In today’s briefing:
- Adi Sarana Armada (ASSA IJ) – Synergies Continue to Manifest Themselves
- MARUKA FURUSATO Corporation (7128 JP) – 1Q Follow-Up
Adi Sarana Armada (ASSA IJ) – Synergies Continue to Manifest Themselves
- ASSA continues to demonstrate the ability to adapt to the changing environment in 1Q2023 with growth in its car fleet and improving profitability for logistics and the last mile.
- Anteraja has seen a slowdown in e-commerce revenues but is focusing more on building offline customers, whilst ASSA logistics is increasingly focused on mid-mile and cold-chain logistics.
- JBA Auction is seeing a strong recovery to pre-pandemic levels and maintains 40% market share, whilst Caroline is targeting 3,000-4,000 used car sales in 2023, whilst expanding its offline network.
MARUKA FURUSATO Corporation (7128 JP) – 1Q Follow-Up
- In 1Q FY12/23, net sales rose 12.8%, and operating profit increased 20.3%; thus, MARUKA FURUSATO made good progress toward achieving 1H forecasts of 9.2% increase in net sales and 9.4% decline in operating profit.
- As a large percentage of the company’s earnings comes from business orders, short-term earnings are unlikely to change much.
- It appears, however, that the company is making greater than initially expected progress in reducing its order backlog as supply constraints, such as shortage of semiconductors, are eliminated.
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