In today’s briefing:
- Trading Opportunities Arising from the Enactment of The “Doosan Bobcat Prevention Law”
- Sanil Electric IPO Book Building Results Analysis
- CSX Corporation: How They Are Looking To Expand Their Business Through Strategic Partnerships and Network Collaboration! – Major Drivers
- Toyo Tanso (5310 JP): Q1 FY12/24 report update
Trading Opportunities Arising from the Enactment of The “Doosan Bobcat Prevention Law”
- Korea’s majority party plans to amend the Capital Markets Act to base listed companies’ merger ratios on intrinsic rather than market value, dubbed the “Doosan Bobcat Prevention Law.”
- Other conglomerates, like Hanwha and Hyundai Motor Group, may execute mergers just before this amendment.
- We should expect shareholder-favorable merger ratios. So, we should position in such companies before announcements, ideally just before the new amendment’s enforcement.
Sanil Electric IPO Book Building Results Analysis
- Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range.
- The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024.
- Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (67% higher than the IPO price of 35,000 won).
CSX Corporation: How They Are Looking To Expand Their Business Through Strategic Partnerships and Network Collaboration! – Major Drivers
- CSX Corporation reported mixed financial results for the first quarter of 2024, demonstrating solid operational performance amid various challenges including severe weather and infrastructure disruptions.
- The company recorded a total volume increase of 3% driven primarily by a 7% growth in its Intermodal business.
- Despite this growth in volume, revenue declined slightly by approximately 1% year over year to just under $3.7 billion, influenced by lower fuel surcharges and changes in mix.
Toyo Tanso (5310 JP): Q1 FY12/24 report update
- Q1 FY12/24 results: Revenue JPY12.6bn (+11.2% YoY), Operating profit JPY2.5bn (+19.1% YoY), Net income JPY2.4bn (+29.8% YoY).
- Orders and backlog: Orders JPY12.0bn (+7.6% YoY), Order backlog JPY17.4bn (+9.1% YoY), driven by semiconductor-related applications.
- FY12/24 forecast: Revenue JPY54.0bn (+9.6% YoY), Operating profit JPY10.9bn (+17.4% YoY), Capital investment JPY16.0bn (JPY5.7bn in FY12/23).
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