Industrials

• The MV Global Defense Industry Index represents the performance of companies in national defense industries.
• There will be one ADD and two DELs for the MV Global Defense Index in September 2026. There will be small changes to the index otherwise.
• The capping of PLTR US and RTX US is expected to drive the majority of the flows.  

• In H1 FY2026/12, Frontier Management (hereafter, the Company) reported net sales of JPY 6,944 mn (+20.3% YoY) and operating profit of JPY 83 mn (vs. a loss of JPY 21 mn a year earlier), achieving higher sales and a return to operating profitability.
• For FY2026/12, the Company has maintained its full-year forecast calling for net sales of JPY 15,000 mn (+11.4% YoY) and operating profit of JPY 610 mn (vs. a loss of JPY 335 mn in the previous fiscal year).
• By H1, the benefits of the structural reforms had become clearer, with the Company profitable at every profit level excluding FCI.

• Ducommun will be added to the MarketVector Global Defense Industry Index at the close on 18 September, while DroneShield and Red Cat Holdings will be deleted.
• The constituent changes, float changes and capping changes will result in an estimated one-way turnover of 5% resulting in a round-trip trade of US$695m.
• Float and capping changes result in over 0.5x ADV to trade in some stocks and those could be interesting in the next week.

• KODEX AI Electric Power Core Facilities ETF (487240 KS) had a market cap of 3.2 trillion won as of 11 September 2026, up 104% in the past one year. 
• In this insight, I discuss the impact of rebalance of the iSelect AI Power Core Equipment Index in December 2026 which impacts the KODEX AI Electric Power Core Facilities ETF. 
• Seojin System and GnCEnergy are two potential inclusion candidates. LS Marine Solution, LS Eco Energy, and Cheryong Electric are potential exclusion candidates. 

• Minebea Mitsumi (6479 JP) occupies an entrenched global leadership position in precision mechanical and electro-mechanical components, holding over 60% global market share in miniature and instrument ball bearings while leveraging an unmatched low-cost, vertically integrated production base across Thailand, Singapore, and Cambodia.
• Financial performance demonstrates robust secular momentum, with FY2026 revenue reaching JPY 1,664,387 million (+9.3% YoY) and net income advancing 66.6% YoY to JPY 99,034 million, driven by the expansion of its ‘Eight Spear’ product portfolio across automotive electrification, AI server thermal management, aerospace, and industrial automation.
• Trading at 12.4x P/E and 8.7x EV/EBITDA, the stock trades at an unwarranted 40-50% discount to peers such as Murata Manufacturing (51.7x P/E), Kyocera (28.3x P/E), and Nidec (26.2x P/E), offering institutional investors an asymmetrical risk/reward profile bolstered by disciplined capital return (DPS increased to JPY 55.0, 1.77% yield).

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• Nippon Sheet Glass (5202 JP) is now down to “pure arb.” All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.
• I see no startling revelation when inspecting Guotai Junan International (1788 HK)‘s s329 investigative reports.
• Resonac (4004 JP) is spinning off 80+% of its petrochemical division. Crasus Chemical is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.

• FY2026 Results: ISOTeam’s FY26 result shows a softer-than-expected performance. The revenue of FY26 fall by 11.3% YoY to S$105.7 million in FY26.
• This was 16.3% below our forecast, primarily due to the delays between contract award and project commencement in Repairs & Redecoration (–18.6% YoY), Addition&Alteration (-17.5% YoY) and Coating&Painting (-8.1%) segments.
• Following the implementation of cost-saving measures, gross margin improved 2.3 ppt YoY to 18.3% in FY26.

• Working capital expansion is a deliberate operational trade-off to secure the TASER 10 rollout and accommodate international/federal growth. The increase in Days Inventory Outstanding (DIO) reflects safety-stocking of critical custom components and automated production line ramps, while Days Sales Outstanding (DSO) is driven by a structural shift toward longer-cycle federal and international government contracts.
• M&A evaluation prioritizes ecosystem lock-in over near-term standalone ROIC. Recent acquisitions, such as Dedrone, are structured to drag on asset turnover initially, but the board expects them to transition to high-margin, recurring software layers within 24 to 36 months by integrating them into the Axon Community and Respond platforms.
• R&D governance employs a bifurcated stage-gate model. Hardware initiatives (e.g., TASER 10) operate on strict 3-to-5-year capital budgets with intensive physical testing milestones, whereas software and generative AI initiatives (e.g., Draft One) utilize rapid, agile feedback loops measured by immediate pilot conversion rates and incremental annual recurring revenue (ARR) per dollar of R&D spent.

