Daily Brief Industrials: Innospace, Cosco Shipping Energy Transportation Co. Ltd. (H), ZIM Integrated Shipping Services, Mma Offshore, Enerpac Tool Group , Core & Main , Delhi International Airport Limited and more

• Innospace reported solid IPO bookbuilding results. Innospace’s IPO price has been determined at 43,300 won won, which is at the high end of the IPO price range.
• Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 19% higher than the IPO price.
• Innospace is involved in the satellite launch vehicle production and launch service business.

• All the business fundamentals continue to trend in the right direction
• The sector has sold off with the general commodity sell-off
• Investors not giving the benefit of the doubt to future oil demand

• Deep-Sea container rates surged in May, yielding best read since June 2022
• But volume growth into North American WC ports slowed noticeably…
• We believe Q224 results will impress, and still like our Long/Short pairs

• Back on 25 March, marine and subsea services provider MMA Offshore (MRM AU) entered into a Scheme with Singapore’s Cyan Renewables, a wholly-owned vehicle of Seraya Partners.
• The A$2.60/share Offer in cash, a 11% premium to last close, was within the IE’s fair value range of A$2.03 to A$2.83. However, shares have consistently traded through terms.
• Cyna has now bumped the Offer to A$2.70/share – best & final. Thorney (7.95% of shares out) is supportive. The Scheme Meeting will still be held on the 1 July.

• Enerpac Tool Group (EPAC) designs, manufactures, and distributes hydraulic tools with a strong market position and reputation for reliability
• Despite its strong competitive position, growth opportunities, and operational execution, Enerpac’s P/E multiple is at a five-year low, offering a significant discount to its peers
• With a new management team implementing operational improvements, investors have the opportunity to invest in a potentially undervalued stock with long-term potential for growth and value creation

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Based on a rigorous examination of Core & Main’s first quarter fiscal 2024 results, a nuanced investment thesis for the company can be deduced by delving into various facets of its operations and financial performance.
• Core & Main, a prominent distributor of water, wastewater, storm drainage, and fire protection products, has marketed itself effectively as an indispensable partner to municipalities, private water companies, and professional contractors.
• Positively, Core & Main reported a robust 11% growth in net sales reaching a record $1.74 billion for the quarter.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.