Industrials

• Lotus Horizon is a specialized subcontractor in Hong Kong’s facade and building metal works sector, a niche market driven by both new construction and renovation projects.
• The company’s recent financial performance shows significant stress, with revenue declining and a swing from a net profit of HK$3.2 million in FY2025 to a net loss of HK$3.3 million in FY2026.
• While the broader Hong Kong construction market is expected to stabilize, supported by government infrastructure spending, the company faces intense competition, high uncertainty, and a challenging environment for private sector projects.

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• In FY03/26, revenue was JPY78.2bn (+5.3% YoY), operating profit was JPY5.7bn (+13.4% YoY), recurring profit was JPY6.3bn (+14.9% YoY), and net income attributable to owners of the parent was JPY4.0bn (+12.2% YoY).
• Revenue reached a record high for the second consecutive year.
• In the Public Sector segment, revenue was JPY41.6bn (+7.1% YoY), supported by revenue growth in existing businesses and at WEMAS, and the addition of Riken Kogyo Inc., which became a subsidiary in December 2024.

• Ferguson Enterprises has moved to deepen its industrial exposure through a definitive agreement to acquire FWI Holdings, the parent of FloWorks, for $1.6 billion from Wynnchurch Capital.
• Announced on July 13, 2026, the transaction would add a flow-control distributor with approximately $1 billion of 2025 revenue, more than 60 locations across the United States and Canada, and exposure to chemicals, refining, power generation, semiconductors, pharmaceuticals, and data centers.
• Ferguson expects the purchase to close in the third quarter of 2026 and estimates about $45 million of revenue and cost synergies, implying an acquisition multiple near 10 times last-twelve-month adjusted EBITDA after expected synergies.

Key points (machine generated)

• HIGASHI HOLDINGS CO., LTD. forecasts record-high sales and profits for FY3/27 despite global economic uncertainties.
• In FY3/26, the company achieved a 20.5% increase in net sales and a 47.6% rise in operating profit, exceeding revised forecasts.
• The Medium-Term Management Plan 2028 sets ambitious targets of ¥61 billion in net sales and ¥4.4 billion in ordinary profit by FY3/28.

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• Revenue increased 12.2% YoY to JPY7.6bn, driven by strong results in Emergency and Preventive Maintenance Services.
• Gross profit was JPY1.8bn (+13.5% YoY), with a GPM of 23.4% and an OPM unchanged at 6.6%.
• Shin Maint Holdings announced business integration with Sanki Service Corporation, impacting corporate name and director changes.

• Woojin I&S is demonstrating a significant operational turnaround, with substantial revenue growth and a return to profitability in the latest full year after a period of considerable losses. This recovery is supported by strong growth drivers in its key end-markets.
• The company’s valuation appears attractive relative to peers, with low P/E and P/B ratios. This, combined with high scores on Value, Growth, and Momentum metrics, suggests a potentially undervalued investment opportunity.
• Despite the positive momentum, the company exhibits high financial volatility, with significant swings in profitability and cash flow. This historical inconsistency presents a key risk for investors and points to a high degree of uncertainty in future performance.

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• Kawasaki Heavy Industries (7012 JP) cash flow remains highly constrained, failing to comfortably cover the group’s legacy debt obligations. 
• The stock price dropped down to JPY 2,690 (July 14) and it is currently consolidating around JPY 2,725 as of mid-July 2026, breaking below its 200-day moving average.
• The stock’s sell-off appears tactically exhausted according to our model, a rebound rally from here could reach the 3000 price zone in 2-3 weeks.

• Bizlink Holding (3665 TT) (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
• In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.
• Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• KHI’s new share and CB issues will fund production upgrades while strengthening the balance sheet. Potential dilution should be in the price.
• The share price has been declining since March as overbought defense contractors were sold off. That is coming to an end. MHI has started to recover. 
• Collaboration with Airbus and Eurodrone is another reminder that Japan’s defense build-up is not driven by the wars in Ukraine or the Persian Gulf. 

