Industrials

• HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
• No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
• Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

• Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
• The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
• Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

• HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
• No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
• Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

• Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
• The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
• Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

• New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
• All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
• All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• Copart, Inc.’s Q4 and full fiscal year 2025 results reflect a strong performance in certain areas while also highlighting challenges in others.
• Positive aspects include record figures in units sold, revenue, and operating profit.
• Overall, Copart showed an increase in global insurance volume by 4.5% and U.S. insurance volume by 4.2% over the fiscal year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
• UST yields rose slightly yesterday led by the long-end, as the lower-than-expected initial jobless claims marginally pared market expectations for Fed easing. The UST curve bear-steepened, with the yield on the 2Y UST rising 1 bp to 3.56%, while that of the 10Y UST was up 2 bps at 4.11%.
• Equities rallied to fresh record highs, supported by the dovish interest-rate environment. The S&P 500 and Nasdaq climbed 0.5% and 0.9% to 6,632 and 22,471, respectively.

• In this edition: • ABN Amro Bank | NIBC up for sale again • Alfen | Compleo and Plug Me In exit UK EV charging market

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.

• Crane NXT’s second quarter results for 2025 showed a balanced mix of growth and challenges, making it a complex scenario for investors to consider.
• The company’s sales growth reached approximately 9% year-overyear with an adjusted EPS of $0.97, signaling solid revenue performance, largely facilitated by strategic acquisitions and notable momentum in the currency business, reflected in a record high backlog.
• Moreover, the company’s achievement of a 120% free cash flow conversion indicates operational discipline, an essential factor for sustaining long-term growth.

• New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
• All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
• All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• Copart, Inc.’s Q4 and full fiscal year 2025 results reflect a strong performance in certain areas while also highlighting challenges in others.
• Positive aspects include record figures in units sold, revenue, and operating profit.
• Overall, Copart showed an increase in global insurance volume by 4.5% and U.S. insurance volume by 4.2% over the fiscal year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
• UST yields rose slightly yesterday led by the long-end, as the lower-than-expected initial jobless claims marginally pared market expectations for Fed easing. The UST curve bear-steepened, with the yield on the 2Y UST rising 1 bp to 3.56%, while that of the 10Y UST was up 2 bps at 4.11%.
• Equities rallied to fresh record highs, supported by the dovish interest-rate environment. The S&P 500 and Nasdaq climbed 0.5% and 0.9% to 6,632 and 22,471, respectively.

• In this edition: • ABN Amro Bank | NIBC up for sale again • Alfen | Compleo and Plug Me In exit UK EV charging market

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.

• Crane NXT’s second quarter results for 2025 showed a balanced mix of growth and challenges, making it a complex scenario for investors to consider.
• The company’s sales growth reached approximately 9% year-overyear with an adjusted EPS of $0.97, signaling solid revenue performance, largely facilitated by strategic acquisitions and notable momentum in the currency business, reflected in a record high backlog.
• Moreover, the company’s achievement of a 120% free cash flow conversion indicates operational discipline, an essential factor for sustaining long-term growth.

• ANE Cayman (9956 HK), a road freight transportation play, is suspended pursuant to the Takeovers Code.
• PE outfit Centurium Partners, a pre-IPO investor, holds 24.6%. Two senior management – past & present – hold a further 20.2%. 
• ANE’s share price is up 29% YTD, but 27% adrift of its November 2021 IPO price. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
• I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.

• ZIM Integrated Shipping Services reported its second quarter 2025 financial results during a period characterized by severe market disruptions primarily due to tariff changes in the U.S.
• Despite these challenges, the company leveraged its modernized fleet and improved cost structure to generate revenue of $1.6 billion, a net income of $24 million, and an adjusted EBITDA of $472 million.
• The adjusted EBITDA margin stood at 29%, while the adjusted EBIT margin came in at 9%.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

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.

• What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.
• • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.
• • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.

• Engineer dispatching company aiming to become a technician support platform company COPRO-HOLDINGS. Co., Ltd. (hereafter, the Company) has achieved sales growth for the past 19 years since its establishment, with its construction and plant technician dispatching business accounting for 89.1% of total sales.
• It has been growing its business by supporting diverse work styles and career development for engineers.
• The Company focuses on highly efficient technician hiring by operating its own recruiting websites and implementing a rigorous hiring process. 

• Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).
• Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.
• On the other hand, investments in human capital and capital expenditures led to a rise in SG&A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. 

• Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.
• This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.
• However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.

• ANE Cayman (9956 HK), a road freight transportation play, is suspended pursuant to the Takeovers Code.
• PE outfit Centurium Partners, a pre-IPO investor, holds 24.6%. Two senior management – past & present – hold a further 20.2%. 
• ANE’s share price is up 29% YTD, but 27% adrift of its November 2021 IPO price. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
• I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.

