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Maroc
2 hours ago
- Business
- Maroc
Under HM the King's Impetus, Morocco Developed ‘Genuine Expertise' in Key Sectors - Safran's Board Chairman
Driven by the leadership of His Majesty King Mohammed VI, Morocco has developed 'genuine expertise' in key sectors, starting with aerospace and automotive industries, and more recently, renewable energy, said Ross McInnes, Chairman of the Board of the Safran Group. In an interview with MAP-Paris on the occasion of the Throne Day celebrations, McInnes praised the progress achieved by the Kingdom and the development momentum sustained by 'a clear and ambitious strategy' led by the Sovereign. According to McInnes, what particularly sets Morocco apart from other countries is 'the quality of its workforce,' supported by 'strong initiatives,' notably the Industrial Acceleration Plan and vocational training programs. He also highlighted more than a quarter-century of 'an ambitious and exceptional partnership' with Morocco, which has strengthened its position in Africa by pursuing win-win partnerships and a robust economic diversification, thanks to 'a Vision that has enabled the Kingdom to become a strategic partner for international companies, while ensuring inclusive and sustainable growth.' 'Today, we have more than 5,000 employees in Morocco across more than eight sites, and we hope to continue in this direction, as the Kingdom is one of our two or three most important countries outside of France,' he said. McInnes noted that Safran is currently building a new maintenance and repair facility for its new-generation LEAP aircraft engines. Other projects are also in the pipeline, he said, pointing to Morocco's renewable energy supply 'available in sufficient quantities and at competitive prices' as a key factor, especially since the country has everything needed to succeed in this sector, including wind and solar power. McInnes also spoke about strengthening Safran's partnership with Morocco's flag carrier, Royal Air Maroc (RAM) in aircraft engine maintenance, stressing that 'RAM's hub positioning, the attractiveness and quality of the available workforce, are also why we are building another maintenance and repair center in Casablanca.' As co-chair of the France-Morocco Business Leaders Club (MEDEF International-CGEM), McInnes said he will lead a delegation of French business leaders on a visit to Dakhla on October 8-9 as part of a mission to explore business opportunities in Morocco's southern provinces. 'We approach this as 'Make with Morocco.' We are not in an economy purely focused on exports, but in one rooted in local establishment and integration,' he said, adding that French companies 'export extensively from Morocco.' He explained that the goal of French companies in general, and Safran in particular, is to 'develop, as much as Moroccan capabilities allow, a local supplier base, which will reinforce this integration and contribute to creating high-quality jobs for Moroccan employees working in French companies.' McInnes also emphasized the importance of capitalizing on the strengths of Franco-Moroccan cooperation, primarily in aerospace, green energy (hydrogen, solar, and wind), digital infrastructure, including data centers for AI, and the 'sustainable and lasting' infrastructure being developed in the Kingdom in preparation for the 2030 World Cup. 'I believe this will be a great showcase for Morocco as an African and Euro-Mediterranean hub, especially since Morocco's orientation toward Africa is one of its major assets for investors like us, and for the country itself in terms of its rightful international standing,' said the Safran chairman, adding that, in this context, talent development, research, and innovation remain key to Morocco's MAP: 17 July 2025
Leaders
4 hours ago
- Business
- Leaders
Riyadh Season Backs Strategic Partnership Between La Liga, Thmanyah
