In today’s briefing:
- Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move
- Hamamatsu Photonics (6965 JP): Rebound Ahead
- 2024 Greater China Logistics & Transport ECM Review & A Look at Potential 2025 Deals
- BWX Technologies Inc.: Can Its Microreactors & Small Modular Reactors Market Opportunities Up Their Game? – Major Drivers
- Willscot Holdings: Strategic Capital Allocation & Expansion & Other Major Drivers
- Stantec Inc.: Expanding Market Presence in the U.K. To Change The Game! – Major Drivers
- Fluor Corporation: Here Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
- Elbit Systems Ltd.: An Insight Into Its Technological Advancements & Recent Innovations! – Major Drivers
- Knight-Swift Transportation: Can Its Fleet Optimization Efforts Give Them A Competitive Edge? – Major Drivers
- Curtiss-Wright Corporation: Expansion in Defense Electronics As A Pivotal Factor Driving Growth! – Major Drivers
Malaysia Airports (MAHB MK): Awaiting the Consortium’s Next Move
- Malaysia Airports Holdings (MAHB MK)‘s voluntary conditional RM11.00 offer from the consortium has a first closing date of 8 January.
- Unusually, the independent directors and adviser have differing opinions – the directors and adviser agree that the offer is NOT fair. However, the directors opine that it is NOT reasonable.
- The consortium has three options – keep terms unchanged (hope for the best), bump or lower the acceptance threshold. The most likely option is to lower the acceptance threshold.
Hamamatsu Photonics (6965 JP): Rebound Ahead
- Profits and share price stabilizing after steep declines, although margins still under pressure from rising R&D and depreciation, and costs associated with recent acquisitions.
- Sales of medical equipment to recover from post-COVID decline. Semiconductor equipment driven by advanced logic and high-bandwidth memory. Lasers to become fourth major product division.
- Buy for the long-term. Risks include Trump tariffs, weak European economies, emergence of Chinese competition.
2024 Greater China Logistics & Transport ECM Review & A Look at Potential 2025 Deals
- 2024 ECM offerings in the Greater China logistics & transport segment included TS Lines (in Hong Kong), SF Holding(Hong Kong), and BingEx (US)
- Generally, recent share offerings in the segment have not performed well at all
- Looking to 2025, we see several deals, including SHEIN and a possible Didi return
BWX Technologies Inc.: Can Its Microreactors & Small Modular Reactors Market Opportunities Up Their Game? – Major Drivers
- BWX Technologies (BWXT) reported robust results in its third-quarter 2024 earnings, showing strong organic revenue growth of 14%.
- This growth, combined with solid operational performance, led to a 19% increase in adjusted EBITDA and a 24% rise in adjusted earnings per share (EPS).
- These results exceeded expectations, prompting the company to raise its 2024 adjusted EPS guidance to around $3.20, the upper limit of its previous range, while maintaining its free cash flow guidance of $225 million to $250 million.
Willscot Holdings: Strategic Capital Allocation & Expansion & Other Major Drivers
- WillScot Mobile Mini Holdings Corp. has reported its third-quarter 2024 results amidst a challenging market environment.
- The company’s performance highlights a mix of both strengths and weaknesses, reflecting the current state of the nonresidential construction industry.
- On the positive side, WillScot achieved record levels in adjusted EBITDA margins at 44.4%, demonstrating strong cost management and operational efficiency.
Stantec Inc.: Expanding Market Presence in the U.K. To Change The Game! – Major Drivers
- Stantec Inc. has reported strong financial results for the third quarter of 2024, achieving record net revenue of $1.5 billion, an increase of almost 16% compared to the previous year.
- This growth has been driven by a combination of 6.5% organic growth and nearly 8% growth from acquisitions.
- Adjusted EBITDA rose to $275 million, reflecting a 14% increase and maintaining a healthy margin of 18%.
Fluor Corporation: Here Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
- Fluor Corporation’s Q3 2024 earnings presentation portrays a mixed performance with certain positive indicators and areas of concern.
- The company reported revenue of $4.1 billion for the third quarter, with consolidated new awards at $2.7 billion, contributing to a total backlog of $31.3 billion, of which a significant 80% is reimbursable.
- This backlog strength reflects the company’s strategic focus on reimbursable contracts, ensuring a more stable and predictable revenue stream.
Elbit Systems Ltd.: An Insight Into Its Technological Advancements & Recent Innovations! – Major Drivers
- Based on the third quarter 2024 results presentation, Elbit Systems Ltd., a leading defense electronics company, showcased a robust performance with notable growth, as well as areas demanding sustained attention.
- The company reported a revenue increase of 14% year-over-year to $1.780 billion, continuing its upward trajectory of double-digit revenue growth for three consecutive quarters.
- The company’s diversified geographical revenue base offers a stabilizing factor against volatility, with revenues distributed across Israel, Europe, North America, and Asia Pacific.
Knight-Swift Transportation: Can Its Fleet Optimization Efforts Give Them A Competitive Edge? – Major Drivers
- Knight-Swift Transportation Holdings Inc. reported its third-quarter 2024 performance in a challenging market, with mixed results that highlight both opportunities and obstacles for the future.
- Revenue, excluding fuel surcharge, experienced a decline of 5.3% year-over-year, while adjusted operating income decreased by 7.1%.
- Adjusted earnings per share (EPS) stood at $0.34, with a consolidated adjusted operating ratio at 93.9%, representing a modest sequential improvement.
Curtiss-Wright Corporation: Expansion in Defense Electronics As A Pivotal Factor Driving Growth! – Major Drivers
- Curtiss-Wright Corporation delivered a robust performance in the third quarter of 2024, reflecting notable growth across several segments of its diversified portfolio.
- The company reported a 10% year-over-year increase in sales, reaching nearly $800 million, driven by strong performances in its Defense Electronics and Naval & Power segments.
- Curtiss-Wright’s Aerospace & Defense markets saw a 15% growth, and the commercial nuclear market experienced low double-digit growth during the period.
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