In today’s briefing:
- The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow
- Qantas – Two-Year Earnings Re-Set in Prospect
- A Longtime Aerospace Analyst Questions Boeing’s Future
- Hyundai Rotem: Passage of Export-Import Bank Act To Support Korean Defense Companies
- Waste Management Inc.: Is There A Negative Impact Of Inflation and The Changing Dynamic Of Sustainability-Related Capital Expenditures? – Major Drivers
- HNI Corporation – HNI Margins Drive Adjusted EPS Beat
- Howmet Aerospace: Focus on the Engine Product Market & Pricing Strategies! – Major Drivers
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The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow
- Samsung Asset Management announced today that it will be launching the first Corporate Value Up ETF on 27 February. It will focus on low PBR and positive cash flow generators.
- This ETF which will be called KoAct Dividend Growth Active ETF. There are about 45 stocks that are expected to be included in this ETF.
- Among the 92 companies in KOSPI 200 that are trading at less than 1x PBR, those that generate positive free cash flow are outperforming significantly.
Qantas – Two-Year Earnings Re-Set in Prospect
- With 1H24 results, Qantas followed Singapore Airlines in highlighting fare weakness in international markets and we cut our pre-tax income by 13% to FY24.
- We expect FY24 pre-tax income to fall 16% yoy but also expect FY25 to fall another 5%, as our EBITDAR/ASK remains 10% above FY19 levels following 12% in 2H24.
- While international markets continue to normalise, Qantas’s domestic market structure positions it favourably to continue to invest in customer service and product.
A Longtime Aerospace Analyst Questions Boeing’s Future
- Boeing shares are down 20% since the start of the year, despite a booming global market for aviation
- Boeing’s focus on financial performance and stock price over safety and engineering has been a concern
- The current CEO David Calhoun dissolved the company’s strategy department, raising questions about Boeing’s future direction and decision-making strategies
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Hyundai Rotem: Passage of Export-Import Bank Act To Support Korean Defense Companies
- On 21 February, it was announced that the long awaited amendment to the Export-Import Bank Act was passed by the Korean National Assembly.
- As a result of this passage, the capital limit of the Export-Import Bank of Korea will be raised from the current 10 trillion won to 25 trillion won.
- The revision of this law is expected to benefit major defense companies in Korea including Hyundai Rotem, Hanwha Aerospace, LIG Nex1, and Korea Aerospace Industries.
Waste Management Inc.: Is There A Negative Impact Of Inflation and The Changing Dynamic Of Sustainability-Related Capital Expenditures? – Major Drivers
- Waste Management, Inc.
- has successfully delivered a strong end to 2023, with a 15% increase in fourth quarter operating EBITDA. This has resulted in full year operating EBITDA exceeding the company’s most recent guidance range by nearly $25 million, affirming the company’s original expectations at the start of the year.
- However, despite this impressive performance, there are still risks ahead given uncertain economic conditions.
HNI Corporation – HNI Margins Drive Adjusted EPS Beat
- Before the open, HNI reported 4Q23 results, beating on adjusted EPS and roughly in line on the consolidated revenue line.
- Adjusted EPS was $0.98, well ahead of our estimate of $0.84 and consensus of $0.83.
- The adjusted number excluded ~$0.50 of restructuring asset impairment and acquisition-related costs.
Howmet Aerospace: Focus on the Engine Product Market & Pricing Strategies! – Major Drivers
- Howmet Aerospace positively reported strong fourth quarter 2023 results, achieving or surpassing the upper end of guidance across various parameters, including revenue, EBITDA, EBITDA margin, and earnings per share.
- It was reported that the company continued to grow faster than its respective markets.
- The full-year figures for 2023 also revealed strong performances with a 17% increase in revenue and 18% increase in EBITDA. The earnings per share showed significant annual improvements, setting a record at $1.84 per share, marking a 31% year-over-year increase.