In today’s briefing:
- Komatsu (6301) | A Winning Bet on Onshoring and Electrification
- Changes to a Points Based System for IPO Subscriptions in Korea
- 1Q Follow-Up – Takamiya (2445 JP)
Komatsu (6301) | A Winning Bet on Onshoring and Electrification
- We turned bullish on Komatsu a year ago and the stock has since returned over 50%.
- Komatsu is trading at 10x EV/EBIT versus an historical average of 11x, with a target price of ¥5,100/share.
- Komatsu represents a cheaper way to play the theme of onshoring and long-term mining demand from electrification.
Changes to a Points Based System for IPO Subscriptions in Korea
- In order to reduce fake subscriptions for IPOs in Korea, the financial regulators have changed the IPO subscription system to extend the number of subscription days from two to five.
- Plus, points based system is implemented so that investors will be given higher points for subscribing on the first day as opposed to the fifth day.
- Doosan Robotics will be a key company to look out for in terms of how this book building changes could impact its IPO as most upcoming IPOs are small caps.
1Q Follow-Up – Takamiya (2445 JP)
- Takamiya announced its 1Q results for FY24/3 on August 4, after the close of trading.
- Key figures on a consolidated basis were sales of ¥9,896 mn (+9.7% YoY), operating profit rose 125.5% YoY, to ¥409 mn, ordinary profit rose 41.0%YoY, to ¥615 mn, and quartery net profit rose 33.0%YoY, to ¥417 mn.
- An overview by business segment is as follows
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