In today’s briefing:
- Timee (215A JP) IPO: The Bear Case
- What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?
- Tsubakimoto Kogyo (8052 Jp) – Record Net Sales for Second Consecutive Year
- 4Q Follow-Up – Takamiya (2445 JP)
- UFP Industries Inc.: Will The Resilience in Housing & Construction Sectors Last?
Timee (215A JP) IPO: The Bear Case
- Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
- In Timee (215A JP) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on rapidly slowing growth, an industry-low FCF profile, and a business model predicated on access to large funding and significant share option dilution.
What Did NPS Buy and Sell in Korean Stock Market in 2Q 2024?
- On 4 July, NPS disclosed the details of the ownership changes for 112 listed companies in Korea, of which 87 were listed in KOSPI and 25 in KOSDAQ.
- In 2Q 2024, the NPS reduced its investments in defense and military stocks and increased investments in cosmetics, shipbuilding, and food companies in Korea.
- NPS reduced its capital allocation to the military & defense sector. NPS reduced its stake in LIG Nex1 (-2.32%), Poongsan Corp (-2.24%), and Hanwha Aerospace (-1.02%).
Tsubakimoto Kogyo (8052 Jp) – Record Net Sales for Second Consecutive Year
- Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) is an industrial equipment–related trading company with a history that goes back more than a century.
- While primarily handling power transmission products, such as motors and chains, the Company also handles factory automation (FA) equipment, including conveyors for automobiles and liquid crystals.
- Furthermore, the Company is expanding into other industrial equipment parts, including actuators, such as cylinders, for semiconductor-manufacturing equipment, and conveyor equipment in factories, inspection equipment, and various types of meters.
4Q Follow-Up – Takamiya (2445 JP)
- Takamiya (hereafter, the Company) announced its FY24/3 full-year earnings results on Friday, May 10, 2024 after the market closed.
- Sales, operating profit, and net profit were below its initial estimates, except for ordinary profit.
- However, a significant increase in profits were achieved thanks to the strong performance of its high-margin rental business.
UFP Industries Inc.: Will The Resilience in Housing & Construction Sectors Last?
- UFP Industries Inc. has presented its Q1 2024 earnings, showcasing a resilient yet moderately challenged financial and operational landscape.
- The company reported net sales of $1.64 billion, a decrease driven by diminished demand and lower lumber market levels, alongside a net earnings per share of $1.96, which fortunately exceeded expectations due to a nonrecurring tax benefit.
- Despite the fall in net sales, the consistency in earnings per share beyond projections is commendable and highlights the company’s effective management and strategic financial controls.
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