Industrials

• Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
• The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
• Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment. 

• Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
• Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
• Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

• Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
• The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
• This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

• The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
• In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
• These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
• AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
• The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 

• Snap-on Inc. reported its third-quarter results, revealing a 3.8% increase in net sales to $1.19 billion compared to the previous year, with organic sales growth of 3%.
• Adjustments for favorable foreign currency translation were noted.
• Operating margins, before Financial Services, stood at 23.4% due to a 190 basis point gain from a legal settlement.

• Revenue increased by 3.0% YoY to JPY31.7bn, achieving 50.0% of the full-year forecast, while operating profit fell 4.4% YoY.
• Segment revenue for scaffolding equipment rose 3.7% YoY to JPY13.0bn, but segment profit decreased 24.0% YoY.
• Revenue from digital firefighter radios grew 12.3% YoY to JPY2.7bn, narrowing the segment loss compared to 1H FY03/25.

• United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.
• The company demonstrated strong results despite identified macroeconomic challenges.
• United’s ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.

• Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
• The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
• Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment. 

• Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
• Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
• Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

• Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
• The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
• This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

• The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
• In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
• These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
• AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
• The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 

• Snap-on Inc. reported its third-quarter results, revealing a 3.8% increase in net sales to $1.19 billion compared to the previous year, with organic sales growth of 3%.
• Adjustments for favorable foreign currency translation were noted.
• Operating margins, before Financial Services, stood at 23.4% due to a 190 basis point gain from a legal settlement.

• Revenue increased by 3.0% YoY to JPY31.7bn, achieving 50.0% of the full-year forecast, while operating profit fell 4.4% YoY.
• Segment revenue for scaffolding equipment rose 3.7% YoY to JPY13.0bn, but segment profit decreased 24.0% YoY.
• Revenue from digital firefighter radios grew 12.3% YoY to JPY2.7bn, narrowing the segment loss compared to 1H FY03/25.

• United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.
• The company demonstrated strong results despite identified macroeconomic challenges.
• United’s ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.

• Sany Heavy Industry (600031 CH) could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
• There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
• Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently elevenpair trade opportunities across three markets and seven sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Price momentum and volume growth both remained weak in September 
• Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
• Expect pricing to remain weak; Suez re-start would likely lead to losses

• Mitsubishi Electric is pivoting its strategic focus towards high-growth digital and green technologies, exemplified by its ‘Serendie’ digital innovation platform and the recent acquisition of cybersecurity firm Nozomi Networks. This is intended to build on its established strengths in factory automation and automotive equipment.
• The company is targeting significant revenue growth from these new digital ventures, aiming for ¥1.1 trillion from Serendie-related initiatives by FY2031. This strategy is supported by heavy investment in AI and a planned tripling of its digital innovation workforce.
• While demonstrating strong recent growth and market momentum, the company faces considerable execution risks. These include integrating new acquisitions, competing with established digital platforms from rivals like Siemens and Hitachi, and navigating macroeconomic uncertainties such as currency volatility and potential tariffs.

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

• Sany Heavy Industry (600031 CH) could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
• There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
• Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently elevenpair trade opportunities across three markets and seven sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Price momentum and volume growth both remained weak in September 
• Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
• Expect pricing to remain weak; Suez re-start would likely lead to losses

• Mitsubishi Electric is pivoting its strategic focus towards high-growth digital and green technologies, exemplified by its ‘Serendie’ digital innovation platform and the recent acquisition of cybersecurity firm Nozomi Networks. This is intended to build on its established strengths in factory automation and automotive equipment.
• The company is targeting significant revenue growth from these new digital ventures, aiming for ¥1.1 trillion from Serendie-related initiatives by FY2031. This strategy is supported by heavy investment in AI and a planned tripling of its digital innovation workforce.
• While demonstrating strong recent growth and market momentum, the company faces considerable execution risks. These include integrating new acquisitions, competing with established digital platforms from rivals like Siemens and Hitachi, and navigating macroeconomic uncertainties such as currency volatility and potential tariffs.

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

• Bloom Energy’s second quarter 2025 results highlighted both robust growth and certain areas of strategic focus.
• The call was led by CEO K.R. Sridhar, who shared that this was the most profitable second quarter in the company’s history.
• Bloom Energy is seeing increased demand driven by the shift towards AI and data center needs for reliable and rapidly deployable power solutions.

• Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. 
• Solstice is a leading global supplier of environmentally sustainable refrigerants, electronic materials, and specialty chemicals.
• The business has historically grown at roughly a 4% CAGR and is positioned to benefit from several long-term tailwinds — including semiconductor expansion, data center growth, industrial onshoring, and regulatory phase-downs of high-GWP refrigerants.

