In today’s briefing:
- Clarifying KOSDAQ 150 Fast Entry Confusions: LS Materials & Hyundai Hyms
- Fanuc (6954) | Robot Orders Remain Weak
- China Comm Const (1800 HK): New Contracts Gathering Steam
- EMCOR Group: Initiation of Coverage – The Unseen Opportunity in High-Tech Manufacturing!
Clarifying KOSDAQ 150 Fast Entry Confusions: LS Materials & Hyundai Hyms
- LS Materials completed its 15-day review but hasn’t been announced for fast entry, likely due to KRX’s Korean document disclosing the effective date starting February 1, 2024.
- LS Materials will be in the June rebalancing, having not met the 6-month listing requirement for the June review, thus subject to the special entry rule.
- Hyundai Hyms, surging 300% from IPO, ranks 58th by market cap, poised for KOSDAQ 150 entry. If successful, Unitest will be removed.
Fanuc (6954) | Robot Orders Remain Weak
- Q3 net sales: ¥197.8 billion, down 10.1% YoY; operating income: ¥40.9 billion, down 22.1%; operating margin: 20.7% (-320bps YoY)
- Full-Year guidance revised: Net sales up 1.8% to ¥771.5 billion; operating profit up 8.4% to ¥132.2 billion.
- Positive stock reaction post-Q2 report; FY3/25 outlook cautious, especially for the Robot Division given a -30.2% YoY decline in Q4 orders.
China Comm Const (1800 HK): New Contracts Gathering Steam
- China Communications Construction (1800 HK) saw its 4Q23 new contracts increased 14%, faster than the 13.5% growth in 9M23. Full-year new contracts are 3.5% ahead of its target.
- Our estimated backlog of Rmb4.26trn at end-FY23 is 25.6% higher than end-FY22. Such backlog covers 4.9x FY24F revenue, which is a 0.6pp improvement YoY.
- The inclusion of market cap management as a KPI for senior SOE officials will drive return, while CSRC’s encouragement to raise payout ratio may easily push yield to over 10%.
EMCOR Group: Initiation of Coverage – The Unseen Opportunity in High-Tech Manufacturing!
- This is our first report electrical and mechanical construction, and facilities services provider, EMCOR Group.
- This has resulted in all-time quarterly records for revenues, gross profits, operating income, operating margin, diluted EPS, and remaining performance obligations (RPOs).
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
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