In today’s briefing:
- Yum China: Looking Delicious with Record Profits Expected in 1Q23 and Potential for Further Growth
- Intuit – Strong Pricing Power Is Keeping It Together
- IQVIA Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- First Citizens: Additional Credit Risk Might Force Its Stock Price Back Down
- 3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints
- Roper Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers
- Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments
- IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers
- Martin Marietta Materials Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Yum China: Looking Delicious with Record Profits Expected in 1Q23 and Potential for Further Growth
- Chinese restaurant sector could see 15% YoY revenue growth in Q1 2023, as Total Retail Sales of Meals in China rose 16.4% YoY during Jan-Feb 2023.
- Yum China Holdings Inc (9987 HK)‘s 1Q23 OP may reach a record high of $350m, and annual profitability is expected to double as restaurant footfall recovers.
- We suggest buying Yum China for potential multiple expansion due to rapid profitability growth.
Intuit – Strong Pricing Power Is Keeping It Together
- Intuit Inc.’s share price is now trailing the tech sector.
- Intuit investors relying on Non-GAAP figures should be careful as there are significant risks involved, according to the company’s share price.
- The company’s legacy brands are the key driver behind revenue growth and profitability, says Intuit.
IQVIA Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- IQVIA Holdings is an global healthcare-tech major providing services to the clinical research and health information technology sectors.
- In partnership with Tasso, they have launched the first self-collection safety lab panel for clinical trial participants in the United States, enhancing their decentralized clinical trial capabilities.
- Our focus is on analyzing the financial strength and the debt servicing capability of the company and the analysis does not differentiate among debt instruments.
First Citizens: Additional Credit Risk Might Force Its Stock Price Back Down
- First Citizens BancShares, Inc.’s acquisition of SVB Financial Group’s debt portfolio might be lucrative in the long run due to various synergetic and financial reasons.
- First Citizens’ stock was relatively undervalued prior to its latest stock surge.
- The bank’s stock is overvalued on a technical basis.
3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints
- After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.
- GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.
- 3QFY23 revenues of $985 million missed our estimate by ~$20 million.
Roper Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Roper Technologies is a diversified software and tech investment player.
- The company makes pertinent investments in technology companies with a high base of cash and negative working capital with the objective of maximizing the returns on the capital employed.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers
- This is our first report on Roper Technologies, a diversified software and tech investment company.
- The company ended 2022 on a positive note with revenue of over $1.4 billion, up 14% higher than the prior year.
- We initiate coverage on the stock of Roper Technologies, Inc. with a ‘Hold’ rating.
Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments
- This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
- The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.
- As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.
IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers
- This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.
- IQVIA expanded access to clinical research.
- We initiate coverage on the stock of IQVIA Holdings Inc. with a ‘Buy’ rating.
Martin Marietta Materials Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
- As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
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