Industrials

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Tekscend Photomask (429A JP), Tata Capital Limited (TATACAP IN) and LG Electronics India (123D IN) IPOs.
• Event-Driven developments: Soft99 Corp (4464 JP), Daiseki Eco. Solution (1712 JP), I Net Corp (9600 JP), Mitsubishi Logisnext Co., Ltd. (7105 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK). 

• The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
• Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
• Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Tekscend Photomask (429A JP), Tata Capital Limited (TATACAP IN) and LG Electronics India (123D IN) IPOs.
• Event-Driven developments: Soft99 Corp (4464 JP), Daiseki Eco. Solution (1712 JP), I Net Corp (9600 JP), Mitsubishi Logisnext Co., Ltd. (7105 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK). 

• The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
• Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
• Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.

• Jardine Matheson is a diversified, Asia-focused conglomerate with a portfolio of market-leading businesses in sectors such as property, retail, automotive, and hospitality.
• The company is currently undergoing a strategic shift from an ‘owner-operator’ model to that of an engaged, investment-focused portfolio company, aiming to enhance long-term shareholder returns.
• While facing headwinds from its exposure to the Hong Kong and mainland China property markets, the company’s diversified portfolio and strong presence in Southeast Asia, particularly through its subsidiary Astra International, provide a degree of resilience and growth potential.

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

• Despite a few pockets of improved demand, key Transpacific trade remains weak
• Most carriers reported low (48% – 68%) but stable cargo load factors in August
• For carriers, still lots of empty space to sell; macro view shows no “snap-back”

• Jardine Matheson is a diversified, Asia-focused conglomerate with a portfolio of market-leading businesses in sectors such as property, retail, automotive, and hospitality.
• The company is currently undergoing a strategic shift from an ‘owner-operator’ model to that of an engaged, investment-focused portfolio company, aiming to enhance long-term shareholder returns.
• While facing headwinds from its exposure to the Hong Kong and mainland China property markets, the company’s diversified portfolio and strong presence in Southeast Asia, particularly through its subsidiary Astra International, provide a degree of resilience and growth potential.

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

• Despite a few pockets of improved demand, key Transpacific trade remains weak
• Most carriers reported low (48% – 68%) but stable cargo load factors in August
• For carriers, still lots of empty space to sell; macro view shows no “snap-back”

• A decade of stagnant revenue and declining profits, despite significant capital investments in overseas expansion.
• CDG was destroying shareholder value. Return on Equity (“ROE”) had fallen to 6.9% in 2023, almost half the 13.3% recorded in 2015. More critically, ROE remained below its 9% cost of equity.
• Lack of strategic clarity on how its growth strategy aligns with long-term shareholder value creation.

• Vitzrocell is a global leader in lithium primary batteries, particularly for specialized industrial and military applications, demonstrating a robust growth trajectory with a 3-year net income CAGR of 44.4%.
• The company is strategically positioned to benefit from growing demand in the smart grid, IoT, and defense sectors, driven by its technological expertise in high-temperature and long-lifespan batteries.
• A strong financial profile, characterized by high growth, solid margins, and impressive free cash flow generation, supports continued investment in R&D and strategic acquisitions to solidify market leadership.

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• Atkore Inc., a leading manufacturer in electrical infrastructure, is under fresh scrutiny after activist investor Irenic Capital Management disclosed a 2.5% stake and began pressuring the company to explore a sale.
• The news, first reported by Bloomberg, triggered a 2.2% rise in Atkore’s stock price and follows the company’s own announcement that it is evaluating strategic alternatives with the help of Citi.
• While no formal process has been confirmed, market speculation has intensified around a possible leveraged buyout or private equity-led acquisition.

• MS International is experiencing a period of exceptional growth, driven by its Defence and Security division, which now accounts for 70% of turnover. The company recently reported record pre-tax profits and revenues for the year ending April 2025.
• The company exhibits a robust financial profile characterized by strong revenue and net income growth, a high return on equity, and a solid balance sheet with record cash levels reported in the 2024 fiscal year. This financial strength supports a consistently growing dividend.
• Despite impressive profitability, the company’s growth track record is marred by extremely volatile and often negative operating and free cash flows, posing a significant risk to the sustainability of its performance and dividend policy.

