Industrials

Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

By IPO Boutique

The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

Jacobs Solutions: An Advanced Facilities & Water Sector Momentum for Future Revenue Growth & Project Execution!

Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals

Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero & Carbon Solutions.
Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.

Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

Hubbell’s $825 Million DMC Power Bet: Could This Acquisition Be A Game Changer?

Hubbell Incorporated has been making headlines with a string of strong operational performances and strategic portfolio moves.
The company recently reported double-digit adjusted EPS growth in Q2 2025, supported by robust demand in grid infrastructure, sustained momentum in electrical solutions, and continued market tailwinds from grid modernization and electrification.
Now, Hubbell is set to add another piece to its growth puzzle: the $825 million all-cash acquisition of DMC Power, a provider of high-voltage connector technology for utility substation and transmission markets.

Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist

By Hong Jie Seow

Megatronix Inc. (1888582D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
In this note, we look at the company’s past performance.

Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance

Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
Outlook & Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.

Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?

Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.

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Aug 21

Daily Brief Industrials: Vikram Solar, Nitto Boseki, Karman Holdings, Jacobs Solutions , IHI Corp, Hubbell Inc, Megatronix Inc., Kawasaki Heavy Industries, Dayforce and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Vikram Solar IPO – Riding India’s Renewable Energy Wave
Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth
Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots
Jacobs Solutions: An Advanced Facilities & Water Sector Momentum for Future Revenue Growth & Project Execution!
IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals
Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks
Hubbell’s $825 Million DMC Power Bet: Could This Acquisition Be A Game Changer?
Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist
Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance
Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?

Vikram Solar IPO – Riding India’s Renewable Energy Wave

Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.

Karman Holdings Inc.(KRMN) Six Month Summary: A Model Debut That Opened the Door for Moonshots

By IPO Boutique

The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

Jacobs Solutions: An Advanced Facilities & Water Sector Momentum for Future Revenue Growth & Project Execution!

Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

IHI Corporation (7013 JP) – Strong Orders, Weak Profits; Guidance Backloaded on Aero & Disposals

Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero & Carbon Solutions.
Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.

Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks

Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

Hubbell’s $825 Million DMC Power Bet: Could This Acquisition Be A Game Changer?

Hubbell Incorporated has been making headlines with a string of strong operational performances and strategic portfolio moves.
The company recently reported double-digit adjusted EPS growth in Q2 2025, supported by robust demand in grid infrastructure, sustained momentum in electrical solutions, and continued market tailwinds from grid modernization and electrification.
Now, Hubbell is set to add another piece to its growth puzzle: the $825 million all-cash acquisition of DMC Power, a provider of high-voltage connector technology for utility substation and transmission markets.

Megatronix Inc. Pre-IPO: Favorable Growth Drivers, But Losses and Concentration Risks Persist

By Hong Jie Seow

Megatronix Inc. (1888582D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
In this note, we look at the company’s past performance.

Kawasaki Heavy (7012 JP) – Soft Start to FY26, Steep H2 Profit Ask Vs Guidance

Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
Outlook & Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.

Thoma Bravo Eyes Dayforce: Can The HR Tech Giant Become Private Equity’s Next Big Bet?

Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.

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✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 20

Daily Brief Industrials: Atlas Arteria, HMM Co., Ltd., Iljin Electric, Aux Electric Co Ltd, Shuangdeng Group Co Ltd, Vikram Solar, Del Monte Pacific, Eaton Corp Plc, Cummins Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September
HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry
Trading Halt on 79 NXT Stocks in Korea: Screening Key Names to Watch for Spread Plays
Aux Electric Pre-IPO: Competitive Niche
Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Aux Electric IPO: The Investment Case
Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May
Eaton Corporation Bets on AI & Tech Integration—Is This the Future of Smart Power?
Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September

By Brian Freitas

Nearing the end of the review period, we forecast no inclusions to the index in September. There could be up to 3 deletions at the review though.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 3.8% and a round-trip trade of A$232m.
If there are 3 deletes as forecast, one-way turnover increases to 6.3% resulting in a round-trip trade of A$384m.

HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry

Most traders are starting in September, rolling into October. Sep/Oct spread volume has picked up unusually fast, clearly reflecting hedge demand linked to the tender
As September expiry approaches, basis-squeeze risk rises, likely pushing September cheap and October expensive, widening the spread — creating a clear side trade opportunity.
With a basis squeeze expected near September expiry, we could enter a Sep/Oct spread (short Sep, long Oct) and also watch for spot-futures decoupling to play the cash-futures spread.

Trading Halt on 79 NXT Stocks in Korea: Screening Key Names to Watch for Spread Plays

NXT’s halt will be live tomorrow, likely shaking local flows. With 15–20% tape share, blocked tickers spill to KRX, thinning books, widening spreads, and hitting retail-heavy liquidity.
When NXT goes dark, books thin, fills slip, and prices swing sharply — widening spreads and creating risk (or alpha) in retail-heavy tickers for short-term or intraday trades.
Below is a hit list of 500B+ KRW stocks where NXT takes 40%+ volume — watch these Phase 1 tickers as trading halts shake up flow and spreads.

Aux Electric Pre-IPO: Competitive Niche

Aux Electric Co Ltd (0917839D HK) is looking to raise up to US$600m in its upcoming Hong Kong IPO.
It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
In this note, we look at the firm’s past performance.

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise around US$109m in its upcoming Hong Kong IPO.
It’s a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Aux Electric IPO: The Investment Case

By Arun George

Aux Electric Co Ltd (0917839D HK) is the fifth-largest air conditioner provider globally as measured by volume. It is seeking to raise US$600 million.
Aux is known for its aggressive low pricing, which has helped it establish itself as an affordable option to larger peers.
The investment case is bullish due to strong growth, increasing contract liabilities, encouraging margin profile despite the low-price strategy/higher ODM mix and cash generation.

Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May

By Geoff Howie

Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

Eaton Corporation Bets on AI & Tech Integration—Is This the Future of Smart Power?

Eaton Corporation’s second quarter results for 2025 indicate both positive growth and areas requiring attention.
The company’s organic sales growth stood at 8%, marking a significant achievement, as it aligned with the high end of their guidance range.
Revenue hit a record $7 billion, alongside an adjusted EPS increase of 8%, reaching $2.95.

Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

Cummins Inc. delivered noteworthy second-quarter results for 2025, driven by exceptional performance in its Power Systems and Distribution segments, offsetting challenges faced in the North American truck market.
During the quarter, revenues totaled $8.6 billion, reflecting a 2% decrease year-over-year, primarily due to a 6% drop in North American sales amidst a slump in the heavy- and medium-duty truck markets.
Despite this revenue dip, Cummins achieved an increase in EBITDA to $1.6 billion, or 18.4% of sales, up from $1.3 billion (15.3% of sales) in the previous year, showcasing significant profitability improvement.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 20

Daily Brief Industrials: Atlas Arteria, HMM Co., Ltd., Iljin Electric, Aux Electric Co Ltd, Shuangdeng Group Co Ltd, Vikram Solar, Del Monte Pacific, Eaton Corp Plc, Cummins Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September
HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry
Trading Halt on 79 NXT Stocks in Korea: Screening Key Names to Watch for Spread Plays
Aux Electric Pre-IPO: Competitive Niche
Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade
Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations
Aux Electric IPO: The Investment Case
Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May
Eaton Corporation Bets on AI & Tech Integration—Is This the Future of Smart Power?
Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

MV Australia Equal Weight Index Rebalance Preview: Three Potential Deletions in September

By Brian Freitas

Nearing the end of the review period, we forecast no inclusions to the index in September. There could be up to 3 deletions at the review though.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 3.8% and a round-trip trade of A$232m.
If there are 3 deletes as forecast, one-way turnover increases to 6.3% resulting in a round-trip trade of A$384m.

HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry

Most traders are starting in September, rolling into October. Sep/Oct spread volume has picked up unusually fast, clearly reflecting hedge demand linked to the tender
As September expiry approaches, basis-squeeze risk rises, likely pushing September cheap and October expensive, widening the spread — creating a clear side trade opportunity.
With a basis squeeze expected near September expiry, we could enter a Sep/Oct spread (short Sep, long Oct) and also watch for spot-futures decoupling to play the cash-futures spread.

Trading Halt on 79 NXT Stocks in Korea: Screening Key Names to Watch for Spread Plays

NXT’s halt will be live tomorrow, likely shaking local flows. With 15–20% tape share, blocked tickers spill to KRX, thinning books, widening spreads, and hitting retail-heavy liquidity.
When NXT goes dark, books thin, fills slip, and prices swing sharply — widening spreads and creating risk (or alpha) in retail-heavy tickers for short-term or intraday trades.
Below is a hit list of 500B+ KRW stocks where NXT takes 40%+ volume — watch these Phase 1 tickers as trading halts shake up flow and spreads.

Aux Electric Pre-IPO: Competitive Niche

Aux Electric Co Ltd (0917839D HK) is looking to raise up to US$600m in its upcoming Hong Kong IPO.
It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
In this note, we look at the firm’s past performance.

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise around US$109m in its upcoming Hong Kong IPO.
It’s a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Vikram Solar IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

Aux Electric IPO: The Investment Case

By Arun George

Aux Electric Co Ltd (0917839D HK) is the fifth-largest air conditioner provider globally as measured by volume. It is seeking to raise US$600 million.
Aux is known for its aggressive low pricing, which has helped it establish itself as an affordable option to larger peers.
The investment case is bullish due to strong growth, increasing contract liabilities, encouraging margin profile despite the low-price strategy/higher ODM mix and cash generation.

Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May

By Geoff Howie

Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

Eaton Corporation Bets on AI & Tech Integration—Is This the Future of Smart Power?

Eaton Corporation’s second quarter results for 2025 indicate both positive growth and areas requiring attention.
The company’s organic sales growth stood at 8%, marking a significant achievement, as it aligned with the high end of their guidance range.
Revenue hit a record $7 billion, alongside an adjusted EPS increase of 8%, reaching $2.95.

Cummins Inc.: Power Systems Surge Sparks Big Profit Gains What Broader Challenges Does The Company Face?

Cummins Inc. delivered noteworthy second-quarter results for 2025, driven by exceptional performance in its Power Systems and Distribution segments, offsetting challenges faced in the North American truck market.
During the quarter, revenues totaled $8.6 billion, reflecting a 2% decrease year-over-year, primarily due to a 6% drop in North American sales amidst a slump in the heavy- and medium-duty truck markets.
Despite this revenue dip, Cummins achieved an increase in EBITDA to $1.6 billion, or 18.4% of sales, up from $1.3 billion (15.3% of sales) in the previous year, showcasing significant profitability improvement.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 19

Daily Brief Industrials: HMM Co., Ltd., Hanon Systems, Keppel Corp, Enviro Infra Engineers, Bwx Technologies, Allison Transmission Holdings, Sterling Construction Co, Aecom, Trex Company, Hydrofarm Holdings Group Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup
Hanon Systems Announces a Major Potential Rights Offering
Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?
The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra
BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?
Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!
Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?
Will Trex Company’s Level-Loading Production Enhancement Be A Potential Game Changer?
Hydrofarm Holdings Group, Inc. Portfolio and Footprint Optimization…

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup

KOBC’s core mission hinges on HMM; without it, no real mandate. Structural incentive to hold remains, so its active tender participation is still questionable.
Still, max proration risk seems base case, with weak Q2, soft Q3 freight outlook, and post-tender skew pointing bearish for HMM.
Spread >10% makes this too good to pass, but should also watch policy risk — better to lock futures hedge early as flows show players scrambling for cover.

