Industrials

Sales increased by JPY985mn (+7.7% YoY) with growth in Creative (Japan), Medical, and CRES segments; operating profit rose by JPY159mn (+12.7% YoY).
Progress toward FY02/26 forecast: 23.1% for sales, 28.4% for operating profit, 28.1% for recurring profit, 28.6% for net income.
CRES segment sales rose 205.0% YoY to JPY23mn, but recorded an operating loss of JPY41mn.

DSV A/S – Game-Changing Integration & Strategic Expansion Signal Bold Growth Path!

By Baptista Research

DSV, a global leader in transport and logistics, recently shared its results for the first quarter of 2025, alongside details of its significant acquisition of Schenker.
The completion of this transaction marks a critical milestone, positioning DSV as a leading figure in the logistics industry, potentially enhancing its competitive edge through expanded global reach and improved service offerings.
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.

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Jul 12

Daily Brief Industrials: Johns Lyng, Contemporary Amperex Technology (CATL), Creek & River, DSV A/S and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Johns Lyng (JLG AU): A PEP-Sponsored MBO
CATL Breaks Ground on $6 Billion Indonesian Battery Hub
Creek & River (4763 JP): Q1 FY02/26 flash update
DSV A/S – Game-Changing Integration & Strategic Expansion Signal Bold Growth Path!

Johns Lyng (JLG AU): A PEP-Sponsored MBO

By Arun George

Johns Lyng (JLG AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$4.00, a 57.5% premium to the undisturbed price of A$2.54 (10 June).
The offer is effectively an MBO as the CEO and key executives will rollover their shares. The offer requires regulatory (FIRB and US) and shareholder approvals.
The offer is arguably opportunistically timed to capitalise on the FY2025 guidance downgrade in February. However, it is reasonable, given the high uncertainty surrounding the timing of an earnings recovery.

CATL Breaks Ground on $6 Billion Indonesian Battery Hub

By Caixin Global

Chinese battery titan Contemporary Amperex Technology Co. Ltd. (CATL) has broken ground on a nearly $6 billion project in Indonesia, marking a bold strategic move to secure crucial materials and expand its manufacturing footprint beyond China.
The project — a joint venture between CATL subsidiary CBL, Indonesia’s state-owned miner PT Aneka Tambang (Antam), and the state-backed Indonesia Battery Corporation (IBC) — has officially started construction, CATL said Wednesday.
More than three years in the making, the initiative underscores the ambition of the world’s largest battery manufacturer to reinforce its global standing amid increasingly complex geopolitical dynamics.

Creek & River (4763 JP): Q1 FY02/26 flash update

Sales increased by JPY985mn (+7.7% YoY) with growth in Creative (Japan), Medical, and CRES segments; operating profit rose by JPY159mn (+12.7% YoY).
Progress toward FY02/26 forecast: 23.1% for sales, 28.4% for operating profit, 28.1% for recurring profit, 28.6% for net income.
CRES segment sales rose 205.0% YoY to JPY23mn, but recorded an operating loss of JPY41mn.

DSV A/S – Game-Changing Integration & Strategic Expansion Signal Bold Growth Path!

By Baptista Research

DSV, a global leader in transport and logistics, recently shared its results for the first quarter of 2025, alongside details of its significant acquisition of Schenker.
The completion of this transaction marks a critical milestone, positioning DSV as a leading figure in the logistics industry, potentially enhancing its competitive edge through expanded global reach and improved service offerings.
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.

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Jul 11

Daily Brief Industrials: Tenneco Clean Air India Ltd, Nidec Corp, Aalberts Industries Nv, S&SYS, Johns Lyng and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Tenneco Clean Air India Ltd Pre-IPO Tearsheet
Nidec (6594 JP): New Factory in China
What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)
S&SYS IPO Preview
Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

Tenneco Clean Air India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Tenneco Clean Air India Ltd (1880671D IN) (TCAIL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.

Nidec (6594 JP): New Factory in China

By Scott Foster

Nidec has opened a new motor factory in China to meet an anticipated increase in demand for home appliances.
Sensing an opportunity for growth, management is already considering the construction of a second factory.
This fits with the Chinese government’s efforts to promote domestic demand and with Nidec’s need for a new growth driver in China.

What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)

By The IDEA!

In this edition: • ABN Amro | court dismisses mass claim regarding overcharging on variable-rate loans • Aalberts | to acquire Grand Venture Technology • Volksbank | to remain state-owned for at least another year

S&SYS IPO Preview

S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company.
The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won.
To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps.

Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

By David Blennerhassett

A month ago, Integrated building services provider Johns Lyng (JLG AU) fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).
JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder with 17.64%, is supportive.
A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.

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Jul 11

Daily Brief Industrials: Tenneco Clean Air India Ltd, Nidec Corp, Aalberts Industries Nv, S&SYS, Johns Lyng and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Tenneco Clean Air India Ltd Pre-IPO Tearsheet
Nidec (6594 JP): New Factory in China
What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)
S&SYS IPO Preview
Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

Tenneco Clean Air India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Tenneco Clean Air India Ltd (1880671D IN) (TCAIL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.

Nidec (6594 JP): New Factory in China

By Scott Foster

Nidec has opened a new motor factory in China to meet an anticipated increase in demand for home appliances.
Sensing an opportunity for growth, management is already considering the construction of a second factory.
This fits with the Chinese government’s efforts to promote domestic demand and with Nidec’s need for a new growth driver in China.

What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)

By The IDEA!

In this edition: • ABN Amro | court dismisses mass claim regarding overcharging on variable-rate loans • Aalberts | to acquire Grand Venture Technology • Volksbank | to remain state-owned for at least another year

S&SYS IPO Preview

S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company.
The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won.
To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps.

Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

By David Blennerhassett

A month ago, Integrated building services provider Johns Lyng (JLG AU) fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).
JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder with 17.64%, is supportive.
A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.

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Jul 10

Daily Brief Industrials: MMC Port Holdings Berhad, Transcat and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

MMC Port Holdings Berhad Pre-IPO Tearsheet
What Do Investors See in Sleepy Transcat?

MMC Port Holdings Berhad Pre-IPO Tearsheet

By Troy Wong

MMC Port Holdings Berhad (MMC) is looking to raise about US$1.5bn in its upcoming Malaysia IPO. The deal will be run by CIMB, Maybank, RHB, and UBS.
MMC is Malaysia’s largest container port operator and the country’s leading container hub for transshipment and gateway cargo, according to Drewry.
MMC operates five sea ports and a solid product jetty terminal and conducts ship-to-ship transfer (STS) services at an offshore port.

What Do Investors See in Sleepy Transcat?

By J Capital Research

Transcat (NASDAQ: TRNS) is a roll-up of companies that serve the pharmaceutical, aerospace, utilities, oilfield, and other industries with measurement equipment, calibration services, and sales.
TRNS sells and rents equipment and maintains a fleet of vans that it dispatches to client premises to adjust their measuring equipment.
Listed since 1972, the company has never paid a dividend and has no plans to do so.

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Jul 10

Daily Brief Industrials: MMC Port Holdings Berhad, Transcat and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

MMC Port Holdings Berhad Pre-IPO Tearsheet
What Do Investors See in Sleepy Transcat?

MMC Port Holdings Berhad Pre-IPO Tearsheet

By Troy Wong

MMC Port Holdings Berhad (MMC) is looking to raise about US$1.5bn in its upcoming Malaysia IPO. The deal will be run by CIMB, Maybank, RHB, and UBS.
MMC is Malaysia’s largest container port operator and the country’s leading container hub for transshipment and gateway cargo, according to Drewry.
MMC operates five sea ports and a solid product jetty terminal and conducts ship-to-ship transfer (STS) services at an offshore port.

What Do Investors See in Sleepy Transcat?

By J Capital Research

Transcat (NASDAQ: TRNS) is a roll-up of companies that serve the pharmaceutical, aerospace, utilities, oilfield, and other industries with measurement equipment, calibration services, and sales.
TRNS sells and rents equipment and maintains a fleet of vans that it dispatches to client premises to adjust their measuring equipment.
Listed since 1972, the company has never paid a dividend and has no plans to do so.

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Jul 09

Daily Brief Industrials: Samsung C&T, Adani Enterprises, Zhejiang Galaxis Technology Group Co Ltd, Geekplus Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea
The Adani Factor: Creating India’s Biggest PVC Capacity
Zhejiang Galaxis Pre-IPO Tearsheet
Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea

One of the most important changes in the revisions of the Commercial Act in Korea that was passed in the Parliament last week was the “3% rule.”
In this insight, we provide details of this 3% rule and how it is likely to significantly impact the Korean equity markets.
Major impact of the 3% rule is it is likely to shake up the BODs at many Korean companies. Many global activist investors will likely be more active in Korea.

