In today’s briefing:
- NWS Holding (659 HK): Offer Opens with NWD Vote on 2 November
- Plug Power Inc.: Unveiling Powerful Partnerships Yielding Extraordinary Results! – Major Drivers
- Morning Views Asia: Adani Ports & Special Economic Zone, Shui On Land, Yuexiu Property
- Sunrun Inc.: Rising Solar Giant With A Thriving Subscription Model! – Major Drivers
- FedEx Corporation: Navigating Through Demand Fluctuations! – Major Drivers
- Masco Corporation: A Glimpse into their Master Strategy amid Challenging Comparisons! – Major Drivers
- Union Pacific Corporation: Trains
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NWS Holding (659 HK): Offer Opens with NWD Vote on 2 November
- Nws Holdings (659 HK)’s IFA opines that the conditional voluntary general offer from the Cheng family is fair and reasonable. The offer + 2H dividend is HK$9.46 per share.
- The key condition is (majority vote) approval by independent NWD shareholders (EGM on 2 November). The timetable is designed such that the shareholders will also receive the NWS final dividend.
- NWD has a high but declining AGM minority participation rate. Retail forums suggest support for the transaction. On balance, we believe that this deal gets up.
Plug Power Inc.: Unveiling Powerful Partnerships Yielding Extraordinary Results! – Major Drivers
- Plug Power Inc. delivered a mixed set of results for the quarter, with revenues above the analyst consensus.
- Plug’s second quarter results show significant growth in a number of its recently introduced goods, especially in its cryogenic industry, which generated $69 million in revenue in the quarter, more than a threefold increase over the same period last year.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Morning Views Asia: Adani Ports & Special Economic Zone, Shui On Land, Yuexiu Property
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
Sunrun Inc.: Rising Solar Giant With A Thriving Subscription Model! – Major Drivers
- Sunrun Inc. delivered mixed results in the quarter, with revenues below analysts’ anticipations but above-par earnings.
- In Q2, Sunrun added more than 100 megawatt hours of storage capacity, up 35% over the same quarter last year.
- With a net subscriber value of $12,321 in the quarter, subscriber value was roughly 44,700, and creation cost was approximately $32,400.
FedEx Corporation: Navigating Through Demand Fluctuations! – Major Drivers
- FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
- The company’s transformation efforts are already reaping the rewards, notably in the Ground segment, which saw increased revenue due to higher yields and exceptional operational performance.
- The transformative DRIVE initiative is progressing as planned, with substantial cost reductions achieved across the network.
Masco Corporation: A Glimpse into their Master Strategy amid Challenging Comparisons! – Major Drivers
- Masco Corporation delivered a positive result and managed an all-around beat in the last quarter.
- The company faced a challenging business landscape in the second quarter, with a 10% decrease in top-line revenue despite a robust 8% comparison.
- Despite the top-line decline, Plumbing managed to expand its margin by 270 basis points, reaching 20% in the second quarter.
Union Pacific Corporation: Trains
- Union Pacific Corporation delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.
- In the second quarter, the company faced challenges, with a 2% decline in volume driven by weak market conditions in the premium and bulk business groups.
- Freight revenue decreased by 5% due to lower fuel surcharges and a 2% volume decrease.