In today’s briefing:
- Hindenburg Research Vs SEBI Chief: Allegations and Responses
- Recruit: Labour Markets Continue to Trend Down, but Recruit’s Efforts Pay Off in 1Q
- TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn
- CBAT: Weathering the challenges in the battery cell market. Maintaining a 2.50/share target.
- CS Wind (112610): Excellent Q2
- MARUKA FURUSATO (7128 JP): 1H FY12/24 flash update
- Quanta Services: Enhanced Utility and Communication Infrastructure Services Driving Growth! – Major Drivers
- UHAL: Reports 1Q FY2025 Results: Demand for self-moving equipment rentals increases YOY after seven quarters of single-digit declines. Self-Storage continues to deliver top-line growth.
- UHAL: Reports 1Q FY2024 Results: Demand for self-moving equipment rentals increases YOY after seven quarters single-digit declines. Self-Storage continues to deliver top-line growth.
- W.W. Grainger Inc.: A Closer Look At A Bear’s Perspective! – Major Drivers
Hindenburg Research Vs SEBI Chief: Allegations and Responses
- Hindenburg Research released a report on SEBI Chief Madhabi Puri Buch, accusing her of conflicts of interest, particularly about the Adani Group.
- Analysis of Responses given by Madhabi & Dhaval Buch, SEBI, 360 One and Adani.
- Analysis of events and allegations made by Hindenburg on Madhabi and critical assessment on that.
Recruit: Labour Markets Continue to Trend Down, but Recruit’s Efforts Pay Off in 1Q
- Recruit Holdings (6098 JP) ’s share price has been up more than 40% YTD driven by better-than-expected earnings and an announcement to buy back ¥600bn worth shares.
- The company’s 1Q earnings beat consensus and showed some recovery across all business segments, however, the labour markets are heading towards a decline.
- It seems that the company has run out of investment options, and we would not rush to make an entry as worst is not over yet for the company.
TS Lines Pre-IPO: Adjusted Book Value Approach Yields Estimated Equity Valuation of US$1.96-2.06 Bn
- Container ships are standardized, and fleets can be “market to market” values
- This approach suggests TS Lines’ equity could be worth > US$2.0 bn
- However, there are some caveats that come with this valuation approach
CBAT: Weathering the challenges in the battery cell market. Maintaining a 2.50/share target.
- CBAK Energy Technology continues to leverage its strong relationships with portable energy and home energy storage manufacturers to deliver solid results.
- Pricing pressures remain in the broader battery cell market but CBAK’s margins remained strong in Q2.
- The company recorded another profitable quarter and we think investor confidence in the company should continue to grow despite quarter-to-quarter fluctuations.
CS Wind (112610): Excellent Q2
- CS Wind Corp (112610 KS) is one of the biggest players in wind tower globally with a substantial presence in the US.
- Excellent Q2 24 operating numbers led to a sharp increase in the share price that is mainly driven by short covering.
- The revenue growth occurred without sacrificing profitability, a sign that the company is in the driving seat.
MARUKA FURUSATO (7128 JP): 1H FY12/24 flash update
- Revenue decreased to JPY78.8bn (-7.4% YoY), operating profit fell to JPY1.7bn (-46.5% YoY), and recurring profit dropped to JPY2.2bn (-40.5% YoY).
- Domestic machinery sales fell 18.9% YoY, overseas machinery sales declined 35.4% YoY, and equipment tools sales in Japan decreased 1.5% YoY.
- Revenue in the Construction Products segment was JPY21.8bn (-1.6% YoY), with segment profit at JPY745mn (-26.0% YoY).
Quanta Services: Enhanced Utility and Communication Infrastructure Services Driving Growth! – Major Drivers
- Quanta Services showcased robust financial performance for the second quarter of 2024, delivering double-digit growth in revenue, adjusted EBITDA, and adjusted earnings per share.
- The company reported significant strength in its backlog, achieving a record total of $31.3 billion accompanied by strong cash flow generation.
- These results stem largely from ongoing demand for Quanta’s services, fueled by multiyear programs focused on developing renewable energy and power grid infrastructure in North America.
UHAL: Reports 1Q FY2025 Results: Demand for self-moving equipment rentals increases YOY after seven quarters of single-digit declines. Self-Storage continues to deliver top-line growth.
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- U-Haul benefited in a leveraged manner from the increase in demand for self-moving services during the pandemic.
UHAL: Reports 1Q FY2024 Results: Demand for self-moving equipment rentals increases YOY after seven quarters single-digit declines. Self-Storage continues to deliver top-line growth.
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- U-Haul benefited in a leveraged manner from the increase in demand for self-moving services during the pandemic.
W.W. Grainger Inc.: A Closer Look At A Bear’s Perspective! – Major Drivers
- W.W. Grainger reported its financial results for the second quarter of 2024, reflecting a performance shaped by strategic alignments, moderate growth, and persistent macroeconomic challenges.
- The company, led by Chairman and CEO D.G. Macpherson and CFO Dee Merriwether, emphasized the ongoing commitment to customer-centric innovations and operational adjustments amidst a transforming economic landscape.
- 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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