In today’s briefing:
- Avalon Technologies IPO- Forensic Analysis
- MSCI India May QCIR: Potential Changes & Special Treatment of Adani Group Stocks
- JD Industrials Pre-IPO Tearsheet
- Masco Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- J.B. Hunt Transport Services Inc.: Initiation of Coverage – Business Strategy & Acquisitions
- Masco Corporation: Initiation of Coverage – Business Strategy & Key Developments
Avalon Technologies IPO- Forensic Analysis
- Avalon Technologies (6594468Z IN) has launched its Initial Public Offering.
- The company states to have one of the highest ROCEs in the industry, one of the important reasons of high ROCE is unusual accounting treatment of capital reserve.
- Other forensic concerns include lack of cash generation and some auditor discomforts.
MSCI India May QCIR: Potential Changes & Special Treatment of Adani Group Stocks
- Currently, we see 1 high probability inclusion and 2 high probability deletions from the MSCI India Index at the May QCIR. Plus there are stocks close to the cutoffs.
- There will be selling on two Adani Group stocks following a lowering of the Foreign Inclusion Factor (FIF). That could increase if one of them is deleted from the index.
- As expected, Hindustan Aeronautics Ltd (HNAL IN) has continued to move higher post the placement and there could be more buying in the weeks ahead.
JD Industrials Pre-IPO Tearsheet
- JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.
- JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022).
Masco Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Masco Corporation is a major player involved in the design, manufacture and distribution of home improvement and building products.
- Over the year, DIY paint saw low single-digit growth which has impacted their growth.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
J.B. Hunt Transport Services Inc.: Initiation of Coverage – Business Strategy & Acquisitions
- This is our first report on a J.B.
- Hunt Transport, a major global transportation and logistics player.
- Consolidated sales for the quarter 4% year over year, but operating income and GAAP earnings per share decreased by 13% and 16%, respectively.
Masco Corporation: Initiation of Coverage – Business Strategy & Key Developments
- This is our first report on Masco Corporation, a major global player involved in the design, manufacture and distribution of home improvement and building products.
- Plumbing increased by 2% in local currency, with a 7% increase in overseas plumbing offsetting a 1% fall in North American plumbing.
- Over the year, DIY paint saw low single-digit growth, while professional paint saw over 25% growth.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
