Industrials

• Mitsubishi Logisnext Co., Ltd. (7105 JP) announced a pre-conditional tender offer from Japan Industrial Partners (JIP) at JPY1,537 per share, representing a 15.3% discount to the last close price.
• The offer resulted from an auction process. The offer is light in comparison to peer multiples and is below the midpoint of the target IFA DCF valuation.
• While Mitsubishi Heavy Industries (7011 JP) irrevocable has a competing proposal clause, it is unlikely that a bidding war will transpire. The low required tendering rate suggests a done deal. 

• There is an end of a lock-up period for 22.1 million shares (34% of outstanding shares) for Doosan Robotics (454910 KS) starting 5 October 2025. 
• This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. 
• Doosan Robotics’ valuation multiples remain extremely high. We remain BEARISH on Doosan Robotics. 

• Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
• Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
• Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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

• OKP Holdings is a leading Singapore-based infrastructure and civil engineering company with a strong reliance on public sector projects, complemented by a growing maintenance business and rental income from investment properties.
• The company has demonstrated a significant financial turnaround, with robust revenue growth and a substantial improvement in profitability in FY2024, driven by higher-margin projects and effective cost management.
• Fueled by a strong order book of S$600.7 million providing revenue visibility until 2027 and a favorable outlook for Singapore’s construction sector, OKP is well-positioned for sustained growth, though it remains exposed to the cyclical nature of the industry and potential project delays.

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

• High miss probability: Latest emissions intensity 920 gCO₂e per RTK (YE 2024) vs 851 target for 2025. A 7.5% one‑year cut after flat 2024. Base case miss and event-driven opportunity. 
• Catalyst within months: The observation window ends YE 2025. Coupons adjust (up to +75bps) from May 2026 on the 2026s and over 2027-2028 on the 2028s, creating a tradable window. 
• How to position: Own selected credit and optionality rather than step‑up carry. Trade around KPI disclosures and verification when the probability of a miss is priced before payments change. 

• KBR will separate Mission Technology Solutions (government services, defense, space) from Sustainable Technology Solutions (process technologies, clean energy, and infrastructure), sharpening strategic focus and valuation clarity.
• STS is asset-light with strong FCF and IP-driven growth, while MTS is capital-intensive with long-term government contracts; independence allows each to tailor capital allocation and pursue targeted M&A.
• Post-Spin, STS could be benchmarked against clean tech/process peers and MTS against defense contractors, giving investors cleaner comparables and potential sum-of-the-parts upside.

• Dominant Market Position with Strong Growth Engine: KeePer Technical Laboratory is a market leader in Japan’s car coating industry, demonstrating a robust growth trajectory. This is driven by the continuous expansion of its dual-format network: company-owned ‘KeePer LABO’ stores and franchised ‘KeePer PROSHOP’ locations. The company has a proven track record of double-digit revenue and profit growth, supported by strong same-store sales and new openings.
• Vertically Integrated Business Model Creates Synergies: The company’s integrated model, which spans from the development and manufacturing of proprietary coating chemicals to the direct provision of services, creates significant competitive advantages. This ensures high-quality, standardized service across its network, reinforces its brand, and allows the KeePer LABO (B2C) stores to provide direct market feedback for the Products (B2B) segment.
• Attractive Financial Profile with Shareholder Returns: KeePer exhibits a strong financial profile characterized by high margins, robust cash flow generation, and a solid balance sheet with low leverage. The company has a consistent history of impressive earnings growth, which has translated into a rapidly growing dividend, signaling a commitment to shareholder returns.

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

• SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged “deliberate misstatement”.
• The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
• While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.

• Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• United Tractors (UNTR) is a market leader in Indonesia’s heavy equipment and mining contracting sectors, but faces significant near-term headwinds from weak coal prices and weather-related production shortfalls in its contracting business.
• Despite challenges in the coal sector, the Construction Machinery segment shows robust growth, driven by strong demand for Komatsu equipment, particularly from the forestry and construction sectors. This diversification provides a partial hedge against coal market volatility.
• The company maintains a strong financial position characterized by robust free cash flow generation and a commitment to shareholder returns through dividends. Management is actively pursuing a diversification strategy into non-coal minerals like gold and nickel, and renewable energy to ensure long-term sustainable growth.

