In today’s briefing:
- Initial Thoughts on Hyundai Motor India IPO
- Corporate Governance in Japan Is Improving, but Has yet to Take Steps to Create Value
- Papoutsanis S.a. – 9M-11M FY2023 Results Presentation
- Tyson Foods: Focus on Domestic Consumption and Expansion of the International Market! – Major Drivers
Initial Thoughts on Hyundai Motor India IPO
- Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024.
- Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.
- If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC’s market cap.
Corporate Governance in Japan Is Improving, but Has yet to Take Steps to Create Value
- % of independent directors continued a modest rise, and % of women board members still reached 10% level. 6 of 1,788 companies transitioned to Company with US type 3 Committees.
- Growth Policy score improved as more companies included ROIC in their KPIs, and AGM Disclosures score improved as the majority of prime market listed companies joined the voting platform.
- Scores related to the use of cash and IR Disclosures score also didn’t improve noticeably. Companies are not taking action on how to use cash to expand their corporate value.
Papoutsanis S.a. – 9M-11M FY2023 Results Presentation
- Net Sales decreased by 12.6% in FY2023 settling at EUR 62.3M (vs 70.7M in FY2022).
- Part of this decrease can be attributed to the decreasing demand for sanitizing products (Covid-19).
- However Gross profit increased by 12.6% from 13.873 in 9M2022 to 15.631 in 9M2023 due to a decrease in Raw Materials Costs, Cost of Energy, and lastly due to higher efficiency in the production.
Tyson Foods: Focus on Domestic Consumption and Expansion of the International Market! – Major Drivers
- The Q1 2024 financial results from Tyson Foods demonstrated a positive beginning to the fiscal year.
- The $175 million improvement in adjusted operating income and near doubling of adjusted EPS on a sequential basis showcases momentum for the firm.
- Chicken and pork served as offset points to beef headwinds while the prepared foods division continued to generate strong profit and margins.
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