Daily Briefs

• “Effective immediately” matters for L2 exit timing and re-flag risk; KRX confirmed year-end announcement with instant rollout, making year-end the key flow inflection if big L2 names get exempted.
• Large caps (₩10tn+ market cap) pulled from market-warning universe, with L2 tagging now factoring relative outperformance, not just absolute price gains, to curb overuse.
• Of 33 L2 names, five KOSPI blue chips see re-flag risk drop after their mandatory 10-day lockup; near-term trades focus on timing these expiries for relief rallies and flow resets.

• Singapore Airlines (SIA) stands as a premier global airline, capitalizing on a dual-brand strategy with its mainline premium carrier and the low-cost subsidiary, Scoot, to capture diverse market segments.
• While passenger demand remains robust, particularly in the premium travel sector, the company faces significant headwinds from a challenged cargo market, intense regional competition, and pressure on yields.
• The strategic expansion into India via a merger with Air India presents a significant long-term growth opportunity, though it is accompanied by near-term infrastructure and competitive challenges.

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• Ashok Leyland is strategically positioned to capitalize on a multi-year commercial vehicle (CV) upcycle in India, driven by an aging fleet, steady economic growth, and sustained infrastructure development.
• The company is aggressively diversifying its revenue streams by strengthening its light commercial vehicle (LCV) portfolio, expanding its international footprint, and growing its non-vehicle businesses, which is expected to reduce earnings cyclicality.
• A forward-looking R&D focus on future-fuel technologies, including a robust electric vehicle (EV) strategy through its subsidiary Switch Mobility and development in LNG and hydrogen, positions the company for long-term, sustainable growth in a transforming industry.

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• Amaero Ltd (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.
• The company has announced that the United States Navy has issued a Letter of Support validating Amaero’s PM-HIP (Powder Metallurgy + Hot Isostatic Pressing) manufacturing as a viable and technically-ready alternative to castings and forgings for the maritime industrial base.
• The Letter of Support also confirms Amaero’s strong and differentiated technical capability in manufacturing near-net-shape parts.

• Strategic Location with DFC Linkage: Gujarat Pipavav Port (GPPV) is strategically located on the west coast of India, on a major international maritime trade route. Its connectivity to the Western Dedicated Freight Corridor (DFC) is a significant catalyst, enhancing its hinterland reach and offering a competitive advantage in logistics efficiency.
• Strong Financials and Shareholder Returns: The company demonstrates robust financial health with consistent revenue growth, stable margins, and an almost debt-free balance sheet. GPPV has a strong track record of returning value to shareholders, evidenced by a high dividend yield and a healthy dividend payout ratio.
• Competitive Pressures and Capacity Constraints: GPPV operates in a highly competitive environment, facing intense rivalry from larger neighboring ports like Mundra and JNPT. While it boasts high operational efficiency, its current scale and capacity are smaller than its main competitors, which could limit market share gains.

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• Zhejiang Sanhua Intelligent Controls (2050 HK), raised around US$1.4bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
• ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
• In this note, we will talk about the lockup dynamics and possible placement.

Key points (machine generated)

• Kato Works, established in 1895, specializes in construction cranes and hydraulic excavators with a focus on durability and ease of operation.
• The company forecasts a loss for the fiscal year ending March 2026 but expects a recovery trend in the latter half of the year.
• Kato Works offers a diverse range of products, positioning itself as a major player in the construction crane market and a mid-sized competitor in hydraulic excavators.

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• World leader in the cable industry, Prysmian is strategically positioned to capitalize on the global energy transition and digitalization trends, which are driving significant demand for its products.
• The company’s growth strategy is focused on organic expansion, supported by a strong cash flow generation, and strategic acquisitions like Encore Wire to enhance its North American presence and product portfolio.
• While exposed to cyclicality and raw material price volatility, Prysmian’s technological leadership, scale, and diversified business segments provide a resilient financial profile with a strong track record of growth in revenue, net income, and cash flow.

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• Blackline Safety is a high-growth connected safety technology company transitioning to a recurring revenue model, showing significant top-line momentum with a 32.8% three-year revenue CAGR.
• The company is demonstrating a clear path to profitability, with substantial improvements in gross and EBITDA margins over the past three years and narrowing net losses, signaling a move towards sustainable financial performance.
• Positioned in the rapidly expanding connected worker market, Blackline’s integrated hardware and cloud-based software platform provides a strong competitive advantage, though it faces competition from larger, more established players.

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• Black Diamond Group is strategically positioned as a specialty rental and industrial services company, capitalizing on strong demand in modular space and workforce accommodation sectors across Canada, the U.S., and Australia.
• The company is demonstrating a robust growth trajectory, evidenced by significant increases in revenue, profitability, and dividend payouts over the last three years, supported by both organic growth and strategic acquisitions.
• While the company’s end markets are subject to economic and commodity price cyclicality, a diversified customer base across various sectors and a growing digital platform (LodgeLink) provide a degree of operational resilience and future growth potential.

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