Industrials

• Kawasaki Heavy Industries (7012 JP) has just announced their capital raising intentions. ¥93.7bn (estimated) of shares (37.35mm shares), and ¥100bn of 2031/2033 convertible bonds.
• The Reuters article presaging this seemed to say this would be aimed at International Investors (i.e. an ABO). The extraordinary filing to EDINET suggests an Open Offering to the same.
• A bookbuilding between 14-16 July, but only for international investors. No greenshoe. Weird. 2.8x ADV, 4.5% of shares out, 10% of Max Real World Float. Should be easy. But weird.

• Kawasaki Heavy Industries (7012 JP) is looking to raise up to US$600m from a primary offering of shares, and another US$600m from two tranches of convertible bonds.
• The deal has been anticipated as it capital raising initiatives were reported yesterday.
• In this note, we will talk about the placement and run the deal through our ECM framework

• Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.
• We review the deal terms, cornerstone investors, sponsor track records and valuation.
• We would participate, although the implied A-H premium is above our initiation-note fair-premium view.

• RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.
• We look at the company’s core segments: digital oscilloscopes and solutions.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• Continental Aerospace Technologies is liquidating, with initial distributions offering 9.3%-13.7% upside; further special dividend possible.
• Cygnus Metals merger with Central Asia Metals offers a 17% spread; major shareholders support, closing expected post-September meeting.
• Tourism Holdings received a non-binding offer from BGH Capital and Trouchet family, with potential for a price increase.

• Resideo’s Board approved the ADI Global Distribution spin-off; record date July 20, distribution August 3, with one ADI share for every two REZI shares. ADI trades regular-way August 4.
• We value Resideo (ex ADI) at $35.00/share and ADI at $25.00/share, implying combined fair value of $47.50, 53% upside
• Key risks: ADI’s thin distribution margins face freight/fuel inflation, ~$1.0B new debt, and $23M standalone costs. Investor Days on July 13–14 are the near-term re-rating catalyst

• Bloom Energy has become one of Wall Street’s most polarizing AI infrastructure trades.
• The stock is up sharply this year, suffered a brutal 28% one-day selloff around a Russell-index shuffle, and then roared back as investors refocused on the company’s role in powering AI data centers.
• The latest catalyst is the expanded Brookfield Asset Management partnership, which increased the financing framework for AI infrastructure power projects from $5 billion to $25 billion.

• Trimas is undergoing a significant strategic transformation, divesting its Aerospace segment to sharpen its focus on the higher-margin Packaging and Specialty Products segments.
• The company is poised for enhanced profitability, driven by a combination of reinvesting divestiture proceeds into core growth areas, a target of over $10 million in cost savings by 2026, and a focus on operational excellence.
• Valuation appears attractive, with the company trading at a notable discount to its peer group across key metrics, presenting a potential value opportunity as it executes its strategic shift.

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

• Adani Enterprises (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement (QIP). 
• The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Consolidated sales in Q1 FY02/27 rose 2.0% YoY to JPY18.3bn, driven by Daiseki Co.’s record-high sales.
• Consolidated operating profit increased 8.4% YoY to JPY4.2bn, with all major companies posting YoY growth in operating profit.
• Net income attributable to owners rose 17.6% YoY to JPY2.9bn, aided by making Daiseki Eco. Solution a wholly owned subsidiary.

• Kawasaki Heavy Industries (7012 JP) has just announced their capital raising intentions. ¥93.7bn (estimated) of shares (37.35mm shares), and ¥100bn of 2031/2033 convertible bonds.
• The Reuters article presaging this seemed to say this would be aimed at International Investors (i.e. an ABO). The extraordinary filing to EDINET suggests an Open Offering to the same.
• A bookbuilding between 14-16 July, but only for international investors. No greenshoe. Weird. 2.8x ADV, 4.5% of shares out, 10% of Max Real World Float. Should be easy. But weird.

• Kawasaki Heavy Industries (7012 JP) is looking to raise up to US$600m from a primary offering of shares, and another US$600m from two tranches of convertible bonds.
• The deal has been anticipated as it capital raising initiatives were reported yesterday.
• In this note, we will talk about the placement and run the deal through our ECM framework

• Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.
• We review the deal terms, cornerstone investors, sponsor track records and valuation.
• We would participate, although the implied A-H premium is above our initiation-note fair-premium view.

• RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.
• We look at the company’s core segments: digital oscilloscopes and solutions.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• Continental Aerospace Technologies is liquidating, with initial distributions offering 9.3%-13.7% upside; further special dividend possible.
• Cygnus Metals merger with Central Asia Metals offers a 17% spread; major shareholders support, closing expected post-September meeting.
• Tourism Holdings received a non-binding offer from BGH Capital and Trouchet family, with potential for a price increase.

• Resideo’s Board approved the ADI Global Distribution spin-off; record date July 20, distribution August 3, with one ADI share for every two REZI shares. ADI trades regular-way August 4.
• We value Resideo (ex ADI) at $35.00/share and ADI at $25.00/share, implying combined fair value of $47.50, 53% upside
• Key risks: ADI’s thin distribution margins face freight/fuel inflation, ~$1.0B new debt, and $23M standalone costs. Investor Days on July 13–14 are the near-term re-rating catalyst

• Bloom Energy has become one of Wall Street’s most polarizing AI infrastructure trades.
• The stock is up sharply this year, suffered a brutal 28% one-day selloff around a Russell-index shuffle, and then roared back as investors refocused on the company’s role in powering AI data centers.
• The latest catalyst is the expanded Brookfield Asset Management partnership, which increased the financing framework for AI infrastructure power projects from $5 billion to $25 billion.

• Trimas is undergoing a significant strategic transformation, divesting its Aerospace segment to sharpen its focus on the higher-margin Packaging and Specialty Products segments.
• The company is poised for enhanced profitability, driven by a combination of reinvesting divestiture proceeds into core growth areas, a target of over $10 million in cost savings by 2026, and a focus on operational excellence.
• Valuation appears attractive, with the company trading at a notable discount to its peer group across key metrics, presenting a potential value opportunity as it executes its strategic shift.

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

• Adani Enterprises (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement (QIP). 
• The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Consolidated sales in Q1 FY02/27 rose 2.0% YoY to JPY18.3bn, driven by Daiseki Co.’s record-high sales.
• Consolidated operating profit increased 8.4% YoY to JPY4.2bn, with all major companies posting YoY growth in operating profit.
• Net income attributable to owners rose 17.6% YoY to JPY2.9bn, aided by making Daiseki Eco. Solution a wholly owned subsidiary.

• Today Reuters carried an article suggesting Kawasaki Heavy Industries (7012 JP) would soon announce a ¥200bn capital raise – combo equity and convertible bond offering – in an ABO. 
• ¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.
• The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren’t cheap, but this looks to be “easy.”

• Luxshare Precision Industry (002475 CH) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.
• The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.
• The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.

• As per media reports, Kawasaki Heavy Industries (7012 JP)  could raise up to US$1.2bn from a primary offering of shares and converts. The timing and size remains uncertain.
• This comes on the heels of the Japanese government proposing a US$2.3T investment into key growth industries.
• In this note, we will talk about the possible deal dynamics.

• EACON Group Co., Ltd (1868613D CH) is looking to raise around US$293m in its upcoming Hong Kong IPO.
• EACON designs, develops, and integrates the core intelligent components, such as autonomous driving software, domain controllers, and drive-by-wire platforms. 
• In this note, we talk about the company’s past performance, peer comparison and valuations.

• KHI raises ¥200 billion via new shares and convertible bonds; stock drops 7.3% — dilution impact on FY2027F EPS is approximately 4–5%, not the 7% the market just priced.
• Capital deployed into aircraft engines, gas turbines, semiconductor robots, and hydrogen — all direct beneficiaries of Japan’s ¥9tn annual defense budget and PM Takaichi’s ¥370tn strategic spending plan through FY2040.
• Placement targets overseas institutional investors; block pricing and secondary market dislocation offer a rare same-day entry into a consensus BUY at a 40%-plus discount to the average analyst TP ¥3,810.

• Astral’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.
• FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.
• The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.

• We consider Luxshare Precision Industry (2475 HK)‘s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
• Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
• The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.

• Covering dominated the week ending June 27.
• Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.
• Borrow costs told a split story – tightening hard in some names, collapsing in others.

• Options markets flashed a split signal this week.
• European financials drew the most persistent put-buying of the period, while select US names saw call buyers overwhelm hedgers.
• Earnings-linked hedging dominated mid-week flows, with several 52-week PCR records broken in both directions.

