In today’s briefing:
- Hesai Group IPO: The Bull Case
- Caterpillar Inc: New Excavator Launch & Other Developments
- L3Harris Technologies Inc: Acquisition Of Aerojet Rocketdyne & Other Drivers
- McCormick & Co: Major Drivers
- Mondelez International: Collaboration With HCL Technologies & Other Developments
- Moody’s Corp: Acquisition Of SCRiesgo & Other Drivers
Hesai Group IPO: The Bull Case
- Hesai Group (HSAI US) has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.
- Hesai is a global leader in LiDAR technology for autonomous driving and ADAS. In the ADAS market, Hesai is the global leader in terms of shipment volume in 2022.
- The key elements of the bull case rest on a solid competitive positioning, large addressable markets, high growth and a strong balance sheet.
Caterpillar Inc: New Excavator Launch & Other Developments
- Caterpillar delivered a mixed quarterly result as its revenues surpassed Wall Street expectations on account of a healthy demand over many end markets for the company’s products and services.
- Sales rose better than expected, and the adjusted operating profit margins also increased but the company failed to meet the earnings expectations of analysts.
- Despite the challenges of the supply chain, Caterpillar generated robust ME&T free cash flow and achieved double-digit top-line growth.
L3Harris Technologies Inc: Acquisition Of Aerojet Rocketdyne & Other Drivers
- L3Harris finished the year on a high note and delivered an all-around beat while continuing to build momentum going into 2023.
- The RL10 is a high-end upper-stage engine that the ELA has ordered well over 100 of for the new Vulcan launch vehicle.
- We remain optimistic about the company’s future growth and maintain our ‘Hold’ rating with a revised target price.
McCormick & Co: Major Drivers
- McCormick delivered a disappointing result, failing to meet the analyst consensus with respect to revenues as well as earnings.
- The management claims that it is seeing an improved momentum given the changing consumer consumption patterns, Flavor Solutions demand, and steady service levels and supply.
- In Q4, their sales growth was decent in the Flavor Solutions area and kept up momentum across all geographies.
Mondelez International: Collaboration With HCL Technologies & Other Developments
- Mondelez delivered a strong quarterly result and surpassed market expectations in terms of the revenues as well as earnings.
- The strong top-line performance of the company was driven by continued volume strength and pricing execution.
- Mondelez delivered robust top-line growth in both developed and emerging markets.
Moody’s Corp: Acquisition Of SCRiesgo & Other Drivers
- Moody’s delivered a strong result in the quarter with an all-around beat and a major update with respect to the acquisition of SCRiesgo to expand its presence in Latin America.
- This quarter demonstrates the resilience and positive momentum of Moody’s Analytics (MA) and also reflects the impact of the challenging market situations on Moody’s Investor Services (MIS).
- Across MA, Moody’s enhanced several workflow offerings via analytics and data integration, creating new products to meet rising consumer needs.
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