In today’s briefing:
- JSW Infrastructure Pre-IPO Tearsheet
- Tokyo Electron (8035 JP): Dubious Guidance
- Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers
JSW Infrastructure Pre-IPO Tearsheet
- JSW Infrastructure (5978490Z IN) is looking to raise up to US$341m in its upcoming India IPO.
- The deal will be run by JM Financial, Axis Capital, Credit Suisse, DAM Capital, HSBC, ICICI Securities, Kotak and SBI Capital.
- JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
Tokyo Electron (8035 JP): Dubious Guidance
- Guidance for 1H of FY Mar-24 should be easy to beat. The sharp rebound that management is forecasting for 2H is open to question.
- TSMC and Micron plan long-term expansion in Japan and Rapidus will be a new customer. But exports to China – the company’s largest market – will be restricted.
- The share price has spiked, but uncertainty is high, visibility is low and valuations are not compelling.Management’s MAGIC medium-term targets look like … magic.
Ingersoll Rand: Acquisition of Paragon Tank Truck Equipment & Other Drivers
- It was a successful Q1 for Ingersoll Rand as the company delivered an all-around beat with double-digit adjusted EBITDA and EPS growth with strong free cash flow generation.
- Their organic growth initiatives leveraged mega sustainability trends, digitization, and quality of life using their tool, DGX within IRX, to capture above-market growth.
- With new acquisitions, they are focused on cost improvement and maintaining focus on growth, accelerating organic growth across three levers.
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