In today’s briefing:
- Luxshare Precision Industry: More Market Share Gains from Hon Hai Precision Likely in 2023
- Fanuc (6954) | Forget FA, Robots Are the Future
- Siemens/Siemens Gamesa: Running for the Exit
- FuelCell Energy: Solid Oxide Fuel Cell And Electrolyzer Platform & Other Drivers
Luxshare Precision Industry: More Market Share Gains from Hon Hai Precision Likely in 2023
- We have a positive view of Luxshare Precision Industry (002475 CH) and we believe its shares are well poised to outperform the market this year.
- The recent production halts and protests at Foxconn’s Zhengzhou facility due to the overly stringent COVID measures has benefited Luxshare since Apple has given more orders to the company.
- We believe Luxshare will continue to grab more market share for producing iPhones and other products of Apple in 2023.
Fanuc (6954) | Forget FA, Robots Are the Future
- Fanuc’s Q3 sales and earnings beat analyst expectations. Sales rose 17% YoY and profit increased by 14%.
- The bears will be able to point to the collapse in FA orders in Q3, but this just confirms what the Japan Machine Tool numbers have been signalling.
- Robot orders remain strong as Fanuc continues to benefit from de-globalization and the need to modernize global supply chains.
Siemens/Siemens Gamesa: Running for the Exit
- On 25 January, the EGM of Siemens Gamesa approved the delisting of the shares, which the company requested to the CNMV.
- The standing purchase order for the shares, at €18.05/share (same as the offer price, sellers will bear the brokerage, trading and settlement fees) will last until 7 February.
- Gross spread is nil. Shortly after 7 February, Siemens Gamesa will be an unlisted illiquid share. Recommendation is sell into the sustained purchase order.
FuelCell Energy: Solid Oxide Fuel Cell And Electrolyzer Platform & Other Drivers
- FuelCell Energy had another disappointing result as it failed to meet Wall Street expectations in terms of revenues as well as earnings.
- FuelCell delivered 8 more modules of Ex Works to the Fuel Cell in Korea.
- It is worth highlighting that FuelCell has started accepting orders for its solid oxide platform for hydrogen electrolysis and power generation applications.
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