In today’s briefing:
- Pan Ocean Considering on a Rights Offering Capital Raise of Nearly 3 Trillion Won for the HMM Deal
- Asagami Corporation – Example of Widespread Undervaluation of Land on Japanese Balance Sheets
- Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run
- Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)
- Steelcase, Inc. – Earnings After Close Today; Watching Margins, Order Trends
Pan Ocean Considering on a Rights Offering Capital Raise of Nearly 3 Trillion Won for the HMM Deal
- A consortium led by the Harim Group and JKL Partners has been chosen as the preferred bidder to acquire a 57.9% stake in HMM.
- Korea Development Bank (KDB) and the Korea Ocean Business Corporation (KOBC) are the main creditors of HMM, which is the largest shipping company in Korea.
- Pan Ocean is expected to complete a rights offering of nearly 3 trillion won which is 136% of its current market cap. This is excessive and negative for Pan Ocean.
Asagami Corporation – Example of Widespread Undervaluation of Land on Japanese Balance Sheets
- Asagami Corporation (TYO 9311) owns 3 warehouses on Tokyo Harbor with land carried on its books at ¥7.9 billion.
- These properties alone are likely worth closer to ¥29.5 billion.
- These assets account for less than half of the company’s land assets, but are worth multiples of the current market cap of just ¥7.16B.
Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Trade Successful; Change Hedge and Let It Run
- NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the March 2024 rebalance.
- There could be multiple changes for NIFTY 50 and separately, there could be five changes for NIFTY Next 50. The NIFTY 50 changes could have high impact.
Monthly Chinese Express Tracker | Prices Keep Sliding, Volume Share Keeps Shifting (December 2023)
- In November, domestic parcel volume growth accelerated vs recent months
- International remains very strong; STO keeps taking share from Yunda
- Avoid domestic ‘ground’ segment, seek international growth in SF, CaiNiao
Steelcase, Inc. – Earnings After Close Today; Watching Margins, Order Trends
- Steelcase reports 3QFY24 results after market close today. We are expecting adjusted EPS of $0.25 on revenue of $804 million.
- Consensus is EPS of $0.23 on revenue of $796 million.
- Our estimate is at the high end of the revenue guidance and the midpoint of adjusted EPS guidance.
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