In today’s briefing:
- Varindera Constructions Pre-IPO Tearsheet
- EJ Holdings Inc (2153 JP): Q1 FY05/25 flash update
- Shin Pro Maint (6086 JP): 1H FY02/25 flash update
- SiteOne Landscape Supply: Enhancing Market Position Through Acquisitions & Product Diversification! – Major Drivers
- SYM: The Optics from 2022 News in 2024
Varindera Constructions Pre-IPO Tearsheet
- Varindera Constructions Ltd (1606813D IN) is looking to raise about US$143m in its upcoming India IPO. The deal will be run by ICICI, Equirus and IIFL.
- Varindera Constructions Limited (VCL) is an integrated engineering, procurement and construction (EPC) company undertaking construction projects with a focus on building constructions.
- According to the CRISIL Report, it was one of the fastest growing construction companies in terms of revenue from operations, compared to major listed construction companies, over FY19-24.
EJ Holdings Inc (2153 JP): Q1 FY05/25 flash update
- Revenue for Q1 FY05/25 was JPY3.1bn, a decrease of 3.9% YoY, with an operating loss of JPY1.1bn.
- Orders received in Q1 FY05/25 totaled JPY9.0bn, an 8.4% YoY decrease, aligning with initial expectations.
- Full-year earnings forecast remains unchanged due to stable production performance and order backlog, despite uncertain subsidiary impact.
Shin Pro Maint (6086 JP): 1H FY02/25 flash update
- Revenue increased 15.0% YoY to JPY13.2bn, driven by strong performance in Emergency and Preventive Maintenance Services.
- Operating profit rose 22.5% YoY to JPY921mn, with an operating profit margin increase of 0.4pp to 7.0%.
- The company expanded market share by acquiring new customers and projects, focusing on air conditioning and ventilation systems.
SiteOne Landscape Supply: Enhancing Market Position Through Acquisitions & Product Diversification! – Major Drivers
- SiteOne Landscape Supply reported mixed results for its second quarter of 2024, showcasing a combination of slight setbacks in organic sales growth against strategic gains through acquisitions and operational enhancements.
- The company, which is a leading wholesale distributor of landscaping products, is dealing with a softer demand landscape influenced by a tepid repair and upgrade market and noticeable commodity price deflation in specific segments such as grass seed and PVC pipe.
- The management anticipates these trends to persist throughout the year, which they expect will impact organic sales growth and adjusted EBITDA margin negatively.
SYM: The Optics from 2022 News in 2024
- SYM) announced it would place automation system at two distribution centers being built by Walmex. Mexico would be brand new market for SYM, but the relationship with WMT is not.
- The distribution centers SYM is poised to initially go into were announced in 2022. The 2022 news includes timing of the distribution centers in Tlaxcala and El Bajio.
- The rate of systems being accepted slowed in the third quarter. We continue to believe this could become the primary headwind for SYM’s quarterly report and stock price.
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