Industrials

• Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
• Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
• PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.

• Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
• Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
• This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.

• Old Dominion Freight Line’s recent financial performance reveals both challenges and opportunities.
• Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.
• This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

• TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.
• The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.
• Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

• Daimler Truck focuses on heavy-duty vehicles but also offers brands for light and medium-duty segments
• The company profits from both truck sales and services, with a focus on improving service offerings
• Market trends for truck sales are closely tied to overall economic performance, with current slow sales attributed to uncertainty in the US and Europe.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• United Parcel Service, Inc. (UPS) presented its financial results for the second quarter of 2025, highlighting several strategic and operational dynamics affecting the company.
• The outcomes were shaped by complex macroeconomic factors, including shifting trade policies and evolving market demands.
• In terms of financial performance, UPS reported consolidated revenue of $21.2 billion, with an operating profit of $1.9 billion and an operating margin of 8.8%.

Key points (machine generated)

• Permatech Electronics, a subsidiary of ZTEST Electronics, has historically generated around $4 million in annual revenues with modest performance.
• A management transition in December 2022 has led to significant growth and improved profitability for the company.
• The company’s shares are currently undervalued, trading at 3x EBITDA, while the estimated worth is approximately $0.60 per share, reflecting a valuation of about 9x EBITDA.

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.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, SK Hynix
• Long-end UST yields fell yesterday, on the back of a solid auction for 30Y notes. In addition, market expectations for Fed rate cuts were firm, following the in-line core CPI data and higher than expected jobless claims.
• The UST curve bull flattened, with the yield on the 2Y UST stable at 3.54%, while that on the 10Y UST declined 2 bps to 4.02%. Equities continued to rally, with the S&P 500 and Nasdaq up 0.8% and 0.7%, respectively.

• Watsco’s second quarter results for 2025 present a mixed picture, characterized by several strategic transitions and market conditions impacting financial performance.
• Let’s outline the key aspects of the company’s results and form an investment thesis with a neutral perspective: Watsco reported a sales decline of 4% despite implementing double-digit pricing increases for its new line of A2L refrigerant-based equipment.
• This decline was primarily due to lower sales volumes, partly attributed to a delayed start to the summer season and subdued demand in residential new construction and international markets, particularly in Mexico.

• Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
• Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
• PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.

• Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
• Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
• This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.

• Old Dominion Freight Line’s recent financial performance reveals both challenges and opportunities.
• Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.
• This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

• TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.
• The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.
• Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

• Daimler Truck focuses on heavy-duty vehicles but also offers brands for light and medium-duty segments
• The company profits from both truck sales and services, with a focus on improving service offerings
• Market trends for truck sales are closely tied to overall economic performance, with current slow sales attributed to uncertainty in the US and Europe.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• United Parcel Service, Inc. (UPS) presented its financial results for the second quarter of 2025, highlighting several strategic and operational dynamics affecting the company.
• The outcomes were shaped by complex macroeconomic factors, including shifting trade policies and evolving market demands.
• In terms of financial performance, UPS reported consolidated revenue of $21.2 billion, with an operating profit of $1.9 billion and an operating margin of 8.8%.

Key points (machine generated)

• Permatech Electronics, a subsidiary of ZTEST Electronics, has historically generated around $4 million in annual revenues with modest performance.
• A management transition in December 2022 has led to significant growth and improved profitability for the company.
• The company’s shares are currently undervalued, trading at 3x EBITDA, while the estimated worth is approximately $0.60 per share, reflecting a valuation of about 9x EBITDA.

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.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, SK Hynix
• Long-end UST yields fell yesterday, on the back of a solid auction for 30Y notes. In addition, market expectations for Fed rate cuts were firm, following the in-line core CPI data and higher than expected jobless claims.
• The UST curve bull flattened, with the yield on the 2Y UST stable at 3.54%, while that on the 10Y UST declined 2 bps to 4.02%. Equities continued to rally, with the S&P 500 and Nasdaq up 0.8% and 0.7%, respectively.