• Sacra estimates GC AI hit $20M in annual recurring revenue (ARR) as of July 2026, up from $13M at the end of 2025.
• The company expanded from 1,000+ legal teams in November 2025 to 1,800+ by late June 2026, including public companies, unicorns, and startup customers such as Vercel, Liquid Death, Snyk, Zscaler, and Skims.
• GC AI was valued at $555M post-money in November 2025, when it closed a $60M Series B led by Scale Venture Partners and Northzone.

• Today Reuters carried an article suggesting Kawasaki Heavy Industries (7012 JP) would soon announce a ¥200bn capital raise – combo equity and convertible bond offering – in an ABO. 
• ¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.
• The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren’t cheap, but this looks to be “easy.”

• Luxshare Precision Industry (002475 CH) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.
• The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.
• The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.

• As per media reports, Kawasaki Heavy Industries (7012 JP)  could raise up to US$1.2bn from a primary offering of shares and converts. The timing and size remains uncertain.
• This comes on the heels of the Japanese government proposing a US$2.3T investment into key growth industries.
• In this note, we will talk about the possible deal dynamics.

• EACON Group Co., Ltd (1868613D CH) is looking to raise around US$293m in its upcoming Hong Kong IPO.
• EACON designs, develops, and integrates the core intelligent components, such as autonomous driving software, domain controllers, and drive-by-wire platforms. 
• In this note, we talk about the company’s past performance, peer comparison and valuations.

• KHI raises ¥200 billion via new shares and convertible bonds; stock drops 7.3% — dilution impact on FY2027F EPS is approximately 4–5%, not the 7% the market just priced.
• Capital deployed into aircraft engines, gas turbines, semiconductor robots, and hydrogen — all direct beneficiaries of Japan’s ¥9tn annual defense budget and PM Takaichi’s ¥370tn strategic spending plan through FY2040.
• Placement targets overseas institutional investors; block pricing and secondary market dislocation offer a rare same-day entry into a consensus BUY at a 40%-plus discount to the average analyst TP ¥3,810.

• Astral’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.
• FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.
• The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.

• We consider Luxshare Precision Industry (2475 HK)‘s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
• Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
• The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.

• Covering dominated the week ending June 27.
• Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.
• Borrow costs told a split story – tightening hard in some names, collapsing in others.

• Options markets flashed a split signal this week.
• European financials drew the most persistent put-buying of the period, while select US names saw call buyers overwhelm hedgers.
• Earnings-linked hedging dominated mid-week flows, with several 52-week PCR records broken in both directions.

• Sacra estimates GC AI hit $20M in annual recurring revenue (ARR) as of July 2026, up from $13M at the end of 2025.
• The company expanded from 1,000+ legal teams in November 2025 to 1,800+ by late June 2026, including public companies, unicorns, and startup customers such as Vercel, Liquid Death, Snyk, Zscaler, and Skims.
• GC AI was valued at $555M post-money in November 2025, when it closed a $60M Series B led by Scale Venture Partners and Northzone.

• SpaceX is public but relatively unknown in terms of market knowledge on the industry due to the complexity of its business across communication systems, AI, space transport,  social networks.
• This insight discusses the investment potential from this point on post IPO volatility for SpaceX.  We explore the use of put options as a strategic volatility trade.  
• Governance, execution, and regulatory risks are transparently disclosed with SpaceX treated as a mature company. Planned satellite business expansions may be closer to deployment than consensus estimates are pricing in. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn 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 likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Luxshare Precision, a consumer electronics precision components and EMS manufacturer, launched its IPO to raise USD 3,119m through an A+H listing. CITIC, GS, and CICC are joint sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze reference A+H deals, cornerstone and sponsor performance and assess the risk-reward of the deal.

• MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history.
• ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%.
• DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.

• On 30 June, Ecopro BM (247540 KS) announced that it will conduct a rights offering capital raise worth 1.2 trillion won.
• The planned issue price for the rights offering is 121,200 won, and the final issue price will be determined on October 12.
• Despite its expected better sales and profits in 2027, the company’s valuation multiples are unattractive. It is trading at P/E of 143.6x in 2027 and 75.6x in 2028. 

• Guangdong Dtech Technology (Dtech) aims to raise around US$612m 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 likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Remains the number 1 bus company in Singapore with approx. 50% market share.
• Runs 3 train lines and is bidding for the Cross Island line, which will span over 50 km. Tender expected to be in 4th quarter this year.
• The company still has excess cash on its books after paying .32 cents in a special dividend.

