  • The corporation revealed earnings of $2.88 per share on revenue of $10.7 billion, demonstrating an 8.6% increase compared to the first quarter of the previous year.

Masco Corporation: Will Its Margins Remain Stable Despite Seasonal Fluctuations? – Major Drivers

By Baptista Research

  • Masco Corporation started the year strong with operating profit margin expansion and EPS growth compared to the previous year.
  • This strength was driven by improved operational efficiencies, solid execution, and the strength of the company’s repair and remodel product portfolio.
  • Despite this, the company’s top line failed to impress as it decreased by 3% in the quarter, in line with company expectations.

CXW: Preview 1Q24 Results Expect Recent Positive Trends Continue

By Zacks Small Cap Research

  • We are optimistic about operating improvements going forward and expect occupancies at CXW facilities to continue to increase as ICE & multiple government entities seek capacity.
  • CXW also continues to strengthen its balance sheet, with a 1Q24 debt offering concurrent with a tender offer for 2026 8.25% notes.
  • As a result, the company pushed debt maturities out roughly three years & has no major debt maturities before 2029 other than some $262M 4.75% notes that mature in 2027.

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May 04
0

Daily Brief Energy/Materials: Gridwiz, ChampionX , Ecovyst, Eni SpA, Vale and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Gridwiz IPO Preview
  • Championx Corp (CHX) – Friday, Feb 2, 2024
  • ECVT: Cash Balance Growing While Waiting
  • Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! – Financial Forecasts
  • Vale S.A.: Why It Lacks A Competitive Edge? – Major Drivers

Gridwiz IPO Preview

By Douglas Kim

  • Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving utilities, energy storage system, and solar power.
  • The IPO price range is from 34,000 won to 40,000 won. The IPO offering amount ranges from 47.6 billion won to 56 billion won. 
  • According to the bankers’ valuation, the market capitalization post listing is expected to reach 285 billion won to 335 billion won. 

Championx Corp (CHX) – Friday, Feb 2, 2024

By Value Investors Club

  • ChampionX (CHX) is an underappreciated business in the oilfield services sector, offering a 10% 2025 FCF yield and potential for annual FCFPS growth of over 10%
  • CHX was formed from the merger of two industrial companies’ O&G businesses, making it a higher quality, lower volatile oilfield services company with strong management
  • With over 75% of EBITDA tied to production, CHX operates more like a specialty chemicals company and has consistently outperformed peers on key metrics such as ROIC, margins, and FCF conversion

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.

ECVT: Cash Balance Growing While Waiting

By Hamed Khorsand

  • ECVT reported first quarter results exhibiting the ability to generate free cash flow during a seasonally slow period of the year. ECVT grew its cash balance by approximately $14.7 million.
  • ECVT’s management has yet to change its tune regarding the outlook for the year with expectations there would be pockets of softness
  • ECVT reported adjusted EBITDA of $45.5 million compared to our forecast of $46 million. ECVT is expected to show sequential improvement from first quarter levels

Eni S.p.A.: Increased Biorefining Throughput & 5 Key Factors Impacting Their Performance! – Financial Forecasts

By Baptista Research

  • Eni’s first-quarter 2024 earnings showed impressive results with the company reporting pro forma EBIT of EUR 4.1 billion and cash flow from operation of EUR 3.9 billion.
  • With a production growth in upstream of 5%, and substantial contributions from Enilive and Plenitude, the company has demonstrated substantial resilience against the broader market downturn.
  • The strong cash conversion and disciplined capex have kept capital gearing within Eni’s target range even after the completion of Neptune deal and the share buyback program of 2023.

Vale S.A.: Why It Lacks A Competitive Edge? – Major Drivers

By Baptista Research

  • Vale S.A. posted solid results for the first quarter of 2024, echoing a promising start with a range of laudable accomplishments amid some challenges.
  • The Brazilian multinational showed serious commitment to safety and delivered encouraging results with a 77% reduction in accidents for some critical activities through technological advancements and innovative strategies.
  • The de risking strategy furthered with the key Peneirinha dam receiving safety certification.

