Industrials: Calb, Skymark Airlines, Fanuc Corp, Ambarella Inc, KNR Constructions, Deutsche Post AG, Asana, Baker Hughes Co and more

• 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.

• 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’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

• 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.

• 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.

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• 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.

• 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.

• 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.