In today’s briefing:
- Berli Jucker (BJC TB) – A Retail and Packaging Fuelled Growth Story
- ZKH IPO: Neither Good nor Bad
- AviChina Industry (2357 HK): Still Well-Placed as Our High Conviction
- Battery Recycling Startup Green Li-Ion Secures US$20.5M Pre-Series B Funding
- New CEO Looking to Leverage Continental and Other Partners for 4Sight Rollouts
Berli Jucker (BJC TB) – A Retail and Packaging Fuelled Growth Story
- Berli Jucker (BJC TB) released a strong set of 4Q2022 numbers reflecting the benefit of increasing tourism numbers in Thailand significantly positively impacting 25 of its stores.
- The company strategically reduced its B2B business, whilst growing its Don Chai stores quite aggressively. Berli Jucker plans to increase its store numbers further in 2023.
- Berli Jucker‘s packaging supply chain business will see new aluminium can capacity this year in Thailand and should see a 2H2023 growth pick-up. Overall a more positive outlook for 2023.
ZKH IPO: Neither Good nor Bad
- ZKH Group (ZKH US) is a leading MRO procurement service platform in China offering digital and fulfilment solutions for participants in the industry value chain.
- The company has filed for an IPO to list its shares in the US and plans to raise about US$200-300m through the IPO.
- Having analyzed the limited information available, we are indifferent on ZKH’s operating performance and would only recommend if shares are priced attractively
AviChina Industry (2357 HK): Still Well-Placed as Our High Conviction
- The slight dip in FY22 earnings for AviChina Industry & Technology H (2357 HK) is due to product restructuring at Avicopter (600038 CH) and higher impairment/fair value losses.
- It should return to growth track in the next two years, with rise in product demand, recovery in Avicopter, further restructuring and M&As being major drivers.
- Share price has increased 15.9% YTD but it is just on 9.2x FY23 PER. Its market cap is at 58.5% discount to holdings in its four listed A-share subsidiaries.
Battery Recycling Startup Green Li-Ion Secures US$20.5M Pre-Series B Funding
- Green Li-ion, a lithium-ion battery recycling technology company based in Singapore, has raised US$20.5 million in pre-Series B funding.
- Green Li-ion has developed a novel technology that processes 100 per cent of all used lithium batteries.
- It recycles and reuses all metals to directly re-manufacture battery-grade cathode material ready for reuse in new batteries.
New CEO Looking to Leverage Continental and Other Partners for 4Sight Rollouts
- CEO Matt Fisch’s first earnings call announced revenue of $1.1 million in 4Q22, in line with quarterly expectations.
- CFO Bob Brown announced that he is leaving the company effective March 31.
- Fisch said the company is “in the process of developing a strategic plan and timeline that builds on [our] significant achievements made to date.”
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