In today’s briefing:
- Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible
- Jeil Machine & Solution IPO Valuation Analysis
- ZTO Express Q423 Results & Guidance in One Simple Table | +32% Volume –> +2% EPS?! | AVOID
- Aeromexico – Another Record Year in Prospect in 2024
Quiddity Leaderboard KOSPI 200 Jun 24: Up to Five Changes Possible
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
- In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
- There could be up to five changes in the KOSPI 200 index during the June 2024 index rebal event.
Jeil Machine & Solution IPO Valuation Analysis
- Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 35% higher than the high end of the IPO price range.
- We estimate the Jeil M&S to generate sales of 279 billion won (up 94.9% YoY) and operating profit of 18.1 billion won (up 928% YoY).
- Jeil M&S’s main products include mixing equipment for the rechargeable battery sector. Its major customers include Samsung SDI, LG Energy Solution, and Northvolt.
ZTO Express Q423 Results & Guidance in One Simple Table | +32% Volume –> +2% EPS?! | AVOID
- In Q423, ZTO’s parcel volumes grew by +32% Y/Y, faster than market growth
- But weak pricing resulted in EPS growth of just +2% Y/Y in the period
- In FY24, management expects parcel growth to roughly halve – AVOID
Aeromexico – Another Record Year in Prospect in 2024
- Aeromexico reported record profitability in 2023 and we expect another record in 2024.
- Our deep dive on the competitive landscape suggests a benign outlook as Aeromexico does not face competitor capacity growth in 2024.
- The US DOT’s tentative ruling that Delta and Aeromexico must terminate their JV is a meaningful negative from 4Q24 unless their appeal is successful.
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