Industrials: SK Shieldus, Lingkaran Trans Kota Holdings, Mitsubishi Heavy Industries, Gamuda Bhd, Praj Industries and more

• SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  
• SK shieldus is offering 27.1 million shares with a primary/secondary split of 53/47 at an indicative price range of KRW31,000- 38,800 per share.
• SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.

• Bumper upside; maintain BUY
• MYR2.7b, being LITRAK’s share of equity value
• Key take-aways from Gamuda’s investor briefing
• For LITRAK, it means an unlocking of value …

• MHI benefits from the structural themes of energy security and carbon neutrality
• MHI’s Energy Systems account for over 60% of operating profits
• The inevitable push to restart nuclear plants in Japan will be a catalyst for the share price

• ‘Win-win-win’ proposition; maintain BUY
• MYR2.33b, being Gamuda’s share of equity value
• Key differences with MoF’s offer in Jun 2019
• For Gamuda, it means an unlocking of value …

• Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period
• Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22
• Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.

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