In today’s briefing:
- Eve Energy (300014 CH): Hooked On Lithium
- Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects
- R R Kabel Pre-IPO Tearsheet
- 3M Company – Equity Research Flash Note – March 3, 2023
- On The Fast Track
- Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business
- TRS: Package of Catalysts, Initiating with Buy
Eve Energy (300014 CH): Hooked On Lithium
- Lithium battery maker, EVE Energy (300014 CH), is expected to invest US$2.3bn in expanding its battery manufacturing capabilities in two new plants.
- Both plants are expected to come online within 18-24 months, depending on market conditions and various approvals.
- Eve is down 57% from its December 2021 high, and trading around its lowest level since November 2020, excluding a brief dip in April 2022.
Sambu Construction: Likely to Be Included in Ukraine Reconstruction Projects
- On 22 May, it was announced that Sambu Construction was invited to the Ukraine Global Reconstruction Forum held in Warsaw and Krakow, Poland from 22 to 25 May.
- Sambu Construction is likely to be one of the Korean construction companies to be involved in the Ukraine reconstruction projects.
- The total cost of reconstruction of Ukraine has been estimated from about $0.4 trillion to $1.1 trillion.
R R Kabel Pre-IPO Tearsheet
- R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by Axis Capital, Citigroup, HSBC and JM Financial.
- R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
- According to Technopak, the company is the fastest growing consumer electrical company among its peers in India, growing at a CAGR of 33.0% between FY20 and FY22 (31st Mar 2022).
3M Company – Equity Research Flash Note – March 3, 2023
- 3M Company is a diversified technology company.
- The Company is a manufacturer and marketer of a variety of products and services.
- It operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care, and Consumer. Its Safety and Industrial segment include abrasives, auto- motive aftermarket, closure and masking systems, electrical markets, personal safety, roofing granules, and industrial adhesives and tapes.
On The Fast Track
- Last week, Vietnamese Electric Vehicle maker Vinfast announced plans to go through a colossal $27 billion SPAC merger with Spade Acquisition Corp, putting it firmly amongst the likes of EV upstarts Lucid Motors and Polestar Electric.
- Luxury EV maker Lucid debuted through a $24 billion deal in 2021, while Swedish EV maker Polestar previously went public in 2022 through a $20 billion merger.
- However, while both deals were characterized by initial excitement, the enthusiasm has given way to the sobering realities of the growing pains of being an EV upstart.
Greenland Technologies – Solid 1Q Results Show Further Recovery in Transmission Business
- Reported 1Q EPS of $0.11 on revenue of $22.1 million, up from the prior quarter’s loss of $0.08 per share on $19.34 million in revenue.
- The performance topped the results of the past three quarters, showing the continued recovery of the transmission business in China, which had been affected by the severe COVID restrictions and shutdowns.
- This is particularly encouraging as 1Q is typically the seasonally weakest quarter due to the Chinese New Year holiday and manufacturing restocking.
TRS: Package of Catalysts, Initiating with Buy
- We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.
- TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions
- TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising
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