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• Pasona Group is a major player in the Japanese human resources sector, offering a comprehensive suite of services including temporary staffing, contracting, recruitment, and outsourcing. The company is navigating a challenging domestic market characterized by a shrinking workforce and increasing demand for specialized talent.
• Recent financial performance has been impacted by the sale of a significant subsidiary, Benefit One, and the conclusion of large-scale BPO projects related to the COVID-19 pandemic. The company is now focused on its ‘PASONA GROUP VISION 2030’ to reform its revenue structure and invest in new growth areas.
• Key challenges for Pasona include intense competition within the fragmented Japanese staffing industry, the need to adapt to evolving labor regulations, and the macroeconomic pressures of an aging population and potential economic slowdowns.

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• Salzer Electronics is a well-established player in the Indian electrical components market, demonstrating a robust track record of revenue and net income growth. The company is capitalizing on favorable industry tailwinds, including infrastructure development and the push for energy efficiency.
• Strategic expansion into high-growth areas such as smart meters and electric vehicle (EV) chargers presents significant upside potential. These new ventures, coupled with a strong existing portfolio in switchgears and wires & cables, are expected to be key long-term growth drivers.
• A significant concern is the consistently negative operating and free cash flow over the past three years, primarily due to high working capital requirements to fund growth. Improving cash conversion and working capital management will be critical for sustainable value creation.

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• Turnaround Specialist in a Cyclical Up-swing: After a prolonged downturn that necessitated two major debt restructurings (2018 and 2024), Nam Cheong has emerged as a leaner entity focused on vessel chartering. The company is capitalizing on a robust recovery in the Offshore Support Vessel (OSV) market, driven by increased offshore oil & gas exploration and production activities.
• Strong Financial Rebound and Earnings Visibility: The company has demonstrated a significant financial turnaround, with revenue and net income surging in the past three years. Recent long-term charter contract wins worth up to RM1.22 billion provide strong earnings visibility for the next 2-3 years, with a target of having 60-70% of its fleet on long-term charters.
• High-Risk, High-Reward Profile: Despite the positive momentum and an attractive valuation on a forward P/E basis, the company operates in a highly cyclical industry and has a history of financial distress. Key risks include dependence on oil & gas capital expenditure, potential for renewed vessel oversupply, and a corporate governance structure with significant family influence.

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

• Ever Glory United Holdings is a Singapore-based provider of mechanical and electrical (M&E) engineering services, poised to capitalize on the burgeoning Singaporean construction sector. The company has demonstrated robust top-line growth, driven by an increase in M&E projects.
• Strategic acquisitions, such as Fire-Guard Engineering and Guthrie Engineering, have expanded the company’s service offerings and capabilities, enabling it to tender for larger, higher-value projects. This inorganic growth strategy is a key pillar of its future expansion.
• While revenue growth is strong, the company faces challenges with gross margin pressure due to the completion of higher-margin projects and broader inflationary pressures. Management is focused on cost control and diversification to mitigate these impacts.

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

• CK Hutchison is a global conglomerate with leading positions in ports, retail, infrastructure, and telecommunications, offering significant diversification benefits.
• The company is currently trading at a substantial discount to its intrinsic value, indicated by low price-to-book and price-to-earnings ratios, presenting a potentially attractive entry point for long-term investors.
• Significant uncertainty surrounds the company due to a major pending sale of its port assets, which faces considerable geopolitical and regulatory hurdles, making it a key catalyst and risk.

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

• Consolidated sales for 1H FY02/26 rose 10.1% YoY to JPY36.1bn, exceeding the forecast of JPY35.6bn.
• Operating profit increased 1.7% YoY to JPY7.5bn, with OPM declining 1.7pp YoY to 20.6%.
• Recurring profit decreased 1.1% YoY to JPY7.6bn, and net income fell 3.5% YoY to JPY4.7bn.

• A decade of stagnant revenue and declining profits, despite significant capital investments in overseas expansion.
• CDG was destroying shareholder value. Return on Equity (“ROE”) had fallen to 6.9% in 2023, almost half the 13.3% recorded in 2015. More critically, ROE remained below its 9% cost of equity.
• Lack of strategic clarity on how its growth strategy aligns with long-term shareholder value creation.

• Vitzrocell is a global leader in lithium primary batteries, particularly for specialized industrial and military applications, demonstrating a robust growth trajectory with a 3-year net income CAGR of 44.4%.
• The company is strategically positioned to benefit from growing demand in the smart grid, IoT, and defense sectors, driven by its technological expertise in high-temperature and long-lifespan batteries.
• A strong financial profile, characterized by high growth, solid margins, and impressive free cash flow generation, supports continued investment in R&D and strategic acquisitions to solidify market leadership.