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

• Mitsubishi Logisnext Co., Ltd. (7105 JP) announced a pre-conditional tender offer from Japan Industrial Partners (JIP) at JPY1,537 per share, representing a 15.3% discount to the last close price.
• The offer resulted from an auction process. The offer is light in comparison to peer multiples and is below the midpoint of the target IFA DCF valuation.
• While Mitsubishi Heavy Industries (7011 JP) irrevocable has a competing proposal clause, it is unlikely that a bidding war will transpire. The low required tendering rate suggests a done deal. 

• There is an end of a lock-up period for 22.1 million shares (34% of outstanding shares) for Doosan Robotics (454910 KS) starting 5 October 2025. 
• This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. 
• Doosan Robotics’ valuation multiples remain extremely high. We remain BEARISH on Doosan Robotics. 

• Strategic Repositioning Through Spin-Off: KBR is undergoing a significant transformation by spinning off its Mission Technology Solutions (MTS) segment. This strategic move aims to create two distinct, publicly-traded companies, allowing for greater focus, tailored capital allocation, and potentially unlocking significant shareholder value through a valuation re-rating for both the government-focused MTS and the technology-centric Sustainable Technology Solutions (STS) businesses.
• Favorable End-Market Exposure: The company is well-positioned in attractive, high-growth sectors. The STS segment is a key player in the global energy transition and sustainability movement, providing proprietary technologies for clean energy and petrochemicals. The MTS segment benefits from stable, long-term government contracts in defense, space, and national security, areas with consistent and growing budget allocations.
• Solid Financial Performance and Growth Outlook: KBR has demonstrated robust financial health, with consistent revenue growth, margin expansion, and strong cash flow generation. The company has a strong track record of earnings growth and has been consistently increasing its dividend, signaling confidence in its future prospects. Management has reiterated ambitious 2027 financial targets, projecting double-digit revenue CAGR for both of its core segments.

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

• OKP Holdings is a leading Singapore-based infrastructure and civil engineering company with a strong reliance on public sector projects, complemented by a growing maintenance business and rental income from investment properties.
• The company has demonstrated a significant financial turnaround, with robust revenue growth and a substantial improvement in profitability in FY2024, driven by higher-margin projects and effective cost management.
• Fueled by a strong order book of S$600.7 million providing revenue visibility until 2027 and a favorable outlook for Singapore’s construction sector, OKP is well-positioned for sustained growth, though it remains exposed to the cyclical nature of the industry and potential project delays.

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

• High miss probability: Latest emissions intensity 920 gCO₂e per RTK (YE 2024) vs 851 target for 2025. A 7.5% one‑year cut after flat 2024. Base case miss and event-driven opportunity. 
• Catalyst within months: The observation window ends YE 2025. Coupons adjust (up to +75bps) from May 2026 on the 2026s and over 2027-2028 on the 2028s, creating a tradable window. 
• How to position: Own selected credit and optionality rather than step‑up carry. Trade around KPI disclosures and verification when the probability of a miss is priced before payments change. 

• KBR will separate Mission Technology Solutions (government services, defense, space) from Sustainable Technology Solutions (process technologies, clean energy, and infrastructure), sharpening strategic focus and valuation clarity.
• STS is asset-light with strong FCF and IP-driven growth, while MTS is capital-intensive with long-term government contracts; independence allows each to tailor capital allocation and pursue targeted M&A.
• Post-Spin, STS could be benchmarked against clean tech/process peers and MTS against defense contractors, giving investors cleaner comparables and potential sum-of-the-parts upside.

