Category

Industrials

Aug 11
0

Daily Brief Industrials: Toyo Construction, Cosco Shipping Ports and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
  • COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

By Travis Lundy

  • In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted. 
  • Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low. 
  • Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

By Osbert Tang, CFA

  • Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio. 
  • A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future. 
  • Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential. 

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Aug 11
0

Daily Brief Industrials: Toyo Construction, Cosco Shipping Ports and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
  • COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

By Travis Lundy

  • In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted. 
  • Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low. 
  • Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

By Osbert Tang, CFA

  • Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio. 
  • A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future. 
  • Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential. 

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

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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
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Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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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
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Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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

Sign Up for Free

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
Sign Up for Free


Aug 09
0

Daily Brief Industrials: Grab Holdings , C.H. Robinson Worldwide, T’Way Air, Tokyo Keiki Inc, JSW Cement Limited, Toyo Tanso, Tetra Tech Inc, Adani Ports & Special Economic Zone, Bando Chemical Industries, Mitsuboshi Belting and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Grab Holdings (GRAB US) – Harvesting Sequentially
  • C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
  • T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
  • Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update
  • JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
  • Toyo Tanso (5310 JP): 1H FY12/25 flash update
  • Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?
  • Lucror Analytics – Morning Views Asia
  • Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update
  • Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

  • Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
  • The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
  • Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

By Baptista Research

  • C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
  • Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
  • This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

  • On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
  • This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
  • We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 21.3% YoY to JPY10.5bn, with an order backlog of JPY58.5bn, up 21.3% YoY.
  • Defense and Communications Equipment segment showed significant revenue growth, narrowing operating losses despite yen appreciation and higher SG&A expenses.
  • Operating losses persisted across segments, influenced by increased R&D costs and changes in sales mix by end market.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

  • JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
  • JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
  • In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Toyo Tanso (5310 JP): 1H FY12/25 flash update

By Shared Research

  • Sales declined to JPY23.0bn (-12.6% YoY), with operating profit at JPY3.8bn (-33.9% YoY) and net income at JPY2.7bn (-48.0% YoY).
  • FY12/25 forecast revised to sales of JPY48.0bn (-9.6% YoY) and operating profit of JPY7.5bn (-38.7% YoY).
  • Dividend forecast maintained at JPY145.0 per share, with a payout ratio of 60.8% based on FY12/25 forecast.

Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?

By Baptista Research

  • Tetra Tech, Inc. delivered a strong financial performance for the third quarter of fiscal year 2025, setting record highs for operating income and earnings per share.
  • The company’s revenue exceeded expected guidance, driven primarily by high staff utilization rates in response to environmental crises in Southern California.
  • This elevated staff utilization supported impressive year-over-year growth rates.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
  • UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
  • Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated revenue in Q1 2025 was JPY29.1bn, marking a -0.9% YoY decline, the first in 18 quarters.
  • Core operating profit rose 3.0% YoY to JPY2.0bn, with a margin improvement of 0.2pp to 6.9%.
  • Operating profit increased 66.6% YoY to JPY3.8bn, while net income rose 37.3% YoY to JPY2.7bn.

Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update

By Shared Research

  • Mitsuboshi’s Q1 revenue was JPY22.3bn, a 0.5% YoY decrease, with operating profit rising 50.5% YoY.
  • Belts (Japan) segment revenue grew 5.6% YoY, while operating profit decreased 16.4% YoY, driven by automotive parts.
  • Belts (Outside Japan) segment revenue fell 2.5% YoY, but operating profit surged 97.8% YoY, aided by EV-related products.

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

Sign Up for Free

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
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Aug 09
0

Daily Brief Industrials: Grab Holdings , C.H. Robinson Worldwide, T’Way Air, Tokyo Keiki Inc, JSW Cement Limited, Toyo Tanso, Tetra Tech Inc, Adani Ports & Special Economic Zone, Bando Chemical Industries, Mitsuboshi Belting and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Grab Holdings (GRAB US) – Harvesting Sequentially
  • C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
  • T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
  • Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update
  • JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
  • Toyo Tanso (5310 JP): 1H FY12/25 flash update
  • Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?
  • Lucror Analytics – Morning Views Asia
  • Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update
  • Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

  • Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
  • The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
  • Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

By Baptista Research

  • C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
  • Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
  • This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

  • On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
  • This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
  • We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 21.3% YoY to JPY10.5bn, with an order backlog of JPY58.5bn, up 21.3% YoY.
  • Defense and Communications Equipment segment showed significant revenue growth, narrowing operating losses despite yen appreciation and higher SG&A expenses.
  • Operating losses persisted across segments, influenced by increased R&D costs and changes in sales mix by end market.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

  • JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
  • JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
  • In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Toyo Tanso (5310 JP): 1H FY12/25 flash update

By Shared Research

  • Sales declined to JPY23.0bn (-12.6% YoY), with operating profit at JPY3.8bn (-33.9% YoY) and net income at JPY2.7bn (-48.0% YoY).
  • FY12/25 forecast revised to sales of JPY48.0bn (-9.6% YoY) and operating profit of JPY7.5bn (-38.7% YoY).
  • Dividend forecast maintained at JPY145.0 per share, with a payout ratio of 60.8% based on FY12/25 forecast.