• Watsco’s second quarter results for 2025 present a mixed picture, characterized by several strategic transitions and market conditions impacting financial performance.
• Let’s outline the key aspects of the company’s results and form an investment thesis with a neutral perspective: Watsco reported a sales decline of 4% despite implementing double-digit pricing increases for its new line of A2L refrigerant-based equipment.
• This decline was primarily due to lower sales volumes, partly attributed to a delayed start to the summer season and subdued demand in residential new construction and international markets, particularly in Mexico.

• Tega Industries has announced its intent to acquire a controlling stake in Molycop at a USD 1.48 billion enterprise value, in consortium with Apollo Funds.
• The deal is nearly 10x Tega’s size, and will redefine its global positioning across the mining consumables and equipment value chain.
• Integration risks loom large, but if executed well, this move transforms Tega from a niche Indian export champion into a global leader in mineral processing solutions.

• In this edition: • e-Commerce and logistics | Shein under scrutiny in UK over tax payments

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• Horizon Aircraft’s recently released 10-K revealed the steady progress the company has made over the past year (roughly doubling its staff) and a recent capital raise has given the company adequate capital to fund operations for at least the next twelve months.
• The market frenzy in the eVTOL space has cooled with most of the stocks in the industry trading 25-50% below their August highs but still well above the Spring 2025 lows.

• Tega Industries has announced its intent to acquire a controlling stake in Molycop at a USD 1.48 billion enterprise value, in consortium with Apollo Funds.
• The deal is nearly 10x Tega’s size, and will redefine its global positioning across the mining consumables and equipment value chain.
• Integration risks loom large, but if executed well, this move transforms Tega from a niche Indian export champion into a global leader in mineral processing solutions.

• In this edition: • e-Commerce and logistics | Shein under scrutiny in UK over tax payments

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• Horizon Aircraft’s recently released 10-K revealed the steady progress the company has made over the past year (roughly doubling its staff) and a recent capital raise has given the company adequate capital to fund operations for at least the next twelve months.
• The market frenzy in the eVTOL space has cooled with most of the stocks in the industry trading 25-50% below their August highs but still well above the Spring 2025 lows.

• Kim Jun-nyun (chairman of Sammok S-Form (018310 KS)) is conducting a tender offer of 1.4 million shares (9.52% stake) in Sammok S-Form through affiliates of the company.
• We believe that this tender offer signals one step closer to Chairman Kim Jun-Nyun and related parties eventually taking the company private.
• The company’s net cash is nearly 73% of its market cap. The company is trading at dirt cheap valuation (EV/EBITDA of 0.6x).

• The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
• From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
• We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.

Key points (machine generated)

• Warren Buffett’s quote emphasizes a unique approach to investor relations compared to typical public companies.
• IES Holdings (Ticker: IESC) does not engage in conventional investor strategies like earnings calls and analyst relationships.
• Despite strong fundamentals, IES is overlooked by investors due to its minimal engagement with the financial community.

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.

• Knight-Swift Transportation Holdings Inc. recently reported its second quarter 2025 results, where revenues excluding fuel surcharges increased by 1.9%.
• The company managed to achieve a 17.2% improvement in adjusted operating income, driven largely by its truckload business and improved margins.
• Despite facing a soft freight demand environment, Knight-Swift has demonstrated resilience in managing operating income positively across most segments.

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK power project. Excluding this, underlying earnings were closer to €577m, a record semi-annual profit performance consistent with unchanged guidance of more than €1bn in 2025. Net profit was €254m and net debt around 2.0x EBITDA. Renewables and utilities made record contributions, while alumina was resilient and infrastructure earnings almost tripled. The project loss was exceptional and fully recognised. Medium-term growth pillars in gallium, defence and circular metals remain on track and the recent London listing, with UK 100 entry, has broadened the group’s market profile.

• Simpson Manufacturing Co.’s second-quarter 2025 earnings highlight the firm’s resilience and adaptability amidst a challenging residential housing market.
• The company reported net sales of $631.1 million, marking a year-over-year growth despite flat volumes compared to the prior year.
• This sales increase was primarily driven by pricing actions, a $9 million contribution from 2024 acquisitions, and partial-month benefits from price increases.