• Honeywell spinoff Solstice to continue M&A playbook post separation: Spin-offs that are active in M&A tend to perform well. This is a positive.
• Top Golf VIC Write Up: Good write up breaking down the demerger arbitrage opportunity
• WSJ: The Years Buzziest Deals are Corporate Breakups

• Rentokil Initial PLC provided a mixed performance for the first half of the year, with results showing both challenges and opportunities.
• Overall, revenue increased by 3.1% to $3.36 billion, with organic growth of 1.6%.
• The International business, which constitutes 37% of group revenues, performed relatively well, experiencing a 2.7% organic revenue increase, driven by strong pest control growth particularly in Southern Europe, India, and Indonesia.

• Thales Group has reported its financial results for the first half of 2025, showcasing a strong performance despite facing challenges in certain segments.
• The company experienced notable sales growth, particularly in avionics and defense, driven by increased global defense spending and robust order intake.
• The defense sector, buoyed by significant contracts such as the order of Rafale fighter jets from the Indian Navy and a missile supply contract with the UK Ministry of Defense, contributed substantially to the positive revenue trajectory.

• VINCI (DG.PA) provides an intricate view of its business performance in the first half of 2025, characterized by both opportunities and challenges.
• The company’s multifaceted business model showcases resilience and strategic expansion in key areas such as Concessions, Energy Solutions, and Construction despite a volatile macroeconomic and geopolitical environment.
• One of the significant positives in VINCI’s performance resides in the continued growth in its Concession business.

• Bloom Energy’s second quarter 2025 results highlighted both robust growth and certain areas of strategic focus.
• The call was led by CEO K.R. Sridhar, who shared that this was the most profitable second quarter in the company’s history.
• Bloom Energy is seeing increased demand driven by the shift towards AI and data center needs for reliable and rapidly deployable power solutions.

• Honeywell (HON) will spin off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025. 
• Solstice is a leading global supplier of environmentally sustainable refrigerants, electronic materials, and specialty chemicals.
• The business has historically grown at roughly a 4% CAGR and is positioned to benefit from several long-term tailwinds — including semiconductor expansion, data center growth, industrial onshoring, and regulatory phase-downs of high-GWP refrigerants.

• Honeywell spinoff Solstice to continue M&A playbook post separation: Spin-offs that are active in M&A tend to perform well. This is a positive.
• Top Golf VIC Write Up: Good write up breaking down the demerger arbitrage opportunity
• WSJ: The Years Buzziest Deals are Corporate Breakups

• Rentokil Initial PLC provided a mixed performance for the first half of the year, with results showing both challenges and opportunities.
• Overall, revenue increased by 3.1% to $3.36 billion, with organic growth of 1.6%.
• The International business, which constitutes 37% of group revenues, performed relatively well, experiencing a 2.7% organic revenue increase, driven by strong pest control growth particularly in Southern Europe, India, and Indonesia.

• Thales Group has reported its financial results for the first half of 2025, showcasing a strong performance despite facing challenges in certain segments.
• The company experienced notable sales growth, particularly in avionics and defense, driven by increased global defense spending and robust order intake.
• The defense sector, buoyed by significant contracts such as the order of Rafale fighter jets from the Indian Navy and a missile supply contract with the UK Ministry of Defense, contributed substantially to the positive revenue trajectory.

• VINCI (DG.PA) provides an intricate view of its business performance in the first half of 2025, characterized by both opportunities and challenges.
• The company’s multifaceted business model showcases resilience and strategic expansion in key areas such as Concessions, Energy Solutions, and Construction despite a volatile macroeconomic and geopolitical environment.
• One of the significant positives in VINCI’s performance resides in the continued growth in its Concession business.

• It was reported that various members of the LS Group family/relatives sold a 6.3% stake in LS Eco Energy Ltd (229640 KS) for about 70 billion won in after-hours trading.
• There is an increasing probability that this could lead to these insiders purchasing more shares of LS Corp to defend their controlling stake of the company from the Hoban Group.
• Hoban Group is likely to have acquired more than 3% stake in LS Corp. If so, it can request to inspect LS Corp’s books and convene a shareholders’ meeting.

• BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
• There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
• While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.

• In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports

• Enpro Industries recently announced its intent to acquire two niche yet highly complementary businesses—AlpHa Measurement Solutions and Overlook Industries—for a combined $280 million in cash.
• These acquisitions mark a strategic push under Enpro’s “Enpro 3.0” framework, aimed at strengthening its Sealing Technologies segment and expanding its footprint in high-growth verticals like compositional analysis and biopharma.
• AlpHa, based in Houston, provides liquid analytical sensing technologies, while Overlook Industries specializes in single-use technologies for biopharmaceutical production.