Tetra Tech Dominates FAA Projects—Will Its Air Traffic Tech Shape the Future of Aviation?

By Baptista Research

  • Tetra Tech, Inc. delivered a strong financial performance for the third quarter of fiscal year 2025, setting record highs for operating income and earnings per share.
  • The company’s revenue exceeded expected guidance, driven primarily by high staff utilization rates in response to environmental crises in Southern California.
  • This elevated staff utilization supported impressive year-over-year growth rates.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
  • UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
  • Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated revenue in Q1 2025 was JPY29.1bn, marking a -0.9% YoY decline, the first in 18 quarters.
  • Core operating profit rose 3.0% YoY to JPY2.0bn, with a margin improvement of 0.2pp to 6.9%.
  • Operating profit increased 66.6% YoY to JPY3.8bn, while net income rose 37.3% YoY to JPY2.7bn.

Mitsuboshi Belting (5192 JP): Q1 FY03/26 flash update

By Shared Research

  • Mitsuboshi’s Q1 revenue was JPY22.3bn, a 0.5% YoY decrease, with operating profit rising 50.5% YoY.
  • Belts (Japan) segment revenue grew 5.6% YoY, while operating profit decreased 16.4% YoY, driven by automotive parts.
  • Belts (Outside Japan) segment revenue fell 2.5% YoY, but operating profit surged 97.8% YoY, aided by EV-related products.

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  • ✓ Company Data and News
  • ✓ Events & Webinars
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Aug 08
0

Daily Brief Industrials: Mitsubishi Electric, Voltas Ltd, JSW Cement Limited, East Japan Railway Co, Firefly Aerospace, Grupo Aeroportuario del Pacifi, Fluence Corp, Kyokuto Kaihatsu Kogyo Co, Sanyo Trading, Seika Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
  • Voltas Ltd: Forensic Analysis
  • JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
  • JR East – Full Steam Ahead!
  • Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
  • Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
  • Fluence Corp Ltd – The story is coming together
  • Kyokuto Kaihatsu Kogyo Co (7226 JP): Q1 FY03/26 flash update
  • Sanyo Trading (3176 JP): Q3 FY09/25 flash update
  • Seika Corp (8061 JP): Q1 FY03/26 flash update

The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI

By Jay Cameron

  • Mitsubishi Electric’s Serendie platform marks a decisive shift toward AI-powered, customer-centric services, with tangible cost savings, ecosystem expansion, and a tripling of Digital Innovation workforce planned by FY2031.
  • AI Leadership: The company showcased advanced automation and optimization capabilities at AWS Summit Japan, positioning itself as a leader in applied AI.
  • Punchline is the Japan beta vol trade. Macro risks remain pivotal, as navigating tariff shocks, labor distortions, and central bank policy shifts could shape both performance and volatility exposure.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

  • Voltas Ltd (VOLT IN) is a renowned name among the households in India.
  • The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
  • But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

By Himanshu Dugar

  • JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
  • It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
  • JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation

JR East – Full Steam Ahead!

By Rikki Malik

  • Company continues to outperform as a new management plan is released
  • Focus on cash flow generation, increased dividends and flexible buybacks
  • Continued execution in their real-estate business is key to success

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

By IPO Boutique

  • Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
  • The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
  • Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 

Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update

By Actinver

  • The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
  • GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.
  • The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.

Fluence Corp Ltd – The story is coming together

By Research as a Service (RaaS)

  • Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
  • The company has released its quarterly 4C cashflow statement and a Q2FY25 financial and operating update (December year-end) containing some key H125 data points.
  • The H125 result was a significantly positive turnaround with growth driven by the Ivory Coast Addendum project and improved performance across most business units.