Hanon Systems Announces a Major Potential Rights Offering

By Douglas Kim

On 14 August, Hanon Systems (018880 KS) announced a potential rights offering capital raise. The exact amount will be finalized at the EGM next month.
The significant size of the rights offering is expected to burden its largest shareholder Hankook Tire & Technology (161390 KS) which owns a 54.8% stake in Hanon Systems.
We believe the potential rights offering is likely to continue to negatively impact Hanon Systems by diluting its existing shareholders.

Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?

By Tan Yee Peng

Keppel’s sale of M1 to SIMBA generated a lot of interest. However, the most important question goes unanswered: Did Keppel make money since the privatization of M1 in 2018?
Keppel has been reticent about this question, which is odd as this goes to the heart of Keppel’s Vision 2030 transformation plan: to be a global asset manager with Funds Under Management of S$200 billion.
Keppel has insisted that its operating capability differentiates it from other money managers such as Blackstone, Brookfield, KKR, Carlyle, TPG, etc. Connectivity is a main business unit of Keppel, and M1 has been a key business within this vertical.

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra

EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?

BWX Technologies, Inc., presented robust financial results for the second quarter of 2025, showcasing a strong operational performance that exceeded expectations.
The key highlights of the quarter include double-digit growth in adjusted EBITDA and earnings per share, alongside substantial free cash flow.
A significant contributor to the company’s promising outlook is the recently closed acquisition of Kinectrics, expanding BWXT’s capabilities in the nuclear power and energy infrastructure markets.

Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!

Allison Transmission’s recent earnings call highlighted a mix of strategic initiatives, industry achievements, and both financial performance and adjustments that are significant to potential investors.
The acquisition of Dana Incorporated’s Off-Highway business reflects a key strategic move to broaden the company’s global reach, diversify its markets, and optimize its operational efficiencies.
This transaction, which carries a purchase price of approximately $2.7 billion, is expected to extend Allison Transmission’s capabilities into additional markets, such as agriculture and construction, while promising significant synergy benefits of up to $120 million annually.

Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Sterling Infrastructure delivered an impressive performance in the second quarter of 2025, showing significant growth in revenue, earnings, and margins, while also enhancing its financial outlook for the remainder of the year.
The company reported a 21% increase in overall revenue, driven largely by its E-Infrastructure and Transportation Solutions segments, which grew by 29% and 24% respectively.
Sterling’s strategic emphasis on scaling high-margin businesses, particularly in the data center market, stands out as a catalyst for its robust financial results.

Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

AECOM’s third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company’s investment profile.
As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Will Trex Company’s Level-Loading Production Enhancement Be A Potential Game Changer?

Trex Company’s second-quarter 2025 financial performance showcases a mixed but promising outlook.
The company reported a 3% increase in net sales to $388 million, achieving record quarterly sales despite challenging weather conditions and a declining repair and remodel market.
This growth underscores the resiliency of Trex’s consumer base, the strength of its channel partnerships, and the appeal of its diversified product offerings.

Hydrofarm Holdings Group, Inc. Portfolio and Footprint Optimization…

By Water Tower Research

2Q25 results reflect continued market weakness.
HYFM delivered 2Q25 results that missed our expectations, with revenue of $39MM falling short of our $42MM estimate, while the adjusted EBITDA loss of $2.3MM was worse than our estimate of a loss of $0.3MM.
Industry oversupply and consolidating customer base resulted in a 28% decline in Y/Y volume/mix, with most of the decline attributed to durable product sales, with consumables seeing a less drastic correction.

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Aug 19

Daily Brief Industrials: HMM Co., Ltd., Hanon Systems, Keppel Corp, Enviro Infra Engineers, Bwx Technologies, Allison Transmission Holdings, Sterling Construction Co, Aecom, Trex Company, Hydrofarm Holdings Group Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup
Hanon Systems Announces a Major Potential Rights Offering
Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?
The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra
BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?
Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!
Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?
Will Trex Company’s Level-Loading Production Enhancement Be A Potential Game Changer?
Hydrofarm Holdings Group, Inc. Portfolio and Footprint Optimization…

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup

KOBC’s core mission hinges on HMM; without it, no real mandate. Structural incentive to hold remains, so its active tender participation is still questionable.
Still, max proration risk seems base case, with weak Q2, soft Q3 freight outlook, and post-tender skew pointing bearish for HMM.
Spread >10% makes this too good to pass, but should also watch policy risk — better to lock futures hedge early as flows show players scrambling for cover.