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May 04
0

Daily Brief TMT/Internet: Tencent, Darktrace, Teradyne Inc, Xiao I , Tyler Technologies, Eventbrite Inc, Cognyte Software , 1Spatial Plc, WRKR and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns
  • Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio
  • Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers
  • AIXI: AI commercialization efforts accelerate but significant hurdles remain.
  • Tyler Technologies: Cybersecurity Concerns Spurring SaaS Adoption! But Can Its AI Aquisitions Save The Day? – Major Drivers
  • EB: Margin Stability Ahead of Summer
  • Cognyte Software Ltd (CGNT) – Friday, Feb 2, 2024
  • 1Spatial – Investing in the transformational SaaS opportunity
  • WRKR Ltd – A record qtr for revenue and operating cash flow

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

By Joe Jasper

  • We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
  • Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int’l Compass
  • Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int’l Compass. This has bullish implications for ACWI

Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio

By Andrei Zakharov

  • Darktrace shares rallied ~64% in 2024 after the company raised FY24 revenue, adj. EBITDA guidance and Thoma Bravo offered 620 pence/share in cash to take Darktrace private.
  • The acquisition is expected to complete during 3Q or 4Q of 2024. The cybersecurity unicorn has delivered revenue growth at scale coupled with solid profitability and cash flow generation.
  • I maintained a bullish view on the undervalued stock and initiated coverage of Darktrace on January 11, 2023, with a 497p price target as steep discount was unjustified.

Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers

By Baptista Research

  • Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger than projected performance in Memory and System on a Chip (SOC) driven primarily by AI applications.
  • Teradyne capitalized on the impact of AI in networking as well as in Edge AI applications like Advanced Driver Assistance Systems (ADAS), with AI applications driving over 40% of memory shipments in Q1.
  • Nonetheless, the mobile sector was weaker than expected for the same period, but the company’s Robotics business met its plan for a third consecutive quarter.

AIXI: AI commercialization efforts accelerate but significant hurdles remain.

By Zacks Small Cap Research

  • Xiao-I (NASDAQ: AIXI) is leveraging its experience as a chatbot provider to establish itself as a provider of AI models, principally in China.
  • The company is focused on commercializing products in the consumer, marketing, and banking sectors in 2024 and exploring international expansion opportunities.
  • The company is competing with some of the most successful companies in China for mindshare in AI markets.

Tyler Technologies: Cybersecurity Concerns Spurring SaaS Adoption! But Can Its AI Aquisitions Save The Day? – Major Drivers

By Baptista Research

  • Tyler Technologies’ Q1 2024 results started the year on a positive note, surpassing key metrics expectations including revenues, earnings, operating margin, and cash flow.
  • Recurring revenues grew nearly 9% and comprised 84% of total revenues.
  • The company also saw robust public sector demand supported by healthy budgets.

EB: Margin Stability Ahead of Summer

By Hamed Khorsand

  • EB is continuing with its efforts to become a marketplace for events after reporting more than 24 million tickets were sold in the first quarter.
  • EB has been trying to win back paid creators after many left the platform last year due to higher costs for events on EB’s marketplace
  • While revenue was in line with consensus estimates, EB reported its third consecutive quarter with gross margin above 70 percent

Cognyte Software Ltd (CGNT) – Friday, Feb 2, 2024

By Value Investors Club

  • Cognyte Software provides mission-critical software for intelligence and law enforcement globally
  • Trades at around 1.4x NTM Sales, down over 75% from spin-off price but has growth potential
  • Operates in a grey zone at times, refusing to sell to certain countries but serving democratic governments with analytic tools for investigative and threat intelligence.

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.

1Spatial – Investing in the transformational SaaS opportunity

By Edison Investment Research

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for more rapid, operationally geared growth to be priced in.

WRKR Ltd – A record qtr for revenue and operating cash flow

By Research as a Service (RaaS)

  • Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
  • WRK has reported a record quarterly cash receipt in Q3 FY24, +76% on the previous corresponding period (pcp) and +46% on Q2 FY24, boosted by a first-time contribution from Hong Kong, Link milestone payments relating to the Superannuation Clearing House (SCH) and the timing of client payments (from Q2 into Q3).
  • Operating cash flow as a result was +$465k for the quarter, also the highest on record.

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May 04
0

Daily Brief Industrials: Teledyne Technologies, Waste Connections , Rockwell Automation, Fortive , United Rentals, Otis Worldwide , General Electric , Masco Corp, CoreCivic and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers
  • Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers
  • Rockwell Automation: What Is Driving The Acceleration of New Product Orders? – Major Drivers
  • Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! – Major Drivers
  • United Rentals: Is Their Solid M&A Strategy Paying Off? – Major Drivers
  • Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? – Major Drivers
  • General Dynamics Corporation: 5 Critical Developments Including Its Aerospace Program & Its Performance In Combat Systems! – Major Drivers
  • Masco Corporation: Will Its Margins Remain Stable Despite Seasonal Fluctuations? – Major Drivers
  • CXW: Preview 1Q24 Results Expect Recent Positive Trends Continue

Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers

By Baptista Research

  • Teledyne Technologies, a prominent industrial conglomerate focused on aerospace and defense, instrumentation, digital imaging, and engineered systems, reported its Q1 2024 earnings.
  • In the call, management touted robust results including record first quarter non-GAAP operating margin, record adjusted earnings per share, and record free cash flow.
  • The company’s strong performance was driven by growth in its marine, aviation, and select defense businesses which offset sales declines in other areas.

Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers

By Baptista Research

  • Waste Connections, Inc. reported a strong start to 2024, delivering better-than-expected operating and financial results, including adjusted EBITDA margin expansion of 160 basis points to 31.4% in Q1.
  • The company’s earnings exceeded projections due to improvements in employee retention and safety trends, along with rising commodity values.
  • Waste Connections management highlighted several notable trends impacting its business, including continued improvement in employee turnover rates and safety incidents, suggesting an effective culture of accountability within the company.

Rockwell Automation: What Is Driving The Acceleration of New Product Orders? – Major Drivers

By Baptista Research

  • Rockwell Automation’s first quarter demonstrated a sequential growth in orders, with all business segments and regional markets rising from the previous quarter’s low point.
  • Despite ongoing impacts of excess inventory within the distribution channel, underlying demand from machine builders and end-users remained robust.
  • In the quarter under review, total sales grew by 3.6% year-over-year, with organic sales advancing by 1%.

Fortive Corporation: Strategic M&A For Boosting Revenue Growth & Profitability! – Major Drivers

By Baptista Research

  • Based on the Q1 2024 earnings of Fortive Corporation, it is discernible that the company has visualized a strong start to the year, overachieving its anticipations regarding core revenue growth, margins extension, earnings, and free cash flow.
  • Fortive’s strategy broadly focuses around invigorating safety and productivity of consumers across manufacturing and healthcare sectors.
  • 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.

United Rentals: Is Their Solid M&A Strategy Paying Off? – Major Drivers

By Baptista Research

  • United Rentals’ (URI) latest earnings depicted strong Q1 results with total revenue increasing by 6% YoY to reach $3.5 billion, a new first quarter record, along with rental revenue growing 7% and fleet productivity increasing by a promising 4%.
  • Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew to a first quarter record of $1.6 billion, culminating in a margin of 45.5%.
  • Furthermore, adjusted Earnings per Share (EPS) appreciated by 15% to reach $9.15.

Otis Worldwide Corporation: How Are The Market Conditions in China Impacting Their Growth? – Major Drivers

By Baptista Research

  • In the first quarter of 2024, Otis Worldwide Corporation reported a solid performance, reinforcing the continued robustness of its Service-driven business model as the company achieved mid-single digit organic sales growth, led by its Service business.
  • Both Service and New Equipment operating profit margins expanded by 80 and 20 basis points respectively, contributing to a 10% increase in adjusted EPS growth.
  • 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.

General Dynamics Corporation: 5 Critical Developments Including Its Aerospace Program & Its Performance In Combat Systems! – Major Drivers

By Baptista Research

  • The latest earnings from General Dynamics Corporation indicated a robust start to 2024.
  • Notably, there was a significant increase in total revenues, operating earnings, and net earnings compared to the previous year.
  • The corporation revealed earnings of $2.88 per share on revenue of $10.7 billion, demonstrating an 8.6% increase compared to the first quarter of the previous year.

Masco Corporation: Will Its Margins Remain Stable Despite Seasonal Fluctuations? – Major Drivers

By Baptista Research

  • Masco Corporation started the year strong with operating profit margin expansion and EPS growth compared to the previous year.
  • This strength was driven by improved operational efficiencies, solid execution, and the strength of the company’s repair and remodel product portfolio.
  • Despite this, the company’s top line failed to impress as it decreased by 3% in the quarter, in line with company expectations.

CXW: Preview 1Q24 Results Expect Recent Positive Trends Continue

By Zacks Small Cap Research

  • We are optimistic about operating improvements going forward and expect occupancies at CXW facilities to continue to increase as ICE & multiple government entities seek capacity.
  • CXW also continues to strengthen its balance sheet, with a 1Q24 debt offering concurrent with a tender offer for 2026 8.25% notes.
  • As a result, the company pushed debt maturities out roughly three years & has no major debt maturities before 2029 other than some $262M 4.75% notes that mature in 2027.

