In today’s briefing:
- Monthly Container Shipping Tracker | Point A | Point B | (September 2024)
- China Healthcare Weekly (Sep.22) – CR Sanjiu’s Trouble, Weight-Loss Drug Market Saturation, Keymed
- Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed
- The Timken Company: Initiation Of Coverage – Expanding Industrial Motion Revenue and Market Presence Catalyzing Growth! – Major Drivers
- Tsuruha Holdings (3391 JP): Q1 FY02/25 flash update
- Hexcel Corp – cCorporation: Initiation Of Coverage – Their Business Strategy
- Installed Building Products: Initiation Of Coverage – Market Penetration and Expansion in Multi-Family Sector & Other Major Drivers
- Allegheny Technologies: Initiation Of Coverage – Titanium and High-Performance Materials Expansion & Other Major Drivers
- MKS Instruments Inc: Initiation Of Coverage – Will The Expansion into Artificial Intelligence Server Market Be A Game Changer? – Major Drivers
- MSC Industrial Direct Co: Initiation Of Coverage – Is Their Enhanced Digital Infrastructure A Key Growth Catalyst? – Major Drivers
Monthly Container Shipping Tracker | Point A | Point B | (September 2024)
- Price momentum in August eased slightly vs July, the first M/M dip since March
- In the next two months, seasonality will moderate and Y/Y comps will get tougher
- If Q4 momentum wanes, we feel continued strong share performance less likely
China Healthcare Weekly (Sep.22) – CR Sanjiu’s Trouble, Weight-Loss Drug Market Saturation, Keymed
- Anhui’s new VBP included OTC TCM for the first time, which poses a big challenge to the pricing autonomy of CR Sanjiu. This makes Sanjiu’s acquisition of Tasly more important/urgent.
- Novo Nordisk’s performance has raised concerns. The capacity bottleneck for weight-loss drugs seems resolved. Could this signal that the market for weight-loss drugs is reaching its peak?
- Keymed Biosciences (2162 HK)’s CM310 will miss this year’s NRDL negotiations, putting the company at a disadvantage. Considering the competitive landscape, we are concerned about Keymed’s performance.
Taiwan Dual-Listings Monitor: TSMC Back to Higher Premium Range; ASE Premium Remains Collapsed
- TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
- UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
- ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares
The Timken Company: Initiation Of Coverage – Expanding Industrial Motion Revenue and Market Presence Catalyzing Growth! – Major Drivers
- The Timken Company, a diversified leader in the industrial sector, recently presented its financial results for the second quarter of 2024.
- In terms of financial performance, The Timken Company reported a revenue decline of 7% from the previous year, attributed primarily to a significant decrease in demand within the renewable energy sector, specifically from China Wind.
- Nevertheless, areas like rail, aerospace, and industrial distribution showed organic growth that helped offset the downturn from the renewable energy market.
Tsuruha Holdings (3391 JP): Q1 FY02/25 flash update
- Sales increased 5.2% YoY to JPY273.4bn, with operating profit growing 7.1% YoY to JPY15.1bn.
- The revised forecast for FY02/25 includes revenue of JPY850.8bn and net income of JPY22.2bn.
- FY02/25 will cover a 9.5-month period, with expected one-time expenses and unchanged annual dividend levels.
Hexcel Corp – cCorporation: Initiation Of Coverage – Their Business Strategy
- Hexcel Corporation has presented its second quarter 2024 results, which showed a commendable performance in several areas, although it also came with cautious revisions for future expectations due to emerging market conditions.
- This detailed analysis seeks to outline both strengths and challenges as elucidated during the earnings call.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Installed Building Products: Initiation Of Coverage – Market Penetration and Expansion in Multi-Family Sector & Other Major Drivers
- Installed Building Products’ fiscal 2024 second quarter showcased a dynamic operating environment with improvements and strategic divestitures reflecting the company’s focus on core growth areas.
- Key financial results included an impressive increase in single-family sales, steady multi-family segment performance, and a slight uptick in commercial sales, albeit varying by submarket dynamics.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Allegheny Technologies: Initiation Of Coverage – Titanium and High-Performance Materials Expansion & Other Major Drivers
- ATI’s earnings for the second quarter of 2024 have underlined robust performance with several notable achievements and positive guidance updates, along with particular areas of focus and needed improvement.
- These highlights capture both the company’s current strengths and the challenges it navigates in a competitive and evolving market.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
MKS Instruments Inc: Initiation Of Coverage – Will The Expansion into Artificial Intelligence Server Market Be A Game Changer? – Major Drivers
- MKS Instruments demonstrated robust financial management and strategic positioning in its second-quarter results for the fiscal year 2024.
- With a reported revenue of $887 million, the company performed at the high end of its guidance, supported by an earnings per share (EPS) of $1.53—a figure that not only exceeded their projected high but also included the positive impact of reduced interest expenses from recent financial maneuvers.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
MSC Industrial Direct Co: Initiation Of Coverage – Is Their Enhanced Digital Infrastructure A Key Growth Catalyst? – Major Drivers
- MSC Industrial Direct Co., Inc., in its fiscal third quarter 2024 earnings report, highlighted several key aspects of its current state and future strategies amid a challenging macroeconomic environment.
- The company’s focus remains on improving its web initiatives, customer engagement, and operational efficiency while dealing with unexpected gross margin pressures and delays in strategic projects.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
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