Daily Brief Industrials: LG Corp, GMM Pfaudler, Ryobi Ltd, J&T Global Express, YipitData, Morita Holdings, Better World Green, AST SpaceMobile Inc, Asia Network International, Mineral Resources and more

• My base case valuation of LG Corp is implied market cap of 26.9 trillion won or NAV per share of 177,595 won, which is 42% higher than current share price.
• LG Corp’s investments in five core publicly listed companies including LG Chem and LG Electronics are now worth 26.5 trillion won which is 99% of its current market cap.
• Legal feud between LG Group Chairman Koo and his mum/sisters have been going on for more than three years. Appellate court has scheduled the next hearing for 27 November.

• Q1 FY27 Revenue grew 16% YoY and backlog reached Rs. 2,289 crore, while the business was reorganised into four global divisions.
• Demand visibility is no longer the central concern; execution quality, mix and below-EBIT leakage now determine the earnings outcome.
• The operating setup is improving, but the current valuation prices in a recovery that has not yet appeared consistently in reported margins.

• Excluding the impact of higher raw material costs and yen depreciation, Ryobi’s net sales for H1 FY12/26 were roughly flat YoY. OP fell 25.4% YoY due to surging raw material prices and delayed price pass- through.
• However, raw material prices have recently begun to stabilize, and profitability is projected to improve as the benefits of price adjustments take full effect in H2 FY12/26.
• Backed by a solid outlook for new product rollouts in the Japanese and Thai markets, the company revised its FY guidance for Die Castings. 

• In H126 J&T Global reported strong top-line growth of almost 40% Y/Y vs H125
• Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement
• Overall, a nice set of numbers from J&T Global in H1, but stock isn’t cheap here

• Sustained High-Growth Pure-Play Alternative Data Leader: YipitData has established a premier market position delivering granular, ticker-level alternative data analytics and market intelligence to over 650 institutional investors and enterprise corporations, scaling Annual Recurring Revenue (ARR) from $215M at FY2025-end to $260M in August 2026, on track to reach ~$280M for FY2026 (+30%+ YoY).
• Potential $2.5B-$3.0B Liquidity Event: Carlyle-backed YipitData is actively exploring strategic sale options via Goldman Sachs, with reported valuation targets spanning $2.5B to $3.0B (~9.0x to 10.7x 2026E ARR), highlighting institutional scarcity value for verified, hard-to-replicate proprietary data assets amid accelerating AI-driven workflows.
• Expanding Addressable Market via Corporate Intelligence: The platform is successfully diversifying beyond its core hedge fund customer base into brand and corporate analytics (including clients such as Walmart, Lowe’s, and Ulta Beauty) and B2B enterprise procurement spend intelligence (SpendHound), structurally broadening long-term Net Revenue Retention (NRR) and TAM.

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• Morita Holdings is Japan’s dominant fire-truck manufacturer, holding roughly 57-60% of the domestic market and close to 90% of the aerial ladder-truck segment

• Founded in 1907 by Shōsaku Morita as a fire-pump maker and built into a nationwide-service, certification-protected niche monopoly against a much smaller #2 competitor, Nikki Co.

• The moat is genuine and multi-decade — safety certification, a product-liability track record, and nationwide parts/service infrastructure a new entrant couldn’t replicate in thirty years.

• The company is very good at generating consistently positive operating cash flow
• The tightness of the operation is very good based on the cash conversion cycle
• The stock trades at a very attractive valuation

• AST SpaceMobile is advancing its efforts to establish the first global space-based cellular broadband network designed to operate directly with unmodified mobile phones.
• The company leverages a vertically integrated manufacturing approach, a comprehensive spectrum portfolio combining both partner-contributed and company-owned spectrum, and a large patent portfolio exceeding 3,900 patents and pending claims.
• Its technology targets integration with existing mobile network operators (MNOs), aiming to complement terrestrial networks rather than replace them, thereby facilitating seamless connectivity worldwide.

• The efficiency is very good when looking at the growth in sales relative to the growth in assets
• The company is very good at generating consistently positive operating cash flow
• Its competitive strategy appears excellent based on the gross profit margin

• Mineral Resources’ FY26 profit, a turnaround from an FY25 loss, beat expectations, but the market responded poorly to talk of expanding into another commodity and perhaps geography.
• Mineral Resources’ FY26 performance beat expectations The recommencement of dividends was the major surprise Possible move into copper, maybe offshore, spooked the market One broker’s valuation raises eyebrows