Riyadh Season sponsored the signing of a strategic partnership agreement today in London between La Liga, Spain's premier football league, and Thmanyah, the exclusive broadcaster of Saudi sports competitions and a subsidiary of the Saudi Research and Media Group (SRMG). This collaboration aims to enhance the quality of Saudi Pro League broadcasts. The agreement was formalized by Eng. Faisal bin Saeed Bafarat, CEO of the General Entertainment Authority (GEA), representing Riyadh Season; Javier Tebas, President of La Liga; and Abdulrahman Abumalih, Founder and CEO of Thmanyah. Strategic Goals, Global Vision Chairman of the GEA and President of the Saudi Boxing Federation, Turki Alalshikh, highlighted that Riyadh Season's support of the partnership reflects its continued commitment to expanding its global influence. Additionally, he noted that Riyadh Season's previous sponsorship of La Liga marked a significant milestone and that this latest step reinforces its broader strategy to position Riyadh Season as an international brand across multiple sectors. La Liga President Javier Tebas expressed his excitement about the collaboration, stating: 'We already enjoy a strong partnership and are building on a solid foundation. The Saudi Pro League's audiovisual production is led by talented professionals, and together we will raise broadcast standards even further.' He also emphasized that the partnership represents a key step in boosting the international visibility of Saudi football. Training, Technology, Anti-Piracy Initiatives As part of the agreement, training programs will be introduced to strengthen the skills of local audiovisual teams, ensuring a gradual and sustainable transfer of expertise. Additionally, the partnership will focus on developing a comprehensive strategy to combat digital piracy in Saudi Arabia, aiming to protect both entertainment and sports content. This collaboration underscores a broader strategic vision to deliver an immersive, high-quality viewing experience that meets the expectations of audiences both in the Kingdom and around the world, while expanding the global reach of the Saudi Pro League. Related Topics : IAAPA Middle East Summit 2025: Riyadh Rises as Global Entertainment Hub China's UBTECH Unveils Groundbreaking Humanoid Robots at LEAP 2025 VIA Riyadh: Modern Elegance Meets Luxury and Prestige Saudi Arabia to Boost Tourism with VAT Refunds in 2025 Short link : Post Views: 4
Economic Times
5 hours ago
- Business
- Economic Times
Raymond shares may rally up to 30%, Antique Stock Broking says as aerospace thrust fuels growth story
Antique Stock Broking has initiated coverage on Raymond Ltd with a "buy" rating and a target price of Rs 903, implying a potential upside of 30% from the last closing price. The brokerage said Raymond's transformation into a precision manufacturing-focused company, especially its aerospace and auto components verticals—positions it for 'a multi-year period of strong growth.' ADVERTISEMENT 'We expect Raymond to report a consolidated revenue/ EBITDA/ PAT CAGR of 16%/38%/55% with OPM of 12.2%/14.9%/15.3% in FY26E/27E/28E, respectively,' analysts Sanjeev Zarbade and Amit Shah said. The stock was trading at Rs 700.60 on Friday morning, up 0.6% on the BSE. Raymond, once best known for its textiles business, has shed its legacy structure through a string of demergers and realignments. Following the listing of Raymond Lifestyle in September 2024 and Raymond Realty in July 2025, the company now houses its industrial businesses, engineering tools, auto components, and aerospace, under Raymond Ltd. Antique believes this new structure unlocks significant value and operational focus. 'The aerospace vertical will be the main growth driver,' the brokerage said, with meaningful contributions also expected from the auto components and engineering tools specialized subsidiaries, JK Maini Global Aerospace Ltd (JKMGAL) and JK Maini Precision Technologies Ltd (JKMPTL), are being carved out to drive growth in their respective domains. ADVERTISEMENT Raymond's aerospace strategy is built around its 2023 acquisition of Maini Precision Products Ltd (MPPL), a precision engineering firm with a client roster that includes Safran, GE, and Bosch. MPPL manufactures more than 350 components for LEAP engines, which power aircraft models such as the Airbus A320neo and Boeing 737 LEAP engines, a joint venture product of GE and Safran, account for 55% of JKMGAL's aerospace revenue. 