Industrials

Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!

GFL Environmental Inc.’s latest quarterly results present a nuanced picture of its current financial standing and strategic direction.
The company reported a 12.5% year-over-year increase in revenue, which totaled $1.56 billion for the first quarter.
This outperformed the company’s initial 2025 guidance and is attributed to several factors, including effective pricing strategies that achieved a price increase of 5.7%, surpassing their planned estimates.

TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push

By Vincent Fernando, CFA

We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC’s Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment… also at 100% for SBU Segment
Takeaways — Kinik as a Concentrated Play on Advanced Node Transitions… Also, We Believe Signs Remain Positive for TSMC’s Recent Activity Momentum

J Com Holdings (2462 JP): Full-year FY05/25 flash update

Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.
Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.
Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

Oswal Pumps Ltd- IPO to the Rescue

By Nitin Mangal

Oswal Pumps (1019841D IN) came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares.
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications.
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 17

Daily Brief Industrials: Jardine Matheson Holdings, Delta Air Lines, GFL Environmental , Kinik Company, J Com Holdings, Copa Holdings Sa Class A, Oswal Pumps and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!
TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push
J Com Holdings (2462 JP): Full-year FY05/25 flash update
Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
Oswal Pumps Ltd- IPO to the Rescue

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive

Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year.
HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!

GFL Environmental Inc.’s latest quarterly results present a nuanced picture of its current financial standing and strategic direction.
The company reported a 12.5% year-over-year increase in revenue, which totaled $1.56 billion for the first quarter.
This outperformed the company’s initial 2025 guidance and is attributed to several factors, including effective pricing strategies that achieved a price increase of 5.7%, surpassing their planned estimates.

TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push

By Vincent Fernando, CFA

We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC’s Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment… also at 100% for SBU Segment
Takeaways — Kinik as a Concentrated Play on Advanced Node Transitions… Also, We Believe Signs Remain Positive for TSMC’s Recent Activity Momentum

J Com Holdings (2462 JP): Full-year FY05/25 flash update

Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.
Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.
Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

Oswal Pumps Ltd- IPO to the Rescue

By Nitin Mangal

Oswal Pumps (1019841D IN) came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares.
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications.
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.

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

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 16

Daily Brief Industrials: SM Investments, Keisei Electric Railway Co, Sumitomo Corp, Smiths, EJ Holdings Inc, Tomra Systems, Wilh Wilhelmsen and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SM Investments Placement: Large Deal to Digest
Keisei Electric Railway: Oversold on Caution, Not on Fundamentals
Sumitomo Corp (8053 JP): £7.5B UK Clean Energy Pivot to Boost Infra Exposure and Earnings Quality
Upslope’s Quarterly Investor Letter: 2025-Q2 Update
EJ Holdings Inc (2153 JP): Full-year FY05/25 flash update
TOMRA Systems: Initiation of Coverage- Is The Growth In The Recycling Here To Stay?
Wallenius Wilhelmsen – Can Tariff Turbulence Derail This Shipping Giant?

SM Investments Placement: Large Deal to Digest

By Nicholas Tan

An undisclosed seller is looking to raise US$142m via selling some/all of their stake in SM Investments (SM PM).
The deal is a large one to digest, representing 33.1 days of the stock’s three month ADV, and 0.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Keisei Electric Railway: Oversold on Caution, Not on Fundamentals

By Oshadhi Kumarasiri

Keisei Electric Railway Co (9009 JP) shares fell 52% from February 2024 peak, with losses deepening after its conservative mid-term plan and the failed activist board proposal in June 2025.
However, we believe the company’s mid-term guidance is overly conservative and underestimates the company’s underlying earnings potential
With depressed valuation, fare-driven revenue growth, and volume recovery potential, we see limited downside and an appealing opportunity for medium-term price appreciation.