Hanon Systems Announces a Major Potential Rights Offering

By Douglas Kim

On 14 August, Hanon Systems (018880 KS) announced a potential rights offering capital raise. The exact amount will be finalized at the EGM next month.
The significant size of the rights offering is expected to burden its largest shareholder Hankook Tire & Technology (161390 KS) which owns a 54.8% stake in Hanon Systems.
We believe the potential rights offering is likely to continue to negatively impact Hanon Systems by diluting its existing shareholders.

Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?

By Tan Yee Peng

Keppel’s sale of M1 to SIMBA generated a lot of interest. However, the most important question goes unanswered: Did Keppel make money since the privatization of M1 in 2018?
Keppel has been reticent about this question, which is odd as this goes to the heart of Keppel’s Vision 2030 transformation plan: to be a global asset manager with Funds Under Management of S$200 billion.
Keppel has insisted that its operating capability differentiates it from other money managers such as Blackstone, Brookfield, KKR, Carlyle, TPG, etc. Connectivity is a main business unit of Keppel, and M1 has been a key business within this vertical.

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra

EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?

BWX Technologies, Inc., presented robust financial results for the second quarter of 2025, showcasing a strong operational performance that exceeded expectations.
The key highlights of the quarter include double-digit growth in adjusted EBITDA and earnings per share, alongside substantial free cash flow.
A significant contributor to the company’s promising outlook is the recently closed acquisition of Kinectrics, expanding BWXT’s capabilities in the nuclear power and energy infrastructure markets.

Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!

Allison Transmission’s recent earnings call highlighted a mix of strategic initiatives, industry achievements, and both financial performance and adjustments that are significant to potential investors.
The acquisition of Dana Incorporated’s Off-Highway business reflects a key strategic move to broaden the company’s global reach, diversify its markets, and optimize its operational efficiencies.
This transaction, which carries a purchase price of approximately $2.7 billion, is expected to extend Allison Transmission’s capabilities into additional markets, such as agriculture and construction, while promising significant synergy benefits of up to $120 million annually.

Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Sterling Infrastructure delivered an impressive performance in the second quarter of 2025, showing significant growth in revenue, earnings, and margins, while also enhancing its financial outlook for the remainder of the year.
The company reported a 21% increase in overall revenue, driven largely by its E-Infrastructure and Transportation Solutions segments, which grew by 29% and 24% respectively.
Sterling’s strategic emphasis on scaling high-margin businesses, particularly in the data center market, stands out as a catalyst for its robust financial results.

Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

AECOM’s third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company’s investment profile.
As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Will Trex Company’s Level-Loading Production Enhancement Be A Potential Game Changer?

Trex Company’s second-quarter 2025 financial performance showcases a mixed but promising outlook.
The company reported a 3% increase in net sales to $388 million, achieving record quarterly sales despite challenging weather conditions and a declining repair and remodel market.
This growth underscores the resiliency of Trex’s consumer base, the strength of its channel partnerships, and the appeal of its diversified product offerings.

Hydrofarm Holdings Group, Inc. Portfolio and Footprint Optimization…

By Water Tower Research

2Q25 results reflect continued market weakness.
HYFM delivered 2Q25 results that missed our expectations, with revenue of $39MM falling short of our $42MM estimate, while the adjusted EBITDA loss of $2.3MM was worse than our estimate of a loss of $0.3MM.
Industry oversupply and consolidating customer base resulted in a 28% decline in Y/Y volume/mix, with most of the decline attributed to durable product sales, with consumables seeing a less drastic correction.

