Industrials

• On Friday, after market close, Makino Milling Machine Co (6135 JP) finally issued a progress update on the MBK preconditional tender offer. The update, while mixed, should calm nerves. 
• The positive read-across is a pathway to regulatory approvals, the Homeplus saga has not derailed the offer, and the likely breach of the long-stop date is not a termination event.
• The negative read-across is the lack of a revised tender start timeline, an unexplained delay in securing most regulatory approvals and ongoing uncertainty on the long-stop date.

• In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
• Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
• SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.

• Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. 
• Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.
• Projected valuations are once again reasonable. The share price should continue to trend upwards.

• Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
• The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
• Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.

• Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
• It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
• Since its listing, the stock is up 19%, but there is still upside potential.

• The mid-market professional services platform which owns the Dow Schofield Watts and the DR Solicitors brands, reported strong Interims to September 2025, on 24 November.
• The scalable branded platform is aimed at ambitious, entrepreneurial professionals to start and develop their own businesses.
• Founded in 2002 as an advisory platform to attract UK owner managers, the Company has consultants on feebased income and a partnership model with a profit share approach. 

• Project income reached JPY5.2bn in 1H FY04/26, with revenue of JPY2.6bn and government grant income of JPY2.6bn.
• Operating loss improved to JPY4.7bn in 1H FY04/26, compared to a JPY12.1bn loss in 1H FY04/25.
• Order backlog at end-Q2 FY04/26 was JPY41.1bn, with project income projected at JPY11.0–13.0bn for FY04/26.

• Strategic Hub and Network Dominance: Leveraging its Istanbul hub, Turkish Airlines operates one of the world’s most extensive networks, flying to more countries than any other airline, which provides a significant competitive advantage in capturing global transfer traffic between Europe, Asia, and Africa.
• Aggressive Growth and Fleet Expansion: The company is pursuing an ambitious ‘Vision 2033’ strategy, aiming to nearly double its fleet to over 800 aircraft and serve 170 million passengers annually, supported by a strong track record of revenue and net income growth.
• Attractive Valuation Offset by High Risks: The stock trades at a notable discount to its global peers on key valuation metrics. However, this is balanced by significant risks, including high sensitivity to geopolitical instability in the region, currency volatility, and intense competition from both legacy and low-cost carriers.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Record Backlog and Favorable Geopolitical Tailwinds: Elbit Systems is experiencing robust demand, evidenced by a record order backlog that has more than doubled in four years, providing strong multi-year revenue visibility. Escalating geopolitical tensions are prompting increased global defense spending, creating a favorable environment for sustained growth, particularly in Europe and the U.S.
• Diversified Portfolio of Advanced Technologies: The company possesses a broad and technologically advanced portfolio spanning airborne, land, and naval systems, with strong positions in high-growth areas like unmanned systems, C4ISR, electro-optics, and cyber intelligence. This diversification across products and geographies mitigates risk and allows Elbit to capitalize on a wide range of defense modernization programs.
• Improving Financial Performance and Margin Expansion Potential: Elbit has demonstrated consistent double-digit revenue growth and is showing improving profitability. Margin expansion is a key focus, driven by operating leverage in the rapidly growing Land segment and a turnaround in the U.S.-based Elbit Systems of America, with management targeting higher operating margins in the coming years.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• On Friday, after market close, Makino Milling Machine Co (6135 JP) finally issued a progress update on the MBK preconditional tender offer. The update, while mixed, should calm nerves. 
• The positive read-across is a pathway to regulatory approvals, the Homeplus saga has not derailed the offer, and the likely breach of the long-stop date is not a termination event.
• The negative read-across is the lack of a revised tender start timeline, an unexplained delay in securing most regulatory approvals and ongoing uncertainty on the long-stop date.

• In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
• Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
• SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.

• Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. 
• Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.
• Projected valuations are once again reasonable. The share price should continue to trend upwards.

• Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
• The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
• Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.

• Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
• It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
• Since its listing, the stock is up 19%, but there is still upside potential.