Sumitomo Corp (8053 JP): £7.5B UK Clean Energy Pivot to Boost Infra Exposure and Earnings Quality

By Rahul Jain

Sumitomo’s £7.5B (~¥1.46T) UK clean energy investment marks a pivot from trading and resource-linked businesses to long-duration, regulated infrastructure—anchoring its Energy Transformation strategy.
Annual deployment (~¥146B) is ~24% of operating cash flow; funded via SPVs, project finance, and equity partners. Majority of spend is front-weighted through FY2031, earnings back-loaded.
Currently trading at ~5.7x EV/EBITDA, a successful infra scale-up could justify a multiple closer to 6.5–7.0x—in line with peers like Marubeni or Mitsui. ROE uplift is likely beyond FY2028.

Upslope’s Quarterly Investor Letter: 2025-Q2 Update

By Upslope Capital Management

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.
They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.
Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.

EJ Holdings Inc (2153 JP): Full-year FY05/25 flash update

In FY05/25, E-J Holdings reported revenue of JPY42.7bn, operating profit of JPY4.5bn, and net income of JPY3.2bn.
For FY05/26, E-J Holdings forecasts revenue of JPY47.0bn, operating profit of JPY5.0bn, and net income of JPY3.4bn.
E-J Holdings formulated E-J-Vision2030 and E-J-Plan2027 to enhance business foundation and corporate value.

TOMRA Systems: Initiation of Coverage- Is The Growth In The Recycling Here To Stay?

Tomra Systems ASA has reported its first-quarter results for 2025, showing a performance that aligns closely with expectations both in revenue and profit terms.
The company, which operates mainly in the Collection, Recycling, and Food sectors, delivered a total revenue of EUR 306 million for the quarter, a 5% increase compared to the previous year.
The Food sector was particularly strong, benefiting from a successful turnaround that led to record EBITA and double-digit growth in both revenues and order intake.

Wallenius Wilhelmsen – Can Tariff Turbulence Derail This Shipping Giant?

Wallenius Wilhelmsen has reported solid performance for the first quarter of 2023, despite facing significant market uncertainties primarily driven by U.S. tariffs and changing regulatory environments.
The company posted a robust adjusted EBITDA of $462 million, up 5% from the same quarter last year, indicating stable performance in its core segments.
A notable event during the quarter was the completion of the MIRRAT transaction, marking Wallenius Wilhelmsen’s withdrawal from operations in Australia, with the proceeds already accounted for.

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✓ Company Data and News
✓ Events & Webinars

Jul 16

Daily Brief Industrials: SM Investments, Keisei Electric Railway Co, Sumitomo Corp, Smiths, EJ Holdings Inc, Tomra Systems, Wilh Wilhelmsen and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SM Investments Placement: Large Deal to Digest
Keisei Electric Railway: Oversold on Caution, Not on Fundamentals
Sumitomo Corp (8053 JP): £7.5B UK Clean Energy Pivot to Boost Infra Exposure and Earnings Quality
Upslope’s Quarterly Investor Letter: 2025-Q2 Update
EJ Holdings Inc (2153 JP): Full-year FY05/25 flash update
TOMRA Systems: Initiation of Coverage- Is The Growth In The Recycling Here To Stay?
Wallenius Wilhelmsen – Can Tariff Turbulence Derail This Shipping Giant?

SM Investments Placement: Large Deal to Digest

By Nicholas Tan

An undisclosed seller is looking to raise US$142m via selling some/all of their stake in SM Investments (SM PM).
The deal is a large one to digest, representing 33.1 days of the stock’s three month ADV, and 0.7% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Keisei Electric Railway: Oversold on Caution, Not on Fundamentals

By Oshadhi Kumarasiri

Keisei Electric Railway Co (9009 JP) shares fell 52% from February 2024 peak, with losses deepening after its conservative mid-term plan and the failed activist board proposal in June 2025.
However, we believe the company’s mid-term guidance is overly conservative and underestimates the company’s underlying earnings potential
With depressed valuation, fare-driven revenue growth, and volume recovery potential, we see limited downside and an appealing opportunity for medium-term price appreciation.