'India is CFM's third-largest market and LEAP engines drive 75% of India's commercial airline fleet,' Antique said. With over 2,000 LEAP engines on order and Safran opening its sixth facility in India, Raymond's aerospace unit stands to benefit from deepening supplier relationships. ADVERTISEMENT The brokerage sees India's current 1% share in the global aerospace supply chain as a structural opportunity. Rising global outsourcing, domestic capability improvements, and the China+1 trend could significantly lift Raymond's growth Rs 903 target price is based on a sum-of-the-parts (SOTP) valuation, factoring in a 25x multiple for the aerospace business and 15x for the auto components vertical, adjusted for 66% holding. The brokerage said it expects Raymond's net profit to rise from Rs 520 million in FY25 to Rs 1.92 billion in FY28. ADVERTISEMENT While return ratios are currently modest due to Rs 8.8 billion in goodwill and intangibles, the brokerage said these 'should not concern investors unduly,' citing strong cash flows and a net cash position of Rs 2.2 aerospace division's EBIT margins are expected to remain at 20% by FY28, while the company's consolidated EBITDA margin is forecast to improve from 12.2% in FY26 to 15.3% in FY28. ADVERTISEMENT Raymond shares have rallied 16.6% year-to-date in 2025 and 29% over the past three months, buoyed by investor optimism around its post-restructuring focus. The stock has climbed 16.8% in just the last month. Also read | IREDA shares down 28% in 2025. Can the stock rebound past Rs 185 or is it time to sell? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
9 hours ago
- Business
- Time of India
Raymond shares may rally up to 30%, Antique Stock Broking says as aerospace thrust fuels growth story
Antique Stock Broking has initiated coverage on Raymond Ltd with a "buy" rating and a target price of Rs 903, implying a potential upside of 30% from the last closing price. The brokerage said Raymond's transformation into a precision manufacturing-focused company, especially its aerospace and auto components verticals—positions it for 'a multi-year period of strong growth.' 'We expect Raymond to report a consolidated revenue/ EBITDA/ PAT CAGR of 16%/38%/55% with OPM of 12.2%/14.9%/15.3% in FY26E/27E/28E, respectively,' analysts Sanjeev Zarbade and Amit Shah said. The stock was trading at Rs 700.60 on Friday morning, up 0.6% on the BSE. Explore courses from Top Institutes in Select a Course Category Product Management Project Management PGDM Design Thinking CXO Management Data Science Digital Marketing Healthcare healthcare Operations Management Technology Data Science Data Analytics MBA others Leadership Others Artificial Intelligence Finance Degree Public Policy Cybersecurity MCA Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details Raymond, once best known for its textiles business, has shed its legacy structure through a string of demergers and realignments. Following the listing of Raymond Lifestyle in September 2024 and Raymond Realty in July 2025, the company now houses its industrial businesses, engineering tools, auto components, and aerospace, under Raymond Ltd. Antique believes this new structure unlocks significant value and operational focus. 'The aerospace vertical will be the main growth driver,' the brokerage said, with meaningful contributions also expected from the auto components and engineering tools businesses. Two specialized subsidiaries, JK Maini Global Aerospace Ltd (JKMGAL) and JK Maini Precision Technologies Ltd (JKMPTL), are being carved out to drive growth in their respective domains. Aerospace ambitions take flight Raymond's aerospace strategy is built around its 2023 acquisition of Maini Precision Products Ltd (MPPL), a precision engineering firm with a client roster that includes Safran, GE, and Bosch . MPPL manufactures more than 350 components for LEAP engines, which power aircraft models such as the Airbus A320neo and Boeing 737 MAX. These LEAP engines, a joint venture product of GE and Safran, account for 55% of JKMGAL's aerospace revenue. 'India is CFM's third-largest market and LEAP engines drive 75% of India's commercial airline fleet,' Antique said. With over 2,000 LEAP engines on order and Safran opening its sixth facility in India, Raymond's aerospace unit stands to benefit from deepening supplier relationships. The brokerage sees India's current 1% share in the global aerospace supply chain as a structural opportunity. Rising global outsourcing, domestic capability improvements, and the China+1 trend could significantly lift Raymond's growth trajectory. Valuation upside and financial health Antique's Rs 903 target price is based on a sum-of-the-parts (SOTP) valuation, factoring in a 25x multiple for the aerospace business and 15x for the auto components vertical, adjusted for 66% holding. The brokerage said it expects Raymond's net profit to rise