Daily Brief Industrials: Maxicity, Crealights Technology, DPC Holdings, Eureka Forbes, RBC Bearings , Shenzhen Senior Technology Material, Tekken Corp, Anhui Huachuang New Materials Co Ltd, Neo Marketing, Amaero International Ltd and more

• Maxicity (2295 HK), a slope engineering specialist, is currently suspended pursuant to the Takeovers Code. Maxicity is 75% held by founders Shing Kee Sieh and Ka Ki Ho.
• Maxicity was inauspiciously listed on GEM board on the 19th December 2019 at HK$0.60/share; before being transferred to the Main Board on the 31st December 2021.  
• At a guess, I can see Sieh/Ho taking the company private by way of a Scheme. 

• Crealights Technology (1191 HK) is looking to raise up to US$191m in its upcoming Hong Kong IPO.
• It is a global optoelectronic interconnection products provider. It has established a comprehensive high-speed optoelectronic interconnection product matrix. 
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• DPC supplies mission-critical aerospace and industrial gas turbine components to leading OEMs benefiting from powerful long-term demand trends.
• Approximately 70% of revenue is covered by long-term agreements, providing strong visibility into future revenue, margins, and production planning.
• IPO proceeds will primarily reduce debt, positioning the company to improve financial flexibility and capitalize on significant growth opportunities.

• Eureka Forbes, a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.
• The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.
• The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.

• RBC Bearings reported fiscal fourth quarter 2026 net sales of $518 million, reflecting an 18.3% year-over-year increase driven mainly by robust growth in its Aerospace & Defense (A&D) segment and steady performance in the Industrial segment.
• The company’s consolidated gross margin stood at 44.4% (45.3% adjusted), slightly up from the prior-year period, while adjusted diluted earnings per share rose 27.9% to $3.62.
• Adjusted EBITDA increased 21% to $168.9 million, and free cash flow remained strong at $67.5 million.

• Shenzhen Senior Technology Material (6067 HK) , a manufacturer of lithium-ion battery separators, aims to raise around US$171m in its H-share listing.
• SSTM’s H-share offering comes at an interesting point in the battery materials cycle. Despite posting less-than-ideal financials over the past years, the industry backdrop has started to look more constructive.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Under the new president Masahito Imai, TEKKEN CORPORATION (hereinafter, the Company) has updated its Mid-Term Management Plan 2028.
• The plan sets 10% ROE as a mandatory target by FY2029/3, and introduces a number of initiatives: (1) the formal adoption of a corporate purpose and clarification of the Company’s long-term ambition as the“100th-Anniversary Dream,” (2) upward revisions of numerical targets, (3) a streamlined and more detailed investment plan, and (4) a shift to a DOE-base shareholder-return policy.
• At the same time, the two prior catchphrases— the Company’s inherent profit-generating capacity (= target operating margin of 3%) and the eliminating unprofitable projects— have been removed. SIR views these changes as clear evidence that the Company has completed a strategic shift from “pursuing scale” to “pursuing qualitative growth and sustainable value creation”.

• Anhui Huachuang New Materials Co Ltd (2662959D HK) (AHCL) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
• AHCL specializes in the R&D, production and sales of high-performance electrolytic copper foil products.
• As per Frost & Sullivan, it ranked as the third-largest electrolytic copper foil producer in the world by shipment volume in 2025, with a market share of approximately 5.4%.

Key points (machine generated)

• Neo Marketing reported record sales of 1,385 million yen for the fiscal year ending September 2026, a 6.7% increase year-on-year.
• The company specializes in consumer engagement to assist clients in building sustainable purchasing systems.
• Neo Marketing is implementing a growth strategy that involves strategic mergers and acquisitions to strengthen its market position.

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• Amaero Inc (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Amaero has announced it has commissioned its third electrode induction melting gas atomiser (EIGA) ahead of schedule at its Tennessee manufacturing facility, expanding its US production platform across both refractory and titanium alloy powders.
• The company now has annual production capacity of approximately 200t for refractory alloys and approximately 480t for titanium alloys, making it potentially the largest capacity US domestic producer of spherical refractory and titanium alloy powders.