Sumitomo Corp (8053 JP): £7.5B UK Clean Energy Pivot to Boost Infra Exposure and Earnings Quality

By Rahul Jain

Sumitomo’s £7.5B (~¥1.46T) UK clean energy investment marks a pivot from trading and resource-linked businesses to long-duration, regulated infrastructure—anchoring its Energy Transformation strategy.
Annual deployment (~¥146B) is ~24% of operating cash flow; funded via SPVs, project finance, and equity partners. Majority of spend is front-weighted through FY2031, earnings back-loaded.
Currently trading at ~5.7x EV/EBITDA, a successful infra scale-up could justify a multiple closer to 6.5–7.0x—in line with peers like Marubeni or Mitsui. ROE uplift is likely beyond FY2028.

Upslope’s Quarterly Investor Letter: 2025-Q2 Update

By Upslope Capital Management

Q2 saw markets whipsawed in an unprecedentedly deliberate fashion. Markets got slammed when aggressive tariffs were announced.
They quickly rebounded when relief extensions were granted and “deals” announced. Then they rebounded some more.
Where does that leave us? No one believes harsh tariffs will be widely implemented. This (lack of tariffs) is a good thing, and it is well reflected in markets and valuations. But markets are now extremely frothy.

EJ Holdings Inc (2153 JP): Full-year FY05/25 flash update

In FY05/25, E-J Holdings reported revenue of JPY42.7bn, operating profit of JPY4.5bn, and net income of JPY3.2bn.
For FY05/26, E-J Holdings forecasts revenue of JPY47.0bn, operating profit of JPY5.0bn, and net income of JPY3.4bn.
E-J Holdings formulated E-J-Vision2030 and E-J-Plan2027 to enhance business foundation and corporate value.

TOMRA Systems: Initiation of Coverage- Is The Growth In The Recycling Here To Stay?

Tomra Systems ASA has reported its first-quarter results for 2025, showing a performance that aligns closely with expectations both in revenue and profit terms.
The company, which operates mainly in the Collection, Recycling, and Food sectors, delivered a total revenue of EUR 306 million for the quarter, a 5% increase compared to the previous year.
The Food sector was particularly strong, benefiting from a successful turnaround that led to record EBITA and double-digit growth in both revenues and order intake.

Wallenius Wilhelmsen – Can Tariff Turbulence Derail This Shipping Giant?

Wallenius Wilhelmsen has reported solid performance for the first quarter of 2023, despite facing significant market uncertainties primarily driven by U.S. tariffs and changing regulatory environments.
The company posted a robust adjusted EBITDA of $462 million, up 5% from the same quarter last year, indicating stable performance in its core segments.
A notable event during the quarter was the completion of the MIRRAT transaction, marking Wallenius Wilhelmsen’s withdrawal from operations in Australia, with the proceeds already accounted for.

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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

Jul 15

Daily Brief Industrials: Azoom, Qingdao Port International , Samsung C&T, MegaRobo Technologies, Shin Pro Maint, Inpost, Srg Takamiya, Sunmoon Food Company and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

TOPIX Inclusions: Who Is Ready (Jul 2025)
Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows
Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies
MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation
Shin Pro Maint (6086 JP): Q1 FY02/26 flash update
Research report: InPost | Growth Outside of Poland Pushed Into a Higher Gear
Research Alert: InPost | Growth Outside of Poland Pushed Into a Higher Gear
Takamiya (2445 JP) – Q4 Follow-Up
Industrials take sector lead in 2025 net institutional inflow

TOPIX Inclusions: Who Is Ready (Jul 2025)

Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
At the end of July 2025, GMO Financial Gate (4051 JP) and Azoom (3496 JP) will be included in the TOPIX Index.
Newly-Listed company Kitazato (368A JP) will also be included in the TOPIX index at the end of this month.

Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 45 ADDs/DELs for the CSI 500 index.

Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

By Douglas Kim

The Supreme Court of Korea plans to make a final ruling on Samsung’s Lee Jae-Yong on 17 July.
If the Supreme Court confirms this appellate court’s ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&T and Cheil Industries merger.
The market is mostly expecting the confirmation of “not guilty” on all 19 charges on Lee Jae-Yong.

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

By Andrei Zakharov

MegaRobo Technologies, AI & robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.