• Having completed the Fibo deal earlier in the week, Norcros has followed up with a solid, above market H1’26 trading update and unchanged guidance.
• Strategic delivery through operational excellence and highly complementary M&A is clearly being executed well and, notwithstanding market variability, Norcros is maintaining forward momentum.
• Norcros delivered a marginally better underlying revenue performance in H1’26 overall with the headline c.£184m also boosted by an additional trading week.

• It was reported that various members of the LS Group family/relatives sold a 6.3% stake in LS Eco Energy Ltd (229640 KS) for about 70 billion won in after-hours trading.
• There is an increasing probability that this could lead to these insiders purchasing more shares of LS Corp to defend their controlling stake of the company from the Hoban Group.
• Hoban Group is likely to have acquired more than 3% stake in LS Corp. If so, it can request to inspect LS Corp’s books and convene a shareholders’ meeting.

• BETA Technologies (BETA US) is to offer 25.0 million shares at $27-$33 equating to a valuation of $5.9b-$7.2b and can go public as soon as November 4th.
• There are a number of anchor order commitments on the cover of the prospectus in addition to a 5% directed share program.
• While the company has significant losses, they should be seen in light of its strong potential in low-cost air travel.

• In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports

• Enpro Industries recently announced its intent to acquire two niche yet highly complementary businesses—AlpHa Measurement Solutions and Overlook Industries—for a combined $280 million in cash.
• These acquisitions mark a strategic push under Enpro’s “Enpro 3.0” framework, aimed at strengthening its Sealing Technologies segment and expanding its footprint in high-growth verticals like compositional analysis and biopharma.
• AlpHa, based in Houston, provides liquid analytical sensing technologies, while Overlook Industries specializes in single-use technologies for biopharmaceutical production.

• Having completed the Fibo deal earlier in the week, Norcros has followed up with a solid, above market H1’26 trading update and unchanged guidance.
• Strategic delivery through operational excellence and highly complementary M&A is clearly being executed well and, notwithstanding market variability, Norcros is maintaining forward momentum.
• Norcros delivered a marginally better underlying revenue performance in H1’26 overall with the headline c.£184m also boosted by an additional trading week.

• The recent rally has taken Seibu Holdings (9024 JP)‘ stock price to a new high. The increased market cap should result in global index inclusion in November.
• Seibu Holdings (9024 JP) has outperformed its peers by a wide margin, over the last couple of years and in the short-term.
• While there has been an increase in positioning in the stock over the last few weeks, it does not different materially from what we see in its peers.

• In this insight, we highlight stocks that have been highlighted by locals as potential inclusion/exclusion candidates in KOSPI200 and major global index rebalance in 4Q25.
• The five potential inclusion candidates include Paradise, Asia Holdings, LG CNS, APR, and HD Hyundai Marine Solution. 
• The five potential exclusion candidates include TCC Steel, KG Mobility, Dentium, Orion Corp, and LG H&H. 

• In a move that signals a sharp strategic pivot, Caterpillar has announced its intent to acquire RPMGlobal, Australia’s last publicly traded mining software company, for approximately A$1.12 billion ($728 million).
• This acquisition comes at a time when Caterpillar is riding high on strong operational performance and is transitioning toward a more service-centric, digitally driven revenue model.
• The offer of A$5 per share by Caterpillar, revealed in early September, has pushed RPMGlobal shares near their all-time highs, currently trading at A$4.75.

• AST SpaceMobile surged 16% to $86.42 in early trading after revealing a groundbreaking agreement with telecom giant Verizon to bring space-based cellular broadband service to U.S. customers by 2026.
• This announcement marks a significant validation for ASTS’s direct-to-smartphone satellite network, which aims to eliminate coverage gaps by connecting everyday devices to satellites without requiring any specialized equipment.
• The move positions AST SpaceMobile as a formidable challenger to Elon Musk’s Starlink in the rapidly evolving satellite telecom landscape.

• Hong-Wei Electrical Industry is a niche manufacturer of elevators and automatic conveyors, demonstrating a robust financial profile with accelerating revenue growth and significant margin expansion over the past three years.
• The company exhibits strong shareholder returns, evidenced by a high dividend yield and a consistent track record of substantial growth in dividends per share, supported by impressive free cash flow generation.
• While the company shows strong growth and resilience, its valuation appears less attractive on a price-to-book basis compared to peers, and it faces risks inherent to the cyclical nature of the machinery and construction industries.

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

• The Chartist reports shares in Mineral Resources have seen their low, with risk now shifting to more upside.

• Tenneco Clean Air India Ltd (1880671D IN) is looking to raise about US$350m in its upcoming India IPO.
• Tenneco Clean Air India (TCAIL) designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• In this note, we look at the company’s past performance.

• IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.
• Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.
• With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.