• The mid-market professional services platform which owns the Dow Schofield Watts and the DR Solicitors brands, reported strong Interims to September 2025, on 24 November.
• The scalable branded platform is aimed at ambitious, entrepreneurial professionals to start and develop their own businesses.
• Founded in 2002 as an advisory platform to attract UK owner managers, the Company has consultants on feebased income and a partnership model with a profit share approach. 

• Project income reached JPY5.2bn in 1H FY04/26, with revenue of JPY2.6bn and government grant income of JPY2.6bn.
• Operating loss improved to JPY4.7bn in 1H FY04/26, compared to a JPY12.1bn loss in 1H FY04/25.
• Order backlog at end-Q2 FY04/26 was JPY41.1bn, with project income projected at JPY11.0–13.0bn for FY04/26.

• Strategic Hub and Network Dominance: Leveraging its Istanbul hub, Turkish Airlines operates one of the world’s most extensive networks, flying to more countries than any other airline, which provides a significant competitive advantage in capturing global transfer traffic between Europe, Asia, and Africa.
• Aggressive Growth and Fleet Expansion: The company is pursuing an ambitious ‘Vision 2033’ strategy, aiming to nearly double its fleet to over 800 aircraft and serve 170 million passengers annually, supported by a strong track record of revenue and net income growth.
• Attractive Valuation Offset by High Risks: The stock trades at a notable discount to its global peers on key valuation metrics. However, this is balanced by significant risks, including high sensitivity to geopolitical instability in the region, currency volatility, and intense competition from both legacy and low-cost carriers.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Record Backlog and Favorable Geopolitical Tailwinds: Elbit Systems is experiencing robust demand, evidenced by a record order backlog that has more than doubled in four years, providing strong multi-year revenue visibility. Escalating geopolitical tensions are prompting increased global defense spending, creating a favorable environment for sustained growth, particularly in Europe and the U.S.
• Diversified Portfolio of Advanced Technologies: The company possesses a broad and technologically advanced portfolio spanning airborne, land, and naval systems, with strong positions in high-growth areas like unmanned systems, C4ISR, electro-optics, and cyber intelligence. This diversification across products and geographies mitigates risk and allows Elbit to capitalize on a wide range of defense modernization programs.
• Improving Financial Performance and Margin Expansion Potential: Elbit has demonstrated consistent double-digit revenue growth and is showing improving profitability. Margin expansion is a key focus, driven by operating leverage in the rapidly growing Land segment and a turnaround in the U.S.-based Elbit Systems of America, with management targeting higher operating margins in the coming years.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The MV Global Defense Industry Index represents the performance of companies in national defense industries.
• There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. 
• We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.

• The MV Global Defense Industry Index represents the performance of companies in national defense industries.
• There will be four ADDs for the MV Global Defense Index for the December 2025 rebal. 
• We expect one-way flow of US$391mn for December 2025, which translates to a turnover of 5.4%.

• CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
• CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

• Diffusion Engineers (DIFFNKG IN) is India’s integrated engineering solutions provider specializing in welding consumables, wear plates/parts, and heavy engineering equipment for core industrial sectors. 
• The company is targeting to double its top-line in 3 to 4 years with a sustainable EBITDA margin range of 15% to 17%. 
• The most critical growth trigger is the INR 70 crore capacity expansion at the Nimji and B33 facilities, which is designed to double production capacity and drive internal cost efficiencies.

• Iveco Group is strategically positioned to capitalize on the transition to sustainable transportation through its multi-energy powertrain offerings, including BEV, hydrogen, and natural gas, via its FPT Industrial division.
• The company exhibits a strong market presence in European light commercial vehicles and buses, but faces intense competition and margin pressure in the heavy truck segment, alongside a high geographic concentration in the cyclical European market.
• Trading at a notable valuation discount to key peers like Paccar and Cummins, Iveco presents a potential value opportunity, contingent on successful execution of its strategic plan to improve profitability and navigate the costly transition to zero-emission technologies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• GiG Works reported revenue of JPY22.3bn (-12.2% YoY) and net income of JPY272mn, surpassing full-year forecasts.
• The company recorded impairment losses of JPY171mn in the Web3 Services and Sharing Economy businesses for FY10/25.
• For FY10/26, GiG Works forecasts revenue of JPY22.0bn, operating profit of JPY50mn, and net income of JPY10mn.