Shin Pro Maint (6086 JP): Q1 FY02/26 flash update

Revenue increased 17.0% YoY to JPY6.7bn, driven by strong performance in Emergency and Preventive Maintenance Services.
Operating profit rose 30.6% YoY to JPY446mn, with an operating profit margin up 0.7pp YoY to 6.6%.
Shin Maint Holdings expanded market share by winning projects from competitors and forming a specialized air conditioning team.

Research report: InPost | Growth Outside of Poland Pushed Into a Higher Gear

Contents Summary and Conclusions Acquisition of Sending: a logical strategic move.
Sending: a bit more background Spanish e-commerce market: large and growing rapidly Market places dominating the landscape Spanish online shoppers still prefer home delivery High quality last mile delivery, yet can be inefficient Favourable environment for OOH and APMs in particular Sending deal is ticking all the boxes Now what does this deal mean financially?
Why is this so important?

Research Alert: InPost | Growth Outside of Poland Pushed Into a Higher Gear

Contents Summary and Conclusions Acquisition of Sending: a logical strategic move.
Sending: a bit more background Spanish e-commerce market: large and growing rapidly Market places dominating the landscape Spanish online shoppers still prefer home delivery High quality last mile delivery, yet can be inefficient Favourable environment for OOH and APMs in particular Sending deal is ticking all the boxes Now what does this deal mean financially?
Why is this so important?

Takamiya (2445 JP) – Q4 Follow-Up

By Sessa Investment Research

Takamiya (hereafter, the Company) reported its consolidated full-year earnings results for FY2025/3: net sales of JPY 43,827 mn (-0.7% YoY), operating profit of JPY 2,061 mn (-39.4% YoY), ordinary profit of JPY 1,856 mn (-48.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,230 mn (-34.8% YoY).
Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.
Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.

Industrials take sector lead in 2025 net institutional inflow

By Geoff Howie

Institutions were net buyers of Singapore stocks, with a net inflow of S$94 million from Jul 4 to 10.
Industrials sector led 2025 net institutional inflows, booking S$629 million, surpassing telecommunications sector by Jul 10.
UOB led share buybacks with S$35.4 million, while Hongkong Land Holdings repurchased 946,000 shares at US$6.23 each.

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

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Jul 15

Daily Brief Industrials: Azoom, Qingdao Port International , Samsung C&T, MegaRobo Technologies, Shin Pro Maint, Inpost, Srg Takamiya, Sunmoon Food Company and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

TOPIX Inclusions: Who Is Ready (Jul 2025)
Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows
Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies
MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation
Shin Pro Maint (6086 JP): Q1 FY02/26 flash update
Research report: InPost | Growth Outside of Poland Pushed Into a Higher Gear
Research Alert: InPost | Growth Outside of Poland Pushed Into a Higher Gear
Takamiya (2445 JP) – Q4 Follow-Up
Industrials take sector lead in 2025 net institutional inflow

TOPIX Inclusions: Who Is Ready (Jul 2025)

Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
At the end of July 2025, GMO Financial Gate (4051 JP) and Azoom (3496 JP) will be included in the TOPIX Index.
Newly-Listed company Kitazato (368A JP) will also be included in the TOPIX index at the end of this month.

Quiddity Leaderboard CSI 300/500 Dec25: Some Changes to Expectations; Large Index Flows

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 45 ADDs/DELs for the CSI 500 index.

Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies

By Douglas Kim

The Supreme Court of Korea plans to make a final ruling on Samsung’s Lee Jae-Yong on 17 July.
If the Supreme Court confirms this appellate court’s ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&T and Cheil Industries merger.
The market is mostly expecting the confirmation of “not guilty” on all 19 charges on Lee Jae-Yong.

MegaRobo Technologies IPO Preview: AI-Driven Robotics Unicorn With Strong IP Moat In Automation

By Andrei Zakharov

MegaRobo Technologies, AI & robotics unicorn with focus on lab automation in life sciences and intelligent manufacturing, files to list IPO on Hong Kong Stock Exchange.
Founder led, AI native company was backed by Sinovation Ventures, Goldman Sachs, Asia Investment Capital, Robert Bosch Venture Capital, GGV Capital, and Joy Capital, among others.
The business is growing fast and increases the number of use cases across new verticals. However, negative free cash flows and operating losses are a headwind.