• Alaska Air Group, which includes the recent acquisition of Hawaiian Airlines, reported a robust financial performance for the second quarter of 2025.
• The company achieved a GAAP net income of $172 million and an adjusted net income, excluding special items, of $215 million.
• This indicates the successful execution of integration and operational strategies, which have led to significant synergy benefits from the Alaska-Hawaiian merger.

• Vertiv’s second quarter 2025 results reflect a diverse array of achievements and challenges, presenting an intricate picture for potential investors.
• Vertiv demonstrated strong financial growth, highlighted by a 34% increase in organic sales year-on-year.
• This robust expansion was most notable in the Americas and APAC regions, with respective growth rates in the mid-40% and mid-30% ranges.

• GiG Works reported a recurring loss due to lower YoY revenue and JPY107mn in crypto asset valuation losses.
• System Solutions and Sharing Economy businesses saw YoY revenue and profit increases, while On-demand Economy declined.
• Revenue from shared office services grew 23.5% YoY, with registered members increasing by 32.9% YoY.

• Kim Jun-nyun (chairman of Sammok S-Form (018310 KS)) is conducting a tender offer of 1.4 million shares (9.52% stake) in Sammok S-Form through affiliates of the company.
• We believe that this tender offer signals one step closer to Chairman Kim Jun-Nyun and related parties eventually taking the company private.
• The company’s net cash is nearly 73% of its market cap. The company is trading at dirt cheap valuation (EV/EBITDA of 0.6x).

• The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
• From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
• We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.

Key points (machine generated)

• Warren Buffett’s quote emphasizes a unique approach to investor relations compared to typical public companies.
• IES Holdings (Ticker: IESC) does not engage in conventional investor strategies like earnings calls and analyst relationships.
• Despite strong fundamentals, IES is overlooked by investors due to its minimal engagement with the financial community.

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.

• Knight-Swift Transportation Holdings Inc. recently reported its second quarter 2025 results, where revenues excluding fuel surcharges increased by 1.9%.
• The company managed to achieve a 17.2% improvement in adjusted operating income, driven largely by its truckload business and improved margins.
• Despite facing a soft freight demand environment, Knight-Swift has demonstrated resilience in managing operating income positively across most segments.

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK power project. Excluding this, underlying earnings were closer to €577m, a record semi-annual profit performance consistent with unchanged guidance of more than €1bn in 2025. Net profit was €254m and net debt around 2.0x EBITDA. Renewables and utilities made record contributions, while alumina was resilient and infrastructure earnings almost tripled. The project loss was exceptional and fully recognised. Medium-term growth pillars in gallium, defence and circular metals remain on track and the recent London listing, with UK 100 entry, has broadened the group’s market profile.

• Simpson Manufacturing Co.’s second-quarter 2025 earnings highlight the firm’s resilience and adaptability amidst a challenging residential housing market.
• The company reported net sales of $631.1 million, marking a year-over-year growth despite flat volumes compared to the prior year.
• This sales increase was primarily driven by pricing actions, a $9 million contribution from 2024 acquisitions, and partial-month benefits from price increases.

• Alaska Air Group, which includes the recent acquisition of Hawaiian Airlines, reported a robust financial performance for the second quarter of 2025.
• The company achieved a GAAP net income of $172 million and an adjusted net income, excluding special items, of $215 million.
• This indicates the successful execution of integration and operational strategies, which have led to significant synergy benefits from the Alaska-Hawaiian merger.

• Vertiv’s second quarter 2025 results reflect a diverse array of achievements and challenges, presenting an intricate picture for potential investors.
• Vertiv demonstrated strong financial growth, highlighted by a 34% increase in organic sales year-on-year.
• This robust expansion was most notable in the Americas and APAC regions, with respective growth rates in the mid-40% and mid-30% ranges.

• GiG Works reported a recurring loss due to lower YoY revenue and JPY107mn in crypto asset valuation losses.
• System Solutions and Sharing Economy businesses saw YoY revenue and profit increases, while On-demand Economy declined.
• Revenue from shared office services grew 23.5% YoY, with registered members increasing by 32.9% YoY.

• Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in Uranium: Fuelling Fears. 
• The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. 
• A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines “as deposits are exhausted”.