• Rocket Lab Corporation reported a record-breaking third quarter of 2025, highlighting significant year-on-year revenue growth of 48%, reaching $155 million.
• This marks the second consecutive quarter of record growth, propelled by heightened demand for its Electron launch vehicle, which reported its highest-ever contract backlog of 49 launches.
• Positively, the company sees robust demand from international customers, indicating strong global adoption of its services.

• In a season crowded with earnings calls, margin debates, and cautious optimism, one headline stood out: APi Group has signed an agreement to acquire CertaSite, a Midwest-based fire and life safety services provider.
• The deal, expected to close in Q1 2026 pending regulatory approval, marks another strategic step in APi Group’s larger playbook—its 10/16/60+ value creation framework.
• With CertaSite projected to bring in $90 million in revenue for 2025 and described as “accretive,” APi is making it clear this isn’t a one-off.

• SpaceX has established a dominant position in the global launch services market through its revolutionary reusable rocket technology, significantly lowering launch costs and increasing launch frequency.
• The Starlink satellite internet constellation has emerged as a primary revenue and growth driver, with a rapidly expanding subscriber base and plans for further global coverage, tapping into a substantial addressable market.
• While facing technical and regulatory challenges, particularly with the ambitious Starship program, SpaceX‘s vertical integration, strong government contracts, and visionary leadership position it for continued disruption and long-term growth in the expanding space economy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• AST SpaceMobile’s third quarter of 2025 business update revealed significant progress across several operational and financial dimensions, indicating both growth potential and ongoing challenges.
• The company is focused on building the first global cellular broadband network in space, directly connecting with unmodified mobile devices—a venture targeting an extensive market with over 6 billion mobile phones globally, but with existing coverage gaps.
• The company reported approximately $14.7 million in revenue, a substantial increase from previous quarters, primarily due to gateway equipment sales and service milestones with U.S. government and commercial partners.

AVAX delivered a robust performance in the first nine months of 2025 (9M25), with revenue climbing 65% y-o-y to €682.2m and EBITDA up 37% to €94.5m. The results reflect accelerated execution across the group’s €2.5bn backlog, with new projects entering full build-out phase, driving both volume growth and margin expansion. Construction EBITDA margins improved to 11.3% (9M24: 9.4%), continuing the upward trajectory established through FY24 when margins reached 10.4%, up from 6.2% in FY23. Net profit improved to €42.1m versus €4.9m in FY24, due to lower provisions (Lebanon-related charges affected 9M24), reduced finance costs and operational gearing. Net debt fell to €209.2m (FY24: €237.5m), resulting in the company’s net debt/EBITDA ratio falling to 1.6x (FY24: 2.25x). Management is guiding towards FY25e revenue of over €800m and EBITDA to exceed €120m, with further commentary on the fact that, on a medium-term horizon, the company expects to continue to convert operating results into high net profitability, with the end goal of rewarding shareholders through the distribution of high dividends.

• Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core business units.
• Key drivers included a 13% year-over-year increase in its GenEco electrolyzer business, which generated $65 million in revenue, indicating strong global demand for hydrogen solutions.
• A pivotal development has been Plug’s execution in scaling hydrogen production, underscored by substantial projects like the Galp initiative in Portugal.

• CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
• CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

• Diffusion Engineers (DIFFNKG IN) is India’s integrated engineering solutions provider specializing in welding consumables, wear plates/parts, and heavy engineering equipment for core industrial sectors. 
• The company is targeting to double its top-line in 3 to 4 years with a sustainable EBITDA margin range of 15% to 17%. 
• The most critical growth trigger is the INR 70 crore capacity expansion at the Nimji and B33 facilities, which is designed to double production capacity and drive internal cost efficiencies.

