Daily Brief Industrials: Hanjin KAL Corp, Jabil, Lyft , Casella Waste Systems Inc A, Lotus Horizon, YipitData, Esab and more

• On 4 September, numerous local media accounts mentioned that Japan Airlines has acquired a stake in Hanjin KAL Corp (180640 KS), the holding company of Korean Air Lines.
• There is an increasing speculation that Japan Airlines could act as a “white knight” for Hanjin Kal.
• Hoban Group recently increased its stake in Hanjin KAL to 20.15%, narrowing the gap with Chairman Cho to just 0.41 percentage points.

• Strategic Portfolio Transformation Toward Regulated & High-Growth Markets: Jabil has systematically de-risked its operating model by divesting high-volatility, lower-margin consumer mobility manufacturing and redeploying capital into secular growth verticals, specifically AI/cloud data center infrastructure, healthcare/medtech, automotive electrification, and renewable energy.
• Structural Free Cash Flow Generation Supporting Capital Returns: The company exhibits strong cash flow conversion, underscored by a 3-year Free Cash Flow CAGR of 68.61% and annual operating cash flows consistently exceeding 9.3 billion (in reporting currency), enabling proactive share repurchases, balance sheet optimization, and a 13.47% 3-year dividend CAGR.
• Resilient Margin Profile Amid Cycle Re-acceleration: Despite top-line portfolio rationalization (-1.06% 3-year revenue CAGR), gross margins have expanded toward the 8.8%–9.3% range, underpinned by design-led manufacturing, advanced thermal and power management solutions for hyperscalers, and sticky, multi-year customer relationships.

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• The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued growth across multiple business segments.
• Active riders reached an all-time high of over 30 million, and the company completed 262 million rides during the quarter, positioning it to exceed 1 billion rides for the full year.
• The growth was driven by a diverse set of factors, including expansion in North America’s large and low-scale markets, significant progress in Canada, and ongoing organic growth in European markets following the integration of the Freenow platform.

• Casella Waste Systems delivered a quarter that reflected solid underlying execution, although reported margin progression was restrained by fuel-related revenue gross-ups, acquisition dilution, and weaker Resource Solutions comparisons.
• Management indicated that the base business generated more than 50 basis points of margin expansion after excluding acquisition effects, supported by pricing, higher landfill volumes, and positive price-cost performance.
• This suggests that the core operating model remains healthy, even though consolidated adjusted EBITDA margin declined year over year.

• Imminent Unconditional Takeunder: Lotus Horizon’s current trading halt (effective September 3, 2026) is highly likely the prelude to a classic shell-sale exit by the controlling shareholder, Platinum Lotus, structured as an unconditional takeunder at a massive discount (over 90%) to the pre-halt market price of HK$1.14.
• Extremely Inflated Valuation: The stock’s pre-halt valuation of 18.14x P/B (HK$2.28 billion market cap versus HK$125.66 million in net tangible assets) is a speculative bubble detached from fundamentals. A realistic transaction value for the clean listing shell would price the equity at a minor premium to net assets (HK$0.063 per share), rather than the inflated trading multiple.
• Formidable Regulatory Hurdles: For the SFC and HKEX to lift the trading suspension, the incoming buyer must navigate rigorous anti-backdoor listing rules under HKEX Listing Rule 14.54. Any prompt attempt to inject new assets or pivot the business will be classified as a Reverse Takeover (RTO), triggering a lengthy and demanding new listing application process.

• Sacra estimates that YipitData reached roughly $260M in annual recurring revenue (ARR) in August 2026, up from an estimated $215M at the end of 2025.
• In August 2026, YipitData was reported to be working with Goldman Sachs to explore a sale that could value the company above $2.5 billion.
• YipitData’s most recent primary equity round was a Series E in December 2021 led by The Carlyle Group, which invested up to $475 million at a valuation above $1 billion.

• ESAB Corporation reported a solid second quarter for 2026, highlighted by record total core sales of $766 million, marking a 13% year-over-year increase, and adjusted EBITDA of $150 million, up 8% from the prior year.
• The company experienced a return to organic growth across both its Americas and EMEA/APAC segments, with core organic sales growth of 2.5%.
• Growth was primarily driven by double-digit increases in automation and equipment sales, supported by robust demand from North America and Asia.