• Luxshare has adopted a dual-drive strategy of internal growth and external acquisition – The automotive and AI computing power businesses are the fruits of its twelve-year-long early planning.
• New businesses are in the investment stage and their short-term contribution to profits is limited.There’s a time lag in the transmission of cost pressure caused by the upstream price hikes.
• Luxshare’s profit CAGR of next three years is 22%. A conservative scenario is P/E of 20x. A neutral scenario is P/E of 25x. An optimistic scenario is P/E of 30x.

• Middleby to complete Midera spin-off July 6, 2026, creating two pure-plays: commercial foodservice equipment (MIDD) and industrial food processing automation (MFP)
• When-Issued trading began on June 26; Regular-way trading to commence from July 7, 2026.
• SOTP fair value of $202/share combined: $162 for Middleby (ex Midera) (14.2x FY27E EBITDA), $40 for Midera (11.0x FY27E EBITDA).

Key points (machine generated)

• Mitsui Matsushima Holdings celebrated its 110th anniversary in 2023 and reported increased revenue and profit.
• The company aims for a net profit exceeding 10 billion yen by March 2030 and will conclude its coal business by March 2024.
• Starting from March 2025, Mitsui Matsushima plans to focus on new revenue streams in consumer goods, industrial products, and finance.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• SpaceX is public but relatively unknown in terms of market knowledge on the industry due to the complexity of its business across communication systems, AI, space transport,  social networks.
• This insight discusses the investment potential from this point on post IPO volatility for SpaceX.  We explore the use of put options as a strategic volatility trade.  
• Governance, execution, and regulatory risks are transparently disclosed with SpaceX treated as a mature company. Planned satellite business expansions may be closer to deployment than consensus estimates are pricing in. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3.1bn 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 likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Luxshare Precision, a consumer electronics precision components and EMS manufacturer, launched its IPO to raise USD 3,119m through an A+H listing. CITIC, GS, and CICC are joint sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze reference A+H deals, cornerstone and sponsor performance and assess the risk-reward of the deal.

• MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history.
• ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%.
• DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.

• On 30 June, Ecopro BM (247540 KS) announced that it will conduct a rights offering capital raise worth 1.2 trillion won.
• The planned issue price for the rights offering is 121,200 won, and the final issue price will be determined on October 12.
• Despite its expected better sales and profits in 2027, the company’s valuation multiples are unattractive. It is trading at P/E of 143.6x in 2027 and 75.6x in 2028. 

• Guangdong Dtech Technology (Dtech) aims to raise around US$612m 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 likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Remains the number 1 bus company in Singapore with approx. 50% market share.
• Runs 3 train lines and is bidding for the Cross Island line, which will span over 50 km. Tender expected to be in 4th quarter this year.
• The company still has excess cash on its books after paying .32 cents in a special dividend.

• Luxshare has adopted a dual-drive strategy of internal growth and external acquisition – The automotive and AI computing power businesses are the fruits of its twelve-year-long early planning.
• New businesses are in the investment stage and their short-term contribution to profits is limited.There’s a time lag in the transmission of cost pressure caused by the upstream price hikes.
• Luxshare’s profit CAGR of next three years is 22%. A conservative scenario is P/E of 20x. A neutral scenario is P/E of 25x. An optimistic scenario is P/E of 30x.

• Middleby to complete Midera spin-off July 6, 2026, creating two pure-plays: commercial foodservice equipment (MIDD) and industrial food processing automation (MFP)
• When-Issued trading began on June 26; Regular-way trading to commence from July 7, 2026.
• SOTP fair value of $202/share combined: $162 for Middleby (ex Midera) (14.2x FY27E EBITDA), $40 for Midera (11.0x FY27E EBITDA).

Key points (machine generated)

• Mitsui Matsushima Holdings celebrated its 110th anniversary in 2023 and reported increased revenue and profit.
• The company aims for a net profit exceeding 10 billion yen by March 2030 and will conclude its coal business by March 2024.
• Starting from March 2025, Mitsui Matsushima plans to focus on new revenue streams in consumer goods, industrial products, and finance.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• MTAR’s recent rally has been driven primarily by Bloom Energy’s AI-fuelled expansion, positioning the company as an indirect beneficiary of the growing demand for distributed power infrastructure.
• Although clean energy remains the primary earnings driver today, MTAR’s expanding nuclear order book could gradually reduce customer concentration and support longer-term growth.
• Revenue growth appears well supported, but sustaining margins, improving working capital efficiency and executing capacity expansion will ultimately determine whether MTAR can justify its recent surge.

