In today’s briefing:
- Malaysia Airport (MAHB): Undervalued Tourism Play in SEA
- Lonking (3339 HK): Between a Rock and a Hard Place
- Monthly Chinese Express Tracker | August ASPs Plunge | Long SF / Short ‘Ground’? | (September 2023)
- Jyoti CNC Automation Pre-IPO Tearsheet
Malaysia Airport (MAHB): Undervalued Tourism Play in SEA
- Besides Thailand and Singapore, Malaysia is one of the countries in South East Asia that are popular tourists destination.
- Malaysia Airports Holdings (MAHB MK) is the airport operator that benefits from the tourism recovery in Malaysia.
- Compared to Airports of Thailand (AOT TB) , Malaysia Airport is trading at a lower valuation, although it has recorded better operating numbers YTD.
Lonking (3339 HK): Between a Rock and a Hard Place
- While valuations for Lonking Holdings (3339 HK) do not appear expensive, there is a risk that the 2H23 earnings outlook is weaker than expected. This opens room for disappointment.
- There is no sign that domestic sales have picked up and Jul-Aug was still down significantly. Meanwhile, the strong export in 1H23 has not sustained in the last two months.
- The weaker A-share market so far in 2H23 also does not bode well for investment gains, which are important contributors to the impressive earnings rebound in 1H23.
Monthly Chinese Express Tracker | August ASPs Plunge | Long SF / Short ‘Ground’? | (September 2023)
- Express industry pricing fell by -5% in August, but some companies’ ASPs fell by far more
- Reportedly, we could see movement on planned J&T Express and CaiNiao IPOs this week
- We think SF Holding should outperform its “plain vanilla” express peers in medium-term
Jyoti CNC Automation Pre-IPO Tearsheet
- Jyoti CNC Automation (0907734D IN) is looking to raise up to US$120m in its upcoming India IPO. The deal will be run by Equirus, SBI Capital and ICICI Securities.
- Jyoti CNC Automation is a manufacturer of simultaneous 5-Axis Computer Numerical Control (CNC) machines with the second and twelfth largest market share in India and globally, respectively, according to F&S.
- Its portfolio includes a range of CNC machines such as CNC Turning Centers, CNC Turn Mill Centers and CNC Vertical Machining Centers, amongst others.
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