In today’s briefing:
- IHI (7013) | Boeing Orders Take Off
- Vinfast Auto IPO: Initial Thoughts
- Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
- Daiei Kankyo IPO Trading – Peers Have Been Correcting
- IDEX Corporation: Initiation of Coverage – & Other Drivers
- IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
IHI (7013) | Boeing Orders Take Off
- Boeing’s stock price is recovering sharply as it benefits from recent multi-billion-dollar order wins
- Japanese stocks (IHI, MHI, KHI & Subaru) are highly geared into the Boeing supply chain
- We highlight IHI as a top pick on this thematic and believe aero-engine revenues will continue to recover, driving a stock re-rating
Vinfast Auto IPO: Initial Thoughts
- VinFast (1905332D VN) is a full-scale mobility platform in Vietnam focused on manufacturing electric vehicles including e-scooters and e-buses looking to raise US$1bn via a NASDAQ IPO.
- The company has switched its business model from ICE vehicles to EVs and looking to sell its electric cars in Vietnam, the US and the Europe.
- With relatively new to EV manufacturing and having not sold previously in overseas markets including the US and the EU, we remain conscious over Vinfast’s prospects in the medium-term.
Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
- Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
- SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
- In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.
Daiei Kankyo IPO Trading – Peers Have Been Correcting
- Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
- Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
- In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.
IDEX Corporation: Initiation of Coverage – & Other Drivers
- This is our first report on industrials major, IDEX Corporation.
- The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
- We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.
IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
- The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
- IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.
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