Daily Brief Industrials: Golden Energy & Resources, Acrow Formwork And Construct, HEICO Corp, Transdigm Group, United Parcel Service Cl B and more

• The long-stop date for the satisfaction of the offer conditions has been extended from 9 April to 9 August, to help Dian Swastatika Sentosa (DSSA IJ) obtain shareholder approval.
• An alternative explanation is that the Widjaja family’s offer for Golden Energy & Resources (GER SP) is increasingly looking unattractive in light of Stanmore Coal (SMR AU)’s share price rally. 
• The offer remains light and we think that there is a good chance that the Widjaja family will raise its offer (likely a bump to the delisting price) to succeed.  

• Acrow Formwork and Construction Services (‘ACF’) and Big River Industries (‘BRI’) are key players within the Australian Building Products and Distribution markets.
• Acrow focuses upon Formwork, Industrial Services and Scaffolding; and Big River specialises in the manufacturing of timber veneer, plywood and formply, and distribution of building supplies.
• Both businesses have undergone significant strategic pivots over the past 4-5 years and are now reaping the rewards.

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• Heico had another successful quarter and managed an all-around beat driven by record performance within the Flight Support Group.
• The Flight Support Group’s operating income and net sales have increased sequentially.
• Heico’s ETG Group finalized the acquisition of TRAD Tests & Radiations, a pioneer in the extremely specialized field of radiation engineering.

• TransDigm managed to deliver yet another all-around beat in the recent result.
• Their value generation process heavily relies on their capital structure and allocations and has worked well in the post Covid environment.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Despite the world economy slowing down in the third quarter, particularly outside the U.S., UPS managed an all-around beat.
• The execution of their customer-first, people-led, innovation-driven strategy has fundamentally improved many parts of their business, resulting in stronger operating margins.
• In addition, they finished the first phase of their smart package, smart facility implementation, enabling RFID label technology in 101 buildings.