In today’s industrial briefing, we have updates on some of the major players in the industry. Hindustan Aeronautics Ltd (HNAL IN) aims to raise around US$372m (INR30.7bn) via an offer for sale of its stock. Meanwhile, Xinjiang Goldwind Science & Technology saw a 9.1% decline in Q1 2023. HD Hyundai has a base case valuation of 70,272 won per share, representing a 23% upside from current levels. China Railway Construction has a robust order book and continues to secure orders, with its total contract value for 2021 expected to exceed RMB 1tn. Lastly, Be Group has partnered with GSM and VPBank to offer exclusive policy deals for Be drivers to rent or purchase VinFast electric cars and motorbikes in Vietnam. These updates show the potential for growth and continued stability in the industrial sector.
Daily Brief Industrials: Toshiba Corp, Hindustan Aeronautics Ltd, Xinjiang Goldwind Science & Technology, HD Hyundai, China Railway Construction-A, Be Group and more.
In today’s industrial briefing, we have some updates on major players in the industry. Here are some of the latest developments:
Toshiba Board Agrees to JIP Deal at “around ¥2trln”
Toshiba’s board has reportedly agreed to a buyout offer from Japan Industrial Partners (JIP) at “around ¥2trln.” Although Toshiba confirmed this later on, it added that the language of the deal was still being hashed out. The dividend has been canceled, and the price offered is considered relatively modest, raising questions on whether or not activists will submit to “Toshiba Fatigue” at what the board admits is too low a price, or whether there is still a fight left.
Hindustan Aeronautics Placement Still Running Hot on Defense Spending Focus
The Hindustan Aeronautics Placement is still running hot on defense spending focus, as India seeks to develop indigenous capability. With India being the world’s third-largest spender on defense and with more than 60% of defense spending going toward capital expenditures, Hindustan Aeronautics is poised to benefit from increased spending in the sector.
Xinjiang Goldwind Science & Technology Achieves 9.1% Profit Target in 3-4 Weeks
Xinjiang Goldwind Science & Technology has achieved its 9.1% profit target in just three to four weeks. With this significant achievement, the company is now focusing on renewable energy and energy storage, where they believe the most significant growth opportunities lie.
HD Hyundai Benefits from Record Results at Hyundai Oilbank + High Dividend Yield
HD Hyundai is expected to benefit from record results at Hyundai Oilbank, with a high dividend yield adding to the appeal for investors. The company is also focused on expanding its electric vehicle lineup, with plans to introduce eight new models by 2025.
China Railway Construction Continues to Secure Orders
China Railway Construction continues to secure orders, with its total contract value for 2021 expected to exceed RMB 1tn. The company’s robust order book highlights its strength and stability in the market.
Vietnam’s Vingroup Invests in Grab Competitor Be
Vietnam’s Vingroup has made an investment in Be, a competitor to Grab. With this move, Vingroup aims to expand its services and become a significant player in Vietnam’s rapidly growing e-commerce market.
In conclusion, these updates on the latest developments in the industry demonstrate the continued growth and stability of major players in the market.
Latest Industrial Briefing: Hindustan Aeronautics, Xinjiang Goldwind Science & Technology, HD Hyundai, China Railway Construction, and Be Group
In today’s industrial briefing, we have updates on some of the latest developments in the industry. Here are some of the updates:
Hindustan Aeronautics Ltd (HNAL IN) Floor Price Set at INR2,450/share
The Government of India (GoI) is planning to raise approximately US$372m (INR30.7bn) through an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock. The floor price of INR2,450/share is set at approximately 6.7% to Wednesday’s (22nd Mar 2023) last close, and the deal represents 10.5 days of ADV. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Xinjiang Goldwind Science & Technology (2208 HK) Declined by 9.1% in Q1 2023
On 14 February 2023, TMA published a bearish recommendation for Xinjiang Goldwind Science & Technology (2208 HK), targeting a 9.1% multi-week decline in Q1 2023. 2208 HK declined from 7.62 on 14 February to 6.94 on 10 March (19 trading days), a decline of 9.1%.
HD Hyundai Valuation Shows 23% Upside from Current Levels
According to NAV analysis by BOS Research, HD Hyundai has a base case valuation of 70,272 won per share, representing a 23% upside from current levels. Additionally, HD Hyundai is expected to have an attractive dividend yield of 7.8% in 2023. The record results of Hyundai Oilbank have also boosted the NAV of HD Hyundai.
China Railway Construction Continues to Rise in Tandem with Infrastructure Sector
China Railway Construction (CRCC) has seen a 9.5% YoY growth in net profit in 1H22, with valuations that are undemanding. The share price performance also depends on investors’ style preferences and the monitoring of deleveraging efforts. With the rotation to value/cyclical stocks and more positive newsflow in the infrastructure sector, the stock of CRCC has risen in tandem, though at a smaller magnitude versus other peers.
Be Group to Partner with GSM and VPBank for Exclusive Policy Deals
Green and Smart Mobility (GSM) will be backing ride-hailer Be Group’s efforts to use electric vehicles in Vietnam. GSM, which was launched earlier this month by Vingroup chairman Pham Nhat Vuong, will partner with Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) to offer exclusive policy deals for Be drivers to rent or purchase VinFast electric cars and motorbikes.
In conclusion, the updates on these latest developments in the industry highlight the significant changes happening in the market. From the government’s move to raise funds through stock sales to the continued growth of major players in the market, these updates show the robustness and potential for growth in the industrial sector.
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