• Angle 2.20p £8.87m (AGL.L) The precision intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development, and clinical oncology revises its business strategy.
• The Chairman, Dr Jan Groen, has moved into an executive role to lead the Company as it focuses on tight cost control, accelerated commercial progress, and a clear plan towards becoming a sustainable business.
• As part of its revised strategy, the Company proposes to change its name to Ce1LBxHealth plc to reflects the sharpened focus on the provision of high-value CTC-based precision diagnostic testing. 

After a long period of destocking by customers, discoverIE has reported a return to organic revenue growth, with Q226 organic revenue up 1% y-o-y and H126 up 0.5% y-o-y after previously reporting flat organic revenue in Q126. Organic order growth was strong in Q226, up 8% y-o-y, providing a book-to-bill above one and a strong order book for delivery in H226. With trading in line with board expectations, we maintain our earnings forecasts.

• The recent rally has taken Seibu Holdings (9024 JP)‘ stock price to a new high. The increased market cap should result in global index inclusion in November.
• Seibu Holdings (9024 JP) has outperformed its peers by a wide margin, over the last couple of years and in the short-term.
• While there has been an increase in positioning in the stock over the last few weeks, it does not different materially from what we see in its peers.

• In this insight, we highlight stocks that have been highlighted by locals as potential inclusion/exclusion candidates in KOSPI200 and major global index rebalance in 4Q25.
• The five potential inclusion candidates include Paradise, Asia Holdings, LG CNS, APR, and HD Hyundai Marine Solution. 
• The five potential exclusion candidates include TCC Steel, KG Mobility, Dentium, Orion Corp, and LG H&H. 

• In a move that signals a sharp strategic pivot, Caterpillar has announced its intent to acquire RPMGlobal, Australia’s last publicly traded mining software company, for approximately A$1.12 billion ($728 million).
• This acquisition comes at a time when Caterpillar is riding high on strong operational performance and is transitioning toward a more service-centric, digitally driven revenue model.
• The offer of A$5 per share by Caterpillar, revealed in early September, has pushed RPMGlobal shares near their all-time highs, currently trading at A$4.75.

• AST SpaceMobile surged 16% to $86.42 in early trading after revealing a groundbreaking agreement with telecom giant Verizon to bring space-based cellular broadband service to U.S. customers by 2026.
• This announcement marks a significant validation for ASTS’s direct-to-smartphone satellite network, which aims to eliminate coverage gaps by connecting everyday devices to satellites without requiring any specialized equipment.
• The move positions AST SpaceMobile as a formidable challenger to Elon Musk’s Starlink in the rapidly evolving satellite telecom landscape.

• Hong-Wei Electrical Industry is a niche manufacturer of elevators and automatic conveyors, demonstrating a robust financial profile with accelerating revenue growth and significant margin expansion over the past three years.
• The company exhibits strong shareholder returns, evidenced by a high dividend yield and a consistent track record of substantial growth in dividends per share, supported by impressive free cash flow generation.
• While the company shows strong growth and resilience, its valuation appears less attractive on a price-to-book basis compared to peers, and it faces risks inherent to the cyclical nature of the machinery and construction industries.

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

• The Chartist reports shares in Mineral Resources have seen their low, with risk now shifting to more upside.

• Tenneco Clean Air India Ltd (1880671D IN) is looking to raise about US$350m in its upcoming India IPO.
• Tenneco Clean Air India (TCAIL) designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• In this note, we look at the company’s past performance.

• IndiGo’s Q2FY26 performance is expected to disappoint, with higher fuel prices, weak demand, and rupee depreciation sharply eroding margins and reversing the profitability momentum of recent quarters.
• Cost pressures are intensifying while yields weaken amid overcapacity and strong competition. The company’s cost advantage is narrowing, raising concerns about margin sustainability and near-term earnings visibility.
• With rising costs, currency headwinds, and pricing pressure, IndiGo’s profitability outlook appears challenging. Short-term recovery looks uncertain despite its strong balance sheet and scale advantages.

• Angle 2.20p £8.87m (AGL.L) The precision intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development, and clinical oncology revises its business strategy.
• The Chairman, Dr Jan Groen, has moved into an executive role to lead the Company as it focuses on tight cost control, accelerated commercial progress, and a clear plan towards becoming a sustainable business.
• As part of its revised strategy, the Company proposes to change its name to Ce1LBxHealth plc to reflects the sharpened focus on the provision of high-value CTC-based precision diagnostic testing. 

After a long period of destocking by customers, discoverIE has reported a return to organic revenue growth, with Q226 organic revenue up 1% y-o-y and H126 up 0.5% y-o-y after previously reporting flat organic revenue in Q126. Organic order growth was strong in Q226, up 8% y-o-y, providing a book-to-bill above one and a strong order book for delivery in H226. With trading in line with board expectations, we maintain our earnings forecasts.