In today’s briefing:
- Aoyama Zaisan Networks Company (8929 JP) – Q2 FY12/24 Results Update
- Information Services Corporation – Cash flow fuelling ambitious growth plan
- Bajaj Housing Finance Pre-IPO – Peer Comparison – Bigger and Faster
- Nuam Exchange (NUAM CI, NUAMCO CB, NUAM ) – Wednesday, May 22, 2024
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Aoyama Zaisan Networks Company (8929 JP) – Q2 FY12/24 Results Update
- Q1-2 FY12/24 results demonstrated sustained double-digit earnings growth, driven by the Wealth Consulting business through customer acquisition and the rising number of concluded contracts.
- The Real Estate Solutions business has further raised assets under management and despite the increasing challenges in finding suitable assets, there were five transactions conducted for the ADVANTAGE CLUB business.
- Although the company has maintained FY12/24 guidance, we believe earnings momentum remains positive with the 1) increase in consultant numbers, 2) customer acquisitions, and 3) business investment in personnel as well as IT to boost productivity. We have left our earnings estimates unchanged.
Information Services Corporation – Cash flow fuelling ambitious growth plan
Information Services Corporation (ISC) has entered a new era of strategic growth, striving to double both revenue and adjusted EBITDA (on an FY23 basis) by 2028. Its Registry Operations will be a strong foundation to enable this growth, generating more than C$1.3bn in cash flow to 2053. Registry revenue was up 27.5% y-o-y in H124 due to a full year of fee uplifts combined with robust market activity in Saskatchewan. The Services segment continues to demonstrate strong organic growth, with revenues up 14% y-o-y. Continued organic growth in both the Services and Technology Solutions segment is essential for ISC to reach its 2028 targets. We value ISC at C$40/share (48% upside to the current price).
Bajaj Housing Finance Pre-IPO – Peer Comparison – Bigger and Faster
- Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
- BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
- We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.
Nuam Exchange (NUAM CI, NUAMCO CB, NUAM ) – Wednesday, May 22, 2024
- NUAM Exchange is a Chilean holding company formed from a merger of stock exchanges in Chile, Colombia, and Peru in October 2023
- Shareholders of the previous exchanges received varying percentages of ownership in NUAM
- The company is in the process of merging operations to create a single equity market, trading system, and team by the end of 2025; reported pro forma 2023 numbers of 129.9 million in revenues, 50.1 million in EBITDA, and 30.9 million in net profits.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.