Sany Heavy Industries A/H IPO Pricing - Thoughts on Valuations
Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing. In this note, we talk about the IPO pricing.
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Primer: Komatsu Ltd (6301 JP) - Sep 2025
Komatsu is the world's second-largest manufacturer of construction and mining equipment, commanding a strong market position globally and a...
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Kawasaki Heavy (7012 JP): Recovery Done, Eyes on Hydrogen, Aerospace, and Margin Upside
KHI bounces back with record profits in FY25, fueled by aerospace and energy sectors, poised for 5-6% growth driven by hydrogen and automation,...
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Toyota Industries (6201 JP): Vocal Activism Gathering Pace
The onus is now on minorities to publicly advocate for better terms or scuttle the tender offer. Two recent letters are the first and right step to...
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Toyota Industries (6201 JP): Thoughts on Intrinsic Value
The offer has several issues that are detrimental to minorities' interests. My analysis suggests a base case intrinsic value of around JPY19,000.
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