In today’s briefing:
- Horizon Construction Development IPO: Valuation Insights
- Gigavis IPO Bookbuilding Results Analysis
- C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers
- eBay Inc.: An Interesting Set Of New Initiatives That Could Help Crush The Market – Key Drivers
- Old Dominion Freight Line Inc.: Is The Bad Result A Sign Of Trouble Or A Bargain? – Major Drivers
- PACCAR Inc.: Renewed Growth
- Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers
Horizon Construction Development IPO: Valuation Insights
- Horizon Construction Development (1887128D HK)/HCD, a subsidiary of Far East Horizon (3360 HK), has launched its HKEx listing at HK$4.52-4.80 per share to raise up to US$223 million.
- We previously discussed the IPO in Horizon Construction Development IPO: The Bull Case and Horizon Construction Development IPO: The Bear Case.
- Our valuation analysis suggests that HCD is fully priced at the IPO price range. Therefore, we are inclined to pass on the IPO.
Gigavis IPO Bookbuilding Results Analysis
- On 12 May, GigaVis announced its IPO price of 43,000 won, which is 8% higher than the high end of the IPO price range of 39,700 won.
- Our base case valuation of Gigavis is target price of 61,755 won per share, which is 44% higher than the IPO price of 43,000 won.
- Gigavis makes automatic optical inspection equipment (AOI) and automatic optical repair equipment (AOR) for the inspection and repair process of inner layer substrates, which are core components of semiconductor substrates.
C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers
- C.H.
- Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.
- They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.
eBay Inc.: An Interesting Set Of New Initiatives That Could Help Crush The Market – Key Drivers
- Despite ongoing macroeconomic challenges, eBay generated better-than-expected results across all major financial and operational indicators including revenues and earnings. eBay’s growth is particularly noticeable in its targeted categories, which had low single-digit year-over-year growth.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Old Dominion Freight Line Inc.: Is The Bad Result A Sign Of Trouble Or A Bargain? – Major Drivers
- Old Dominion Freight Line produced a highly disappointing set of results as a result of the persistent downturn in the local economy and the volume decline.
- The revenue decline and slight deterioration in Old Dominion’s operating ratio caused the earnings per diluted share for the quarter to decline by 0.8% to $2.58.
- We give Old Dominion Freight Line an ‘Underperform’ rating with a revised target price.
PACCAR Inc.: Renewed Growth
- PACCAR had a strong first quarter and the company achieved revenues and net income that were well above market expectations, driven by strong demand for trucks, parts, and financial services.
- PACCAR’s management attributes this growth to its investments in new truck models, global expansion, and the strong performance of PACCAR Parts.
- PACCAR Financial, the company’s financial services arm, also had an excellent quarter, achieving a pretax income of $149 million, similar to the same quarter of last year.
Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers
- Teradyne had a strong first quarter and delivered an all-around beat.
- Its revenues were $618 million, which was $28 million higher than its mid-point estimate as well as analyst expectations.
- The company’s adaptable business strategy allowed it to convert increased revenue and profit from Semiconductor Test’s improved component availability in Q1.
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