• Deep Value Valuation Anchored by Balance Sheet Discount: Seiwa Chuo Holdings Corporation (7531 JP) trades at an ultra-depressed valuation of 0.3x P/B and 3.4x EV/EBITDA at a share price of JPY 1,294, providing substantial downside asset protection despite operating in a low-margin, cyclical steel distribution sector.
• Gross Margin Expansion and Profitability Turnaround: Despite top-line contraction from JPY 62,577M in FY2023 to JPY 50,026M in FY2025 (3-year revenue CAGR of -4.56%), gross margin expanded significantly from 7.36% to 9.23% (surpassing 10.8% in recent quarters), returning consolidated net income to profitability at JPY 348M.
• Corporate Governance and TSE Listing Compliance Catalyst: The company faces an improvement period regarding Tokyo Stock Exchange Standard Market listing criteria, where its tradable share ratio (18.3% as of end-2025 vs. 25.0% requirement) creates an urgent catalyst for management to enhance shareholder returns, facilitate secondary share distribution, and improve trading liquidity.

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• Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments aimed at scaling its aerospace operations across civil, commercial, and national security markets.
• The company posted $206 million in revenue, exceeding four times the amount from the prior year, and ended the quarter with a record backlog of approximately $1.8 billion.
• This backlog reflects diversification with 37% civil space, 49% commercial space, and 14% national security space exposure.

• The company has delivered strong sales growth, which is essential for long-term value creation
• The company is very good at generating consistently positive operating cash flow
• The efficiency is very good when looking at the growth in sales relative to the growth in assets

• The company is very good at generating consistently positive operating cash flow
• Earnings quality is very high based on our analysis of net income relative to operating cash flow
• The tightness of the operation is good based on the cash conversion cycle

• Looking at the balance sheet, the company has very good access to capital to fund growth
• The efficiency is very good when looking at the growth in sales relative to the growth in assets
• The company has delivered strong sales growth, which is essential for long-term value creation

• Deere & Company reported third-quarter results showing mixed but generally resilient performance across its markets.
• Total net sales increased 5% to $12.608 billion, while equipment operations net sales rose 6% to $10.999 billion.
• Net income attributable to Deere & Company was $1.379 billion, or $5.10 per diluted share, supported by execution and cost discipline.

• The take-private transaction led by Apollo Global Management is a critical restructuring rescue rather than a standard leveraged buyout. NSG’s negative tangible book value of -¥202 per share—driven by ¥1,451 per share of unamortized goodwill and intangibles against ¥1,249 per share of book value prior to preferred share conversion—and ¥548.3 billion in interest-bearing debt made standalone public survival impossible.
• The regulatory hurdles, which historically delayed complex cross-border turnarounds in Japan, were completely cleared by August 21, 2026. These included approvals under Japan’s Foreign Exchange and Foreign Trade Act (FEFTA), multi-jurisdictional antitrust laws, and the EU’s Foreign Subsidies Regulation (FSR). Payment of the ¥165 billion capital injection was completed on August 31, 2026, setting the stage for delisting after September 25, 2026.
• Operational reality limits any rapid asset strip or segment spin-off. While the Automotive division continues to drag down performance—evidenced by a ¥3.4 billion goodwill impairment in North America in Q4 FY2026—the physical integration of float glass furnaces serving both the architectural and automotive value chains makes separating these business lines economically and logistically unviable in the medium term.

• Nordson Corporation reported its fiscal 2026 third quarter results marked by broad-based growth across all three business segments, with record sales and earnings performance.
• The company achieved third quarter sales of $818 million, reflecting a 10% increase year-over-year, driven by 12% organic growth.
• This growth extended across the Industrial Precision Solutions (IPS), Medical and Fluid Solutions (MFS), and Advanced Technology Solutions (ATS) segments.

