In today’s briefing:
- IMotion Automotive Technology Pre-IPO Tearsheet
- Equinor ADR: Initiation of Coverage – Recent Acquisitions & Other Drivers
- Lloyds Banking Group PLC ADR: Initiation of Coverage – Recent Challenges
- Prudential PLC: Initiation of Coverage – Expansion In Emerging Markets & Other Drivers
- Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Dover Corporation: Initiation of Coverage – Business Strategy & Key Developments
IMotion Automotive Technology Pre-IPO Tearsheet
- IMotion Automotive Technology (1812706D CH) is looking to raise about US$300m in its upcoming HK IPO. The deal will be run by Citibank, Huatai and CCB International.
- The company possesses advanced full-stack R&D capabilities including self-developed algorithms and hardware-software co-design capabilities. It provides two AD domain controller product lines, and the self-designed iDC series.
- Its solutions and products cover a wide price range of vehicles and all types of driving scenarios, including highways, ring roads, complex urban roads, country roads, and parking areas.
Equinor ADR: Initiation of Coverage – Recent Acquisitions & Other Drivers
- This is our first report on an international energy major, Equinor.
- The company delivered a mixed operational performance for the fourth quarter with below-par revenues but managed an earnings beat.
- Equinor improved security for its assets and cyberspace by enforcing tougher security rules, providing more training, and collaborating more closely with law enforcement.
Lloyds Banking Group PLC ADR: Initiation of Coverage – Recent Challenges
- This is our first report on Lloyds Banking Group PLC ADR, one of the largest UK-based retail and commercial banking service providers.
- During the year, commercial banking balances have increased, driven by attractive corporate, institutional, and FX growth possibilities.
- We initiate coverage on the stock of Lloyds Banking Group PLC ADR with a ‘Hold’ rating.
Prudential PLC: Initiation of Coverage – Expansion In Emerging Markets & Other Drivers
- This is our first report on Prudential, a major provider of life and health insurance.
- Prudential had a very strong quarter with 19% sales growth.
- Despite slower revenue recognition in the life insurance market, the company has been witnessing strong cash flows and returned over $800 million to shareholders in the latest quarter.
Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on a major LTL shipping company, Old Dominion Freight Line.
- As a result, the company delivered double-digit growth in earnings per diluted share in the fourth quarter.
- Besides that, the productive labor expenses as a percentage of revenue decreased by 170 basis points within their direct operating costs, while their purchase transportation costs decreased by 200 basis points.
West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on West Pharmaceutical Services, a major manufacturer of injectable medication delivery and packaging systems.
- West Pharmaceutical reported an all-around beat in its last result and generated about 8% growth in organic sales overall.
- With COVID-19 excluded, West anticipates that its base organic sales growth was in the low double digits, with proprietary product growth in the mid-teens.
Dover Corporation: Initiation of Coverage – Business Strategy & Key Developments
- This is our first report on Dover Corporation, a multifaceted international manufacturer offering cutting-edge machinery and parts, consumables, aftermarket components, software and digital solutions, and support services.
- The company’s last result was an all-around beat resulting from a good execution by the management and better price dynamics.
- Demand for services, consumables, and pricing decisions helped the quarter be profitable.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