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

• Atkore Inc., a leading manufacturer in electrical infrastructure, is under fresh scrutiny after activist investor Irenic Capital Management disclosed a 2.5% stake and began pressuring the company to explore a sale.
• The news, first reported by Bloomberg, triggered a 2.2% rise in Atkore’s stock price and follows the company’s own announcement that it is evaluating strategic alternatives with the help of Citi.
• While no formal process has been confirmed, market speculation has intensified around a possible leveraged buyout or private equity-led acquisition.

• MS International is experiencing a period of exceptional growth, driven by its Defence and Security division, which now accounts for 70% of turnover. The company recently reported record pre-tax profits and revenues for the year ending April 2025.
• The company exhibits a robust financial profile characterized by strong revenue and net income growth, a high return on equity, and a solid balance sheet with record cash levels reported in the 2024 fiscal year. This financial strength supports a consistently growing dividend.
• Despite impressive profitability, the company’s growth track record is marred by extremely volatile and often negative operating and free cash flows, posing a significant risk to the sustainability of its performance and dividend policy.

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

• Pasona Group is a major player in the Japanese human resources sector, offering a comprehensive suite of services including temporary staffing, contracting, recruitment, and outsourcing. The company is navigating a challenging domestic market characterized by a shrinking workforce and increasing demand for specialized talent.
• Recent financial performance has been impacted by the sale of a significant subsidiary, Benefit One, and the conclusion of large-scale BPO projects related to the COVID-19 pandemic. The company is now focused on its ‘PASONA GROUP VISION 2030’ to reform its revenue structure and invest in new growth areas.
• Key challenges for Pasona include intense competition within the fragmented Japanese staffing industry, the need to adapt to evolving labor regulations, and the macroeconomic pressures of an aging population and potential economic slowdowns.

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

• Salzer Electronics is a well-established player in the Indian electrical components market, demonstrating a robust track record of revenue and net income growth. The company is capitalizing on favorable industry tailwinds, including infrastructure development and the push for energy efficiency.
• Strategic expansion into high-growth areas such as smart meters and electric vehicle (EV) chargers presents significant upside potential. These new ventures, coupled with a strong existing portfolio in switchgears and wires & cables, are expected to be key long-term growth drivers.
• A significant concern is the consistently negative operating and free cash flow over the past three years, primarily due to high working capital requirements to fund growth. Improving cash conversion and working capital management will be critical for sustainable value creation.

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

• Turnaround Specialist in a Cyclical Up-swing: After a prolonged downturn that necessitated two major debt restructurings (2018 and 2024), Nam Cheong has emerged as a leaner entity focused on vessel chartering. The company is capitalizing on a robust recovery in the Offshore Support Vessel (OSV) market, driven by increased offshore oil & gas exploration and production activities.
• Strong Financial Rebound and Earnings Visibility: The company has demonstrated a significant financial turnaround, with revenue and net income surging in the past three years. Recent long-term charter contract wins worth up to RM1.22 billion provide strong earnings visibility for the next 2-3 years, with a target of having 60-70% of its fleet on long-term charters.
• High-Risk, High-Reward Profile: Despite the positive momentum and an attractive valuation on a forward P/E basis, the company operates in a highly cyclical industry and has a history of financial distress. Key risks include dependence on oil & gas capital expenditure, potential for renewed vessel oversupply, and a corporate governance structure with significant family influence.

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

• Ever Glory United Holdings is a Singapore-based provider of mechanical and electrical (M&E) engineering services, poised to capitalize on the burgeoning Singaporean construction sector. The company has demonstrated robust top-line growth, driven by an increase in M&E projects.
• Strategic acquisitions, such as Fire-Guard Engineering and Guthrie Engineering, have expanded the company’s service offerings and capabilities, enabling it to tender for larger, higher-value projects. This inorganic growth strategy is a key pillar of its future expansion.
• While revenue growth is strong, the company faces challenges with gross margin pressure due to the completion of higher-margin projects and broader inflationary pressures. Management is focused on cost control and diversification to mitigate these impacts.

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

• CK Hutchison is a global conglomerate with leading positions in ports, retail, infrastructure, and telecommunications, offering significant diversification benefits.
• The company is currently trading at a substantial discount to its intrinsic value, indicated by low price-to-book and price-to-earnings ratios, presenting a potentially attractive entry point for long-term investors.
• Significant uncertainty surrounds the company due to a major pending sale of its port assets, which faces considerable geopolitical and regulatory hurdles, making it a key catalyst and risk.

