Industrials

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
• We see two changes for NIFTY 50 and five changes for NIFTY 100.

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).
• Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.
• The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&F, and Emart. 

• IDEX Corporation recently reported its first-quarter results for 2025, outlining both positive performances and areas of challenge.
• The company exceeded expectations across revenue, profitability, and adjusted earnings per share, thanks to incremental cost savings and strategic price adjustments.
• This highlights IDEX’s effective operational management, despite an environment marked by policy-driven uncertainties, such as newly introduced tariffs.

• Parker Hannifin Corporation’s Q3 earnings report for fiscal year 2025 highlights a robust performance characterized by record-setting profitability metrics amid challenging macroeconomic conditions.
• The company reported a solid adjusted segment operating margin of 26.3% and an adjusted EBITDA margin of 27%, marking notable achievements as both figures reached record highs.
• Total cash flow from operations hit $2.3 billion year to-date, underscoring the strong cash generation capabilities of the business.

• Ingersoll Rand’s latest earnings report for the first quarter of 2025 presents a mixed bag of performance metrics and forward-looking strategies.
• The company reported a robust start to the year with a 10% total order growth and a record Q1 free cash flow of $223 million.
• An in-region for-region manufacturing capability seems to provide a competitive edge, alongside a strong commitment to bolt-on acquisitions as part of their capital allocation strategy.

• Fortive Corporation had a mixed start to 2025, reflecting both challenges and areas of resilience amidst a dynamic macroeconomic landscape.
• While the company delivered adjusted earnings per share of $0.85, boosted by improved margins and robust cash flow despite underwhelming revenue figures, the overall performance signals both opportunities and hurdles going forward.
• On the positive side, Fortive’s operating execution enabled expansions in both adjusted gross and operating margins, despite a slight revenue miss.

• Quanta Services recently reported robust results for the first quarter of 2025, showcasing substantial growth in key financial metrics and highlighting a strategic focus on comprehensive infrastructure solutions.
• The company achieved double-digit growth in revenue, adjusted EBITDA, and earnings per share, alongside a record backlog of $35.3 billion.
• This robust performance and favorable market conditions have prompted Quanta Services to raise its full-year guidance for 2025, reflecting increased revenue, adjusted EBITDA, and earnings per share expectations.

• AMETEK, Inc. recently reported its first-quarter results for 2025, showcasing both strengths and challenges as the company navigates a dynamic market environment.
• The quarter was characterized by robust order growth and margin expansion, yet offset by flat sales growth and external uncertainties, notably trade tensions and tariffs.
• A key highlight of AMETEK’s performance in the first quarter was its strong financial metrics.

• After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution in a block deal sale.
• The expected block deal sale price is 145,000 won to 148,000 won per share, which represent 7.96% to 9.83% discount to the closing price of 160,800 won on 22 May.
• Once this block deal is completed, KKR’s remaining stake in HD Hyundai Marine Solution will be reduced to 11% (4.94 million shares).

• KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
• KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
• In this note, we will talk about the placement and run the deal through our ECM framework

• In line with forecasts, Trent and Bharat Electronics will replace Nestle India and Indusind Bank in the S&P BSE SENSEX Index after the close of trading on 20 June.
• Passive funds are estimated to buy 3-4 days of ADV in the adds and sell 1-10 days of ADV in the deletes. That increase to 3.5-17 days of delivery volume.
• Indusind Bank (IIB IN) stock has dropped recently due to a large quarterly loss and allegations of fraud. The stock is also a potential deletion from the NIFTY Index.

• Air Canada is conducting a tender offer for ~8% of shares, prioritizing odd-lot holders, with potential upside.
• The company plans significant CapEx for fleet modernization, impacting free cash flow and financial projections until 2028.
• Air Canada’s valuation is low compared to peers, trading at 3.3x EBITDA, with a 54% EBITDA growth target by 2028.

• Q1-2 FY9/25 results met expectations, with the company’s diversified operations helping offset softness in Industrial Products and Life Science.
• A key positive was the acceleration of growth in Sustainability, driven by green technology and energy solutions, which reinforces its potential as a core earnings driver.
• Fine Chemicals remained resilient, backed by domestic demand for industrial rubber. 

• Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite facing some challenges in certain areas.
• The company, which specializes in HVAC (heating, ventilation, and air conditioning), refrigeration, and fire and security solutions, provided a comprehensive view of its financial performance, including significant areas of growth and concern, setting the stage for the remainder of the year.
• 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.

