In today’s briefing:
- Atlas Arteria (ALX AU): IFM Investors Comes Knocking
- Escorts Ltd (ESC IN) | Expected to Grow Slower than Industry
- 58 Freight (GogoX) Pre-IPO – (June 2022) PHIP Updates – Prospects Seem Bleaker
- Diamond Hill International Fund 2022 Market Commentary
- Gamuda (GAMU.KL) – T&C Of Ssp As Finalised For Highway Concessions Sale
Atlas Arteria (ALX AU): IFM Investors Comes Knocking
- Fresh from successfully taking out Sydney Airport (SYD AU) earlier this year, IFM is reportedly on the cusp of submitting a non-binding indicative proposal for Atlas Arteria (ALX AU)
- A proposal is contingent on being granted limited due diligence. Meanwhile, IFM has accumulated an economic interest in ALX of 15%.
- ALX said they have not received any information on a proposal. Expect that to occur shortly.
Escorts Ltd (ESC IN) | Expected to Grow Slower than Industry
- Escorts Ltd (ESC IN) has been losing market share. As per management, “there are no “big” problems and they will regain the market share”, but we do not think so.
- Some flash channel checks are suggesting issues with some of the company’s products. These issues still remain unaddressed as per some dealers and customers.
- While the export opportunity and overall industry dynamics are positive unless the market share is regained, growth is likely to be slower than industry.
58 Freight (GogoX) Pre-IPO – (June 2022) PHIP Updates – Prospects Seem Bleaker
- 58 Freight (GogoX) (1903638D HK) is looking to raise US$150m in its upcoming Hong Kong IPO.
- GogoX is an online intra-city logistics platform in Asia. The company operates in more than 30 cities across five countries and regions in Asia.
- GGX’s platform services segment continues to languish, even after the firm expended much higher incentives during the fiscal period. In this note, we look at GGX’s June 2022 PHIP updates.
Diamond Hill International Fund 2022 Market Commentary
- Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment.
- During a volatile quarter, the portfolio held up better than the Morningstar Global Markets ex-US Index by a decent margin.
- After a strong rebound in 2021, global GDP growth is expected to moderate in 2022.
- We expect to see varying states of economic growth aroundthe world in 2022 and believe persistent inflation will be one of the mostcritical risk factors economies face this year.
Gamuda (GAMU.KL) – T&C Of Ssp As Finalised For Highway Concessions Sale
- 30 Jun targeted completion date; maintain BUY
- Checked: Govt’s approval, supplemental concessions
- Anticipated proceeds now 0.6% higher
- MYR1b for “capital management activities”
Before it’s here, it’s on Smartkarma