Shin Pro Maint (6086 JP): Q1 FY02/26 flash update

Revenue increased 17.0% YoY to JPY6.7bn, driven by strong performance in Emergency and Preventive Maintenance Services.
Operating profit rose 30.6% YoY to JPY446mn, with an operating profit margin up 0.7pp YoY to 6.6%.
Shin Maint Holdings expanded market share by winning projects from competitors and forming a specialized air conditioning team.

Research report: InPost | Growth Outside of Poland Pushed Into a Higher Gear

Contents Summary and Conclusions Acquisition of Sending: a logical strategic move.
Sending: a bit more background Spanish e-commerce market: large and growing rapidly Market places dominating the landscape Spanish online shoppers still prefer home delivery High quality last mile delivery, yet can be inefficient Favourable environment for OOH and APMs in particular Sending deal is ticking all the boxes Now what does this deal mean financially?
Why is this so important?

Research Alert: InPost | Growth Outside of Poland Pushed Into a Higher Gear

Contents Summary and Conclusions Acquisition of Sending: a logical strategic move.
Sending: a bit more background Spanish e-commerce market: large and growing rapidly Market places dominating the landscape Spanish online shoppers still prefer home delivery High quality last mile delivery, yet can be inefficient Favourable environment for OOH and APMs in particular Sending deal is ticking all the boxes Now what does this deal mean financially?
Why is this so important?

Takamiya (2445 JP) – Q4 Follow-Up

By Sessa Investment Research

Takamiya (hereafter, the Company) reported its consolidated full-year earnings results for FY2025/3: net sales of JPY 43,827 mn (-0.7% YoY), operating profit of JPY 2,061 mn (-39.4% YoY), ordinary profit of JPY 1,856 mn (-48.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,230 mn (-34.8% YoY).
Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.
Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.

Industrials take sector lead in 2025 net institutional inflow

By Geoff Howie

Institutions were net buyers of Singapore stocks, with a net inflow of S$94 million from Jul 4 to 10.
Industrials sector led 2025 net institutional inflows, booking S$629 million, surpassing telecommunications sector by Jul 10.
UOB led share buybacks with S$35.4 million, while Hongkong Land Holdings repurchased 946,000 shares at US$6.23 each.

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✓ Company Data and News
✓ Events & Webinars

Jul 14

Daily Brief Industrials: Orient Overseas International and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

By Osbert Tang, CFA

Orient Overseas International (316 HK)‘s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.
Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter.
Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.

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

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✓ Company Data and News
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Jul 14

Daily Brief Industrials: Orient Overseas International and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

By Osbert Tang, CFA

Orient Overseas International (316 HK)‘s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.
Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter.
Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.

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Jul 13

Daily Brief Industrials: Johns Lyng, Marumae Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL
Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
One new deal were discussed on Smartkarma this week: PEP’s Scheme Offer for Johns Lyng (JLG AU).
Key updates/news took place on New World Resources (NWC AU), Oneconnect Financial Technology (6638 HK), Great Eastern Holdings (GE SP), and VIOL (335890 KS).

Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update

The company reported sales of JPY7.3bn, operating profit of JPY1.5bn, and net income of JPY940mn, with no YoY data.
Transitioned to consolidated financial reporting in Q3 FY08/25, adding a Functional Materials segment, primarily operated by KMAC.
Announced consolidated earnings forecast for FY08/25: sales JPY11.3bn, operating profit JPY1.9bn, and net income JPY1.3bn.

💡 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

Jul 13

Daily Brief Industrials: Johns Lyng, Marumae Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL
Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
One new deal were discussed on Smartkarma this week: PEP’s Scheme Offer for Johns Lyng (JLG AU).
Key updates/news took place on New World Resources (NWC AU), Oneconnect Financial Technology (6638 HK), Great Eastern Holdings (GE SP), and VIOL (335890 KS).

Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update