Daily Brief Industrials: Sigenergy Technology, Dmg Mori Co Ltd, Ever Glory United Holdings, Japan Elevator Service Holding, Cleanaway Waste Management, Nextpower, Waste Management, UI Boustead, APi Group, Wesco International and more

• We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
• Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
• We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.

• Dmg Mori Co Ltd (6141 JP) is looking to raise up to US$320m from a primary offering to overseas investors.
• Proceeds will mainly be used for capex at various production plants to increase production capacity.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Ever Glory United Holdings Limited is a leading integrated M&E engineering service provider in Singapore, offering comprehensive electrical, air-conditioning and mechanical ventilation, fire protection, and plumbing, sanitary and gas services.
• The company ranked second among domestic M&E engineering service providers in Singapore in 2025, with a revenue CAGR of 60.0% from 2023 to 2025.
• Profit for 2025 was S$20,122 thousand, and net current assets were S$53,729 thousand as at 30 June 2026.

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• Growth runway remains considerable – Q1 FY3/27 results demonstrated sustained high earnings growth driven primarily by robust Modernization demand whilst maintaining high levels of profitability.
• We believe the market is overlooking the long-term value of consistency; while the company’s predictable earnings profile can limit the frequency of positive earnings surprises, it reflects a high-quality recurring revenue model capable of delivering sustainable compounding over time.
• The growth runway remains considerable in our view, given the demand pool for both maintenance and modernization, and the company’s track record in raising market share.

• It’s been pretty quiet on the M&A front for Cleanaway Waste (CWY AU). KKR was rumoured to be interested four years ago. Around the time Cleanaway acquired Suez Sydney Assets.
• Now Swedish PE outfit EQT has proposed taking Cleanaway private, via a Scheme, at A$3.13/share, a 32.1% premium to undisturbed. EQT has been afforded nine weeks of exclusive due diligence. 
• The indicative offer is subject to FIRB, ACCC, MACs, plus the standard Scheme vote from Cleanaway shareholders. Pricing appears fair. The board is supportive at A$3.13/share. 

• Nextpower’s first quarter fiscal year 2027 results reflected a combination of solid operational execution, continued demand growth, and strategic expansion across its core solar tracker business and emerging non-tracker product lines.
• The company reported a record quarterly revenue of $935 million, representing an 8% year-over-year increase, alongside adjusted EBITDA of $233 million, with a margin of 25%.
• Backlog expanded to over $5.5 billion, driven by bookings strength in both trackers and new energy storage offerings.

• Waste Management is the largest integrated provider of traditional solid waste services in North America, operating a vertically integrated business model that includes collection, transfer, recycling, and disposal.
• The company is pursuing a dual strategy of optimizing its core, cash-generative collection and disposal business while investing heavily in higher-growth sustainability initiatives, such as automated recycling and renewable natural gas (RNG) facilities.
• WM’s extensive network of assets, particularly its 250+ active landfills, creates a significant competitive advantage and high barriers to entry, as landfill capacity is increasingly scarce and difficult to permit.

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• Over five sessions, directors reported six acquisitions, substantial shareholders recorded six acquisitions and four disposals, with seven companies conducting buybacks totaling S$26.2 million.
• Singtel repurchased 195.3 million shares for S$893.0 million under its S$2 billion buyback program, increasing EPS by approximately 3%.
• Amova Asset Management increased its stake in Frencken Group to 7.19% and UI Boustead REIT to 7.02%, supporting growth initiatives.

• APi Group reported a second quarter performance reflecting solid growth across its business segments, supported by strong operational execution and a disciplined strategic approach.
• The company achieved net revenues of $2.25 billion, a 13.3% increase year-over-year, with organic growth of 10.1%.
• This growth was driven by both project and service revenues, as well as pricing improvements, indicating a healthy demand environment.

• WESCO International reported strong second quarter results for 2026, marked by record sales, adjusted EBITDA, adjusted earnings per share, and backlog, all surpassing previous plans.
• Sales increased by 13% year-over-year to $6.7 billion, driven primarily by continued momentum in the data center end market, which accounted for approximately 20% of total sales.
• Notably, excluding data center sales, the company still achieved mid-single-digit growth, indicating broad-based demand across its diversified portfolio spanning three business units: Communication & Security Solutions (CSS), Electrical & Electronic Solutions (EES), and Utility & Broadband Solutions (UBS).