Kyokuto Kaihatsu Kogyo Co (7226 JP): Q1 FY03/26 flash update

By Shared Research

  • Total revenue increased by 16.9% YoY, with growth in all segments; operating profit rose by 3.8% YoY.
  • The company recorded an extraordinary loss of JPY5.9bn related to the Antimonopoly Act in Q1 FY03/26.
  • Revenue and operating profit in the Special Purpose Vehicles segment rose due to product price revisions and improved supply.

Sanyo Trading (3176 JP): Q3 FY09/25 flash update

By Shared Research

  • Sanyo Trading’s sales in cumulative Q3 FY09/25 reached JPY98.8bn (+3.0% YoY), driven by Fine Chemicals and Sustainability segments.
  • Operating profit declined 5.9% YoY to JPY5.5bn, impacted by increased SG&A expenses and reduced foreign exchange gains.
  • Sustainability segment sales rose 44.8% YoY to JPY8.5bn, with operating profit increasing 91.9% YoY to JPY1.3bn.

Seika Corp (8061 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 24.8% YoY to JPY24.6bn, but net income decreased 52.5% YoY to JPY1.8bn.
  • The company revised its 1H earnings forecast, announced a stock split, and adjusted its dividend forecast.
  • An extraordinary loss of JPY489mn was recorded due to a litigation-related provision following a court ruling.

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Aug 08
0

Daily Brief Industrials: Mitsubishi Electric, Voltas Ltd, JSW Cement Limited, East Japan Railway Co, Fluence Corp, Firefly Aerospace, Grupo Aeroportuario del Pacifi, Tokai Holdings, Sanyo Trading, Seika Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
  • Voltas Ltd: Forensic Analysis
  • JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
  • JR East – Full Steam Ahead!
  • Fluence Corp Ltd – The story is coming together
  • Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
  • Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
  • Tokai Holdings (3167 JP): Q1 FY03/26 flash update
  • Sanyo Trading (3176 JP): Q3 FY09/25 flash update
  • Seika Corp (8061 JP): Q1 FY03/26 flash update

The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI

By Jay Cameron

  • Mitsubishi Electric’s Serendie platform marks a decisive shift toward AI-powered, customer-centric services, with tangible cost savings, ecosystem expansion, and a tripling of Digital Innovation workforce planned by FY2031.
  • AI Leadership: The company showcased advanced automation and optimization capabilities at AWS Summit Japan, positioning itself as a leader in applied AI.
  • Punchline is the Japan beta vol trade. Macro risks remain pivotal, as navigating tariff shocks, labor distortions, and central bank policy shifts could shape both performance and volatility exposure.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

  • Voltas Ltd (VOLT IN) is a renowned name among the households in India.
  • The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
  • But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

By Himanshu Dugar

  • JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
  • It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
  • JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation

JR East – Full Steam Ahead!

By Rikki Malik

  • Company continues to outperform as a new management plan is released
  • Focus on cash flow generation, increased dividends and flexible buybacks
  • Continued execution in their real-estate business is key to success

Fluence Corp Ltd – The story is coming together

By Research as a Service (RaaS)

  • Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
  • The company has released its quarterly 4C cashflow statement and a Q2FY25 financial and operating update (December year-end) containing some key H125 data points.
  • The H125 result was a significantly positive turnaround with growth driven by the Ivory Coast Addendum project and improved performance across most business units.

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

By IPO Boutique

  • Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
  • The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
  • Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 

Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update

By Actinver

  • The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
  • GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.
  • The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.

Tokai Holdings (3167 JP): Q1 FY03/26 flash update

By Shared Research

  • FY03/26 marks the final year of “Medium-Term Plan 2025” with record Q1 sales and profits across segments.
  • Sales rose 3.4% YoY, driven by customer growth in Information and Communications and Construction, Equipment, and Real Estate.
  • Operating profit increased 18.7% YoY, despite higher personnel costs, due to strategic customer acquisition and cost management.

Sanyo Trading (3176 JP): Q3 FY09/25 flash update

By Shared Research

  • Sanyo Trading’s sales in cumulative Q3 FY09/25 reached JPY98.8bn (+3.0% YoY), driven by Fine Chemicals and Sustainability segments.
  • Operating profit declined 5.9% YoY to JPY5.5bn, impacted by increased SG&A expenses and reduced foreign exchange gains.
  • Sustainability segment sales rose 44.8% YoY to JPY8.5bn, with operating profit increasing 91.9% YoY to JPY1.3bn.

Seika Corp (8061 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 24.8% YoY to JPY24.6bn, but net income decreased 52.5% YoY to JPY1.8bn.
  • The company revised its 1H earnings forecast, announced a stock split, and adjusted its dividend forecast.
  • An extraordinary loss of JPY489mn was recorded due to a litigation-related provision following a court ruling.