• Growth: Revenue compounds at ~27% per year, from ₹294 cr in FY26 to ₹477 cr by FY28, while PAT nearly doubles from ₹38 cr to ₹72 cr.
• Margins: EBITDA margin steps up from about 20% in FY26 to 22-23% by FY28, as the export mix meets operating leverage.
• Valuation: At ₹179, the stock trades on 19.8x FY27 and 14.0x FY28 earnings; With a 2.5 Rs EPS (~10 Rs Annualized EPS) in Q4FY26, the inflection has already commenced. 

• Dominant Market Leader with a Wide Moat: Harmonic Drive Systems holds a commanding global market share (estimated around 85%) in the niche market of precision strain wave gears, a critical component for high-precision motion control in robotics and semiconductor equipment. This technological leadership and brand recognition create a significant barrier to entry.
• Favorable Long-Term Growth Prospects: The company is strategically positioned to benefit from secular growth trends in industrial automation, the proliferation of AI-powered and collaborative robots, and investments in the semiconductor industry. A new medium-term plan targets substantial revenue growth by FY03/31.
• Premium Valuation and Cyclical Risks: The company trades at a significant valuation premium to its peers, reflecting its market leadership. However, it faces notable risks, including high cyclicality tied to capital expenditures in the robotics and semiconductor industries, declining sales in the key China market, and broader geopolitical and economic uncertainties.

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• In this edition: • AkzoNobel | impairment on Russian assets looks inevitable • ASML Holding | strongly raises FY26 net sales and gross margin outlook • ASML Holding / ASM Int’l / Besi | SEMI strongly increases global semiconductor equipment sales forecast • TomTom | reiterates FY26 outlook as well as return to revenue growth from 2027 onwards • Bnode | political deadlock over proposed savings on management contract with bpost • Bnode | bpost launches personal locker rentals via its Bbox network • E-commerce and Logistics | MediaMarkt partners with Wolt for flash delivery in Germany

• Contracts for £1.4m were reported yesterday for a range of products and services to new and existing customers.
• This results from management operational successes on a framework agreement, a new product launch, upselling and overseas expansion.
• Strategic progress is being made in increasing the visibility and diversity of revenue with higher gross profit margins. QRO Solutions (QRO) the traffic division reports orders totalling £0.5m for the provision of ANPR (Automatic Number Plate Recognition) equipment and support. 

Key points (machine generated)

• Rasa Trading Co., Ltd. is an independent trading company established in 1939, specializing in niche products like zircon sand and Warman pumps.
• The company operates in six business fields including resource materials, industrial machinery, environmental equipment, and real estate leasing.
• For the fiscal year ending March 2026, Rasa Trading reported a 6.1% revenue increase to 28,201 million yen and significant growth in operating and ordinary profits.

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• BQE announced that it has begun preparation to restart the Selen-IX water treatment plant at Centerra’s Kemess Project in BC.
• The plant was built and operated by BQE in 2020, but was subsequently placed under care and maintenance due to shifted development plans.
• Yesterday’s announcement means BQE can effectively start generating operations services revenue without having to build a new plant.

Key points (machine generated)

• Willtec reported record sales of 45,936 million yen and a 26.8% increase in operating profit for the fiscal year ending March 2026.
• The company operates in human resources and product/service sectors, with eight subsidiaries and one affiliate.
• For the fiscal year ending March 2027, Willtec anticipates maintaining high earnings levels.

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• Kawasaki Heavy Industries (7012 JP) is down about 9% outright since a Reuters article mid-day 1 July suggested they’d be raising equity.  TOPIX is up tiny in the same period. 
• An equal-weighted basket of Mitsubishi Heavy Industries (7011 JP) and Kawasaki Heavy Industries (7012 JP) is up 2.25%. The KHI/Peers ratio had already come off recent highs too.
• At a discount today’s close, this looks like a good deal relative to peers, but it isn’t a total no-brainer.

• Revenue visibility improves meaningfully.
• Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m.
• Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027 FY2028. 