• Dominant Market Position with Strong Growth Engine: KeePer Technical Laboratory is a market leader in Japan’s car coating industry, demonstrating a robust growth trajectory. This is driven by the continuous expansion of its dual-format network: company-owned ‘KeePer LABO’ stores and franchised ‘KeePer PROSHOP’ locations. The company has a proven track record of double-digit revenue and profit growth, supported by strong same-store sales and new openings.
• Vertically Integrated Business Model Creates Synergies: The company’s integrated model, which spans from the development and manufacturing of proprietary coating chemicals to the direct provision of services, creates significant competitive advantages. This ensures high-quality, standardized service across its network, reinforces its brand, and allows the KeePer LABO (B2C) stores to provide direct market feedback for the Products (B2B) segment.
• Attractive Financial Profile with Shareholder Returns: KeePer exhibits a strong financial profile characterized by high margins, robust cash flow generation, and a solid balance sheet with low leverage. The company has a consistent history of impressive earnings growth, which has translated into a rapidly growing dividend, signaling a commitment to shareholder returns.

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

• SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged “deliberate misstatement”.
• The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
• While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.

• Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• United Tractors (UNTR) is a market leader in Indonesia’s heavy equipment and mining contracting sectors, but faces significant near-term headwinds from weak coal prices and weather-related production shortfalls in its contracting business.
• Despite challenges in the coal sector, the Construction Machinery segment shows robust growth, driven by strong demand for Komatsu equipment, particularly from the forestry and construction sectors. This diversification provides a partial hedge against coal market volatility.
• The company maintains a strong financial position characterized by robust free cash flow generation and a commitment to shareholder returns through dividends. Management is actively pursuing a diversification strategy into non-coal minerals like gold and nickel, and renewable energy to ensure long-term sustainable growth.

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

Key points (machine generated)

• Bloom Energy is trading at approximately $22 per share with a price target of over $50 in one year and over $100 in five years.
• The company produces energy servers that convert natural gas or biogas into electricity with higher efficiency than traditional fossil fuels.
• Projected non-GAAP earnings per share for 2026 are around $2, with a compounded growth rate exceeding 30% and competitive electricity costs of $0.09-0.12 per kWh.

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 Leader with Strategic Assets: IPCC is the pioneering and largest operator of specialized vehicle terminals in Indonesia, holding a dominant market share (approximately 80%) in new vehicle handling at its primary location, the Port of Tanjung Priok, which is Indonesia’s busiest port. Its strategic position is reinforced by its status as a subsidiary of the state-owned port authority Pelindo, providing a significant competitive advantage.
• Strong Financial Performance and Shareholder Returns: The company exhibits a robust growth trajectory with a 3-year net income CAGR of 52.31% and consistently high margins. IPCC maintains a strong, debt-free financial position, enabling it to consistently distribute high dividends, as evidenced by a dividend yield exceeding 13% in the latest fiscal year.
• Favorable Industry Tailwinds and Expansion Strategy: IPCC is well-positioned to capitalize on the long-term growth of the Indonesian automotive market, including the rise of electric vehicles (EVs) and government initiatives to boost exports. The company is pursuing a clear expansion strategy, focused on integrating its services, expanding its network to other Pelindo-operated ports, and digitalization to create a comprehensive vehicle logistics ecosystem.

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

• Verisure is the leading provider of professionally monitored security services in Europe and Latin America, poised for a significant IPO on Nasdaq Stockholm with a potential market capitalization of €12.9–€13.9 billion.
• The company’s business model is built on a highly resilient, subscription-based revenue stream, with approximately 90% of its €3.4 billion in 2024 revenue coming from recurring subscriptions, driving strong, consistent cash flow.
• Significant growth potential exists due to the low penetration of monitored security services in Verisure’s core European markets (around 4%) compared to the U.S. (around 23%), providing a long runway for customer acquisition and expansion.

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

• Verisure Holding (VSURE SS) is set to go public on Nasdaq Stockholm on 8 October 2025 and is set to reach a market cap of up to $16.5bn.
• Verisure Holding (VSURE SS) is forecasted to be included in both Global indices, with the possibility of fast-entry in one.
• Verisure Holding (VSURE SS) is expected to be added to EU indices at the December 2025 review.

• Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.
• Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.
• Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.