The Adani Factor: Creating India’s Biggest PVC Capacity

By Nimish Maheshwari

India’s PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap.
Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance.
This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.

Zhejiang Galaxis Pre-IPO Tearsheet

Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Geekplus Technology (2590 HK) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Jul 09

Daily Brief Industrials: Samsung C&T, Adani Enterprises, Zhejiang Galaxis Technology Group Co Ltd, Geekplus Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea
The Adani Factor: Creating India’s Biggest PVC Capacity
Zhejiang Galaxis Pre-IPO Tearsheet
Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Significance of The “3% Rule” In the Revision of the Commercial Act in Korea

One of the most important changes in the revisions of the Commercial Act in Korea that was passed in the Parliament last week was the “3% rule.”
In this insight, we provide details of this 3% rule and how it is likely to significantly impact the Korean equity markets.
Major impact of the 3% rule is it is likely to shake up the BODs at many Korean companies. Many global activist investors will likely be more active in Korea.

The Adani Factor: Creating India’s Biggest PVC Capacity

By Nimish Maheshwari

India’s PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap.
Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance.
This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.

Zhejiang Galaxis Pre-IPO Tearsheet

Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.

Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand

Geekplus Technology (2590 HK) is looking to raise up to $300m in its upcoming Hong Kong IPO.
It is a leader in the global autonomous mobile robots (AMR) market.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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✓ Company Data and News
✓ Events & Webinars

Jul 08

Daily Brief Industrials: LS Corp, Korea Stock Exchange KOSPI 200, MegaRobo Technologies, Toyo Engineering, Ilika and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum
MegaRobo Pre-IPO Tearsheet
Toyo Engineering (6330 JP): Coverage Initiation
Friday Take Away: 27 June 2025

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

By Sanghyun Park

KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

By Gaudenz Schneider

Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.
Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.
Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.

MegaRobo Pre-IPO Tearsheet

MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley, Huatai, Deutsche Bank, CCB International.
It is a leading provider of autonomous agents in robotic applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
It serves a diversified customer base with over 880 customers. Key account customers newly acquired in 2022, had a repurchase rate of 74%, and a revenue retention rate of 115%.

Toyo Engineering (6330 JP): Coverage Initiation

In FY03/25, orders stood at JPY244.2bn (-47.2% YoY), including those received by equity-method affiliates.
Revenue from completed construction contracts was JPY278.1bn (+6.6% YoY), operating profit JPY2.6bn (-61.4% YoY), recurring profit JPY6.5bn (-7.7% YoY), and net income attributable to owners of the parent JPY2.0bn (-79.4% YoY). Major contracts won during the year included a domestic plant for lithium-ion battery electrolyte production, several geothermal power plants in Indonesia, and an LNG-related facility in India. Despite higher revenue from completed construction contracts, operating profit declined YoY due to a drop in GPM caused by project delays. The company booked JPY4.1bn in equity in earnings of affiliates, narrowing the YoY decline in recurring profit relative to operating profit. Extraordinary losses included JPY1.4bn in impairment losses on fixed assets and roughly JPY3.0bn in tax-related expenses at subsidiaries.
As a result, net income attributable to owners of the parent dropped 79.4% YoY.

Friday Take Away: 27 June 2025

By Hybridan

The developer of solid-state battery technology will be reporting Finals to April 2025 on 17 July.
Ilika has developed ceramic-based lithium-ion technology which differentiates it from existing batteries by offering competitive energy density and charge times, while being inherently safe and easier to recycle.
There was cash of £10m at the Interims and in May 2025 a further £4.3m was raised at 33p a share.

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Jul 08

Daily Brief Industrials: LS Corp, Korea Stock Exchange KOSPI 200, MegaRobo Technologies, Toyo Engineering, Ilika and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum
MegaRobo Pre-IPO Tearsheet
Toyo Engineering (6330 JP): Coverage Initiation
Friday Take Away: 27 June 2025

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

By Sanghyun Park

KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

By Gaudenz Schneider

Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.
Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.
Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.

MegaRobo Pre-IPO Tearsheet

MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley, Huatai, Deutsche Bank, CCB International.
It is a leading provider of autonomous agents in robotic applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
It serves a diversified customer base with over 880 customers. Key account customers newly acquired in 2022, had a repurchase rate of 74%, and a revenue retention rate of 115%.

Toyo Engineering (6330 JP): Coverage Initiation