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

• Consolidated sales for 1H FY02/26 rose 10.1% YoY to JPY36.1bn, exceeding the forecast of JPY35.6bn.
• Operating profit increased 1.7% YoY to JPY7.5bn, with OPM declining 1.7pp YoY to 20.6%.
• Recurring profit decreased 1.1% YoY to JPY7.6bn, and net income fell 3.5% YoY to JPY4.7bn.

• The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
• First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
• Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.

• In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.
• The 7 potential additions are up on average 164% YTD. The 8 potential deletion candidates are down on average 25.1% YTD. KOSDAQ is up 26% YTD.
• The average market cap of the 7 potential additions is 1,515 billion won. The average market cap of the 8 potential deletion candidates is 275 billion won.

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
• We see no changes for NIFTY 50 and three changes for NIFTY 100 (which would result in similar changes to NIFTY Next 50).

• Daiseki Eco. Solution (1712 JP) has recommended a tender offer from Daiseki Co Ltd (9793 JP) at JPY1,850, a 54.3% premium to the last close.
• The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. 
• The low required minority tendering rate facilitates completion. The tender runs from 3 October to 17 November.  

• Vicor is a highly innovative designer and manufacturer of high-density, high-efficiency modular power solutions, positioning it as a key enabler for demanding applications in artificial intelligence (AI), high-performance computing (HPC), automotive, and aerospace.
• The company’s proprietary technologies and vertical integration provide a technological moat; however, the business faces significant risks from customer concentration, intense competition from larger semiconductor players, and market cyclicality.
• Financial performance has been volatile, with recent margin compression and analyst downgrades creating uncertainty, yet the company maintains a strong balance sheet and is poised to capitalize on long-term secular growth trends in electrification and data center power demands.

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

• Cosin Solar Technology Co (SUPCOZ CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International.
• Cosin Solar Technology Co. (CST) is a Chinese company specializing in concentrated solar power (CSP) solutions, particularly molten salt tower systems. 
• The company’s main business lies in providing the collector system and other core sub-systems essential for constructing large-scale CSP plants.

• Chorus Aviation is repurchasing 8% of shares at C$23.00–C$25.00, offering C$45 risk-free upside; tender expires November 10.
• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition, potentially forcing a higher bid before October 23 meeting.
• Forian’s $2.10/share go-private proposal by a founder-led consortium is under review, with shares trading at offer price.

• The ICTSI (ICT PM), the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.
• The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).
• The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.

• In this edition: • Just Eat TakeAway.com | Prosus declares offer unconditional • TomTom | expands its partnership with Hyundai AutoEver • Triodos Bank | closed proposed settlement deal with 82.4% of its depository receipt holders • DHL | buys out its APM partner in Poland • E-commerce & Logistics | Greek e-com association calls for levy on Chinese parcels

Key points (machine generated)

• Omni-Lite is a specialized components manufacturer focused on the aerospace market with facilities in California, New Hampshire, and Ontario.
• The company operates three business units: a metal forging facility, an electronics division acquired in 2018, and a metal castings operation acquired in 2022.
• Under CEO Dave Robbins, who owns 3.8% of the company, Omni-Lite is positioned for growth in unique, low-volume parts, making it an attractive investment opportunity.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
• First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
• Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.

• In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.
• The 7 potential additions are up on average 164% YTD. The 8 potential deletion candidates are down on average 25.1% YTD. KOSDAQ is up 26% YTD.
• The average market cap of the 7 potential additions is 1,515 billion won. The average market cap of the 8 potential deletion candidates is 275 billion won.

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
• We see no changes for NIFTY 50 and three changes for NIFTY 100 (which would result in similar changes to NIFTY Next 50).

• Daiseki Eco. Solution (1712 JP) has recommended a tender offer from Daiseki Co Ltd (9793 JP) at JPY1,850, a 54.3% premium to the last close.
• The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. 
• The low required minority tendering rate facilitates completion. The tender runs from 3 October to 17 November.  

• Vicor is a highly innovative designer and manufacturer of high-density, high-efficiency modular power solutions, positioning it as a key enabler for demanding applications in artificial intelligence (AI), high-performance computing (HPC), automotive, and aerospace.
• The company’s proprietary technologies and vertical integration provide a technological moat; however, the business faces significant risks from customer concentration, intense competition from larger semiconductor players, and market cyclicality.
• Financial performance has been volatile, with recent margin compression and analyst downgrades creating uncertainty, yet the company maintains a strong balance sheet and is poised to capitalize on long-term secular growth trends in electrification and data center power demands.