• Andersen Group (ANDG US) filed for an IPO on the NYSE on September 19th. 
• They have strategically expanded their business to build an integrated platform of service offerings that enables them to solve their clients’ most complex tax and financial challenges.
• They generated $731.6 million and $639.1 million of revenue in 2024 and 2023 and $384.1 million for the six months ended June 30, 2025 compared to $341.5 million in 2024.

• 19th September 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• Providing services to large clients has risk and rewards; it could be a rewarding time for these two companies HERC Energy boost PEN Operationally Ready

Epwin Group reported solid revenue growth in H125 and an improvement in operating profit, although there was some competitive pressure on the margin. The group ended the period with a solid balance sheet, and trading conditions in Q3 remain similar to the first half, no doubt party reflecting caution ahead of the Autumn budget. The all-cash offer of 120p per share from Laumann UK was approved by shareholders on 25 September.

• 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
• The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
• In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group’s own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.

Carr’s Group’s trading in FY25 was in line with consensus, and the key seasonal period has started in line with management’s expectations. While this is encouraging, key for investors are the opportunities as a focused agribusiness. The name change to Fevara and the three-pillar strategy (margin improvement, commercial growth and geographic expansion into high-growth markets) highlight the direction for value generation.

Key points (machine generated)

• Bloom Energy is trading at approximately $22 per share with a price target of over $50 in one year and over $100 in five years.
• The company produces energy servers that convert natural gas or biogas into electricity with higher efficiency than traditional fossil fuels.
• Projected non-GAAP earnings per share for 2026 are around $2, with a compounded growth rate exceeding 30% and competitive electricity costs of $0.09-0.12 per kWh.

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 Leader with Strategic Assets: IPCC is the pioneering and largest operator of specialized vehicle terminals in Indonesia, holding a dominant market share (approximately 80%) in new vehicle handling at its primary location, the Port of Tanjung Priok, which is Indonesia’s busiest port. Its strategic position is reinforced by its status as a subsidiary of the state-owned port authority Pelindo, providing a significant competitive advantage.
• Strong Financial Performance and Shareholder Returns: The company exhibits a robust growth trajectory with a 3-year net income CAGR of 52.31% and consistently high margins. IPCC maintains a strong, debt-free financial position, enabling it to consistently distribute high dividends, as evidenced by a dividend yield exceeding 13% in the latest fiscal year.
• Favorable Industry Tailwinds and Expansion Strategy: IPCC is well-positioned to capitalize on the long-term growth of the Indonesian automotive market, including the rise of electric vehicles (EVs) and government initiatives to boost exports. The company is pursuing a clear expansion strategy, focused on integrating its services, expanding its network to other Pelindo-operated ports, and digitalization to create a comprehensive vehicle logistics ecosystem.

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

• Verisure is the leading provider of professionally monitored security services in Europe and Latin America, poised for a significant IPO on Nasdaq Stockholm with a potential market capitalization of €12.9–€13.9 billion.
• The company’s business model is built on a highly resilient, subscription-based revenue stream, with approximately 90% of its €3.4 billion in 2024 revenue coming from recurring subscriptions, driving strong, consistent cash flow.
• Significant growth potential exists due to the low penetration of monitored security services in Verisure’s core European markets (around 4%) compared to the U.S. (around 23%), providing a long runway for customer acquisition and expansion.

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

• Verisure Holding (VSURE SS) is set to go public on Nasdaq Stockholm on 8 October 2025 and is set to reach a market cap of up to $16.5bn.
• Verisure Holding (VSURE SS) is forecasted to be included in both Global indices, with the possibility of fast-entry in one.
• Verisure Holding (VSURE SS) is expected to be added to EU indices at the December 2025 review.

• Institutions were net sellers of Singapore stocks with a net outflow of S$592 million from Sep 19 to 25.
• Food Empire Holdings raised S$42.8 million by placing 17 million treasury shares at S$2.52 each on Sep 24.
• Prime US REIT launched a private placement to raise at least US$25 million, issuing new units at US$0.1935.

