In today’s briefing:
- Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX
- Comsys Holdings (1721): Q3 FY03/24 Update
- Lufthansa – Portfolio Carrier Catch up Requirements Analysed
Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX
- Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%. That is the end of the near-term catalyst.
- New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
- The spreads for both Alumina Ltd (AWC AU) and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.
Comsys Holdings (1721): Q3 FY03/24 Update
- Comsys Holdings (1721 JP) is one of Japan’s three largest telecommunications construction companies.
- In FY03/23, sales were JPY563.3bn, operating profit was JPY32.1bn, recurring profit was JPY30.9bn, and net income attributable to owners of the parent was JPY19.3bn. Orders totaled JPY553.1bn.
- Comsys Holdings Corporation announced that it will change its representative directors, effective April 1, 2024.
Lufthansa – Portfolio Carrier Catch up Requirements Analysed
- We forecast €2.6bn Adjusted EBIT in 2024, below management guidance of €2.7bn, given concerns about margin management as capacity increases 12% yoy.
- Detailed analysis of the margin gaps and key drivers of gaps at each of Lufthansa’s airlines illustrates remedial work required with new perspective.
- Bringing each portfolio company towards the Group Adjusted EBIT margin target of >8% would represent the CEO’s finest achievement (apart from helping save the company through COVID).
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