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

Sign Up for Free

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
Sign Up for Free


Aug 07
0

Daily Brief Industrials: Technopro Holdings, Recruit Holdings, JSW Cement Limited, Airbus Group SE, Trane Technologies , Tokyu Construction, Nagase & Co Ltd, Nisshinbo Holdings, Oesterreichische Post Ag and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities
  • TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870
  • Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead
  • JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
  • Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!
  • Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!
  • Tokyu Construction (1720 JP): Q1 FY03/26 flash update
  • Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update
  • Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update
  • What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)

[Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities

By Travis Lundy

  • This was signaled in May, somewhat confirmed in July, now done. Blackstone buys Technopro at ¥4,870/share which is ~14x EV/EBITDA for next year.
  • PE Firms have been scouring the Japanese market to buy companies. The METI Corporate Takeover Guidelines are super-helpful in that regard. This will squeeze the market over time.
  • This takeover price is not quite as full as it could have been, and there are some parameters and modalities to this which are worth looking at. Parameters and Modalities.

TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870

By Arun George

  • Technopro Holdings (6028 JP) announced a tender offer from Blackstone at JPY4,870, a 43.7% premium to the undisturbed price of JPY3,389 but at a slight discount to the last close.
  • While below the last close, Blackstone’s offer was a result of an auction process and was the highest binding offer. The offer also represents a pre-media rumour all-time high.
  • Surprisingly, Blackstone has not disclosed irrevocables. The Board has a neutral opinion. Nevertheless, a fair auction process suggests there will be limited opposition to the offer. 

Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

By Shifara Samsudeen, FCMA, CGMA

  • Recruit Holdings (6098 JP) reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.
  • With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.
  • Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

By Tina Banerjee

  • JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
  • JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
  • The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.

Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!

By Baptista Research

  • Airbus presented its H1 2025 earnings, showcasing mixed results amid ongoing industry and supply chain challenges.
  • In terms of performance, Airbus recorded an EBIT adjusted of €2.2 billion, an improvement from the €1.4 billion recorded in H1 2024.
  • Revenue increased slightly by 3% to €29.6 billion, reflecting higher contributions from divisions and stronger service volumes, partially offset by a decrease in commercial aircraft deliveries.

Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!

By Baptista Research

  • Trane Technologies’ second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.
  • Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.
  • A key highlight was Trane’s Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.

Tokyu Construction (1720 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue reached JPY71.9bn, a 30.2% YoY increase, with operating profit at JPY2.2bn, reversing a prior loss.
  • Parent-only revenue was JPY68.9bn, with gross profit at JPY6.8bn, driven by completed construction revenue and margins.
  • Parent orders totaled JPY112.6bn, with Building Construction orders up 392.8% YoY, Civil Engineering orders down 27.7% YoY.

Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update

By Shared Research

  • In Q1 FY03/26, sales were JPY237.3bn (-0.8% YoY), gross profit JPY44.3bn (+0.4% YoY), operating profit JPY10.2bn (-4.5% YoY).
  • Cost classification changes at Prinova Group affected SG&A and cost of sales, impacting gross profit figures retrospectively.
  • Segment performance varied: automotive demand weakened, semiconductor materials sales rose, and pharmaceutical raw materials sales increased.

Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update

By Shared Research

  • The company posted sales of JPY254.7bn (+6.1% YoY) and operating profit of JPY18.4bn (+174.3% YoY), with increased profits in Wireless and Communications and Real Estate.
  • The FY12/25 forecast anticipates sales of JPY506.0bn (+2.3% YoY) and operating profit of JPY19.7bn (+18.8% YoY), with a revised net income forecast of JPY11.0bn (+7.0% YoY).
  • Structural reform in Wireless and Communications is prioritized, with an early retirement program and extraordinary losses impacting net income.

What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)

By The IDEA!

  • In this edition: • ABN Amro | mixed results; EUR 250m share buyback • Ahold Delhaize | e-commerce reaches profitability; reiterates FY25 guidance • Austrian Post | expands last mile partnership with Temu to other countries

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

Sign Up for Free

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
Sign Up for Free


Aug 07
0

Daily Brief Industrials: Technopro Holdings, Recruit Holdings, JSW Cement Limited, Airbus Group SE, Trane Technologies , Tokyu Construction, Nagase & Co Ltd, Nisshinbo Holdings, Oesterreichische Post Ag and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities
  • TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870
  • Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead
  • JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation
  • Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!
  • Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!
  • Tokyu Construction (1720 JP): Q1 FY03/26 flash update
  • Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update
  • Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update
  • What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)

[Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities

By Travis Lundy

  • This was signaled in May, somewhat confirmed in July, now done. Blackstone buys Technopro at ¥4,870/share which is ~14x EV/EBITDA for next year.
  • PE Firms have been scouring the Japanese market to buy companies. The METI Corporate Takeover Guidelines are super-helpful in that regard. This will squeeze the market over time.
  • This takeover price is not quite as full as it could have been, and there are some parameters and modalities to this which are worth looking at. Parameters and Modalities.

