Daily Brief Industrials: Doosan Robotics, Visional , Generac Holdings and more

In today’s briefing:

Doosan Robotics IPO: Exuberance Results in Valuation Disconnect
Visional: Steady Performance
Generac Holdings Inc.: Can The Partnership With Buildertrend Catalyze Revenues? – Major Drivers

Doosan Robotics IPO: Exuberance Results in Valuation Disconnect

Doosan Robotics (454910 KS) IPO has coincided with a fortuitous rerating of peers as robotics has recently emerged as a dominant theme in the Korean stock market.
We previously discussed the IPO in Doosan Robotics IPO: The Bull Case, Doosan Robotics IPO: The Bear Case and Doosan Robotics IPO: Valuation Insights.
The risk is that sentiment can quickly shift the other way before the listing. Our bull-case DCF suggests that the IPO price range is, at best, fully priced.

Visional (4194 JP)‘s 4QFY07/23 revenue missed consensus by 0.2% despite revenues increasing 22.1% YoY to 14.73bn. Operating profit beat consensus by a huge margin of 21%.
Though revenue growth has slowed down, BizReach has maintained its steady performance while HRMOS continues to see strong growth with significant reduction in operating losses.
The company’s share price moved up by more than 5% following its earnings announcement and Visional remains our top pick in the Japanese HR space.

Generac Holdings delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus regarding earnings.
The company faced challenges as residential product sales declined significantly by 44%, primarily due to a softer consumer spending environment impacting home standby generators and chore products.
In contrast, the company’s Global C&I product segment achieved an all-time quarterly sales high with approximately 24% growth, driven by broad-based expansion across regions and channels.

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