In today’s briefing:
- Keisei (9009): Connecting Narita and Tokyo
- KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023
- Nidec (6594) | Remain Cautious Despite Bullish Guidance
- TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News
- RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers
Keisei (9009): Connecting Narita and Tokyo
- Japan’s tourism scene is back in action albeit still missing a contribution from China.
- On-The-Ground research in Japan has confirmed the above point and the crowded Narita airport.
- Keisei Electric Railway Co (9009 JP)operates Skyliner which connects Narita Airport to downtown Tokyo.
KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023
- On 24 April, KCC Corp announced that it plans to IPO its subsidiary Momentive Performance Materials Inc. in the US stock market as early as 2023.
- In 2021, KCC raised its stake in MOM Holding from 50% + 1 share to 60%. Momentive EBITDA increased from $300 million in 2018 to $450 million in 2022.
- Our valuation of KCC Corp suggests an NAV of 3.1 trillion won (post 50% discount) or NAV per share of 347,633 won per share, representing 49% higher than current price.
Nidec (6594) | Remain Cautious Despite Bullish Guidance
- NIdec’s full year FY3/23 operating profit declined 41% to Y100b, far short of analyst estimates
- However, FY3/24 corporate guidance for Y220b in operating profit is very bullish and assumes a V-shaped recovery in margins
- Given the macro outlook and lack of clarity on the restructuring charges, we prefer to remain cautious.
TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News
- Our measures of momentum and profitability suggest industry bottomed in Q1 2023
- In addition, shares of container shipping stocks have stopped reacting to (plentiful) bad news
- Outcome of ongoing rate negotiations and Q1 earnings calls will drive near-term performance
RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers
- RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%.
- RELX anticipates that underlying revenue growth will continue to exceed historical patterns, with adjusted operating profit growth exceeding underlying sales growth.
- All four business segments expanded well, with underlying adjusted operating profit growth exceeding sales growth.
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