• Andersen Group (ANDG US) filed for an IPO on the NYSE on September 19th. 
• They have strategically expanded their business to build an integrated platform of service offerings that enables them to solve their clients’ most complex tax and financial challenges.
• They generated $731.6 million and $639.1 million of revenue in 2024 and 2023 and $384.1 million for the six months ended June 30, 2025 compared to $341.5 million in 2024.

• 19th September 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• Providing services to large clients has risk and rewards; it could be a rewarding time for these two companies HERC Energy boost PEN Operationally Ready

Epwin Group reported solid revenue growth in H125 and an improvement in operating profit, although there was some competitive pressure on the margin. The group ended the period with a solid balance sheet, and trading conditions in Q3 remain similar to the first half, no doubt party reflecting caution ahead of the Autumn budget. The all-cash offer of 120p per share from Laumann UK was approved by shareholders on 25 September.

• 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
• The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
• In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. Between the financial period for the 16 months ended 31 January 2023 (FY22) and FY24, the Group’s own-brand revenue and adjusted EBITDA grew at a compound annual growth rate of 73.6% and 92.9% respectively. Timing and deal details TBC.

Carr’s Group’s trading in FY25 was in line with consensus, and the key seasonal period has started in line with management’s expectations. While this is encouraging, key for investors are the opportunities as a focused agribusiness. The name change to Fevara and the three-pillar strategy (margin improvement, commercial growth and geographic expansion into high-growth markets) highlight the direction for value generation.

• Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
• While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
• The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  

• IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.
• Core execution the swing factor – Information & Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.
• Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.

• Late Friday (26th September), precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex’s controlling shareholder (74.95%).
• The Tan’s are offering S$1.43/share, an okay 27.7% premium to undisturbed, and a decade-high price.  The Offer is backed by PE outfit PrimeMovers Equity.
• Clean deal. No competing Offer will emerge. I estimate payment mid-Jan 2026.

• We visited two manufacturing plants of Nelcast Ltd (NELC IN) located in the southern part of India. In this insight we present the key takeaways from visit.
• Specifically the Pedapariya plant which was facing low capacity utilization is seeing signs of steep ramp up.  Insights on this are provided in the note.
• With no significant capex coming up, the ramp of capacity could make Nelcast Ltd (NELC IN)a dark horse in terms of investor returns. We highlight our projections in this note.

• RaaS Senior Analyst Graeme Carson interviews Fluence Corporation CEO-elect Ben Fash on the company’s business, strategy and outlook.

• Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
• While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
• The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  

• IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.
• Core execution the swing factor – Information & Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.
• Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.

• Late Friday (26th September), precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex’s controlling shareholder (74.95%).
• The Tan’s are offering S$1.43/share, an okay 27.7% premium to undisturbed, and a decade-high price.  The Offer is backed by PE outfit PrimeMovers Equity.
• Clean deal. No competing Offer will emerge. I estimate payment mid-Jan 2026.

• We visited two manufacturing plants of Nelcast Ltd (NELC IN) located in the southern part of India. In this insight we present the key takeaways from visit.
• Specifically the Pedapariya plant which was facing low capacity utilization is seeing signs of steep ramp up.  Insights on this are provided in the note.
• With no significant capex coming up, the ramp of capacity could make Nelcast Ltd (NELC IN)a dark horse in terms of investor returns. We highlight our projections in this note.

• RaaS Senior Analyst Graeme Carson interviews Fluence Corporation CEO-elect Ben Fash on the company’s business, strategy and outlook.

• Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as New Way Trucks, for an initial consideration of $396 million.
• This deal, announced on September 25, 2025, includes an additional $30 million earmarked for real estate tied to New Way’s manufacturing facilities in Iowa and Mississippi.
• Further, a performance-based earnout of up to $54 million could be paid over the next two years.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
• Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
• Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500

• Laser wireless power transmission technology opens new defense, dual-use and civilian market opportunities. 
• Japanese politicians inclined to spend more on defense, but worried about the national budget. Likely to split the difference between 2% of GDP and Trump’s demands. 
• Aircraft, Defense & Space to drive sales and profit growth through 2030. Buy on dips for the long term.