• Eacon Group launched its Hongkong IPO aiming to raise up to HK$2.3B (~ US$ 293M). They focus on the commercial deployment of autonomous driving solutions in the mining industry.
• Eacon Group intends to use the IPO proceeds for research & development, IT infrastructure development, overseas business expansion, strategic alliance/acquisition and working capital.
• The medium-term outlook for Eacon Group looks bright. We would recommend investors with to consider the name, given its potential.

• The past 1 month’s share price appreciation combined with the uncertainty of the Straits of Hormuz reopening casts doubt. 
• The recent JV announcement between Singapore Airlines (SIA SP) and Air China (753 HK) will improve SIA’s margin structurally. 
• Air India’s crisis is not over and drags SIA share price lower but most of it has been priced in while the Air China’s JV has not been priced in. 

• ¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year’s projected net loss. 
• Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year’s project income guidance. Outlook for new orders improving with Japan’s defense build-up. 
• The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. 

• Guangdong Dtech Technology passed hearing for an A+H listing. CITIC and HSBC are the sponsors.
• We look at the company’s core segments: precision cutting tools and grinding and polishing materials.
• We discussed our preliminary thoughts on the company’s fair value based on A-H premium.

• Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks.
• Soon Hock Enterprise’s Executive Chairman increased his direct interest to 73.32% with a purchase of 2,033,000 shares.
• Lum Chang Creations entered a placement agreement for up to 35 million shares, raising up to S$11.4 million.

• Zhejiang Laifual Drive (3952 HK) Zhejiang Laifual Drive raised around US$147m in its Hong Kong IPO.
• Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Atkore International Inc. reported second quarter fiscal year 2026 results marked by sequential improvements and ongoing strategic repositioning.
• The company achieved net sales of $731 million and an adjusted EBITDA of $81 million, with adjusted earnings per share (EPS) of $1.23.
• These metrics showed improvement from the previous quarter and represented the first quarterly net sales increase since the fourth quarter of fiscal 2022.

• Continental Aerospace Technologies (0232:HK) is liquidating, with initial distributions offering 9.3%-13.7% upside and a potential special dividend.
• Noodles & Company (NDLS) rose 40%, with strategic review pending; Tourism Holdings (THL:AX) received a competing takeover offer.
• Green Dot Corporation (GDOT) shareholders approved fintech sale and merger; Optimum Communications (OPTU) tender offer expires June 30.

• MTAR’s recent rally has been driven primarily by Bloom Energy’s AI-fuelled expansion, positioning the company as an indirect beneficiary of the growing demand for distributed power infrastructure.
• Although clean energy remains the primary earnings driver today, MTAR’s expanding nuclear order book could gradually reduce customer concentration and support longer-term growth.
• Revenue growth appears well supported, but sustaining margins, improving working capital efficiency and executing capacity expansion will ultimately determine whether MTAR can justify its recent surge.

• Eacon Group launched its Hongkong IPO aiming to raise up to HK$2.3B (~ US$ 293M). They focus on the commercial deployment of autonomous driving solutions in the mining industry.
• Eacon Group intends to use the IPO proceeds for research & development, IT infrastructure development, overseas business expansion, strategic alliance/acquisition and working capital.
• The medium-term outlook for Eacon Group looks bright. We would recommend investors with to consider the name, given its potential.

• The past 1 month’s share price appreciation combined with the uncertainty of the Straits of Hormuz reopening casts doubt. 
• The recent JV announcement between Singapore Airlines (SIA SP) and Air China (753 HK) will improve SIA’s margin structurally. 
• Air India’s crisis is not over and drags SIA share price lower but most of it has been priced in while the Air China’s JV has not been priced in. 

• ¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year’s projected net loss. 
• Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year’s project income guidance. Outlook for new orders improving with Japan’s defense build-up. 
• The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. 

• Guangdong Dtech Technology passed hearing for an A+H listing. CITIC and HSBC are the sponsors.
• We look at the company’s core segments: precision cutting tools and grinding and polishing materials.
• We discussed our preliminary thoughts on the company’s fair value based on A-H premium.