• Iveco Group is strategically positioned to capitalize on the transition to sustainable transportation through its multi-energy powertrain offerings, including BEV, hydrogen, and natural gas, via its FPT Industrial division.
• The company exhibits a strong market presence in European light commercial vehicles and buses, but faces intense competition and margin pressure in the heavy truck segment, alongside a high geographic concentration in the cyclical European market.
• Trading at a notable valuation discount to key peers like Paccar and Cummins, Iveco presents a potential value opportunity, contingent on successful execution of its strategic plan to improve profitability and navigate the costly transition to zero-emission technologies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• GiG Works reported revenue of JPY22.3bn (-12.2% YoY) and net income of JPY272mn, surpassing full-year forecasts.
• The company recorded impairment losses of JPY171mn in the Web3 Services and Sharing Economy businesses for FY10/25.
• For FY10/26, GiG Works forecasts revenue of JPY22.0bn, operating profit of JPY50mn, and net income of JPY10mn.

• Rocket Lab Corporation reported a record-breaking third quarter of 2025, highlighting significant year-on-year revenue growth of 48%, reaching $155 million.
• This marks the second consecutive quarter of record growth, propelled by heightened demand for its Electron launch vehicle, which reported its highest-ever contract backlog of 49 launches.
• Positively, the company sees robust demand from international customers, indicating strong global adoption of its services.

• In a season crowded with earnings calls, margin debates, and cautious optimism, one headline stood out: APi Group has signed an agreement to acquire CertaSite, a Midwest-based fire and life safety services provider.
• The deal, expected to close in Q1 2026 pending regulatory approval, marks another strategic step in APi Group’s larger playbook—its 10/16/60+ value creation framework.
• With CertaSite projected to bring in $90 million in revenue for 2025 and described as “accretive,” APi is making it clear this isn’t a one-off.

• SpaceX has established a dominant position in the global launch services market through its revolutionary reusable rocket technology, significantly lowering launch costs and increasing launch frequency.
• The Starlink satellite internet constellation has emerged as a primary revenue and growth driver, with a rapidly expanding subscriber base and plans for further global coverage, tapping into a substantial addressable market.
• While facing technical and regulatory challenges, particularly with the ambitious Starship program, SpaceX‘s vertical integration, strong government contracts, and visionary leadership position it for continued disruption and long-term growth in the expanding space economy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• AST SpaceMobile’s third quarter of 2025 business update revealed significant progress across several operational and financial dimensions, indicating both growth potential and ongoing challenges.
• The company is focused on building the first global cellular broadband network in space, directly connecting with unmodified mobile devices—a venture targeting an extensive market with over 6 billion mobile phones globally, but with existing coverage gaps.
• The company reported approximately $14.7 million in revenue, a substantial increase from previous quarters, primarily due to gateway equipment sales and service milestones with U.S. government and commercial partners.

AVAX delivered a robust performance in the first nine months of 2025 (9M25), with revenue climbing 65% y-o-y to €682.2m and EBITDA up 37% to €94.5m. The results reflect accelerated execution across the group’s €2.5bn backlog, with new projects entering full build-out phase, driving both volume growth and margin expansion. Construction EBITDA margins improved to 11.3% (9M24: 9.4%), continuing the upward trajectory established through FY24 when margins reached 10.4%, up from 6.2% in FY23. Net profit improved to €42.1m versus €4.9m in FY24, due to lower provisions (Lebanon-related charges affected 9M24), reduced finance costs and operational gearing. Net debt fell to €209.2m (FY24: €237.5m), resulting in the company’s net debt/EBITDA ratio falling to 1.6x (FY24: 2.25x). Management is guiding towards FY25e revenue of over €800m and EBITDA to exceed €120m, with further commentary on the fact that, on a medium-term horizon, the company expects to continue to convert operating results into high net profitability, with the end goal of rewarding shareholders through the distribution of high dividends.

• Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core business units.
• Key drivers included a 13% year-over-year increase in its GenEco electrolyzer business, which generated $65 million in revenue, indicating strong global demand for hydrogen solutions.
• A pivotal development has been Plug’s execution in scaling hydrogen production, underscored by substantial projects like the Galp initiative in Portugal.

• Given the change of control into Meilan Airport (357 HK), was, in effect, a  re-arrangement of Meilan Airport shares under the same ultimate parent, the regulatory approval process curiously dragged.
• Yesterday Meilan Airport announced all SPA conditions have now been satisfied, and that the SPA should complete in 20 business days. A Composite Doc will then be issued.
• Trading almost at terms. This is a back-end proposition play. My peer basket is up 11%, on average, since the Offer was first announced. Asian peers are up 15%.

• The feedback I get on this transaction canvasses comments such as: “it just doesn’t feel right“, or “there’s something funny going on“, or simply “weird“. 
• With~20% of the shareholder register, involving opaque pre-IPO investors, none of whom have provided IUs, a Shanghai Henlius (2696 HK)-like situation unfolding is bandied around. The comparison is, however, tenuous.
• Further inquiries suggest CDH is likely in control of 18% of that 20%. This needs to be clarified.

• SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. 
• The investor in this CB and EB is IMM Credit & Solution (ICS), which will acquire the entire amount through a private placement.
• This additional capital raise could result in S&T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS).

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
• It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
• Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.

• Shenzhen SDMC (1385919D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CSI.
• It is a specialized provider of smart home solutions for enterprise customers, dedicated to advancing the application of AI technologies in home settings. 
• The Company’s business model involves developing and selling primarily hardware products.

• Emeren Group’s merger arbitrage presents a 13% spread with a shareholder vote imminent, despite operational softness concerns.
• TrueCar’s buyout vote is set for December 22, with AutoNation potentially reducing required financing by joining.
• AUB Group’s merger discussions with EQT and CVC ended without a binding proposal, reflecting management’s confidence in fundamentals.

• After the US’ CFIUS permitted the Hanwha Group to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU), FIRB’s support appeared a lock.
• FIRB has now cleared Hanwha to lift its stake to 19.9% from 9.9%, “and cannot increase its shareholding above 19.9 per cent“. Andrew and Nicola Forrest’s Tattarang currently holds ~19.4%. 
• This development should not come as a surprise. Fundamentally, Austal is not inexpensive. 

• SK Inc. operates as the holding company for South Korea’s SK Group, a major conglomerate with a diversified portfolio spanning energy, telecommunications, semiconductors, chemicals, and biopharmaceuticals.
• The company is strategically focused on four key growth areas: advanced materials, green energy, biopharmaceuticals, and digital technologies, actively investing to secure future growth engines.
• As a holding company, its financial performance is closely tied to the performance of its major subsidiaries, including SK Hynix, SK Innovation, and SK Telecom, making it a proxy for the broader South Korean industrial landscape.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Given the change of control into Meilan Airport (357 HK), was, in effect, a  re-arrangement of Meilan Airport shares under the same ultimate parent, the regulatory approval process curiously dragged.
• Yesterday Meilan Airport announced all SPA conditions have now been satisfied, and that the SPA should complete in 20 business days. A Composite Doc will then be issued.
• Trading almost at terms. This is a back-end proposition play. My peer basket is up 11%, on average, since the Offer was first announced. Asian peers are up 15%.

• The feedback I get on this transaction canvasses comments such as: “it just doesn’t feel right“, or “there’s something funny going on“, or simply “weird“. 
• With~20% of the shareholder register, involving opaque pre-IPO investors, none of whom have provided IUs, a Shanghai Henlius (2696 HK)-like situation unfolding is bandied around. The comparison is, however, tenuous.
• Further inquiries suggest CDH is likely in control of 18% of that 20%. This needs to be clarified.

• SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. 
• The investor in this CB and EB is IMM Credit & Solution (ICS), which will acquire the entire amount through a private placement.
• This additional capital raise could result in S&T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS).

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
• It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
• Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.

• Shenzhen SDMC (1385919D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CSI.
• It is a specialized provider of smart home solutions for enterprise customers, dedicated to advancing the application of AI technologies in home settings. 
• The Company’s business model involves developing and selling primarily hardware products.

• Emeren Group’s merger arbitrage presents a 13% spread with a shareholder vote imminent, despite operational softness concerns.
• TrueCar’s buyout vote is set for December 22, with AutoNation potentially reducing required financing by joining.
• AUB Group’s merger discussions with EQT and CVC ended without a binding proposal, reflecting management’s confidence in fundamentals.

• After the US’ CFIUS permitted the Hanwha Group to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU), FIRB’s support appeared a lock.
• FIRB has now cleared Hanwha to lift its stake to 19.9% from 9.9%, “and cannot increase its shareholding above 19.9 per cent“. Andrew and Nicola Forrest’s Tattarang currently holds ~19.4%. 
• This development should not come as a surprise. Fundamentally, Austal is not inexpensive. 

• SK Inc. operates as the holding company for South Korea’s SK Group, a major conglomerate with a diversified portfolio spanning energy, telecommunications, semiconductors, chemicals, and biopharmaceuticals.
• The company is strategically focused on four key growth areas: advanced materials, green energy, biopharmaceuticals, and digital technologies, actively investing to secure future growth engines.
• As a holding company, its financial performance is closely tied to the performance of its major subsidiaries, including SK Hynix, SK Innovation, and SK Telecom, making it a proxy for the broader South Korean industrial landscape.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• SK Hynix and SK Square hit L2 flags; cash-only until Dec 24. Margin off, >40% two-day rip triggers halt. L2 lifts if below T-5/+45%, T-15/+75%, and 15-day high.
• L2’s usually a non-event, but this time the margin freeze probably smacks Hynix harder. Key trigger is staying below the 15-day high: Hynix ₩587,000, Square ₩324,000.
• Govt set to roll out AI-semiconductor holdco deregulation this week, boosting AI holdcos like Square and juicing a near-term Square-over-Hynix trade opportunity.

• On 30 April, Haikou Meilan International Airport entered a SPA with Hainan Airport Infrastructure (600515 CH) to sell its Hainan Meilan International Airport (357 HK) 50.19% stake at RMB9.85 (HK$10.62).
• The SPA precondition is satisfied, and the SPA will be completed within 20 business days. Completion will trigger an unconditional MGO at HK$10.62.
• Tendering is likely to be low as the offer is unattractive. At the last close and for a mid-February 2026 payment, the gross/annualised spread is 0.2%/1.1%.

• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events.
• The stability provided by the Real Estate segment remains a key enabler for IINO Lines’ long-term strategy.
• With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 

• Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
• At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
• The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

• Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
• Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
• It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing.