• C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving market share and margins despite an unsteady freight market.
• The company’s North American Surface Transportation (NAST) division reported better-than-market growth in truckload and less-than-truckload (LTL) shipments, demonstrating an ability to adapt and gain market share.
• In Global Forwarding, C.H. Robinson successfully won new business while optimizing expenses to enhance productivity, resulting in a 39% year-over-year increase in income from operations.

• In 2025, Singapore’s Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.
• ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.
• OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.

• W.W. Grainger’s first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics impacting the business.
• Total company reported sales were up by 1.7% on a reported basis, equating to a 4.4% increase on a daily constant currency basis.
• Operating margins were noted at a healthy 15.6%, with diluted earnings per share (EPS) rising by $0.24 to $9.86.

• Howmet Aerospace’s first-quarter earnings in 2025 reflect both strengths and challenges for the company.
• The quarter began with a solid performance across the board, with revenue reaching a record level and improving year over year by 6%.
• The company’s operational efficiency contributed to this outcome, as evidenced by its EBITDA margin of 28.8% and operating margin of 25.3%, which increased by 500 basis points compared to the previous year.

• After the market close today, it was announced that KKR is selling 3.81 million shares (8.5% of outstanding shares) of HD Hyundai Marine Solution in a block deal sale.
• The expected block deal sale price is 145,000 won to 148,000 won per share, which represent 7.96% to 9.83% discount to the closing price of 160,800 won on 22 May.
• Once this block deal is completed, KKR’s remaining stake in HD Hyundai Marine Solution will be reduced to 11% (4.94 million shares).

• KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
• KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
• In this note, we will talk about the placement and run the deal through our ECM framework

• In line with forecasts, Trent and Bharat Electronics will replace Nestle India and Indusind Bank in the S&P BSE SENSEX Index after the close of trading on 20 June.
• Passive funds are estimated to buy 3-4 days of ADV in the adds and sell 1-10 days of ADV in the deletes. That increase to 3.5-17 days of delivery volume.
• Indusind Bank (IIB IN) stock has dropped recently due to a large quarterly loss and allegations of fraud. The stock is also a potential deletion from the NIFTY Index.

• Air Canada is conducting a tender offer for ~8% of shares, prioritizing odd-lot holders, with potential upside.
• The company plans significant CapEx for fleet modernization, impacting free cash flow and financial projections until 2028.
• Air Canada’s valuation is low compared to peers, trading at 3.3x EBITDA, with a 54% EBITDA growth target by 2028.

• Q1-2 FY9/25 results met expectations, with the company’s diversified operations helping offset softness in Industrial Products and Life Science.
• A key positive was the acceleration of growth in Sustainability, driven by green technology and energy solutions, which reinforces its potential as a core earnings driver.
• Fine Chemicals remained resilient, backed by domestic demand for industrial rubber. 

• Carrier Global Corporation reported a robust performance for the first quarter of 2025, showcasing strong results across various segments despite facing some challenges in certain areas.
• The company, which specializes in HVAC (heating, ventilation, and air conditioning), refrigeration, and fire and security solutions, provided a comprehensive view of its financial performance, including significant areas of growth and concern, setting the stage for the remainder of the year.
• 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.

• C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving market share and margins despite an unsteady freight market.
• The company’s North American Surface Transportation (NAST) division reported better-than-market growth in truckload and less-than-truckload (LTL) shipments, demonstrating an ability to adapt and gain market share.
• In Global Forwarding, C.H. Robinson successfully won new business while optimizing expenses to enhance productivity, resulting in a 39% year-over-year increase in income from operations.

• In 2025, Singapore’s Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.
• ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.
• OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.

• W.W. Grainger’s first quarter of 2025 results reflect a performance largely in line with expectations, highlighting the environmental dynamics impacting the business.
• Total company reported sales were up by 1.7% on a reported basis, equating to a 4.4% increase on a daily constant currency basis.
• Operating margins were noted at a healthy 15.6%, with diluted earnings per share (EPS) rising by $0.24 to $9.86.

• Howmet Aerospace’s first-quarter earnings in 2025 reflect both strengths and challenges for the company.
• The quarter began with a solid performance across the board, with revenue reaching a record level and improving year over year by 6%.
• The company’s operational efficiency contributed to this outcome, as evidenced by its EBITDA margin of 28.8% and operating margin of 25.3%, which increased by 500 basis points compared to the previous year.

• Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
• Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
• Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

• On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
• This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
• The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

• On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
• Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
• Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

• With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
• In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
• The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

• Xiamen Hithium (2190977D CH)  is looking to raise at least US$500m in its upcoming HK IPO.
• It is a leading global new energy technology company providing all-round energy storage solutions centred around energy storage batteries and systems.
• In this note, we look at the firm’s past performance.

• Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
• KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
• As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Carr’s Group’s tender offer provides shareholders with the option to realise cash from the recent disposal of the Engineering division and/or remain invested in a refocused specialist agricultural group. Cash has its attractions, as does the new agricultural business, which offers margin recovery and growth potential (driven by the continued requirement for farmers to improve yields) under the leadership of a new CEO.

Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track to be completed ’on or around 4 June’. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 45% discount to our estimated total asset value of 2,389p per share. Our forecasts remain withdrawn, pending the disposal.

• DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
• Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
• In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

• Ichiken’s FY03/25 revenue was JPY99.0bn, with operating profit at JPY6.9bn, and net income at JPY4.7bn.
• Construction business FY03/25 revenue reached JPY98.7bn, with operating profit at JPY8.7bn, orders rose 3.6% YoY.
• FY03/26 forecast: revenue JPY99.0bn, operating profit JPY5.4bn, net income JPY3.5bn, with a dividend of JPY140/share.

• Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
• Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
• Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

• On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
• This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
• The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

• On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
• Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
• Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

• With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
• In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
• The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

• Xiamen Hithium (2190977D CH)  is looking to raise at least US$500m in its upcoming HK IPO.
• It is a leading global new energy technology company providing all-round energy storage solutions centred around energy storage batteries and systems.
• In this note, we look at the firm’s past performance.

• Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
• KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
• As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Carr’s Group’s tender offer provides shareholders with the option to realise cash from the recent disposal of the Engineering division and/or remain invested in a refocused specialist agricultural group. Cash has its attractions, as does the new agricultural business, which offers margin recovery and growth potential (driven by the continued requirement for farmers to improve yields) under the leadership of a new CEO.

Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track to be completed ’on or around 4 June’. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 45% discount to our estimated total asset value of 2,389p per share. Our forecasts remain withdrawn, pending the disposal.

• DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
• Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
• In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

• Ichiken’s FY03/25 revenue was JPY99.0bn, with operating profit at JPY6.9bn, and net income at JPY4.7bn.
• Construction business FY03/25 revenue reached JPY98.7bn, with operating profit at JPY8.7bn, orders rose 3.6% YoY.
• FY03/26 forecast: revenue JPY99.0bn, operating profit JPY5.4bn, net income JPY3.5bn, with a dividend of JPY140/share.

• With the review period for the June rebalance complete, we highlight 11 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
• The estimated impact on the potential inclusions ranges from 0.2-7.5 days of ADV while the impact on the potential deletions varies from 0.2-5.8 days of ADV.
• The forecast adds have outperformed the forecast deletes over the last 6-7 months with a big move higher in the last month. Trim positions into strength.

• Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
• Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

• In Q125, ZTO’s rate of volume growth accelerated, but it still lagged overall market growth
• Despite a sharp (-18% Y/Y) decline in SG&A expenses, OpInc margin fell by -70 bps Y/Y
• Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further

• Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
• FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
• Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.

• CBAK Energy Technology released first-quarter results and indicated that the planned transition to the 40135 cells impacted production at the Dalian facility and will continue to impact results into the second half of 2025.
• Customer demand has led the company to explore shifting production to an unnamed Southeast Asian country.
• Roughly 1.5 GWh of capacity of equipment previously planned to be added to the Nanjing facility will instead be earmarked for a new factory in Southeast Asia.

• Our estimations for FY 2025 annual revenue point towards $68,785 million and for 2026 at around $71,502 million.
• The company’s annual revenue reached $66,517 million in 2024 compared to $77,794 million in 2023, posting a decrease by 14.50%.
• BOEING’s gross loss for FY 2024 was $1,991 million, decreased by 126% com- pared to profit of $7,724 million for the corresponding period of 2023.

• U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
• U-Haul is also the third largest self-storage operator in North America.
• U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 and FY2022.

• With the review period for the June rebalance complete, we highlight 11 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX). 
• The estimated impact on the potential inclusions ranges from 0.2-7.5 days of ADV while the impact on the potential deletions varies from 0.2-5.8 days of ADV.
• The forecast adds have outperformed the forecast deletes over the last 6-7 months with a big move higher in the last month. Trim positions into strength.

• Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
• Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

• In Q125, ZTO’s rate of volume growth accelerated, but it still lagged overall market growth
• Despite a sharp (-18% Y/Y) decline in SG&A expenses, OpInc margin fell by -70 bps Y/Y
• Guidance suggests ZTO will chase volume share rest of FY25, pressuring margins further

• Targeting 1 billion tonnes of cargo by 2030 with ~2,000 MMT capacity. Gangavaram Port timely expansion is crucial.
• FY26 guidance implies strong revenue growth (₹36,000–38,000 Cr) and rising cargo volumes, but the PAT outlook appears conservative.
• Trades at 17x EV/EBITDA FY27 which is in-line with historic multiples. High margin business with strong cash conversion provides visibility to achieve FY30 targets.

• CBAK Energy Technology released first-quarter results and indicated that the planned transition to the 40135 cells impacted production at the Dalian facility and will continue to impact results into the second half of 2025.
• Customer demand has led the company to explore shifting production to an unnamed Southeast Asian country.
• Roughly 1.5 GWh of capacity of equipment previously planned to be added to the Nanjing facility will instead be earmarked for a new factory in Southeast Asia.

• Our estimations for FY 2025 annual revenue point towards $68,785 million and for 2026 at around $71,502 million.
• The company’s annual revenue reached $66,517 million in 2024 compared to $77,794 million in 2023, posting a decrease by 14.50%.
• BOEING’s gross loss for FY 2024 was $1,991 million, decreased by 126% com- pared to profit of $7,724 million for the corresponding period of 2023.

• U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
• U-Haul is also the third largest self-storage operator in North America.
• U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 and FY2022.

• On 9 May Mitsubishi Logisnext Co., Ltd. (7105 JP) delayed earnings by 30 minutes. Shares popped. Then earnings were released, no deal, and shares crashed. Now they are rebounding.
• But they remain volatile and subject to dips like the one this AM -5% at one point. Fears may be due to the idea that first smoke here was Dec-2024.
• 5 months later, no deal yet. Bids were due pre-earnings but with tariffs and writedowns, one wonders if bidders were waiting for results.

• There are 10 changes for the TIP Taiwan Value High Dividend Index in May. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$4.4bn.
• Estimated one-way turnover is 25.2% and there are 12 stocks with over 4 days of ADV to trade. The rebalance commenced yesterday and will end on Friday.
• An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions over the last month. That could continue near-term as the ETF continues to rebalance their portfolio.

• Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.
• Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
• We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• The company’s fan-in-wing design is unique in the eVTOL market and will allow its vehicles to take off and land vertically like a helicopter but fly horizontally like a standard fixed-wing aircraft once airborne.
• The aircraft will be capable of traveling further, faster, and more efficiently than any other pure eVTOL aircraft currently in development.

• On 9 May Mitsubishi Logisnext Co., Ltd. (7105 JP) delayed earnings by 30 minutes. Shares popped. Then earnings were released, no deal, and shares crashed. Now they are rebounding.
• But they remain volatile and subject to dips like the one this AM -5% at one point. Fears may be due to the idea that first smoke here was Dec-2024.
• 5 months later, no deal yet. Bids were due pre-earnings but with tariffs and writedowns, one wonders if bidders were waiting for results.

• There are 10 changes for the TIP Taiwan Value High Dividend Index in May. The Yuanta Taiwan Value High Dividend ETF (00940 TT) has an AUM of US$4.4bn.
• Estimated one-way turnover is 25.2% and there are 12 stocks with over 4 days of ADV to trade. The rebalance commenced yesterday and will end on Friday.
• An equal weighted basket of inclusions has outperformed an equal weighted basket of deletions over the last month. That could continue near-term as the ETF continues to rebalance their portfolio.

• Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.
• Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
• We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• The company’s fan-in-wing design is unique in the eVTOL market and will allow its vehicles to take off and land vertically like a helicopter but fly horizontally like a standard fixed-wing aircraft once airborne.
• The aircraft will be capable of traveling further, faster, and more efficiently than any other pure eVTOL aircraft currently in development.

• AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) AH is negative now, maybe on HSTECH inclusion expectations.
• I didn’t expect much out of Geneva last weekend. I was wrong in that there was a big announcement, but maybe not wrong because content was pretty slim.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

• Belrise Industries, founded by the Badve family, is a leading auto component maker launching its Rs2,150 crore IPO from May 21–23, 2025, at a price band of Rs85–90.
• It supplies key chassis and metal parts to top OEMs like Bajaj Auto, Hero MotoCorp, and HMSI, playing a critical role across ICE and EV platforms.
• While most proceeds are earmarked for debt repayment, high working capital needs suggest leverage could rebuild as the business scales.