• Nippon Sheet Glass (5202 JP) announced 21-Aug that the capital injection expected a fair bit later would be done and paid for on 31-Aug. New term loans were agreed 26-Aug.
• That made 25 Sep the last trading day. On the 31st, they confirmed the capital injection had been paid for. Cash out for remaining shareholders would be late December 2026.
• Actual dates and confirmation waits until early November but buy today and that is 4.0% annualised (though the BOJ could act twice in the interim). Worth a look for arbs.

• FnGuide Top 10 rebalancing is today, with TIGER likely splitting the flow between 11am noon and the close based on recent trading patterns.
• I just confirmed that, despite the recent concerns, FnGuide is sticking with the 25% cap for the Top 2 names in today’s rebalance.
• Samsung Electro Mechanics and Samsung C&T are adds, Naver and Celltrion deletes. Watch Samsung C&T for an intraday spike.

• A KeePer coating is a thin glass film that goes onto car paint.
• The cheapest one, Crystal KeePer, takes a couple of hours and costs ¥18,200, about $117, on a small car.
• The most expensive, W Diamond KeePer, takes most of a day and costs ¥108,000, about $690, on a large one.

• In our last semi-annual update of Samudera in March 2026, we said we will review the company pending clarity in Middle East geopolitics and US tariff outlook.
• US tariff has broadly cleared up, at least for now, after the Trump administration announced a 10% global tariff rate in July. However, on the geopolitical front, the US-Iran conflict has yet to be resolved, and the Strait of Hormuz remains closed.
• Amid the geopolitical crisis, the spikes in freight rates and higher oil prices do not bode well for Samudera. Both are due to the closure of the Strait, on the back of supply disruptions rather than growing underlying demand. Oil prices, a key cost for Samudera, continue to gyrate in an unpredictable manner and has recently rebounded with Brent at USD101 currently.

• Wasion (3393 HK) share price remains depressed, even though revenue and orders hit record highs, but margins are not expanding. 
• AI and data center-related revenue +153% YoY to RMB 1.89 billion. The company is now an AI-related name; hence, higher valuation?
• The share buyback should pull some confidence back into the share price but if they cancel the shares, then it is even a stronger signal. 

• BETA Technologies’ second quarter 2026 results illustrate ongoing progress across multiple aerospace segments, including commercial electric aircraft, defense applications, and infrastructure development.
• The company reported revenue of $14.7 million, exceeding guidance and demonstrating 146% year-over-year growth, primarily driven by the Electrified Powertrain Flight Demonstration (EPFD) program in partnership with GE Aerospace and charger deliveries under contract with the Florida Department of Transportation.
• Despite this revenue growth, operating expenses remained substantial at $166 million, with research and development (R&D) accounting for the majority, and adjusted EBITDA stood at negative $110 million, aligning with the company’s forecast.

• GE Aerospace has agreed to acquire Consolidated Precision Products (CPP) from Warburg Pincus and Berkshire Partners for $11.75 billion, a transaction expected to close in the second half of 2027.
• The engine maker plans to fund roughly $7 billion with cash on hand and the balance with new debt, while maintaining that its broader capital-allocation framework remains unchanged.
• The timing is notable.

• Context: The Sojitz Corp (2768 JP) vs. ENEOS Holdings (5020 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlight: Going long Sojitz Corp (2768 JP) and short ENEOS Holdings (5020 JP) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• No Direct Capital Inflow from IPO: Despite market hype surrounding the proposed listing, Mahanadi Coalfields Limited (MCL) will receive exactly zero proceeds from its upcoming IPO. The transaction is structured entirely as a 10% Offer for Sale (OFS) of 661,836,300 equity shares, with the expected 106.78 billion rupees in value accruing entirely to parent promoter Coal India Limited (CIL) and the government.
• Unrealistic Timelines for Thermal Peak-Demand: Ground realities contradict popular clean energy narratives. Driven by structural shifts like data centers, EV adoption, and severe weather patterns—such as the record-breaking 270.82 GW peak demand witnessed in May 2026—domestic thermal capacity must expand to 307 GW by 2035. MCL’s low-grade, high-ash coal remains irreplaceable for base-load power, ensuring robust volume requirements for at least another two decades.
• Logistics, Not Mining Cost, is the True Competitive Moat: While private commercial coal blocks boast aggressive bids, they are severely bottlenecked by evacuation logistics. MCL’s massive scale allows an incredibly low pithead extraction cost of under ₹700 per tonne, and its ₹10,000 crore investment in 19 First-Mile Connectivity (FMC) projects and the Mahanadi Coal Rail Ltd (MCRL) JV creates an insurmountable logistical barrier for private entrants.