• Our estimations for FY 2026 (ending December 2026) annual revenue range at around $39,314 million and for 2027 at around $41,083 million.
• The company’s annual revenue reached $37,442 million in FY 2025 compared to $34,717 million in 2024, posting an annual increase by 7.85%.
• During FY 2025, EBITDA amounted to $8,208 mil- lion, while EBT and EATAM settled at $5,476 million and $4,729 million respectively.

• Nortek Inc. no longer exists as a publicly traded entity. Following its acquisition by Melrose Industries in 2016 for approximately $2.8 billion, the company was delisted and its various divisions were subsequently sold off to different buyers.
• The two primary segments of the former Nortek have new ownership: the HVAC business (Nortek Global HVAC) was acquired by Madison Industries in 2021 and later by Rheem in 2024, while the home technology and security business (Nortek Control) was acquired by Italian company Nice S.p.A. in 2021.
• Due to the sale and breakup of the company, a forward-looking financial analysis and valuation of the historical Nortek Inc. is not applicable. The investment thesis has shifted to the performance and strategy of the acquiring companies (Rheem and Nice S.p.A.) and their integration of the former Nortek assets.

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Key points (machine generated)

• FISCO Ltd.’s report indicates Oval’s increased revenue and profit for the fiscal year ending March 2026, with positive expectations for the following year.
• Founded in 1949, Oval is a leading manufacturer of fluid measurement instruments, focusing on flow meters and related services.
• The company aims to become ‘Asia’s No.1 Sensing Solution Company’ by March 2032, under its medium-term management plan ‘Imagination.’

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• The minerals exploration and development Company has entered into a conditional agreement with Venari Minerals Ltd, listed on the ASX, to acquire 100% of the fully paid ordinary shares in the capital of Knox Resources Pty Ltd, a wholly owned subsidiary of Venari.
• Knox is the 100% legal and beneficial owner of the Georgina Basin Iron-Oxide Copper Gold project, comprising a tenement package totaling approximately 2,500 km² located in the Northern Territory, Australia.
• The Acquisition is subject, inter alia, to the satisfactory completion of due diligence by the Company.

Key points (machine generated)

• Sigmaxis Holdings reported record highs in operating and ordinary profit for the fiscal year ending March 2026, despite a 9.4% decrease in sales.
• The company focuses on corporate transformation through Digital Transformation (DX), Management Transformation (MX), and Service Transformation (SX).
• Sigmaxis is enhancing its collaborative consulting approach by initiating partnership discussions with CCT.

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• Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow.
• Singapore Airlines, SATS, and Singapore Technologies Engineering led Industrials inflow, with significant net institutional inflows relative to ADT.
• Technology sector had S$580M net inflow in 1H26, but S$90.5M outflow through 13 July, reversing prior gains.

Key points (machine generated)

• STG specializes in manufacturing magnesium alloy components for various industrial applications.
• The company provides services like mold design, metal casting, machining, and surface treatments, mainly for the automotive sector.
• In the fiscal year ending March 2026, STG reported consolidated sales of 6,815, indicating strong market positioning.

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Key points (machine generated)

• FISCO Ltd. reports strong financial performance and growth prospects for Takuma (TSE: 6013).
• Takuma is projected to achieve its highest net profit for two consecutive years by March 2026, with continued growth expected through March 2027.
• The company’s revenue primarily comes from domestic environmental and energy sectors, with expanding international operations in Southeast Asia and Taiwan.

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• Toyota Motor (7203 JP) and Daimler Truck Holding (DTG GR) (DT) are looking to raise up to US$1.7bn via selling around 35% of their stake in Archion (543A JP).
• The news of the possible deal had been leaked ahead of the actual launch, although the overall selldown was very well flagged.
• We have looked at most aspects of the deal in our earlier notes. In this note, we talk about the recent share price performance and provide our thoughts on valuations.