TechnoPro (6028 JP): Blackstone’s Tender Offer at JPY4,870

By Arun George

  • Technopro Holdings (6028 JP) announced a tender offer from Blackstone at JPY4,870, a 43.7% premium to the undisturbed price of JPY3,389 but at a slight discount to the last close.
  • While below the last close, Blackstone’s offer was a result of an auction process and was the highest binding offer. The offer also represents a pre-media rumour all-time high.
  • Surprisingly, Blackstone has not disclosed irrevocables. The Board has a neutral opinion. Nevertheless, a fair auction process suggests there will be limited opposition to the offer. 

Recruit Holdings: 1Q Earnings Is No Surprise but More Downside Ahead

By Shifara Samsudeen, FCMA, CGMA

  • Recruit Holdings (6098 JP) reported 1Q results on Tuesday after market. As expected, topline declined 2.5% YoY falling below consensus. Productivity enhancements supported EBITDA growth.
  • With gradual cooling of labour markets, the HR Tech segment’s top line growth has declined and Recruit does not expect the segment to see strong growth in FY03/2026E.
  • Recruit’s share price dropped 4.4% during today’s trade and with further weakening of job markets, we think there is further opportunity to gain on the Short side.

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

By Tina Banerjee

  • JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
  • JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
  • The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.

Airbus SE: European Defense & Space Collaborations to Bolster Strategic Standing In The Market!

By Baptista Research

  • Airbus presented its H1 2025 earnings, showcasing mixed results amid ongoing industry and supply chain challenges.
  • In terms of performance, Airbus recorded an EBIT adjusted of €2.2 billion, an improvement from the €1.4 billion recorded in H1 2024.
  • Revenue increased slightly by 3% to €29.6 billion, reflecting higher contributions from divisions and stronger service volumes, partially offset by a decrease in commercial aircraft deliveries.

Trane Technologies: Racing Ahead in the Electrification Boom With Breakthrough Heating Portfolio!

By Baptista Research

  • Trane Technologies’ second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.
  • Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.
  • A key highlight was Trane’s Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.

Tokyu Construction (1720 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue reached JPY71.9bn, a 30.2% YoY increase, with operating profit at JPY2.2bn, reversing a prior loss.
  • Parent-only revenue was JPY68.9bn, with gross profit at JPY6.8bn, driven by completed construction revenue and margins.
  • Parent orders totaled JPY112.6bn, with Building Construction orders up 392.8% YoY, Civil Engineering orders down 27.7% YoY.

Nagase & Co Ltd (8012 JP): Q1 FY03/26 flash update

By Shared Research

  • In Q1 FY03/26, sales were JPY237.3bn (-0.8% YoY), gross profit JPY44.3bn (+0.4% YoY), operating profit JPY10.2bn (-4.5% YoY).
  • Cost classification changes at Prinova Group affected SG&A and cost of sales, impacting gross profit figures retrospectively.
  • Segment performance varied: automotive demand weakened, semiconductor materials sales rose, and pharmaceutical raw materials sales increased.

Nisshinbo Holdings (3105 JP): 1H FY12/25 flash update

By Shared Research

  • The company posted sales of JPY254.7bn (+6.1% YoY) and operating profit of JPY18.4bn (+174.3% YoY), with increased profits in Wireless and Communications and Real Estate.
  • The FY12/25 forecast anticipates sales of JPY506.0bn (+2.3% YoY) and operating profit of JPY19.7bn (+18.8% YoY), with a revised net income forecast of JPY11.0bn (+7.0% YoY).
  • Structural reform in Wireless and Communications is prioritized, with an early retirement program and extraordinary losses impacting net income.

What’s News in Amsterdam – 6 August (ABN Amro | Ahold Delhaize | Austrian Post)

By The IDEA!

  • In this edition: • ABN Amro | mixed results; EUR 250m share buyback • Ahold Delhaize | e-commerce reaches profitability; reiterates FY25 guidance • Austrian Post | expands last mile partnership with Temu to other countries

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

Sign Up for Free

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
Sign Up for Free