In today’s briefing:
- Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal
- Weekly Deals Digest (25 Feb) – Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak
- CF Industries: Export Opportunities and Global Market Dynamics – Major Drivers
- Martin Marietta Materials: Expected Improvements In Housing Market Conditions Could Help Them Recover In 2024 & Beyond! – Major Drivers
- The Williams Companies Inc.: 6 Major Growth Drivers For Their Performance In 2024 & Beyond! – Major Drivers
- Albemarle Corporation: Is The EV Demand Actually Flattening & Impacting Their Performance? – Major Drivers
- Reliance Steel & Aluminum: A Tale Of Expansion Through Strategic Acquisitions! – Major Drivers
Hyosung Corp Split: Potential Mirror of December 2021 LX-LG Block Deal
- Hyosung Corp’s split diverges from usual Korean market splits. No tender offer is expected post-new holding company formation, reducing value accretion opportunities.
- Sibling separation in Hyosung Corp’s split mandates shares cross-transfers. Hence, block deals among siblings are plausible.
- This scenario resembles the case in December 2021 when LX Koo Bon-joon disposed of LG Corp shares through a block deal instead of a swap, causing an 8% drop.
Weekly Deals Digest (25 Feb) – Azure, A2B, Boral, CSR, China TCM, Outsourcing, Payroll, Snow Peak
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Toei Animation (4816 JP)‘s US$550 Million secondary offering and Trial Holdings (5882 JP) IPO.
- Event-Driven developments: Azure Minerals (AZS AU), Boral Ltd (BLD AU), CSR Ltd (CSR AU), China Traditional Chinese Medicine (570 HK), Outsourcing Inc (2427 JP), Snow Peak Inc (7816 JP).
CF Industries: Export Opportunities and Global Market Dynamics – Major Drivers
- CF Industries Holdings Inc., a global leader in nitrogen-based fertilizers, reported a strong performance for the full year and fourth quarter of 2023.
- The company posted an adjusted EBITDA and net cash from operations of approximately $2.8 billion each, and a free cash flow of $1.8 billion.
- This robust outcome was attributed to a balanced nitrogen supply-demand situation and energy spreads favoring the company’s low-cost production in North America..
Martin Marietta Materials: Expected Improvements In Housing Market Conditions Could Help Them Recover In 2024 & Beyond! – Major Drivers
- Martin Marietta, a provider of aggregates and heavy building materials, presented a decent financial performance for the full year and fourth quarter of 2023.
- Positive elements in the report include the company’s record financial performance, reaching a milestone of $2.1 billion in adjusted EBITDA. Additionally, the company noted that it had a successful, safe year without any major incidents.
- This was also underpinned by the strong performance of the company’s aggregates business which drove revenues up by over 10% to $4.3 billion.
The Williams Companies Inc.: 6 Major Growth Drivers For Their Performance In 2024 & Beyond! – Major Drivers
- The Williams Companies has reported strong performance in the third quarter of 2023 with significant advances in operational execution, project completion, and positive expansion achievements.
- In an environment of low gas prices compared to the third quarter of 2022, the company saw an impressive uptick in several areas.
- The first half of Transco’s Regional Energy Access project, which will increase natural gas transportation from the northeast part of the Marcellus Shale to markets in Pennsylvania, New Jersey, and Maryland, has been completed, and the second half is slated for completion in the last quarter of 2024.
Albemarle Corporation: Is The EV Demand Actually Flattening & Impacting Their Performance? – Major Drivers
- Albemarle Corporation’s 2023 earnings reported net sales of $9.6 billion, a 31% rise compared to 2022 with volume growth contributing 21% to the increase.
- The energy storage sector delivered 35% volumetric growth.
- The corporation’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2023 were $2.8 billion or $3.4 billion, excluding a lower-cost charge recorded in Q4.
Reliance Steel & Aluminum: A Tale Of Expansion Through Strategic Acquisitions! – Major Drivers
- Reliance, Inc.
- released its Fourth Quarter and Full Year 2023 financial results with officials highlighting the firm’s strong operational and financial performance for 2023 despite a challenging environment.
- The company’s President and CEO, Karla Lewis, notably acknowledged the company’s recent name change from its original name which had included the words ‘steel’ and ‘aluminum.’ Lewis noted that the name change reflected the evolution of the company beyond metal in the form of being a family of diversified businesses.
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