• When I pounded the table pre-buyback in mid-March, Baycurrent (6532 JP) was trading a lot lower, hit by the selloff in the SaaS/growth bias. AI was going to take over.
• The Skynet Takeover, while not thwarted, is delayed by the simple fact that Baycurrent is a tech/business consultant and a leading voice in corporate Japan for AI integration. 
• Baycurrent reiterated guidance. Multi-year mid 20%s CAGR against 16x PER. The stock bounced. Now 20.6x Feb27e NP. Q1 earnings Weds. Seasonality matters. KPIs matter. That’s a question.

• Apollo’s 715p proposal wins Board support. Beyond the higher price, voting stub equity, brand commitments and stronger regulatory undertakings appear to have shifted the Board’s position.
• Apollo’s proposal appears designed to appeal to the Haji-Ioannou family while leveraging its extensive airline ownership experience, making it a stronger strategic proposition than Castlelake’s competing offer.
• We raise our target price to 715p/share. Castlelake remains live until 3 August, but matching Apollo’s price alone may not be sufficient to regain Board support.

• In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin KAL Corp (180640 KS) to more than 20%.
• Now, Hoban Group’s stake in Hanjin Kal is less than 1%  than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group). 
• My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.

• World-Link Logistics is an established logistics provider in Hong Kong and Macau with a niche focus on the resilient FMCG and F&B sectors, which provides a stable business foundation.
• The company is facing significant profitability challenges, evidenced by a consistent decline in net income and profit margins over the past three fiscal years, despite steady revenue growth.
• Valuation appears stretched, with P/E and P/B ratios trading at a premium to many regional peers, suggesting the market may have already priced in its stability, while underestimating margin pressures.

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• Argentina’s leading renewable energy platform with profitable operations, long-term U.S. dollar PPAs, and approximately 23% of the country’s installed wind and solar capacity.
• Robust expansion pipeline includes over 5 GW of renewable and storage projects, supported by transmission investments and growing demand from industrial and AI data center customers.
• Argentina exposure may limit demand, but predictable cash flows, strong profitability, and disciplined capital allocation provide an attractive long-term investment profile.

• Robotechnik Intelligent Te-A (300757 CH), aims to raise up to US$1bn in its H-share listing.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Megmeet, a power supply manufacturer, is seeking an A+H listing. Huatai and Citi are the sponsors.
• We look at the company’s core segments: smart home appliances and power supplies.
• We discuss preliminary thoughts on the company’s valuation based on A-H premiums.

• Options sentiment fractured this week.
• Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.
• The week’s most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.

• Rush Enterprises, Inc. reported first quarter 2026 revenues of $1.68 billion with net income of $61.5 million, or $0.77 per diluted share, alongside a declared quarterly cash dividend of $0.19 per share.
• The commercial vehicle market remained challenging, marked by historically low retail sales and ongoing effects from the freight recession, excess capacity, and economic uncertainty.
• Despite these conditions, the company expressed the view that this quarter may represent the cycle’s trough, citing early positive signs such as improved freight rates, increased miles driven, and rising customer optimism, all of which contributed to greater quoting activity and order intake, particularly among large fleet customers.

• I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
• Highest spreads: Skyworth (751 HK), Changhong Jiahua (3991 HK), Arclands Corporation (9842 JP), Cygnus Metals (CY5 AU), Atlantic Lithium (A11 AU), Continental Aerospace Technologies (232 HK). 
• Lowest spreads: Accent Group (AX1 AU), Kakaku.com Inc (2371 JP), Taiyo Holdings (4626 JP), Vault Minerals Ltd (VAU AU), Shinko Shoji (8141 JP), J.S.B (3480 JP). 

• A weekly summary of key developments in ECM and Event-Driven names tracked by us in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
• ECM developments: Archion (543A JP) placement; Jio Platforms Ltd (1797135D IN) and Manipal Health Enterprises Ltd (1217834D IN) listings.
• Event-Driven developments: Kakaku.com Inc (2371 JP), China Shengmu Organic Milk (1432 HK), Dida (2559 HK), Accent Group (AX1 AU), Steadfast (SDF AU), Vault Minerals Ltd (VAU AU). 

