In today’s briefing:
- Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz
- CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies
- Illinois Tool Works Inc.: Has Its Performance In China Truly Improved? – Major Drivers
Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz
- Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
- Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
- They also announced a really big buyback which should be done by the time people read this. It is really big.
CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies
- Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity.
- Company is engaged in multiple discussions.
- In addition, the recent debt issuance extended maturities & CXW was able to maintain the cost of capital despite the uncertain rate, economic outlook.
Illinois Tool Works Inc.: Has Its Performance In China Truly Improved? – Major Drivers
- Illinois Tool Works Inc., a globally diversified manufacturing company, has experienced a mixed start to its first quarter 2024 results.
- Despite the ongoing challenging demand environment across the majority of its segments, organic growth has managed to decline at a rate of only 0.6% while five of the seven segments have also reported a similar trend.
- Conversely, this difficult environment has not deterred Illinois Tool Works’ management from maintaining a positive outlook for the remainder of the fiscal year.
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