In today’s briefing:
- Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy
- ZTO Express (2057 HK/ZTO US): Solid Upward Momentum Stays Intact
- Laser Photonics Inc. – Investment Thesis
Skymark Airlines Pre-IPO – Highly Leveraged with a History of Bankruptcy
- Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.
- Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
- In this note, we talk about the company’s past performance.
ZTO Express (2057 HK/ZTO US): Solid Upward Momentum Stays Intact
- ZTO Express Cayman Inc (2057 HK)‘s 63.1% surge in 3Q22 adjusted net profit demonstrated its ability to thrive even amid the challenging operating environment.
- It is positive on FY23 outlook and believes industry volume can return to double-digit growth. ZTO is confident of market share gain, better cost management and stable pricing.
- We think its premium valuations are highly justified by strong cash generating ability. The increase of US$500m and lengthening of one year in share repurchase are very welcomed.
Laser Photonics Inc. – Investment Thesis
- This is our first report on Laser Photonics and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
- The revenues of Laser Photonics have more than doubled in the last two years.
- We believe that there is a good chance the company’s offering may become universally accepted in the years to come.
💡 Before it’s here, it’s on Smartkarma
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