• Komaihaltec is a core player in Japan’s steel structure and bridge construction sector, poised to benefit from national infrastructure renewal programs targeting aging assets. However, the company faces challenges from declining revenues and volatile profitability, reflecting intense industry competition.
• A strategic pivot towards the renewable energy sector, particularly in manufacturing towers for offshore wind turbines, presents a significant long-term growth opportunity. This leverages its core steel fabrication expertise and aligns with Japan’s national energy policy to increase domestic renewable energy production.
• The stock appears undervalued on an asset basis (P/B of 0.3x), supported by a strong Smartkarma value score (5/5). This contrasts with a high P/E ratio, a result of recently depressed earnings, creating a mixed valuation picture for investors to consider.

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• AeroVironment reported record fourth quarter and full fiscal year 2026 financial results, highlighted by strong revenue growth, expanding profitability, and an increased backlog.
• Fourth quarter revenue reached $642 million, marking 31% organic growth year-over-year and a 30% increase pro forma.
• Full fiscal year revenue was nearly $2 billion, ahead of recent guidance and aligned with prior year expectations, supported by bookings totaling $2.7 billion.

• MDA Space has moved to reshape its geointelligence business through a firm offer to acquire roughly 70% of Collecte Localisation Satellites, or CLS, for about €567 million, equivalent to C$920 million, while France’s space agency CNES would retain 30%.
• The proposal follows a strong start to 2026, including 32% first-quarter revenue growth, a 19.5% adjusted EBITDA margin, a C$3.7 billion backlog, and continued preparation for the late-2026 launch of MDA CHORUS.
• CLS adds a different layer to that growth profile: 14,000 customers across about 150 countries, approximately 1,200 employees, AI-driven Earth observation analytics, satellite IoT services, and expected 2026 revenue of €286 million.

• Simpson Manufacturing Company reported first quarter 2026 net sales of $588 million, representing a 9.1% increase year-over-year.
• This growth was primarily attributed to pricing actions undertaken in 2025 contributing about 6% and favorable foreign exchange effects adding roughly 3%, partly offset by a 1% volume decline amid soft housing starts.
• In North America, net sales rose 9.8% to $461.9 million, driven by a $31 million pricing benefit, though the market remained uneven across segments and geographies.

• Sunrun has found one of the strangest and most attention-grabbing ways yet to tie residential solar to the AI boom: putting miniature AI data-center equipment inside customer homes.
• The company’s new distributed AI compute pilot would place compute nodes in homes already equipped with Sunrun solar and battery systems, pay participating homeowners for hosting the hardware, and sell AI inference capacity to enterprise compute buyers.
• The idea is easy to understand and almost impossible to ignore: instead of waiting years for giant data centers, Sunrun wants to use its installed home-energy network as a faster, distributed compute layer.

• Sales increased by JPY3.2bn (+23.1% YoY), driven by growth in Creative (Japan), Creative (Korea), Medical Staffing, and CRES segments.
• Operating profit increased by JPY752mn (+51.7% YoY), with growth in Creative (Japan), Medical Staffing, and CRES segments.
• Revised FY02/27 forecast projects sales of JPY66.0bn (+7.5% YoY) and net income of JPY3.5bn (-16.0% YoY).

• Korea Airport Service commands a dominant market share in domestic aircraft ground handling, air cargo processing, aircraft fueling, and line maintenance services in Korea. 
• The completed merger between Korean Air and Asiana Airlines is likely to result in higher sales and profits for Korea Airport Service which is 59.5% owned by Korean Air Lines.
• Third, there has been a noticeable increase in foreign visitors to South Korea, led by Chinese tourists in 2026. Valuations are cheap with P/E of 5.4x and EV/EBITDA of 2.5x. 

