In today’s briefing:
- Nikkei 225 March 2023 Review – OLC, JAL, Renesas IN.
- Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials
- HEICO Corporation: Precise Engineering Acquisition & Other Drivers
Nikkei 225 March 2023 Review – OLC, JAL, Renesas IN.
- As expected, Oriental Land (4661 JP), Renesas Electronics (6723 JP), Japan Airlines (9201 JP) IN, and Toyobo (3101 JP), Nippon Light Metal (5703 JP), Toho Zinc (5707 JP) OUT.
- The Nikkei implemented the “Tricky Twist” discussed. This lowers the total amount to buy on Oriental Land vs what many would have expected.
- That’s “disappointing” BUT… the behavioural aspects here are really interesting, and the timetable for the event is worth thinking about.
Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials
- It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
- Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
- As long as these support levels are holding, we are constructive from a price perspective
HEICO Corporation: Precise Engineering Acquisition & Other Drivers
- Heico delivered a mixed quarter with a decent organic growth in revenues that reflects higher demand for the bulk of its commercial aircraft products and services given the ongoing recovery in commercial air travel.
- Operating income for the Flight Support Group climbed by 60% to $83.6 million in the first quarter of fiscal 2023.
- This acquisition is anticipated to drive the company’s growth prospects.
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