Daily Brief Industrials: Allegion Plc, United Airlines Holdings, Will Group Inc, Norfolk Southern and more

• VIC pitch remains relevant as Allegion is undervalued compared to historical P/E ratio
• Majority of sales from resilient aftermarket and institutional sectors make Allegion’s business more stable than perceived
• Strong presence in North America provides solid revenue base with high margins, presenting a strong investment opportunity for long-term growth and value appreciation

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• During the latest fourth quarter and full-year 2023 earnings for United Airlines Holdings, the management team expressed positive sentiments regarding operational trends and financial performance, despite multiple headwinds at the global level.
• The airline’s 2023 performance was framed as a clear demonstration of its United Next plan’s effectiveness, buoied by diversified revenue streams and robust operational metrics.
• United Airlines posted full-year EPS (earnings per share) above $10, meeting its initial United target range.

• WILL GROUP announced cumulative 3Q FY24/3 consolidated financial results on February 7, and held a results briefing on February 19 hosted by President Yuichi Sumi.
• This reports examines the details and progress of 3Q results relative to initial plan.
• Then on February 22, WILL GROUP announced that it has decided to sell all shares in specified subsidiary for Startups, Inc. (7089 TSE Growth, specialized in HR services for venture growth businesses and startup companies), in which it holds the majority stake of 54.1% (1,925,400 shares) as of September 30, 2023.

• Norfolk Southern Corporation reported mixed results for its Fourth Quarter 2023 Earnings.
• The company experienced inconsistencies due to network disruptions and a persistently weak freight market, impacted further by a major train derailment in Eastern Ohio at the start of the year.
• Despite these challenges, the company persevered, demonstrating resilience and commitment to both safety and service.