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

• Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as New Way Trucks, for an initial consideration of $396 million.
• This deal, announced on September 25, 2025, includes an additional $30 million earmarked for real estate tied to New Way’s manufacturing facilities in Iowa and Mississippi.
• Further, a performance-based earnout of up to $54 million could be paid over the next two years.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
• Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
• Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500

• Laser wireless power transmission technology opens new defense, dual-use and civilian market opportunities. 
• Japanese politicians inclined to spend more on defense, but worried about the national budget. Likely to split the difference between 2% of GDP and Trump’s demands. 
• Aircraft, Defense & Space to drive sales and profit growth through 2030. Buy on dips for the long term.

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

• Axon Enterprise, best known for its Tasers, body-worn cameras, and cloud-based evidence management tools, has made headlines yet again.
• The company announced it will acquire Prepared, a U.S.-based emergency communications platform that integrates 911 call data across audio, video, GPS, text, and translation tools into one unified interface.
• Though Axon has not disclosed the official price, media outlets suggest a range of $800 million to $900 million.

• Chorus Aviation is repurchasing 8% of shares at C$23.00–C$25.00, with odd-lot holders prioritized.
• Paid-up capital is C$15.75/share; amounts above this are treated as dividends, impacting tax-exempt accounts.
• Previous tender was undersubscribed; CHR shares viewed as undervalued, with historic low EBITDA multiples.

• 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
• The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
• In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. 

Key points (machine generated)

• Qualtec reported record highs in sales, operating profit, and ordinary profit for the fiscal year ending June 2025.
• Sales reached 4,025 million yen, an 11.1% year-on-year increase, with operating profit and ordinary profit at 384 million yen.
• The company’s growth is driven by increased orders for power semiconductor testing and bio-related services, enhancing its reputation in quality technology.

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

Key points (machine generated)

• Uber has experienced over 50% year-to-date growth and has significant potential for future returns.
• The company connects drivers and riders, merchants and customers, and shippers and carriers, serving over 170 million monthly active users.
• Strategic initiatives like service integration, new product introductions, and effective pricing are expected to enhance growth and profitability.

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.

• Axon Enterprise, best known for its Tasers, body-worn cameras, and cloud-based evidence management tools, has made headlines yet again.
• The company announced it will acquire Prepared, a U.S.-based emergency communications platform that integrates 911 call data across audio, video, GPS, text, and translation tools into one unified interface.
• Though Axon has not disclosed the official price, media outlets suggest a range of $800 million to $900 million.

• Chorus Aviation is repurchasing 8% of shares at C$23.00–C$25.00, with odd-lot holders prioritized.
• Paid-up capital is C$15.75/share; amounts above this are treated as dividends, impacting tax-exempt accounts.
• Previous tender was undersubscribed; CHR shares viewed as undervalued, with historic low EBITDA multiples.

• 8th September: Project Glow Topco Limited, the ultimate holding Company of The Beauty Tech Group Limited, a global leader in the rapidly growing at-home beauty technology market, has confirmed its intention to float on the Main Market.
• The Beauty Tech Group encompasses three distinct, innovative and premium beauty technology brands – CurrentBody Skin, ZIIP Beauty and Tria Laser – under which it develops, manufactures and retails at-home beauty devices.
• In FY24, the Group reported revenue of £101.1m and adjusted EBITDA of £22.9m. 

Key points (machine generated)

• Qualtec reported record highs in sales, operating profit, and ordinary profit for the fiscal year ending June 2025.
• Sales reached 4,025 million yen, an 11.1% year-on-year increase, with operating profit and ordinary profit at 384 million yen.
• The company’s growth is driven by increased orders for power semiconductor testing and bio-related services, enhancing its reputation in quality technology.

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

Key points (machine generated)

• Uber has experienced over 50% year-to-date growth and has significant potential for future returns.
• The company connects drivers and riders, merchants and customers, and shippers and carriers, serving over 170 million monthly active users.
• Strategic initiatives like service integration, new product introductions, and effective pricing are expected to enhance growth and profitability.

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.