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May 04
0

Daily Brief Health Care: Indegene Limited, Bumrungrad Hospital Pub Co, Lexaria Bioscience , MiMedx Group , Organovo Holdings , Align Technology, Tonix Pharmaceuticals Holding, Biogen Inc, Biomarin Pharmaceutical, Chemed Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Indegene IPO – Marquee Clients, Strong Track Record, Decent Valuation
  • Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients
  • LEXX: Begin with the End in Mind
  • MDXG: MACs Give Credit for Efficacy
  • ONVO: Positive Phase 2 Results Bolsters Outlook
  • Align Technology: Will The Orthodontic Market Improvements Last? – Major Drivers
  • TNXP: Approval of First New Fibromyalgia Drug in 15 Years Possible in 2025
  • Biogen Inc.: Advancement of Neuroscience Drug Delivery & 6 Major Drivers
  • BioMarin Pharmaceutical Inc.: What Is Their Expected Revenue Growth After Ther Efforts Towards Streamlining Expenditure? – Major Drivers
  • Chemed Corporation: A Tale Of Workforce & Patient Expansion To Catalyze Growth! – Major Drivers

Indegene IPO – Marquee Clients, Strong Track Record, Decent Valuation

By Clarence Chu

  • Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.
  • Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
  • In this note, we will look at peers and discuss our thoughts on valuation.

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
  • International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
  • With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.

LEXX: Begin with the End in Mind

By Zacks Small Cap Research

  • Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
  • It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
  • DHT offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, brain permeation, taste masking & side effect reduction.

MDXG: MACs Give Credit for Efficacy

By Zacks Small Cap Research

  • MiMedx is a wound care and therapeutic biologics company, developing and distributing allografts.
  • The company derives its products from human placental tissues processed using the Purion technology.
  • MiMedx differentiates itself in the regenerative medicine market through the substantial library of supportive research for its products.

ONVO: Positive Phase 2 Results Bolsters Outlook

By Zacks Small Cap Research

  • Organovo is a biotech company that has 3D technology enabling the company to produce various human tissues, allowing the company to target diseases and accelerate the drug development process.
  • The company recently released positive Phase 2 results for one of its primary treatments-FXR314.
  • These results are very encouraging and bolsters our belief in the future prospects for ONVO.

Align Technology: Will The Orthodontic Market Improvements Last? – Major Drivers

By Baptista Research

  • Align Technology Inc. started the year 2024 on a strong note with better than expected revenue and earnings for the first quarter.
  • The company reported a 5.8% year-over-year rise in worldwide revenues, driven by a 3.5% growth from the Clear Aligner segment and a whopping 17.5% growth from Systems and Services.
  • The Align First Quarter 2024 Earnings call highlighted revenue growth across all regions, powered by robust volume growth of Clear Aligners, especially in the Asia Pacific region.

TNXP: Approval of First New Fibromyalgia Drug in 15 Years Possible in 2025

By Zacks Small Cap Research

  • On April 1, 2024, Tonix Pharmaceuticals Holding Corp.
  • (TNXP) announced financial results for the fourth quarter and full year 2023 and provided a business update.
  • Tonix will be filing a New Drug Application (NDA) for TNX-102 SL (cyclobenzaprine HCl) for fibromyalgia in the second half of 2024 based on positive results from the Phase 3 RELIEF and RESILIENT trials.

Biogen Inc.: Advancement of Neuroscience Drug Delivery & 6 Major Drivers

By Baptista Research

  • Biogen’s first quarter 2024 earnings reflect the company’s commitment to growth and innovation within its portfolio, coupled with an unwavering focus on improving profitability.
  • The company has seen growth in its earnings per share for the first time in several years, largely due to the performance of its underlying business.
  • CEO, Chris Viehbacher, praised the company’s teams for their commitment and the role they play in driving the company’s success, notwithstanding the ongoing changes within the company.

BioMarin Pharmaceutical Inc.: What Is Their Expected Revenue Growth After Ther Efforts Towards Streamlining Expenditure? – Major Drivers

By Baptista Research

  • BioMarin Pharmaceutical Inc. reported strong financial results for Q1 2024, while implementing significant advances as part of the company’s new corporate vision and strategy.
  • According to the firm, this is done in the interest of positively influencing patients’ lives and generating value for shareholders, with several strategic initiatives currently underway.
  • Based on the company’s R&D portfolio assessment, three assets were chosen to be accelerated based on their potential to transform patients and shareholder value.

Chemed Corporation: A Tale Of Workforce & Patient Expansion To Catalyze Growth! – Major Drivers

By Baptista Research

  • Chemed Corporation’s management recently their financial results for the first quarter of 2024, which ended on March 31, 2024.
  • The earnings showed mixed results, with strong performance from VITAS and weaker metrics from Roto-Rooter.
  • VITAS, Chemed’s healthcare subsidiary, showcased a robust operating performance with an increase in admissions of 4.5% over the previous year.

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