• Cleanaway (8422 TT) share price has not moved in the upward direction despite earlier positive signs.
• Key operational data suggest that the company should be in better shape soon, including higher revenue recognition and ramping up green energy deployment.
• Recent month revenue growth of 100% YoY gives conviction that the company’s earnings should be in the right upward trajectory. 

• When Austal Ltd (ASB AU) confirmed preliminary discussion with Wildcat Infrastructure, I mused this may be a ruse to extract more gruel from Hanwha. I was clearly too cynical.
• A short while ago, Austal confirmed Wildcat has pitched a “non-binding indication of interest” for Austal’s US ops at an EV of US$1.25-1.35bn, a ~12.5% premium to Hanwha’s indicative terms.
• Wildcat is requesting for four weeks of due diligence. Austal is mulling its options. Hanwha has the clout to match and/or exceed Wildcat’s terms.

• Austal Ltd (ASB AU) disclosed a non-binding proposal from Wildcat Resources for Austal USA at an enterprise value of US$1.25 to US$1.35 billion.
• The Wildcat offer’s midpoint of US$1.30 billion is at a 15% premium to Hanwha’s offer’s midpoint of US$1.125 billion. Wildcat is requesting four weeks of due diligence.
• Hanwha is likely to return with a revised offer as the Wildcat offer values Austal USA at a discount to its closest peer, Huntington Ingalls Industries (HII US). 

• Hunan Junxin Environmental Protection (HJXEP HK), a waste treatment company, aims to raise around US$400m in its H-share listing.
• Hunan Junxin Environmental Protection (HJEP) operates in the solid waste treatment and green energy sectors.
• In this note, we talk about the company’s past performance.

• Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
• The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
• IPO looks aggressively priced as compared to other listed company in similar space.

• Boeing is attempting one of the most expensive corporate U-turns in modern aerospace.
• Two decades after separating the manufacturing operations that became Spirit AeroSystems, Boeing completed an $8.4 billion acquisition of the struggling supplier in December 2025, bringing critical fuselage production back under its roof.
• The timing is striking.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
• Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
• In this note, we look at the company’s past performance.

• The company has delivered strong sales growth, which is essential for long-term value creation
• The tightness of the operation is very good based on the cash conversion cycle
• The efficiency is very good when looking at the growth in sales relative to the growth in assets

• Cyclical Peak Risk: HGE’s recent eye-watering profitability—posting a 3.84 billion RMB net profit in the first four months of 2026 with a 62.0% gross margin—is a peak-cycle anomaly. This “paper wealth” is entirely driven by a massive, high-risk bet on rising memory prices, using cheap inventory acquired in late 2025 to sell at record highs.
• Severe Cash Burn: Despite the record profits, HGE is severely hemorrhaging cash. Operating cash flow for the first four months of 2026 was -2.69 billion RMB, caused by a massive cash outflow of 3.76 billion RMB to build a 10.89 billion RMB inventory and 3.13 billion RMB in pre-payments to upstream fabs. The inventory turnover has blown out to 356 days, creating catastrophic write-down risks if spot prices correct.
• Structural Vulnerability: HGE is fundamentally a “fabless packager” operating in the low-value-add middle of the semiconductor “smile curve.” It has virtually no pricing power. Its attempt to scale up volume via toll-processing with “Client G” (accounting for 13.4% of 2025 revenue) and its extreme customer concentration (over 40% from top-five customers in early 2026) make it highly dependent on low-margin arrangements.
• Compliance Decoupling: HGE has quietly engineered a complete operational isolation of its subsidiary Hefei Zhaoxin to avoid Western export control contagion. Hefei Zhaoxin’s headcount was drastically slashed from 155 in 2023 to just 9 in early 2026, with plans to entirely wind down its operations by the end of 2026.

• Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
• MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
• As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.

• Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
• It is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
• In this note, we look at the company’s past performance.

• The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.
• There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes. 

• The company has opened its INR 428 crore IPO (Price Band: INR 172–INR 182, closing Sept 10, 2026), backed by INR 128 crore raised from marquee anchor investors.
• Proceeds from the INR 60 crore fresh issue will fully fund a new Glass Processing Unit (GPU) at the Vile Bhagad facility, bringing manufacturing processes in-house to reduce supply dependency.
• Order book stands at more than 2x FY26 revenue (INR 981.54 crore total across domestic façade, international supply, and luxury fenestration as of July 2026).

• Karamtara Engineering opens its Rs.875 crore IPO on September 9, 2026, with a price band of Rs.241 to Rs.254 per share, closing September 11.
• The company is India’s largest integrated maker of solar mounting structures, growing revenue at a 33% CAGR over FY24 to FY26, though supplier and customer concentration are both rising.
• At close to 32 times FY26 earnings at the top of the band, issue prices at premium to most listed peers, making capacity ramp-up and cost control the key monitorables.

• Dhoot Transmission Limited (Ticker: DHOOTTRA IN) is a Tier-1 automotive electrical and electronics manufacturer, commanding an entrenched ~41% market share in India’s two-wheeler (2W) and three-wheeler (3W) wiring harness industry and an industry-leading ~70% share in electric 2W/3W wiring architectures.
• Top-line expansion has been robust, with revenues compounding at a 27.2% CAGR from INR 27,977.26M in FY2024 to INR 45,249.55M in FY2026, driven by vehicle electrification, premiumization, and expanding content per vehicle, though EBITDA margins contracted from 18.57% to 15.99% over the same period.
• Trading at a trailing P/E of 76.4x and P/B of 12.5x, the stock commands a substantial valuation premium relative to direct peers like Motherson Sumi Wiring India (38.6x P/E), leaving limited margin of safety amid persistent negative Free Cash Flow to Equity (INR -675.56M in FY2026) resulting from heavy growth capex.

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• Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation Group, or UIG.
• Vertiv Corporation agreed to acquire the business for approximately $1.45 billion in cash at closing, with up to another $1.15 billion payable through earnouts tied to EBITDA targets over the following 12 to 24 months.
• The transaction comes as Vertiv is already experiencing rapid growth from AI infrastructure spending, with second-quarter 2026 sales rising 24% year over year and management raising full-year revenue guidance to $14 billion.

• Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch Services and Space Systems segments.
• The company achieved a record $234 million in revenue for Q2, marking a 62% increase year-over-year and a sequential 16.8% rise.
• This performance was fueled primarily by a 38.6% increase in the Space Systems segment, reaching $189.5 million, supported by increased satellite manufacturing contributions and initial revenue from the Mynaric acquisition.

• Hosin Global Electronics (HGE)  is looking to raise at least US$500m in its upcoming Hong Kong IPO.
• HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost & Sullivan (F&S).
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million, representing a 9% sequential increase and an 11% year-over-year growth for the first half.
• This revenue growth, combined with improved operational performance, has led the company to raise its full-year revenue growth guidance to 15%-16% from a prior 13%-15% forecast.
• A key highlight of the quarter is the significant improvement in gross margins, which moved to roughly breakeven compared to negative 30.7% a year ago and negative 13% in the prior quarter.

• The company has delivered strong sales growth, which is essential for long-term value creation
• The tightness of the operation is very good based on the cash conversion cycle
• The company is very good at generating consistently positive operating cash flow

Key points (machine generated)

• S-Pool, Inc. is focusing on growth in Special Needs Employment Services and Human Resource Solutions, reporting a 1.5% revenue increase in FY11/26.
• Despite a 19.6% decline in operating profit to ¥648 million, the company maintains a revenue forecast of ¥26,844 million for the full fiscal year.
• S-Pool aims for long-term growth with a five-year plan targeting ¥36 billion in revenue and a 30% dividend payout ratio, while considering potential mergers and acquisitions.