• Over five sessions to 25 June, directors and CEOs reported 21 acquisitions and five disposals across 30 primary-listed stocks.
• Soon Hock Enterprise’s Executive Chairman increased his direct interest to 73.32% with a purchase of 2,033,000 shares.
• Lum Chang Creations entered a placement agreement for up to 35 million shares, raising up to S$11.4 million.

• Zhejiang Laifual Drive (3952 HK) Zhejiang Laifual Drive raised around US$147m in its Hong Kong IPO.
• Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Atkore International Inc. reported second quarter fiscal year 2026 results marked by sequential improvements and ongoing strategic repositioning.
• The company achieved net sales of $731 million and an adjusted EBITDA of $81 million, with adjusted earnings per share (EPS) of $1.23.
• These metrics showed improvement from the previous quarter and represented the first quarterly net sales increase since the fourth quarter of fiscal 2022.

• Continental Aerospace Technologies (0232:HK) is liquidating, with initial distributions offering 9.3%-13.7% upside and a potential special dividend.
• Noodles & Company (NDLS) rose 40%, with strategic review pending; Tourism Holdings (THL:AX) received a competing takeover offer.
• Green Dot Corporation (GDOT) shareholders approved fintech sale and merger; Optimum Communications (OPTU) tender offer expires June 30.

• I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
• Highest spreads: Skyworth (751 HK), Qoria (QOR AU), Changhong Jiahua (3991 HK), European Lithium (EUR AU), Cygnus Metals (CY5 AU), Continental Aerospace Technologies (232 HK). 
• Lowest spreads: Accent Group (AX1 AU), Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Clearview Wealth (CVW AU), Paltac Corporation (8283 JP), Kodensha Co (1948 JP). 

• Guangdong Dtech Technology aims to raise 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Innio (INIO US) went public on 8 June on Nasdaq, has a market cap of ~$28bn and is incorporated in the Netherlands with dual headquarters in Germany and US.
• Inclusion in a major US index is expected in September 2026 despite EU incorporation based on dual headquarters, US listing and asset-revenue allocation.
• Inclusion in one Global index is anticipated in December 2026 and exclusion from another Global index is projected because of low security float cap.

• Crealights Technology (1191 HK) raised US$195m in its upcoming Hong Kong IPO.
• It is a global optoelectronic interconnection products provider with a comprehensive high-speed optoelectronic interconnection product matrix. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Dtech’s performance is highly dependent on the large-scale production of mid-to-low-end affordable drill bits. The high-end coated micro-drill technology lags behind that of Japanese and Taiwanese competitors
• If demand for AI in next 2-3 years fails to meet optimistic expectations, concentrated release of new production capacity will lead to price war, thereby squeezing the overall profit level.
• Neutral scenario is 30-35x P/E, based on 80%+ net profit growth in 2026, 40%+ gross margin, and the AI-related sentiment does not significantly fade during HK IPO period.

• I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
• Highest spreads: Skyworth (751 HK), Qoria (QOR AU), Changhong Jiahua (3991 HK), European Lithium (EUR AU), Cygnus Metals (CY5 AU), Continental Aerospace Technologies (232 HK). 
• Lowest spreads: Accent Group (AX1 AU), Taiyo Holdings (4626 JP), Kakaku.com Inc (2371 JP), Clearview Wealth (CVW AU), Paltac Corporation (8283 JP), Kodensha Co (1948 JP). 

• Guangdong Dtech Technology aims to raise 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Innio (INIO US) went public on 8 June on Nasdaq, has a market cap of ~$28bn and is incorporated in the Netherlands with dual headquarters in Germany and US.
• Inclusion in a major US index is expected in September 2026 despite EU incorporation based on dual headquarters, US listing and asset-revenue allocation.
• Inclusion in one Global index is anticipated in December 2026 and exclusion from another Global index is projected because of low security float cap.

• Crealights Technology (1191 HK) raised US$195m in its upcoming Hong Kong IPO.
• It is a global optoelectronic interconnection products provider with a comprehensive high-speed optoelectronic interconnection product matrix. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Dtech’s performance is highly dependent on the large-scale production of mid-to-low-end affordable drill bits. The high-end coated micro-drill technology lags behind that of Japanese and Taiwanese competitors
• If demand for AI in next 2-3 years fails to meet optimistic expectations, concentrated release of new production capacity will lead to price war, thereby squeezing the overall profit level.
• Neutral scenario is 30-35x P/E, based on 80%+ net profit growth in 2026, 40%+ gross margin, and the AI-related sentiment does not significantly fade during HK IPO period.