Industrials

• Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
• I discussed the investment case in Aux Electric IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
• We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
• Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
• AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .

• Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
• It is a global leader in the energy storage business. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Bad: Margins & cash flow both declined sharply compared to Q224 
• The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1
• With no signs of a turnaround in sight, we retain our negative view of ZTO

• MHI posted Q1 FY25 revenue +7% and business profit +25% with resilient Energy/Aero margins.
• Orders/Backlog/Guidance: Order intake fell 4% on tough comps, but backlog hit a record ¥10.8 tn (2.1× cover); FY25 guidance of ¥4.95 tn revenue and ¥380 bn profit maintained.
• Valuation/Growth: Shares trade at ~19× FY27E EV/EBITDA vs peers at 10–15×, supported by 5–6% revenue CAGR and ~9–10% EPS CAGR through FY28.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

• Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
• I discussed the investment case in Aux Electric IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
• We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
• Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
• AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .

• Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
• It is a global leader in the energy storage business. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Bad: Margins & cash flow both declined sharply compared to Q224 
• The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1
• With no signs of a turnaround in sight, we retain our negative view of ZTO

• MHI posted Q1 FY25 revenue +7% and business profit +25% with resilient Energy/Aero margins.
• Orders/Backlog/Guidance: Order intake fell 4% on tough comps, but backlog hit a record ¥10.8 tn (2.1× cover); FY25 guidance of ¥4.95 tn revenue and ¥380 bn profit maintained.
• Valuation/Growth: Shares trade at ~19× FY27E EV/EBITDA vs peers at 10–15×, supported by 5–6% revenue CAGR and ~9–10% EPS CAGR through FY28.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. 
• There were three ADDs – Pop Mart (9992 HK) and JD Logistics (2618 HK) were expected. China Telecom (H) (728 HK) was in our LOW conviction ranks but added.
• It’s not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
• Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
• HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Curtiss-Wright Corporation presented its financial performance for the second quarter of 2025, indicating robust growth and a favorable outlook.
• The company’s sales increased by 12% year-over-year, reaching $877 million, with an organic growth rate of 9%.
• A significant portion of this sales growth originated from the Naval and Power segment and Defense Electronics, contributing to a 20% rise in operating income and a 130 basis point expansion in operating margins.

• Watts Water Technologies reported strong second-quarter results, reflecting robust execution amidst challenges, with record highs in sales, operating income, and earnings per share.
• The company saw an organic sales increase of 6%, driven by favorable pricing and demand, despite ongoing European market weaknesses.
• This outcome was further supported by contributions from recent acquisitions and positive foreign exchange rates.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. 
• There were three ADDs – Pop Mart (9992 HK) and JD Logistics (2618 HK) were expected. China Telecom (H) (728 HK) was in our LOW conviction ranks but added.
• It’s not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
• Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
• HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Curtiss-Wright Corporation presented its financial performance for the second quarter of 2025, indicating robust growth and a favorable outlook.
• The company’s sales increased by 12% year-over-year, reaching $877 million, with an organic growth rate of 9%.
• A significant portion of this sales growth originated from the Naval and Power segment and Defense Electronics, contributing to a 20% rise in operating income and a 130 basis point expansion in operating margins.

• Watts Water Technologies reported strong second-quarter results, reflecting robust execution amidst challenges, with record highs in sales, operating income, and earnings per share.
• The company saw an organic sales increase of 6%, driven by favorable pricing and demand, despite ongoing European market weaknesses.
• This outcome was further supported by contributions from recent acquisitions and positive foreign exchange rates.

• Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.
• Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.
• KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

• Rockwell Automation’s third-quarter fiscal year 2025 results indicate a return to year-over-year sales growth, demonstrating strategic wins across discrete, hybrid, and process industry segments.
• The company’s enterprisewide productivity programs contributed significantly to this growth, achieving a year-over-year savings goal of $250 million a quarter earlier than anticipated.
• However, annual recurring revenue grew only by 7%, which was below expectations, affected mainly by delays in cybersecurity investments.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Our proprietary index shows price momentum has continued to weaken in Q3
• Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat
• We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair

• Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.
• Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.
• KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

• Rockwell Automation’s third-quarter fiscal year 2025 results indicate a return to year-over-year sales growth, demonstrating strategic wins across discrete, hybrid, and process industry segments.
• The company’s enterprisewide productivity programs contributed significantly to this growth, achieving a year-over-year savings goal of $250 million a quarter earlier than anticipated.
• However, annual recurring revenue grew only by 7%, which was below expectations, affected mainly by delays in cybersecurity investments.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Our proprietary index shows price momentum has continued to weaken in Q3
• Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat
• We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
• Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
• Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

PORR Group delivered new orders of €2,510m in Q225 (up 31% y-o-y), driven by several large transport infrastructure project wins. Q225 book-to-bill rose to 1.5x and the order book now stands at €9,421m, up 10.0% y-o-y (Q125: €8,812m). According to management, pipeline quality remains high and infrastructure-focused, meaning margins should be supported over the coming quarters. Q225 revenues were €1,694m, up 3.8% y-o-y, and EBIT was €36m, up 17% y-o-y. Management’s guidance of an FY25 EBIT margin of 2.8–3.0% remains unchanged.