from Rs 520 million in FY25 to Rs 1.92 billion in FY28. While return ratios are currently modest due to Rs 8.8 billion in goodwill and intangibles, the brokerage said these 'should not concern investors unduly,' citing strong cash flows and a net cash position of Rs 2.2 billion. The aerospace division's EBIT margins are expected to remain at 20% by FY28, while the company's consolidated EBITDA margin is forecast to improve from 12.2% in FY26 to 15.3% in FY28. Raymond shares have rallied 16.6% year-to-date in 2025 and 29% over the past three months, buoyed by investor optimism around its post-restructuring focus. The stock has climbed 16.8% in just the last month. Also read | IREDA shares down 28% in 2025. Can the stock rebound past Rs 185 or is it time to sell? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
New Straits Times
13 hours ago
- Business
- New Straits Times
iCents breaks IPO lull with strong ACE Market debut
KUALA LUMPUR: ACE Market debutant iCents Group Holdings Bhd opened with a surprising 21 per cent premium yesterday, a level not seen among initial public offerings (IPOs) since Richtech Digital Bhd's debut on Feb 17. iCents is the 35th IPO on Bursa Malaysia this year, while Richtech was the sixth. Since then, debut premiums above 20 per cent have been rare as investor appetite for new listings has waned amid broader market uncertainty. The stock opened at 29 sen — a five sen or 21 per cent premium over its IPO price of 24 sen. It ended the day even stronger at 34 sen, up 41.7 per cent, with 150 million shares traded, topping the day's volume leaderboard. Richtech ended its debut with a 28 per cent gain, while the highest debut premium this year was recorded by Oriental Kopi Holdings Bhd at 98.86 per cent, followed by Swift Energy Technology Bhd at 41.07 per cent. Over the past five months, IPO debuts have generally been lacklustre as investors turned cautious amid heightened global uncertainties, particularly following intensified trade rhetoric from US President Donald Trump. To date, 36 companies have listed on Bursa Malaysia — six on the Main Market, three on the LEAP Market, and 27 on the ACE Market. More recently, the market has seen steadier debuts, with A1 AK Koh Group Bhd, PMCK Bhd, and ASM Automation Group Bhd holding their ground at the opening bell. However, analysts say it may still be too early to call it a recovery. Tradeview Capital fund manager Neoh Jia Man said the strong entrance is not necessarily indicative of a broad resurgence in sentiment toward local IPOs. "Instead, its performance reflects company-specific factors such as its attractive valuation, differentiated business model and relatively small market capitalisation, which caused its IPO to stand out," he said. Neoh said market sentiment today was buoyed by the strong overnight performance of the US markets, with the impact spilling over to Asian equities. He added that the announcement of several major domestic construction contract awards has provided a further boost, especially to construction-related stocks. Malacca Securities Bhd research head Loui Low said the market has so far seen a decent flow of interest, with none of the recent IPOs registering negative debuts on their first trading day. "This could be a sign for recovering and we might be able to come out from the low season of IPO. "However, we definitely need to see a decent pricing valuation IPO in order to see strong upside opportunity in upcoming IPO. "It is a matter of whether retailers will buy the story and idea of the new IPOs," he said Loui expressed hope that the momentum is sustainable but cautioned that it will require stronger liquidity support to maintain. He noted that sentiment on the local front is showing gradual recovery, and if that continues, IPO activity should follow. "Nonetheless, the wild card is always Trump with a volatile policies on trade front and swings in statements on Twitter or X platform," he saod. Loui said the renewed interest in recent IPOs is largely driven by companies with a compelling growth story, exposure to attractive sectors and most importantly, reasonable valuation. "IPO needs a good story and attractive sector and especially decent valuation for the retailers to bid for shares of the IPO company. "If story is dull and valuations of IPO is on the high side as compared to the sector peers, then it will be tough for investors to enjoy the upside," he added.