• HHI–Mipo spread holds 3–4%; cancellation risk minimal. Market views HHI as the cleaner MASGA play vs. Mipo, keeping the spread sticky and unlikely to tighten soon.
• Potential kicker for widening comes from passive inflows when Mipo halts, as HHI gains weight in Global Standard vs. Mipo’s Small Cap.
• HHI may see ~4x DTV passive inflow as it absorbs Mipo; pre-announcement flows could start late October, potentially widening the swap spread ahead of the Nov 27 halt.

• Dalrymple Bay Infrastructure (DBI AT)  is looking to raise around US$347m from a secondary placement.
• The deal is a large one to digest, representing 101.8 days of the stock’s three month ADV, despite being 24.4% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Business: Designs and integrates intralogistics, cleanroom, airport, and automotive automation systems.
• Expanding AI-driven logistics and semiconductor cleanroom solutions, with recurring service growth.
• Earnings projected to grow mid-teens CAGR to FY27E, with multiples compressing from ~25× P/E / 15× EV/EBITDA to ~20× / 12×, justifying a structural premium.

• United Airlines Holdings’ second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.
• The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.
• Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.

• Annto Logistics Supply Chain Technology (ANNTO HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CICC.
• It is the leading integrated supply chain logistics solutions provider in China.
• According to CIC, it achieved the fastest revenue CAGR between 2022 and 2024, and is amongst the top five comprehensive integrated supply chain logistics solutions providers in China

• MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO.
• It is the leading provider of autonomous agents in robotics applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
• In this note, we provide updates on the firm’s past performance.

• Verbrec Limited (ASX:VBC) provides engineering, asset management, operations and maintenance, and training to the energy, mining, infrastructure and defence industries in Australia, New Zealand, PNG and the Pacific Islands.
• The company has released its FY25 full-year result delivering revenue of $85.6m (in-line with RaaS’s forecast of $85.4m) and EBITDA (underlying) of $8.8m (11.4% ahead of RaaS’s forecast).
• The EBITDA upside surprise was driven by stronger-than-expected gross margins in both the Engineering and Training businesses, and ongoing cost discipline.

• WaterBridge will offer 27 million shares at a $17-$20 range and will debut on Wednesday, 9/17.
• There is a signficant $120 million anchor order on the cover of the prospectus from Horizon Kinetics. 
• As an infrastructure play tied to oil and gas, this offering may attract a different class of investors.

• dynaCERT has entered a period of steadily improving momentum that matches the investment case laid out earlier this year.
• The order from Hydrofuel Technologies for 100 HydraGEN units, with 25 units already in delivery, is particularly noteworthy because it establishes an entry into Mexico, which is one of the largest diesel truck markets globally.
• By also granting Hydrofuel distribution rights for both Mexico and Texas, dynaCERT has effectively secured a sales partner in a logistics corridor that accounts for nearly half of all US-Mexico cross border truck trade.

• Back in April 2022, around six weeks after Russia’s invasion of Ukraine, I touched on the disruption to the uranium supply chain in Uranium: Fuelling Fears. 
• The war spurred renewed interest in nuclear energy as a source of domestic power. Uranium prices have tripled since the invasion. 
• A recent report from the World Nuclear Association forecast a significant step-up in demand for uranium for reactors, together with a material output drop from mines “as deposits are exhausted”.

• HHI–Mipo spread holds 3–4%; cancellation risk minimal. Market views HHI as the cleaner MASGA play vs. Mipo, keeping the spread sticky and unlikely to tighten soon.
• Potential kicker for widening comes from passive inflows when Mipo halts, as HHI gains weight in Global Standard vs. Mipo’s Small Cap.
• HHI may see ~4x DTV passive inflow as it absorbs Mipo; pre-announcement flows could start late October, potentially widening the swap spread ahead of the Nov 27 halt.

• Dalrymple Bay Infrastructure (DBI AT)  is looking to raise around US$347m from a secondary placement.
• The deal is a large one to digest, representing 101.8 days of the stock’s three month ADV, despite being 24.4% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Business: Designs and integrates intralogistics, cleanroom, airport, and automotive automation systems.
• Expanding AI-driven logistics and semiconductor cleanroom solutions, with recurring service growth.
• Earnings projected to grow mid-teens CAGR to FY27E, with multiples compressing from ~25× P/E / 15× EV/EBITDA to ~20× / 12×, justifying a structural premium.