• 15th August 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.
• Two companies at different ends of the business risk spectrum, but both set for growth OBD Deal or No deal REAT Earnings Flow Oxford Biodynamics 0.425p £8.34m (OBD.L) Financial Calendar: Year End September, reported 28 February 2025, Interims March, Reported 30 June 2025 Three Main Shareholders: Vulpes Investment Management Pte Ltd 12.9%, Unicorn AM 7.41%%, Sankofa Strategic Fund Ltd 6.57% Key Investment Points: Stable Platform, Nearer to a Deal, Cashed up to Avoid Dilution The Company pioneering the use of 3D genomic biomarkers for clinical diagnostics announced a collaboration with Google Cloud this week to support the development and deployment of OBD’s analytical framework on the cloud.

• Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.
• The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.
• The company’s ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.

• Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.
• The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.
• Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

• GXO Logistics Inc. reported a robust performance in the second quarter of 2025, with record revenues and increased guidance, signaling strong operational health and strategic advancements.
• The company achieved a record revenue of $3.3 billion, marking a 16% increase from the previous year, with organic growth contributing 6%, the highest in nine quarters.
• Adjusted EBITDA rose by 13% year-over-year to $212 million, leading GXO to raise its full-year guidance for adjusted EBITDA to a range of $865 to $885 million.

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
• Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
• Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

PORR Group delivered new orders of €2,510m in Q225 (up 31% y-o-y), driven by several large transport infrastructure project wins. Q225 book-to-bill rose to 1.5x and the order book now stands at €9,421m, up 10.0% y-o-y (Q125: €8,812m). According to management, pipeline quality remains high and infrastructure-focused, meaning margins should be supported over the coming quarters. Q225 revenues were €1,694m, up 3.8% y-o-y, and EBIT was €36m, up 17% y-o-y. Management’s guidance of an FY25 EBIT margin of 2.8–3.0% remains unchanged.

• 15th August 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.
• Two companies at different ends of the business risk spectrum, but both set for growth OBD Deal or No deal REAT Earnings Flow Oxford Biodynamics 0.425p £8.34m (OBD.L) Financial Calendar: Year End September, reported 28 February 2025, Interims March, Reported 30 June 2025 Three Main Shareholders: Vulpes Investment Management Pte Ltd 12.9%, Unicorn AM 7.41%%, Sankofa Strategic Fund Ltd 6.57% Key Investment Points: Stable Platform, Nearer to a Deal, Cashed up to Avoid Dilution The Company pioneering the use of 3D genomic biomarkers for clinical diagnostics announced a collaboration with Google Cloud this week to support the development and deployment of OBD’s analytical framework on the cloud.

• Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.
• The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.
• The company’s ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.

• Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.
• The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.
• Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

• GXO Logistics Inc. reported a robust performance in the second quarter of 2025, with record revenues and increased guidance, signaling strong operational health and strategic advancements.
• The company achieved a record revenue of $3.3 billion, marking a 16% increase from the previous year, with organic growth contributing 6%, the highest in nine quarters.
• Adjusted EBITDA rose by 13% year-over-year to $212 million, leading GXO to raise its full-year guidance for adjusted EBITDA to a range of $865 to $885 million.

• On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
• 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
• These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.

• MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
• MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
• MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

• Soilbuild delivered a stellar financial performance in 1HFY25.
• The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
• 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

• In today’s edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

• HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. 
• ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; 
• Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.

• Lennox International Inc.’s second quarter results provide a comprehensive view into the company’s operational dynamics amidst current market challenges.
• The firm’s achievement of a 3% revenue growth and margin expansion to 23.6% indicates a robust performance driven by strategic product offerings, particularly the transition to low global warming potential (GWP) R-454B products.
• This transition seems to have been majorly successful, with approximately 90% of Lennox’s sales now comprising R-454B refrigerant, enhancing product mix and overall profitability.

• On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
• 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
• These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.

• MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
• MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
• MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

• Soilbuild delivered a stellar financial performance in 1HFY25.
• The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
• 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

• In today’s edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

• HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. 
• ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; 
• Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.

• Lennox International Inc.’s second quarter results provide a comprehensive view into the company’s operational dynamics amidst current market challenges.
• The firm’s achievement of a 3% revenue growth and margin expansion to 23.6% indicates a robust performance driven by strategic product offerings, particularly the transition to low global warming potential (GWP) R-454B products.
• This transition seems to have been majorly successful, with approximately 90% of Lennox’s sales now comprising R-454B refrigerant, enhancing product mix and overall profitability.