• ZIM Integrated Shipping Services reported its second quarter 2025 financial results during a period characterized by severe market disruptions primarily due to tariff changes in the U.S.
• Despite these challenges, the company leveraged its modernized fleet and improved cost structure to generate revenue of $1.6 billion, a net income of $24 million, and an adjusted EBITDA of $472 million.
• The adjusted EBITDA margin stood at 29%, while the adjusted EBIT margin came in at 9%.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

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.

• What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.
• • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.
• • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.

• Engineer dispatching company aiming to become a technician support platform company COPRO-HOLDINGS. Co., Ltd. (hereafter, the Company) has achieved sales growth for the past 19 years since its establishment, with its construction and plant technician dispatching business accounting for 89.1% of total sales.
• It has been growing its business by supporting diverse work styles and career development for engineers.
• The Company focuses on highly efficient technician hiring by operating its own recruiting websites and implementing a rigorous hiring process. 

• Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).
• Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.
• On the other hand, investments in human capital and capital expenditures led to a rise in SG&A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. 

• Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.
• This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.
• However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.

• Down 18% in the past month, fundamentals for AviChina Industry & Technology H (2357 HK), one of China’s leading aviation/defense plays, still appear demanding.
• Preceding my comments on AviChina are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Dongfang Electric (1072 HK) is looking to raise around US$141m from a primary placement.
• The deal is a small one, representing 3.2 days of the stock’s three month ADV, and 1.5% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework

• On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
• Its two largest shareholders (Korea Development Bank – KDB and Korea Ocean Business Corp – KOBC) both participated in the tender offer.
• With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 

• SRM Contractors (SRM IN)‘s strategic focus on high-margin projects like tunnels and slope stabilization,  positions it to benefit from the government’s infrastructure push.
• Company has given guidance of INR 900Cr of revenue and 500bps margin improvement in the coming year.
• Order book reached a record INR 1,476 crore as of Aug-25,  giving strong revenue visibility for the next two to three years, equivalent to approximately 2.8 times its FY25 revenue.

• In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.
• UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.
• Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

• Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
• Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
• FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.

• Sojitz is a mid-tier sōgō shōsha with, shifting its earnings base from coal and resources toward Chemicals, Energy Solutions, and Healthcare.
• FY25 profit is guided flat at ¥115bn, with Metals weakness offset by non-resource growth; by FY27, ~80% of profits are expected from non-resource segments.
• Shares trade at 7.8x P/E (30–40% discount to peers) with a 4.2% yield, but cash flow volatility, coal exposure, and smaller scale remain key overhangs.

• In this edition: • InPost | Allegro teams up with DPD on delivery program • PostNL | to present 2028 strategy and targets today

• On September 25, TKH will host its Capital Market Day to update its strategy and financial targets.
• Regarding its strategy, the company gave a sneak preview when presenting its FY24 results.
• It stated that in the upcoming strategic phase, the company will focus on Automation and Electrification.

• The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.
• Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.
• With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.

• Down 18% in the past month, fundamentals for AviChina Industry & Technology H (2357 HK), one of China’s leading aviation/defense plays, still appear demanding.
• Preceding my comments on AviChina are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Dongfang Electric (1072 HK) is looking to raise around US$141m from a primary placement.
• The deal is a small one, representing 3.2 days of the stock’s three month ADV, and 1.5% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework

• On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
• Its two largest shareholders (Korea Development Bank – KDB and Korea Ocean Business Corp – KOBC) both participated in the tender offer.
• With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 

• SRM Contractors (SRM IN)‘s strategic focus on high-margin projects like tunnels and slope stabilization,  positions it to benefit from the government’s infrastructure push.
• Company has given guidance of INR 900Cr of revenue and 500bps margin improvement in the coming year.
• Order book reached a record INR 1,476 crore as of Aug-25,  giving strong revenue visibility for the next two to three years, equivalent to approximately 2.8 times its FY25 revenue.

• In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.
• UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.
• Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

• Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
• Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
• FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.

• Sojitz is a mid-tier sōgō shōsha with, shifting its earnings base from coal and resources toward Chemicals, Energy Solutions, and Healthcare.
• FY25 profit is guided flat at ¥115bn, with Metals weakness offset by non-resource growth; by FY27, ~80% of profits are expected from non-resource segments.
• Shares trade at 7.8x P/E (30–40% discount to peers) with a 4.2% yield, but cash flow volatility, coal exposure, and smaller scale remain key overhangs.

• In this edition: • InPost | Allegro teams up with DPD on delivery program • PostNL | to present 2028 strategy and targets today

• On September 25, TKH will host its Capital Market Day to update its strategy and financial targets.
• Regarding its strategy, the company gave a sneak preview when presenting its FY24 results.
• It stated that in the upcoming strategic phase, the company will focus on Automation and Electrification.

• The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.
• Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.
• With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.

• Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
• New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
• Stock trading at 30% discount to historical average and deep discount to global peers

• Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
• Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
• Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

• Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
• In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
• Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.

• Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
• New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
• Stock trading at 30% discount to historical average and deep discount to global peers

• Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
• Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
• Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

• Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
• In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
• Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.