• Tier IV (593A JP) is looking to raise up to U$143m in its upcoming Japanese IPO.
• It is an autonomous driving company and a key player in the mobility sector, with operations spanning data analysis, software development, and the provision of reference platforms for autonomous systems.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Since the acquisition of WFS 3 years ago, SATS has delivered consecutive years of growth in revenue and earnings.
• In addition, margins, return on equity (ROE) and leverage have also improved.
• The company is making real progress in meeting or exceeding the very comprehensive set of targets it set for FY2029. 

• Sanli Environmental Limited reported mixed financial results for FY2026.
• The Group’s FY26 revenue declined by 11.4% YoY to S$139.6 million due to extended project timelines and resulting delays in revenue recognition.
• The Group’s overall gross margin increased 18.7% to 11.1% in FY26 from FY25 mainly due to improved margins from its Engineering, Procurement and Construction (EPC) segment. 

• Fanuc seeing several ups and downs after a record breaking May for the stock. 
• Although some risks remain such as tariff risks, and cost risks related to oil price and geopolitical risks, it may be an opportune time for volatility strategies.
• Fanuc’s cash flows, and cash reserve policy keep the company resilient to short term effects.  

• What has changed since our ABM in May is the vulnerable ceasefire, which President Trump called it over, and the partial unwind of the oil-driven war premium.  
• The oil shock has partially unwound and growth data has held up but inflation and rates remain elevated for a different reason; a hawkish new Fed Chairman.
• We maintain our bearish stance on fixed rate bonds on elevated and volatile oil prices which should result in elevated rates. We remain positive in Asian credit fundamentals

• Greaves Cotton is a 165-year-old engineering company transitioning beyond diesel engines. FY26 consolidated revenue grew 18% to INR 3,437 crore, led by diversified verticals.
• Three-Wheeler diesel engines, once 80% of revenue, are now roughly a quarter, reducing regulatory risk as Ampere’s pending IPO tests EV appetite.
• Greaves is now exploring acquisitions and JVs in defence, aerospace, auto components and energy solutions, making execution and capital allocation the key monitorables.

• Amaero Inc (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.
• Amaero has announced that following a six-week pause due to safety incidents, it has resumed titanium powder production.
• The company noted that during the production pause, there were no purchase order cancellations and no employee attrition.

• MasTec has moved deeper into the center of the AI infrastructure cycle with its agreement to acquire electrical contractor Superior Group in a cash-and-stock transaction valued at roughly $1.65 billion.
• The deal includes about $1.175 billion in cash and $475 million in MasTec common shares, and it follows a record first quarter in which MasTec reported $3.829 billion of revenue, $284 million of adjusted EBITDA, $1.39 of adjusted EPS, and a record $20.3 billion backlog.
• The timing is notable because management has already been highlighting data centers, grid reliability, power generation, telecom fiber, and mission-critical infrastructure as major long-term demand drivers.

Key points (machine generated)

• Midac Holdings is expected to achieve double-digit revenue and profit growth by March 2027.
• The company focuses on establishing a circular society through effective waste management.
• Midac’s integrated processing system and diverse business segments enhance its profitability.

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• Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Luxshare Precision Industry (2475 HK) (LP), a precision intelligent manufacturer, raised around US$3.5bn in its H-share listing.
• LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.
• We look at the company’s core segments: consumer battery, EV battery and ESS.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• Luxshare Precision Industry (2475 HK) priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in Luxshare H Share Listing (2475 HK): The Investment Case. 
• The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.

• Guangdong Dtech Technology (Dtech) raised around US$600m in its H-share listing.
• Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Japan’s largest truck group listed with no earnings history, three-analyst rump coverage, and vendors still marking a phantom ¥220bn market cap against ¥1.0tn actual.
• FY3/27 guidance of ¥110bn operating profit (+52%) is engineered margin recovery, not cyclical hope: plant consolidation, merged procurement, and a maiden ¥8 dividend, with synergies still unquantified.
• Initiate BUY, TP ¥450 (+19%) on 16.6x FY3/27E EPS, ~20% above a stale ¥374 consensus. Accumulate through the 22–27 July offering window.