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Aug 18

Daily Brief Industrials: SITC International, Asian Terminals and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SITC International (1308 HK): A Charming 1H25
Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

SITC International (1308 HK): A Charming 1H25

By Osbert Tang, CFA

The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs.

Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

By Sameer Taneja

Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor.
Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE>20%.

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Aug 18

Daily Brief Industrials: SITC International, Asian Terminals and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SITC International (1308 HK): A Charming 1H25
Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

SITC International (1308 HK): A Charming 1H25

By Osbert Tang, CFA

The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs.

Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

By Sameer Taneja

Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor.
Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE>20%.

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Aug 17

Daily Brief Industrials: Fluor Corp, Hillenbrand Inc, nVent Electric , Oshkosh Corp, RBC Bearings , Regal Rexnord and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?
Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?
nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?
Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!
RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!
Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?

Fluor Corporation recently reported its second quarter earnings for 2025, which presented a mixed financial picture and an update on strategic activities.
A major highlight was the announcement of converting 15 million NuScale Power (NuScale) Class B shares into Class A securities.
This strategic move aims to enhance shareholder value and leverage their expertise in NuScale EPC, although the decrease in NuScale’s market performance presents challenges.

Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?

Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?

nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!

Oshkosh Corporation’s second quarter of 2025 demonstrated a nuanced financial landscape with both strengths and challenges.
The company reported revenues of $2.7 billion, a slight decrease from the previous year, alongside an adjusted operating margin of 11.5%.
Despite the revenue decline, Oshkosh delivered adjusted earnings per share of $3.41, representing a modest 2.1% increase from the past year.

RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!

RBC Bearings Inc., a company specializing in precision bearings and components in the Aerospace, Defense, and Industrial markets, reported strong financial results for their fiscal first quarter of 2026.
The company achieved a notable 7.3% increase in sales to $436 million compared to the same period last year, driven primarily by robust performance in the Aerospace and Defense (A&D) segment and solid growth in industrial businesses.
This growth was complemented by a 10.4% year-over-year sales increase in A&D, fueled by significant contributions from commercial aerospace and defense aftermarket activities.

Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!

Regal Rexnord delivered a mixed performance in its second quarter of 2025, demonstrating resilience amidst a challenging macroeconomic environment.
The company’s sales experienced a slight decline of 1.2% on an organic basis year-over-year, in line with expectations, due to project timing issues within metals and mining and temporary constraints concerning rare earth magnet availability in the AMC segment.
However, these challenges were balanced by robust performance in the residential and commercial HVAC and aerospace markets.

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Aug 17

Daily Brief Industrials: Fluor Corp, Hillenbrand Inc, nVent Electric , Oshkosh Corp, RBC Bearings , Regal Rexnord and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?
Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?
nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?
Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!
RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!
Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?

Fluor Corporation recently reported its second quarter earnings for 2025, which presented a mixed financial picture and an update on strategic activities.
A major highlight was the announcement of converting 15 million NuScale Power (NuScale) Class B shares into Class A securities.
This strategic move aims to enhance shareholder value and leverage their expertise in NuScale EPC, although the decrease in NuScale’s market performance presents challenges.

Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?

Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?

nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!

Oshkosh Corporation’s second quarter of 2025 demonstrated a nuanced financial landscape with both strengths and challenges.
The company reported revenues of $2.7 billion, a slight decrease from the previous year, alongside an adjusted operating margin of 11.5%.
Despite the revenue decline, Oshkosh delivered adjusted earnings per share of $3.41, representing a modest 2.1% increase from the past year.

RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!

RBC Bearings Inc., a company specializing in precision bearings and components in the Aerospace, Defense, and Industrial markets, reported strong financial results for their fiscal first quarter of 2026.
The company achieved a notable 7.3% increase in sales to $436 million compared to the same period last year, driven primarily by robust performance in the Aerospace and Defense (A&D) segment and solid growth in industrial businesses.
This growth was complemented by a 10.4% year-over-year sales increase in A&D, fueled by significant contributions from commercial aerospace and defense aftermarket activities.

Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!