• Xrf Scientific is a manufacturer and distributor of scientific instruments, specialized chemicals, and precious metal products for the analytical and mining industries. The company’s core business revolves around providing a complete suite of products for sample preparation and analysis, primarily for X-ray fluorescence (XRF) and inductively coupled plasma (ICP) techniques.
• The company operates through three main segments: Capital Equipment, Precious Metals, and Consumables. The Consumables segment, particularly the production of fusion flux, is a significant contributor to profits and boasts a dominant global market share. The Precious Metals division manufactures platinum-based labware, while the Capital Equipment segment produces furnaces and other laboratory instruments.
• Xrf Scientific has demonstrated a strong growth trajectory, characterized by consistent revenue and profit growth over the past several years. This growth is supported by a diverse customer base that includes major mining companies and industrial clients, reducing its dependence on the cyclicality of the mining sector. The company has also pursued strategic acquisitions to expand its product offerings and market reach.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Poised to capture the full recovery of Chinese international travel, SIA’s primary asset, Shanghai Pudong International Airport (PVG), stands as China’s premier international gateway. The ongoing recovery in passenger volumes, particularly on lucrative international routes, is the primary catalyst for earnings growth.
• Non-aeronautical revenue, especially from duty-free concessions, represents a significant value driver. The upcoming renewal of duty-free contracts from 2026 provides a potential upside, although recent negotiations have sometimes favored the operator, indicating a key area to monitor.
• Massive infrastructure investment, including the Phase IV expansion and a new T3 terminal, will solidify PVG’s long-term competitive position as a mega-hub in Asia. This expansion is designed to increase annual passenger capacity to 130 million, accommodating future growth in the Yangtze River Delta region.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
• Strong  demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
• Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

• For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m).
• Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m).
• EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.

• SK Hynix and SK Square hit L2 flags; cash-only until Dec 24. Margin off, >40% two-day rip triggers halt. L2 lifts if below T-5/+45%, T-15/+75%, and 15-day high.
• L2’s usually a non-event, but this time the margin freeze probably smacks Hynix harder. Key trigger is staying below the 15-day high: Hynix ₩587,000, Square ₩324,000.
• Govt set to roll out AI-semiconductor holdco deregulation this week, boosting AI holdcos like Square and juicing a near-term Square-over-Hynix trade opportunity.

• On 30 April, Haikou Meilan International Airport entered a SPA with Hainan Airport Infrastructure (600515 CH) to sell its Hainan Meilan International Airport (357 HK) 50.19% stake at RMB9.85 (HK$10.62).
• The SPA precondition is satisfied, and the SPA will be completed within 20 business days. Completion will trigger an unconditional MGO at HK$10.62.
• Tendering is likely to be low as the offer is unattractive. At the last close and for a mid-February 2026 payment, the gross/annualised spread is 0.2%/1.1%.

• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events.
• The stability provided by the Real Estate segment remains a key enabler for IINO Lines’ long-term strategy.
• With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 

• Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
• At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
• The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

• Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
• Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
• It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing.

• Xrf Scientific is a manufacturer and distributor of scientific instruments, specialized chemicals, and precious metal products for the analytical and mining industries. The company’s core business revolves around providing a complete suite of products for sample preparation and analysis, primarily for X-ray fluorescence (XRF) and inductively coupled plasma (ICP) techniques.
• The company operates through three main segments: Capital Equipment, Precious Metals, and Consumables. The Consumables segment, particularly the production of fusion flux, is a significant contributor to profits and boasts a dominant global market share. The Precious Metals division manufactures platinum-based labware, while the Capital Equipment segment produces furnaces and other laboratory instruments.
• Xrf Scientific has demonstrated a strong growth trajectory, characterized by consistent revenue and profit growth over the past several years. This growth is supported by a diverse customer base that includes major mining companies and industrial clients, reducing its dependence on the cyclicality of the mining sector. The company has also pursued strategic acquisitions to expand its product offerings and market reach.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Poised to capture the full recovery of Chinese international travel, SIA’s primary asset, Shanghai Pudong International Airport (PVG), stands as China’s premier international gateway. The ongoing recovery in passenger volumes, particularly on lucrative international routes, is the primary catalyst for earnings growth.
• Non-aeronautical revenue, especially from duty-free concessions, represents a significant value driver. The upcoming renewal of duty-free contracts from 2026 provides a potential upside, although recent negotiations have sometimes favored the operator, indicating a key area to monitor.
• Massive infrastructure investment, including the Phase IV expansion and a new T3 terminal, will solidify PVG’s long-term competitive position as a mega-hub in Asia. This expansion is designed to increase annual passenger capacity to 130 million, accommodating future growth in the Yangtze River Delta region.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
• Strong  demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
• Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

• For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m).
• Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m).
• EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.