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• My base case valuation of LG Corp is implied market cap of 26.9 trillion won or NAV per share of 177,595 won, which is 42% higher than current share price.
• LG Corp’s investments in five core publicly listed companies including LG Chem and LG Electronics are now worth 26.5 trillion won which is 99% of its current market cap.
• Legal feud between LG Group Chairman Koo and his mum/sisters have been going on for more than three years. Appellate court has scheduled the next hearing for 27 November.

• Q1 FY27 Revenue grew 16% YoY and backlog reached Rs. 2,289 crore, while the business was reorganised into four global divisions.
• Demand visibility is no longer the central concern; execution quality, mix and below-EBIT leakage now determine the earnings outcome.
• The operating setup is improving, but the current valuation prices in a recovery that has not yet appeared consistently in reported margins.

• Excluding the impact of higher raw material costs and yen depreciation, Ryobi’s net sales for H1 FY12/26 were roughly flat YoY. OP fell 25.4% YoY due to surging raw material prices and delayed price pass- through.
• However, raw material prices have recently begun to stabilize, and profitability is projected to improve as the benefits of price adjustments take full effect in H2 FY12/26.
• Backed by a solid outlook for new product rollouts in the Japanese and Thai markets, the company revised its FY guidance for Die Castings. 

• In H126 J&T Global reported strong top-line growth of almost 40% Y/Y vs H125
• Growth was broad-based, and core adj EBITDA margin also showed solid Y/Y improvement
• Overall, a nice set of numbers from J&T Global in H1, but stock isn’t cheap here

• Sustained High-Growth Pure-Play Alternative Data Leader: YipitData has established a premier market position delivering granular, ticker-level alternative data analytics and market intelligence to over 650 institutional investors and enterprise corporations, scaling Annual Recurring Revenue (ARR) from $215M at FY2025-end to $260M in August 2026, on track to reach ~$280M for FY2026 (+30%+ YoY).
• Potential $2.5B-$3.0B Liquidity Event: Carlyle-backed YipitData is actively exploring strategic sale options via Goldman Sachs, with reported valuation targets spanning $2.5B to $3.0B (~9.0x to 10.7x 2026E ARR), highlighting institutional scarcity value for verified, hard-to-replicate proprietary data assets amid accelerating AI-driven workflows.
• Expanding Addressable Market via Corporate Intelligence: The platform is successfully diversifying beyond its core hedge fund customer base into brand and corporate analytics (including clients such as Walmart, Lowe’s, and Ulta Beauty) and B2B enterprise procurement spend intelligence (SpendHound), structurally broadening long-term Net Revenue Retention (NRR) and TAM.

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• Morita Holdings is Japan’s dominant fire-truck manufacturer, holding roughly 57-60% of the domestic market and close to 90% of the aerial ladder-truck segment

• Founded in 1907 by Shōsaku Morita as a fire-pump maker and built into a nationwide-service, certification-protected niche monopoly against a much smaller #2 competitor, Nikki Co.

• The moat is genuine and multi-decade — safety certification, a product-liability track record, and nationwide parts/service infrastructure a new entrant couldn’t replicate in thirty years.

• The company is very good at generating consistently positive operating cash flow
• The tightness of the operation is very good based on the cash conversion cycle
• The stock trades at a very attractive valuation

• AST SpaceMobile is advancing its efforts to establish the first global space-based cellular broadband network designed to operate directly with unmodified mobile phones.
• The company leverages a vertically integrated manufacturing approach, a comprehensive spectrum portfolio combining both partner-contributed and company-owned spectrum, and a large patent portfolio exceeding 3,900 patents and pending claims.
• Its technology targets integration with existing mobile network operators (MNOs), aiming to complement terrestrial networks rather than replace them, thereby facilitating seamless connectivity worldwide.