• United Airlines Holdings’ second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.
• The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.
• Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.

• Annto Logistics Supply Chain Technology (ANNTO HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CICC.
• It is the leading integrated supply chain logistics solutions provider in China.
• According to CIC, it achieved the fastest revenue CAGR between 2022 and 2024, and is amongst the top five comprehensive integrated supply chain logistics solutions providers in China

• MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO.
• It is the leading provider of autonomous agents in robotics applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
• In this note, we provide updates on the firm’s past performance.

• Verbrec Limited (ASX:VBC) provides engineering, asset management, operations and maintenance, and training to the energy, mining, infrastructure and defence industries in Australia, New Zealand, PNG and the Pacific Islands.
• The company has released its FY25 full-year result delivering revenue of $85.6m (in-line with RaaS’s forecast of $85.4m) and EBITDA (underlying) of $8.8m (11.4% ahead of RaaS’s forecast).
• The EBITDA upside surprise was driven by stronger-than-expected gross margins in both the Engineering and Training businesses, and ongoing cost discipline.

• WaterBridge will offer 27 million shares at a $17-$20 range and will debut on Wednesday, 9/17.
• There is a signficant $120 million anchor order on the cover of the prospectus from Horizon Kinetics. 
• As an infrastructure play tied to oil and gas, this offering may attract a different class of investors.

• dynaCERT has entered a period of steadily improving momentum that matches the investment case laid out earlier this year.
• The order from Hydrofuel Technologies for 100 HydraGEN units, with 25 units already in delivery, is particularly noteworthy because it establishes an entry into Mexico, which is one of the largest diesel truck markets globally.
• By also granting Hydrofuel distribution rights for both Mexico and Texas, dynaCERT has effectively secured a sales partner in a logistics corridor that accounts for nearly half of all US-Mexico cross border truck trade.

• “Beautiful Skew” came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.
• Last week’s short reco on Remegen (9995 HK) gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.
• AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.

• Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the deal structure and updates since then.

• Urgent Regulatory Deadline: Nidec faces a critical deadline of September 26, 2025. Meeting this deadline is crucial to avoid regulatory consequences, including potential “Security on Alert” designation or stock suspension.
• Underlying Strength Amidst Issues: Despite recent compliance issues that have impacted its stock, Nidec maintains a strong position as a global leader in electric motors with diversified revenue, projected growth.
• Potential for Rebound: The current low valuation, may present a buying opportunity for long-term investors if the company successfully addresses its governance issues and restores investor confidence.

• In Q225, Evergreen Marine reported a -56% Y/Y decline in Operating Profit
• That’s bad, but our initial read indicates Q325 will likely be far worse
• Y/Y, shares still up slightly; we see lots of downside for container carriers

• “Beautiful Skew” came back slightly. Not huge, but OK. On average, liquid Hs outperformed their As by 0.8%.
• Last week’s short reco on Remegen (9995 HK) gained 8.3% on the week in Hs and the H underperformed the A by 7% Friday to Friday, 4.5% if VWAPed Monday.
• AH premia are likely still in a widening phase but weakness in speculative A-shares may dampen overall moves even if pairs are volatile. New reco this week.

• Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the deal structure and updates since then.

• Urgent Regulatory Deadline: Nidec faces a critical deadline of September 26, 2025. Meeting this deadline is crucial to avoid regulatory consequences, including potential “Security on Alert” designation or stock suspension.
• Underlying Strength Amidst Issues: Despite recent compliance issues that have impacted its stock, Nidec maintains a strong position as a global leader in electric motors with diversified revenue, projected growth.
• Potential for Rebound: The current low valuation, may present a buying opportunity for long-term investors if the company successfully addresses its governance issues and restores investor confidence.

• In Q225, Evergreen Marine reported a -56% Y/Y decline in Operating Profit
• That’s bad, but our initial read indicates Q325 will likely be far worse
• Y/Y, shares still up slightly; we see lots of downside for container carriers