In today’s briefing:
- Berli Jucker (BJC TB) – The Big C Factor
- Almac IPO Preview
- India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
- Frontier Management Inc. (7038 JP) – 1Q Follow-Up
Berli Jucker (BJC TB) – The Big C Factor
- Berli Jucker‘s 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare & Technical, with margin improvements at the same time.
- The key near-term catalyst for Berli Jucker will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets.
- Berli Jucker is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions.
Almac IPO Preview
- Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles.
- The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
- The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.
India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
- In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN).
- ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode.
- Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.
Frontier Management Inc. (7038 JP) – 1Q Follow-Up
- 1Q operating profit rose 18%, on a 19% rise in sales. Net profit rose 10%.
- According to the company’s data, the pace of increase in orders has been increasing since around the last week of 1Q, indicating a potential for stronger results in this FY.
- Management Consulting business sales rose 14%.
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