• The efficiency is very good when looking at the growth in sales relative to the growth in assets
• The company is very good at generating consistently positive operating cash flow
• Its competitive strategy appears excellent based on the gross profit margin

• Mineral Resources’ FY26 profit, a turnaround from an FY25 loss, beat expectations, but the market responded poorly to talk of expanding into another commodity and perhaps geography.
• Mineral Resources’ FY26 performance beat expectations The recommencement of dividends was the major surprise Possible move into copper, maybe offshore, spooked the market One broker’s valuation raises eyebrows

• HK Connect implementation will be effective on 7 Sep 2026 before market open, with 53 ADDs and 15 DELETEs.
• ADDs gained +5.2% on average over the bridge and DELETEs fell 10.9%. All 15 DELETEs closed the bridge lower.
• Historically, positive-bridge ADDs extended their gains in the first implementation week and negative-bridge ADDs were flat. DELETEs kept falling. We place each group in its historical reference set below.

• Shenzhen International (152 HK)‘s loss-making 1H26 is disappointing, but looking ahead, the potential profit recovery in 2H26 is more important.  
• It may potentially book a significant gain from the South China Logistics Park transformation in 2H26, possibly leading to an attractive dividend yield of 8.7%.
• Its 0.33x 12-month forward P/B, 2SD below average, has already discounted the market concerns. Stripping out Shenzhen Expressway (600548 CH) , its other assets are free. 

• Initiation of A Container Port Terminal Product introduced our rationale for covering companies that exhibit monopolistic/oligopolistic characteristics, as evidenced by their historical pricing/volume growth. We began with four companies.
• Asian Terminals (ATI PM) has since been privatized, leaving our coverage universe at International Container Terminal Services (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK) 
• Results for the companies have demonstrated structural margin improvements despite a challenging environment, indicating strong pricing power. 

• All-Link is an asset-light ASEAN freight forwarder: it coordinates cargo movement without owning aircraft, ships, warehouses or trucks.
• The listed business is two operations: a three-person Singapore booking-and-billing platform that produced 90.4% of FY25 revenue, and labour-intensive owned operations in the Philippines and Malaysia that produced the remaining 9.6%.
• Possible niche in US-bound air cargo from Vietnam.

• A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
• ECM developments: Shenzhen Longsys Electronics (9976 HK), Ligent Technologies (LGT HK) and GCash (Mynt) (GCASH PM) IPOs.
• Event-Driven developments: Nikkon Holdings (9072 JP), Kadoya Sesame Mills (2612 JP), Ichibanya (7630 JP), Continental Aerospace Technologies (232 HK), Ausgold Ltd (AUC AU). 

• Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution across its diverse project portfolio.
• Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $149 million, up from $96 million the previous year, while adjusted earnings per share (EPS) improved to $0.91 from $0.43.
• The company’s backlog expanded to nearly $27 billion, reflecting $6.1 billion in new awards during the quarter and a book-to-bill ratio anticipated well above one for the full year.

• Japan Airlines (JAL) has made a strategic entry as a “white knight” for Hanjin KAL Chairman Walter Cho, acquiring a sub-5% stake in the holding company. This transaction, finalized alongside a comprehensive codeshare expansion, serves to bolster Cho’s position as the creeping hostile stake of second-largest shareholder Hoban Group reached 20.15% in July 2026, narrowing the gap with Cho’s insider group to just 0.42 percentage points.
• The looming December 17, 2026 integration of Korean Air and Asiana Airlines faces critical execution risks due to the financial fragility of its regulatory remedy takers. T’way Air, the designated passenger remedy taker, is severely overleveraged with a 2,312% debt-to-equity ratio as of June 2026, forcing it to indefinitely suspend its newly acquired Frankfurt route and downscale other European flights, which may trigger antitrust reviews by the European Commission.
• Hanjin KAL preferred shares (Hanjin KAL P) trade at a severe 76.8% discount to common shares as of late July 2026, reflecting the systemic governance and “tunneling” risks inherent in the South Korean market. Under Korean corporate law, preferred shares lack cumulative dividend guarantees, real liquidation priority, and voting rights, leaving them exposed to value extraction by controlling shareholders during active control disputes.

