Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

<p>Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.</p>

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring options, as discussed in last few months. But today we have a live deal between Triton and TAL Int'l Group which will create the largest container lessor through a "merger of equals". Let's review a few more points and issues.

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:28308:1" rel="noopener">Hanwha Systems Co Ltd (272210 KS)</a> will be added to the MarketVector Global Defense Industry Index at the close on 19 September.</li>
<li>The constituent change, float changes and capping changes result in an estimated one-way turnover of 3.1% resulting in a round-trip trade of US$437m.</li>
<li>Inflows to the tracking ETF have slowed down but there could be more inflows after a period of consolidation in the underlying stocks.</li>
</ul>



Hanwha Systems Co Ltd (272210 KS) will be added to the MarketVector Global Defense Industry Index at the close on 19 September.
The constituent change, float changes and capping changes result in an estimated one-way turnover of 3.1% resulting in a round-trip trade of US$437m.
Inflows to the tracking ETF have slowed down but there could be more inflows after a period of consolidation in the underlying stocks.


MV Global Defense Industry Index Rebalance: Hanwha Systems Added as Stocks Play Offence

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Huntington Ingalls Industries / Equity Bottom-Up

<ul><li>Huntington Ingalls Industries reported strong second-quarter financial results for 2025, with sales hitting $3.1 billion and earnings per share at $3.86.</li><li>HII's backlog continues to grow robustly, reaching $56.9 billion as it secured new contracts valued at $11.9 billion, including major shipbuilding projects such as DDG 145 and 146, LPD 33, and two Block V submarines.</li><li>These contract wins reflect the continued support and investment by the U.S. Navy in the shipbuilding industry, aligning well with HII's existing capabilities and strategic direction.</li></ul>

Huntington Ingalls Industries reported strong second-quarter financial results for 2025, with sales hitting $3.1 billion and earnings per share at $3.86.HII's backlog continues to grow robustly, reaching $56.9 billion as it secured new contracts valued at $11.9 billion, including major shipbuilding projects such as DDG 145 and 146, LPD 33, and two Block V submarines.These contract wins reflect the continued support and investment by the U.S. Navy in the shipbuilding industry, aligning well with HII's existing capabilities and strategic direction.

Huntington Ingalls Industries: Impact of Federal Budgets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem</a>, RENK Group and <a href="https://www.smartkarma.com/entities/karman-holdings-inc" target="_blank" data-smartkarma-citation="entities:44289:1" rel="noopener">Karman Holdings</a> will be added to the MV Global Defense Industry Index after the close of trading on 20 June.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.</li>
<li>The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.</li>
</ul>



Hyundai Rotem, RENK Group and Karman Holdings will be added to the MV Global Defense Industry Index after the close of trading on 20 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.
The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.


MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

<ul><li>Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges across several business segments.</li><li>Revenue for the quarter stood at approximately $2.7 billion, representing a 2.5% year-over-year decline due to lower volumes at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.</li><li>Segment operating income grew marginally, supported by improved results in Mission Technologies, which saw stronger performance in cyber, electronic warfare, space, and uncrewed systems.</li></ul>

Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges across several business segments.Revenue for the quarter stood at approximately $2.7 billion, representing a 2.5% year-over-year decline due to lower volumes at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.Segment operating income grew marginally, supported by improved results in Mission Technologies, which saw stronger performance in cyber, electronic warfare, space, and uncrewed systems.

Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!

United States

Huntington Ingalls Industries, Inc. (HII) designs, builds, and maintains nuclear and non-nuclear ships for the United States Navy and Coast Guard. The Company also provides after-market services for military ships worldwide. HII consists of two primary business divisions, Newport News Shipbuilding and Ingalls Shipbuilding.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Huntington Ingalls Industries (HII US)

Container Equipment Mergers Here: TAL Int'l to Merge with Triton

Our theme has been to expect some mergers in container equipment and transport equipment owners. NOL and Chinese carriers are also exploring...

Charles De Trenck

MV Global Defense Industry Index Rebalance: Hanwha Systems Added as Stocks Play Offence

Hanwha Systems will be added to the index. One-way turnover is 3.1% and the round-trip trade is US$437m. Most stocks are at or near new highs and...

Brian Freitas

Huntington Ingalls Industries: Impact of Federal Budgets

Huntington Ingalls Industries reported strong second-quarter financial results for 2025, with sales hitting $3.1 billion and earnings per share at...

Baptista Research

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

There are 3 adds to the index. Estimated turnover is 8.8% and round-trip trade is US$1.1bn. The index has moved up a lot and stocks have soared....

Brian Freitas

Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!

Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)