• The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.
• Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.
• The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.

• Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Three businesses, one ticker: Starlink is the only profitable division worth ~12% of market cap; Launch has lost money 23/24 years; “AI” is ~US$26bn of GPU rental from two tenants.
• SOTP: Connectivity US$252bn, Space US$40bn, AI US$130bn, plus ~US$50bn net cash = US$472bn (US$36/share) vs. US$2,046bn market cap. Probability-weighted across bear/base/bull: US$42.
• Initiate SELL, TP US$42 (−73%): the float is the fundamental. A ~4% free float meets forced index buying now; staggered lockups expand supply ~10x by 8 December.

• AKR Corporindo is a dominant private player in Indonesia’s downstream petroleum and basic chemicals distribution sector, underpinned by an extensive and integrated logistics and infrastructure network.
• Significant growth is anticipated from its industrial estate segment, particularly the Java Integrated Industrial and Port Estate (JIIPE), which is attracting major industrial tenants and benefiting from its Special Economic Zone (SEZ) status.
• The company demonstrates a strong commitment to shareholder returns, evidenced by a high dividend yield and a consistent history of dividend payments, supported by solid operating cash flow generation.

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• Luxshare Precision Industry (2475 HK) is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.
• Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.
• The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  

• EACON Group Co., Ltd (1868613D CH) raised around US$293m in its Hong Kong IPO.
• EACON designs, develops, and integrates the core intelligent components, such as autonomous driving software, domain controllers, and drive-by-wire platforms.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Kelly Services may be privatized by Hunt Companies, requiring a premium for minority shareholder approval.
• Unicycive Therapeutics’ stock dropped 40% due to FDA timeline issues, not drug-related problems, with potential 65% upside.
• Waldencast sold Obagi for $366m cash, with potential shareholder returns and remaining Milk Makeup business optionality.

• KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.
• The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.
• The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.

• Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.
• We look at the company’s core segments: consumer battery, EV battery and ESS.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• AKR Corporindo is a dominant private player in Indonesia’s downstream petroleum and basic chemicals distribution sector, underpinned by an extensive and integrated logistics and infrastructure network.
• Significant growth is anticipated from its industrial estate segment, particularly the Java Integrated Industrial and Port Estate (JIIPE), which is attracting major industrial tenants and benefiting from its Special Economic Zone (SEZ) status.
• The company demonstrates a strong commitment to shareholder returns, evidenced by a high dividend yield and a consistent history of dividend payments, supported by solid operating cash flow generation.

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• Bloom Energy is strategically positioned to capitalize on the surging power demand from AI-driven data centers, a key driver of its significant revenue growth and substantial project backlog.
• The company’s core solid-oxide fuel cell (SOFC) technology offers a differentiated value proposition, providing reliable, on-site power with rapid deployment timelines compared to traditional grid connections.
• Despite strong growth prospects, the company faces considerable risks related to its high valuation, historical unprofitability, execution on its large-scale projects, and competitive pressures in the evolving clean energy landscape.

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• 50-Day MAs have held on SPX and QQQ, but we’re concerned of a prolonged consolidation–primarily for QQQ and likely through mid-to-late-August–following the latest stumble for semiconductors, memory, and optical equipment.
• The IWM and equal-weighted S&P 500 (RSP) remain leadership while Technology has continued to consolidate, and support remains at the 20-day MAs on IWM and RSP.
• IWM and RSP leadership tells us this remains a healthy and broad-based bull market, and we believe the current “rotation trade” is likely to continue for at least another month.

• Woodside Energy Group Limited reported full-year 2025 results reflecting a year of robust operational execution and disciplined financial management amid a complex macro environment.
• The company achieved record annual production of 198.8 million barrels of oil equivalent, exceeding guidance, primarily driven by strong performance at Sangomar and reliability across its operating portfolio.
• This operational success offset lower realized prices compared to 2024, resulting in an underlying net profit after tax of $2.6 billion.

• The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.
• Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.
• The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.