Daily Brief Industrials: Saigon Cargo Service, Luxshare Precision Industry, Westports Holdings, Tres Tentos Agroindustrial, Karman Holdings, Koh Brothers, 3M Co, Northrop Grumman, Oesterreichische Post Ag, Somero Enterprises and more

• Q2 FY26 revenue fell 4.3% YoY to VND 279bn as tonnage dropped 7.7%, partly offset by a 3.3% rise in terminal revenue per ton.
• Operating margin held at 74.3% and net margin rose to 67.1%, helped by lower G&A and a 63% jump in financial income.
• Stock trades at 5.3x FY25a and 5.5x FY26e PE on a 11.7% yield and 46% ROCE, with a VND 43,500 price.

• We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
• Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
• The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.

• Operational revenue rose 33% YoY to RM808mn in 2Q26; PAT up 56% to RM361mn on both tariff phases running for a full quarter.
• Total TEUs fell 1% to 2.84mn as Middle East transshipment dropped 24%; container revenue per TEU jumped 37% to RM242.6.
• Trades at 17.0x FY26e P/E, 11.3x EV/EBITDA and a 4.4% yield at MYR6.55; FY26 throughput guidance cut to broadly flat.

• Integrated Ecosystem Model Drives Growth: Tres Tentos operates a vertically integrated business model encompassing retail of agricultural inputs, grain origination and trading, and industrial processing. This ecosystem creates a loyal customer base of small and medium-sized farmers and allows the company to capture value across the entire agricultural value chain.
• Aggressive Expansion and Diversification: The company is pursuing a significant capital expenditure program to expand its geographical footprint across Brazil and diversify into new segments like corn ethanol production. This strategy aims to replicate its successful model in new agricultural frontiers and tap into the growing biofuels market.
• Strong Revenue Growth Tempered by Cash Flow Concerns: Tres Tentos has demonstrated a consistent and robust track record of revenue and net income growth. However, its aggressive investment in expansion has led to negative free cash flow and increasing leverage, a key factor for investors to monitor.

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• Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct manufacturing expansion into Europe and extending its reach across missile, aerospace, and defense programs.
• Announced during the Farnborough International Airshow, the transaction would add facilities in Scotland, England, and Poland to Karman’s existing network of 17 U.S. sites.
• Walker manufactures precision components and assemblies for missile seekers, guidance systems, and flight-control applications, with exposure to more than 25 European tactical missile, air, and defense programs.

• BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030.
• Boustead Singapore reported an engineering order backlog of S$840 million and secured S$461 million in new contracts in FY27.
• Volare Group AG increased its stake in BBR Holdings to 14.69% through acquisitions totaling 43 million shares for S$12.9 million.

• The company’s second quarter financial results for 2026 demonstrated a combination of organic growth, margin expansion, and improved earnings, reflecting ongoing progress against its strategic transformation priorities.
• Organic sales increased by 5.4%, driven mainly by commercial excellence efforts, an accelerated pace of new product introductions, and sustained demand in core industrial markets.
• This growth was broad-based geographically, with notable double-digit growth in China and India, mid-single-digit improvements in North America and Europe, and strong performance across safety, industrial, transport, and electronics segments.

• Northrop Grumman Corporation reported its second-quarter 2026 financial results amidst a favorable defense spending environment supported by U.S. government budget increases and global demand.
• The company delivered $20 billion in net awards for the quarter, contributing to a record backlog of $105 billion, up 17% year-over-year.
• Sales increased 5% year-over-year to $10.9 billion, with broad-based growth across all four business segments: Aeronautics Systems (AS), Defense Systems (DS), Mission Systems (MS), and Space Systems (Space).

• In this edition: • Aalberts | strong acceleration of organic revenue growth in 26Q2 • ABN Amro | Dutch state completes reduction of its stake, now at 20.5% • BE Semiconductor Industries | long-term outlook remains strong, well reflected in its share price • InPost | acceptance period extended until 18 September • RELX Group | continues to accelerate underlying growth and margin expansion • Sligro Food Group | interim dividend and share buyback despite poor 1H26 results • Austrian Post | strengthens its SEE parcel platform with Serbian acquisition

• 16th July 2026 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.