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

• Cosin Solar Technology Co (SUPCOZ CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International.
• Cosin Solar Technology Co. (CST) is a Chinese company specializing in concentrated solar power (CSP) solutions, particularly molten salt tower systems. 
• The company’s main business lies in providing the collector system and other core sub-systems essential for constructing large-scale CSP plants.

• Chorus Aviation is repurchasing 8% of shares at C$23.00–C$25.00, offering C$45 risk-free upside; tender expires November 10.
• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition, potentially forcing a higher bid before October 23 meeting.
• Forian’s $2.10/share go-private proposal by a founder-led consortium is under review, with shares trading at offer price.

• The ICTSI (ICT PM), the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.
• The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).
• The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.

• In this edition: • Just Eat TakeAway.com | Prosus declares offer unconditional • TomTom | expands its partnership with Hyundai AutoEver • Triodos Bank | closed proposed settlement deal with 82.4% of its depository receipt holders • DHL | buys out its APM partner in Poland • E-commerce & Logistics | Greek e-com association calls for levy on Chinese parcels

Key points (machine generated)

• Omni-Lite is a specialized components manufacturer focused on the aerospace market with facilities in California, New Hampshire, and Ontario.
• The company operates three business units: a metal forging facility, an electronics division acquired in 2018, and a metal castings operation acquired in 2022.
• Under CEO Dave Robbins, who owns 3.8% of the company, Omni-Lite is positioned for growth in unique, low-volume parts, making it an attractive investment opportunity.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
• No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
• The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…

• Rocket Lab has taken a significant strategic step toward becoming a fully vertically integrated space company with its intent to acquire a controlling stake in Mynaric AG, a German-based laser communications provider.
• The deal, still subject to regulatory and restructuring approvals, comes on the heels of Rocket Lab’s Q2 2025 earnings, where the company reported $39.6 million in revenue and reiterated its commitment to expanding across the entire space value chain.
• If completed, the acquisition will give Rocket Lab access to Mynaric’s production capabilities, intellectual property, and workforce of over 300 engineers.

• In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
• This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
• We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks

• ST Engineering‘s growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence & Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.
• The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.
• While operational performance is strong, valuation appears stretched. The Urban Solutions & Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.

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

• Rollins Inc, the parent company of Orkin and other leading pest control brands, has emerged as one of the most resilient performers of 2025, gaining over 25% year-to-date.
• While many businesses scramble to adapt to the rapid disruption of artificial intelligence, Rollins stands apart.
• It’s not just surviving the AI wave—it’s thriving.

Key points (machine generated)

• Lockheed Martin is considered a strong investment due to geopolitical tensions and increased defense spending.
• The company has four main divisions, including Aeronautics and Missiles and Fire Control, focusing on advanced military technology.
• Lockheed Martin’s diverse portfolio positions it for growth in the defense sector amid current global security challenges.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Dominant Market Position with High Barriers to Entry: Credit Bureau Asia (CBA) holds a near-monopolistic position in Singapore’s Financial Institution (FI) data business with an estimated 99.9% market share. It is also the sole credit bureau in Cambodia and Myanmar, creating significant barriers to entry for potential competitors.
• Resilient and Cash-Generative Business Model: The company’s business model is resilient across economic cycles, benefiting from increased demand for credit risk assessment during both economic expansions and downturns. CBA is highly cash-generative with minimal capital expenditure requirements, supporting a consistent dividend payout.
• Multiple Growth Levers: Growth is expected to be driven by the expansion of digital banking in Singapore, increasing credit penetration in emerging markets like Cambodia and Myanmar, and the growth of its Non-Financial Institution (Non-FI) data business through new product offerings and regional expansion.

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

• Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.
• The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.
• Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.

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

• ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.
• The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.
• Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.

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

• Rich Sparkle is an absurd, Hong Kong based financial printing company whose share-price rise can only be attributed to the thin float—about 10% of the company.
• That means that, if the 90% of under-the-surface owners chose to buy at prices higher than the company merits, a few purchases would drive up the price of the whole company.
• We do not know whether this stock is manipulated, but there is nothing we can identify in the fundamentals or the sector it operates in that would make ANPA an attractive company to own at its current valuation.

• JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
• No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don’t.
• The Board “supports” the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But…

• Rocket Lab has taken a significant strategic step toward becoming a fully vertically integrated space company with its intent to acquire a controlling stake in Mynaric AG, a German-based laser communications provider.
• The deal, still subject to regulatory and restructuring approvals, comes on the heels of Rocket Lab’s Q2 2025 earnings, where the company reported $39.6 million in revenue and reiterated its commitment to expanding across the entire space value chain.
• If completed, the acquisition will give Rocket Lab access to Mynaric’s production capabilities, intellectual property, and workforce of over 300 engineers.

• In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 4Q 2025.
• This was a STRONG REVERSAL of the relative share price performances of these 38 pairs in 3Q 2025 versus in 2Q 2025.
• We provide four holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks

• ST Engineering‘s growth is underpinned by a record-high order book, fueled by strong demand in its Commercial Aerospace and Defence & Public Security segments, which are benefiting from the global recovery in air travel and increased military spending.
• The company is a global leader in aircraft Maintenance, Repair, and Overhaul (MRO) and is strategically expanding its capabilities in smart city solutions and defence technology, including AI-driven systems and unmanned vehicles.
• While operational performance is strong, valuation appears stretched. The Urban Solutions & Satcom segment, particularly the satellite communications (SATCOM) business, has faced headwinds from supply chain disruptions and restructuring costs, acting as a drag on overall profitability.

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• Rollins Inc, the parent company of Orkin and other leading pest control brands, has emerged as one of the most resilient performers of 2025, gaining over 25% year-to-date.
• While many businesses scramble to adapt to the rapid disruption of artificial intelligence, Rollins stands apart.
• It’s not just surviving the AI wave—it’s thriving.

Key points (machine generated)

• Lockheed Martin is considered a strong investment due to geopolitical tensions and increased defense spending.
• The company has four main divisions, including Aeronautics and Missiles and Fire Control, focusing on advanced military technology.
• Lockheed Martin’s diverse portfolio positions it for growth in the defense sector amid current global security challenges.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Dominant Market Position with High Barriers to Entry: Credit Bureau Asia (CBA) holds a near-monopolistic position in Singapore’s Financial Institution (FI) data business with an estimated 99.9% market share. It is also the sole credit bureau in Cambodia and Myanmar, creating significant barriers to entry for potential competitors.
• Resilient and Cash-Generative Business Model: The company’s business model is resilient across economic cycles, benefiting from increased demand for credit risk assessment during both economic expansions and downturns. CBA is highly cash-generative with minimal capital expenditure requirements, supporting a consistent dividend payout.
• Multiple Growth Levers: Growth is expected to be driven by the expansion of digital banking in Singapore, increasing credit penetration in emerging markets like Cambodia and Myanmar, and the growth of its Non-Financial Institution (Non-FI) data business through new product offerings and regional expansion.

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• Huationg Global is a well-established civil engineering firm in Singapore, poised to benefit from a robust public infrastructure spending pipeline, including major projects like the Changi Airport Terminal 5 and various MRT lines.
• The company has demonstrated a strong growth trajectory, with a 3-year net income compound annual growth rate (CAGR) of 45.35% and operating cash flow CAGR of 65.09%, indicating efficient execution and strong project management.
• Valuation appears attractive, with a very low P/E ratio and a strong net cash position. The company also offers a compelling dividend yield, which has been consistently high over the past three years.

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• ICTSI is a leading global, independent container terminal operator with a geographically diverse portfolio across Asia, the Americas, Europe, the Middle East, and Africa, positioning it to capitalize on global trade flows.
• The company has demonstrated a strong growth track record, with double-digit compound annual growth rates in revenue, net income, and dividends over the past decade, driven by both organic expansion and strategic acquisitions.
• Future growth is expected to be supported by tariff hikes at key terminals, continued strategic capacity expansion in high-growth emerging markets, and a focus on operational efficiency, though risks from global economic slowdowns and geopolitical tensions remain.

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• Rich Sparkle is an absurd, Hong Kong based financial printing company whose share-price rise can only be attributed to the thin float—about 10% of the company.
• That means that, if the 90% of under-the-surface owners chose to buy at prices higher than the company merits, a few purchases would drive up the price of the whole company.
• We do not know whether this stock is manipulated, but there is nothing we can identify in the fundamentals or the sector it operates in that would make ANPA an attractive company to own at its current valuation.