In today’s briefing:
- Quiddity JPX-Nikkei 400 Rebal 2024: End-May 2024 Estimates
- Bloks Group Pre-IPO Tearsheet
- PDD Holdings: Will The Focus On Agricultural Strategy Convert Into Positive Revenue Growth? – Major Drivers
- Modine Manufacturing Company: Will The Recovery in Heating
- GES: 1Q Review; Creating a Powerful Model; Reiterate Buy, $37 PT
- Dixon Technologies- Forensic Analysis (Update)
- Urban Outfitters: Impact Of New Facility On Their Logistics & Profitability & Other Major Drivers
- Global-e Online Ltd.: Expanding Merchant Base and Launch Plans! – Major Drivers
- Lowe’s Companies: Front-End Transformation and Investment in Technology! – Major Drivers
- Skyline Champion Corporation: Can The Acquisition of Regional Homes Be A Game Changer? – Major Drivers
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
Quiddity JPX-Nikkei 400 Rebal 2024: End-May 2024 Estimates
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
- A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
- In this insight, we take a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-May 2024.
Bloks Group Pre-IPO Tearsheet
- Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Goldman Sachs, and Huatai International.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys. Its portfolio contains both self-developed and renowned licensed intellectual property (IPs).
- According to F&S, Bloks was China’s largest player in the assembly character toy segment with an approximate gross merchandise value (GMV) of RMB1.8bn in 2023.
PDD Holdings: Will The Focus On Agricultural Strategy Convert Into Positive Revenue Growth? – Major Drivers
- PDD Holdings Inc., an innovative online retail company based in China, seems to show a strong future trajectory based on its first quarter 2024 earnings conference call.
- The company surpassed its year-on-year growth with total revenue reaching RMB 86.8 billion, marking a 131% increase.
- This impressive growth serves as a testament to PDD Holdings’s efforts to deepen its access and widely influence the consumer market.
Modine Manufacturing Company: Will The Recovery in Heating
- Modine Manufacturing Company (Modine) reported upbeat performance for its fiscal 2024 with record sales and adjusted EBITDA being noted for the second consecutive year.
- Sales increased by 5% to reach $2.4 billion while adjusted EBITDA surged by 48% to $314 million; a significant margin improvement indicating the company’s effective commitment to its 80/20 principle.
- Modine successfully shifted its business to targeted markets with growth potential where its innovative solutions are well-regarded, leading to sustainable margins.
GES: 1Q Review; Creating a Powerful Model; Reiterate Buy, $37 PT
- We are reiterating our Buy rating and $37 price target for Guess?
- and tweaking and further back-end loading our FY25 and FY26 projections after Guess?
- announced 1QFY25 top and bottom line upside, driven by Europe and Domestic wholesale results, as the rag & bone acquisition proved to be a key positive and the company continues to take share in Europe.
Dixon Technologies- Forensic Analysis (Update)
- Dixon Technologies India Ltd (DIXON IN) growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.
- The company is able to convert earnings to cash quickly but cash yield is close to zero.
- The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.
Urban Outfitters: Impact Of New Facility On Their Logistics & Profitability & Other Major Drivers
- Urban Outfitters, Inc. had an exceptional first quarter for fiscal 2025, performing better than expected with four out of five brands posting record revenues leading to an overall revenue of $1.2 billion.
- Anthropologie, Free People, FP Movement, and Nuuly all experienced double-digit growth, with record operating incomes reported for 3 of their brands.
- These strong results, however, were somewhat tempered by continuous weak performance at the Urban Outfitters brand.
Global-e Online Ltd.: Expanding Merchant Base and Launch Plans! – Major Drivers
- In the Q1 2024 earnings, Global-E Online Ltd reaffirmed its strong growth trajectory and bullish outlook for the rest of the year.
- For Q1, the company reported growth in gross merchandise volume (GMV), revenues, and adjusted EBITDA, surpassing the forecasted range for the quarter.
- GMV grew 32% YoY, revenues grew 24%, and adjusted EBITDA grew 47%.
Lowe’s Companies: Front-End Transformation and Investment in Technology! – Major Drivers
- Lowe’s Companies reported its recent earnings and maintained the company’s expectations for fiscal 2024.
- Their first quarter sales were $21.4 billion, with comparable sales down 4.1% from the same period last year.
- Despite the continued pressure in DIY big ticket discretionary spending, the company delivered better-than-expected spring seasonal sales.
Skyline Champion Corporation: Can The Acquisition of Regional Homes Be A Game Changer? – Major Drivers
- In Fiscal 2024, Skyline Champion Corporation prioritized investments to offer integrated turnkey solutions for retail, financial services, and home completion.
- They experienced some decrease year over-year in their unit volume.
- However, the company reported over $2 billion in top-line revenue, indicating a solid financial year nonetheless.