In today’s briefing:
- Toshiba – Some Thoughts on the Bain Article
- KKR’s Waste Measurement For Cleanaway?
- Nidec – Weakness Should Be Understood but Downside Risk at Earnings Remains
- Westports Holdings (WPHB.KL) – 1 H22 Outlook Dragged By China Lockdowns
Toshiba – Some Thoughts on the Bain Article
- Yesterday the Nikkei published an article featuring Bain MD Yuji Sugimoto who also featured heavily during their bid for Kioxia.
- Sugimoto commented that in the event of a buyout there would be no break-up of Toshiba.
- While plausibly a PR move directed at employees that stance raises the question of exactly how they would unlock value.
KKR’s Waste Measurement For Cleanaway?
- The AFR is reporting that KKR is preparing an Offer for waste management outfit Cleanaway Waste Management (CWY AU). No price has been revealed.
- This is a business KKR understands. It bought, and shortly thereafter sold, Cleanaway 15 years ago.
- KKR also recently sought to acquire Waste Management New Zealand.
Nidec – Weakness Should Be Understood but Downside Risk at Earnings Remains
- Consensus expectations for Nidec have drifted towards more reasonable levels in the last few months and a guidance miss is now baked in.
- However, our data analysis suggests that while revenue may exceed consensus expectations OP could miss.
- Guidance on the other hand could be strong, but with multiples elevated that does not mean there is upside risk here.
Westports Holdings (WPHB.KL) – 1 H22 Outlook Dragged By China Lockdowns
- Cutting container throughput forecasts
- Expecting a contraction in 1H22 container volume
- Rising port call duration = lower port efficiencies
- Maintain HOLD on balanced risk-reward
Before it’s here, it’s on Smartkarma
