Daily Brief Industrials: Outsourcing Inc, Contemporary Amperex Technology (CATL), Adani Ports & Special Economic Zone, LPA Group and more

• On 31 January 2024, Outsourcing Inc (2427 JP) put out a notice to the Exchange regarding progress towards Execution of the Tender Offer by Bain.
• All preconditions for the commencement of the Tender Offer except for the acquisition of clearance of EU Regulations on foreign subsidies affecting the EU market. 
• This process appears to be “as expected” given Outsourcing’s multinational presence and the new Foreign Subsidies Regulation which went into effect in the EU 28 weeks ago.

• Battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ -0.92%) has set up a battery swapping joint venture (JV) with ride-hailing company Didi Global Inc. to service Didi’s expanding fleet of electric vehicles (EVs).
• The tie-up is CATL’s latest foray into battery swapping — dominated by EV-maker Nio Inc. — as it aims to expand beyond production and into downstream businesses that make use of its products.
• It comes as the world’s No. 1 producer of EV batteries by installed capacity faces growing competition from rivals such as BYD Co. Ltd. (002594.SZ +0.69%), which produces both vehicles and their batteries.

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• Adani Ports & Special Economic Zone

• Revenue in FY2022 reached £19.33 million compared to £18.27 million in FY2021, an annual increase of 5.8%.
• We estimate that revenue will increase to £20.68 million in FY2023 and £22.13 million in FY2024.
• Gross profit for FY2022 was £4.4 million compared to £3.71 million in 2021, an annual increase of 18.69%.