In today’s briefing:
- CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling
- Skymark – Pure Play on Budget Tourism
- Fanuc (6954 JP) | Beware of the Cycle
- Carillon Scout Small Cap Fund Q1 2022 Commentary
- Carillon Clarivest International Fund Q1 2022 Commentary
- KNR Constructions Ltd – Better Execution; Robust Order Book Provides Healthy Revenue Visibility
- Carillon Clarivest International Stock Fund Q1 2022 Commentary
- Carillon Eagle Small Cap Growth Fund Q1 2022 Commentary
- Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary
CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling
- CALB aims to raise around US$1.5bn in its Hong Kong IPO.
- CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
- In this note, we will talk about the not so positive aspects of the deal.
Skymark – Pure Play on Budget Tourism
- While current conditions are likely to be tough for budget airline Skymark it will be a key beneficiary of reopening.
- Without significant exposure to international business travel the airline could find favour with investors as a pure play on the reopening theme.
- In addition, a weak yen could prove a tailwind for domestic companies looking to boost inbound tourism and Skymark could be a beneficiary here as well.
Fanuc (6954 JP) | Beware of the Cycle
- Fanuc’s share price is geared into the machine tool cycle. Unfortunately the cycle is rolling over
- Fanuc is also facing extreme margin pressure from rising parts and logistics costs
- We expect the share price to trade down 20% from here and bottom at around 2x book value
Carillon Scout Small Cap Fund Q1 2022 Commentary
- The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
- Inflation concerns and accelerating expectations of interest rate hikes by the U.S. Federal Reserve sent equity markets in a downward spiral to start the new year.
- Investors continued to favor value stocks over growth stocks as small-cap value outperformed small-cap growth by more than 10% during the quarter.
Carillon Clarivest International Fund Q1 2022 Commentary
- The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
- The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
- Focusing on how it affects markets, the war also is a concern for global growth and a source of volatility as the highly uncertain situation evolves.
KNR Constructions Ltd – Better Execution; Robust Order Book Provides Healthy Revenue Visibility
- Order book robust at Rs 9,008 Cr (as of Q4FY22 end): The company’s order book break up is as follows: 30% from the Roads-others, 45% from the roads-HAM, and balance 25% from the Irrigation segment.
- Margin Outlook: KNRCL’s overall margins improved YoY driven by superior execution coupled with normalized economic activities.
- Outlook & Valuation: Over the years, KNRCL has emerged as one of the leading EPC (Engineering, Procurement & Construction) players in the Road sector
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Carillon Clarivest International Stock Fund Q1 2022 Commentary
- The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
- The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
- The situation could favor U.S. stocks, as they are more insulated than their European counterparts from energy price spikes and the direct impacts of the war and its economic ramifications.
Carillon Eagle Small Cap Growth Fund Q1 2022 Commentary
- The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
- Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022.
- Inflation and sharply higher gasoline prices have taken a chunk out of the consumer’s pocketbook.
Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary
- The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
- Mid-cap stocks overall posted rather disappointing returns in the first quarter of 2022.
- The outlook for the cyclical areas of the stock market appears mixed against a backdrop of higher commodity prices, rising interest rates, and geopolitical unrest.
- On a more positive note, strong pent-up demand for travel should help to bolster securities.
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