• On 4 September, numerous local media accounts mentioned that Japan Airlines has acquired a stake in Hanjin KAL Corp (180640 KS), the holding company of Korean Air Lines.
• There is an increasing speculation that Japan Airlines could act as a “white knight” for Hanjin Kal.
• Hoban Group recently increased its stake in Hanjin KAL to 20.15%, narrowing the gap with Chairman Cho to just 0.41 percentage points.

• Strategic Portfolio Transformation Toward Regulated & High-Growth Markets: Jabil has systematically de-risked its operating model by divesting high-volatility, lower-margin consumer mobility manufacturing and redeploying capital into secular growth verticals, specifically AI/cloud data center infrastructure, healthcare/medtech, automotive electrification, and renewable energy.
• Structural Free Cash Flow Generation Supporting Capital Returns: The company exhibits strong cash flow conversion, underscored by a 3-year Free Cash Flow CAGR of 68.61% and annual operating cash flows consistently exceeding 9.3 billion (in reporting currency), enabling proactive share repurchases, balance sheet optimization, and a 13.47% 3-year dividend CAGR.
• Resilient Margin Profile Amid Cycle Re-acceleration: Despite top-line portfolio rationalization (-1.06% 3-year revenue CAGR), gross margins have expanded toward the 8.8%–9.3% range, underpinned by design-led manufacturing, advanced thermal and power management solutions for hyperscalers, and sticky, multi-year customer relationships.

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• The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued growth across multiple business segments.
• Active riders reached an all-time high of over 30 million, and the company completed 262 million rides during the quarter, positioning it to exceed 1 billion rides for the full year.
• The growth was driven by a diverse set of factors, including expansion in North America’s large and low-scale markets, significant progress in Canada, and ongoing organic growth in European markets following the integration of the Freenow platform.

• Casella Waste Systems delivered a quarter that reflected solid underlying execution, although reported margin progression was restrained by fuel-related revenue gross-ups, acquisition dilution, and weaker Resource Solutions comparisons.
• Management indicated that the base business generated more than 50 basis points of margin expansion after excluding acquisition effects, supported by pricing, higher landfill volumes, and positive price-cost performance.
• This suggests that the core operating model remains healthy, even though consolidated adjusted EBITDA margin declined year over year.

• Imminent Unconditional Takeunder: Lotus Horizon’s current trading halt (effective September 3, 2026) is highly likely the prelude to a classic shell-sale exit by the controlling shareholder, Platinum Lotus, structured as an unconditional takeunder at a massive discount (over 90%) to the pre-halt market price of HK$1.14.
• Extremely Inflated Valuation: The stock’s pre-halt valuation of 18.14x P/B (HK$2.28 billion market cap versus HK$125.66 million in net tangible assets) is a speculative bubble detached from fundamentals. A realistic transaction value for the clean listing shell would price the equity at a minor premium to net assets (HK$0.063 per share), rather than the inflated trading multiple.
• Formidable Regulatory Hurdles: For the SFC and HKEX to lift the trading suspension, the incoming buyer must navigate rigorous anti-backdoor listing rules under HKEX Listing Rule 14.54. Any prompt attempt to inject new assets or pivot the business will be classified as a Reverse Takeover (RTO), triggering a lengthy and demanding new listing application process.

• Sacra estimates that YipitData reached roughly $260M in annual recurring revenue (ARR) in August 2026, up from an estimated $215M at the end of 2025.
• In August 2026, YipitData was reported to be working with Goldman Sachs to explore a sale that could value the company above $2.5 billion.
• YipitData’s most recent primary equity round was a Series E in December 2021 led by The Carlyle Group, which invested up to $475 million at a valuation above $1 billion.

• ESAB Corporation reported a solid second quarter for 2026, highlighted by record total core sales of $766 million, marking a 13% year-over-year increase, and adjusted EBITDA of $150 million, up 8% from the prior year.
• The company experienced a return to organic growth across both its Americas and EMEA/APAC segments, with core organic sales growth of 2.5%.
• Growth was primarily driven by double-digit increases in automation and equipment sales, supported by robust demand from North America and Asia.