Industrials

• Until quite recently, Nagoya had seven department stores but will soon have just four. 
• This follows Meitetsu’s decision to close its flagship store to clear the way for a major redevelopment of the station area.
• The new development will include retail and so bring some competition to Takashimaya, which now dominates department store retailing in the city, but not before 2033.

• We provide the short selling data analysis of the Korean stock market including the top 20 stocks in KOSPI with the highest short interest ratios in KOSPI and KOSDAQ, respectively. 
• There have been noticeable shorting on the Ecopro Group companies and other key names in the rechargeable battery sector including Posco Future M, L&F, and SK IE Technology. 
• Shorting has generally worked for KOSDAQ names with higher short interest ratios but not for KOSPI names in the past two weeks. 

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 14 April. 
• Our top 10 picks in the most recent bi-weekly was down 2.5% on average, outperforming KOSPI which was down 4.9% in the same period. 
• The top 10 picks in this bi-weekly include Binggrae, Hyundai Rotem, Krafton, Nongshim, SK Telecom, Hanwha Systems, APR, SK Inc, Korean Air, and Samsung Heavy Industries. 

• Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
• The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
• Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. 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 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.

• Sales increased by JPY476mn (+1.0% YoY), driven by growth in the Creative (Japan) segment, while operating profit decreased by JPY489mn (-11.9% YoY).
• The company forecasts FY02/26 consolidated sales of JPY60.0bn (+19.3% YoY) and operating profit of JPY5.0bn (+38.3% YoY).
• Year-end dividend forecast for FY02/26 is JPY45.0 per share, with a payout ratio of 38.9%.

• The provider of data and technology for sports, fitness and wellness organisations to optimise operational and investment decisions, announced that, following a competitive tender, it has secured a contract renewal and expansion with Sport England worth up to £4m over four years in equal terms.
• Sport England initially procured 4GLOBAL in 2021 to provide performance data from public leisure facilities through its platform, Moving Communities, a decision-support tool that uses 4GLOBAL’s dataset to aid understanding of where and how people engage in physical activity, enabling a more evidence-based approach to public investment.
• The platform has since played a central role in programmes such as the National Leisure Recovery Fund and the Swimming Pool Support Fund, tracking over 9 million active people across 1,000+ leisure facilities daily.

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 14 April. 
• Our top 10 picks in the most recent bi-weekly was down 2.5% on average, outperforming KOSPI which was down 4.9% in the same period. 
• The top 10 picks in this bi-weekly include Binggrae, Hyundai Rotem, Krafton, Nongshim, SK Telecom, Hanwha Systems, APR, SK Inc, Korean Air, and Samsung Heavy Industries. 

• Delhivery (DELHIVER IN) acquired a 99.4% stake in Ecom Express for ₹1,407 crore, months after Ecom’s failed IPO and rights issue raised similar funds.
• The deal combines two logistics leaders, expands Tier-2/3 reach, and promises cost efficiency, route optimization, and stronger pricing discipline in India’s fast-growing B2C e-commerce logistics.
• Despite red flags in Ecom and DRHP disputes, Delhivery may have picked up a distressed but strategic asset at a bargain, with upside from network and tech integration.

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons. 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 40% discount to our estimated total asset value of 2,389p/share. Given the pending disposal, we are withdrawing our forecasts.

• Sales increased by JPY476mn (+1.0% YoY), driven by growth in the Creative (Japan) segment, while operating profit decreased by JPY489mn (-11.9% YoY).
• The company forecasts FY02/26 consolidated sales of JPY60.0bn (+19.3% YoY) and operating profit of JPY5.0bn (+38.3% YoY).
• Year-end dividend forecast for FY02/26 is JPY45.0 per share, with a payout ratio of 38.9%.

• The provider of data and technology for sports, fitness and wellness organisations to optimise operational and investment decisions, announced that, following a competitive tender, it has secured a contract renewal and expansion with Sport England worth up to £4m over four years in equal terms.
• Sport England initially procured 4GLOBAL in 2021 to provide performance data from public leisure facilities through its platform, Moving Communities, a decision-support tool that uses 4GLOBAL’s dataset to aid understanding of where and how people engage in physical activity, enabling a more evidence-based approach to public investment.
• The platform has since played a central role in programmes such as the National Leisure Recovery Fund and the Swimming Pool Support Fund, tracking over 9 million active people across 1,000+ leisure facilities daily.

• The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
• What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
• It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&T, with June’s election key.

• 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. 

• MSC Industrial Supply reported a mixed set of results for its fiscal second quarter of 2025.
• The company faced challenges in the current quarter, underscored by a decline in average daily sales by 4.7% year-over-year, indicating a soft demand environment.
• This decline, however, showed slight improvements towards the end of the quarter, with January and February outperforming historical trends.

• FY02/25 results: Revenue JPY49.1bn (+10.8% YoY), operating profit JPY2.9bn (+58.2% YoY), net income JPY2.0bn (+90.1% YoY).
• FY02/26 forecast: Revenue JPY52.0bn (+5.8% YoY), operating profit JPY3.0bn (+5.4% YoY), net income JPY2.0bn (flat YoY).
• Dividend projections: FY02/25 JPY66.0 per share, FY02/26 JPY68.0 per share, payout ratio 30.2% (FY02/25: 29.3%).

• Sales reached JPY337.9bn (+4.0% YoY), with operating profit at JPY16.4bn (+7.8% YoY), and net income JPY11.5bn (+7.6% YoY).
• Sales and operating profit increased YoY across all segments except Vending Machine Services, with record highs in operating and recurring profit.
• The company announced a tender offer by Aeon Co., Ltd., leading to expected delisting and no FY02/26 forecast.

• Nextracker’s third quarter fiscal year 2025 results highlight a blend of robust performance and strategic challenges.
• The company achieved a 15% year-over-year revenue growth, reaching approximately $2 billion year-to-date, with third-quarter revenue standing at $679 million.
• This growth is driven by strong execution across its global operations, robust demand for its solar tracker technologies, and consistent market expansion.

• The word on the street is the Dems are banking on their candidate winning in June, then clearing the veto and pushing the Corporate Act amendment through immediately.
• What seemed like a dead issue for the Corporate Act amendment has turned into a surprise, shifting market momentum and potentially impacting the Korean stock scene.
• It could shift the Korean market’s focus to long-term governance improvements, targeting major holdcos like CJ, Hanwha, GS, Doosan, Mobis, SK, and Samsung C&T, with June’s election key.

• 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. 

• MSC Industrial Supply reported a mixed set of results for its fiscal second quarter of 2025.
• The company faced challenges in the current quarter, underscored by a decline in average daily sales by 4.7% year-over-year, indicating a soft demand environment.
• This decline, however, showed slight improvements towards the end of the quarter, with January and February outperforming historical trends.

• FY02/25 results: Revenue JPY49.1bn (+10.8% YoY), operating profit JPY2.9bn (+58.2% YoY), net income JPY2.0bn (+90.1% YoY).
• FY02/26 forecast: Revenue JPY52.0bn (+5.8% YoY), operating profit JPY3.0bn (+5.4% YoY), net income JPY2.0bn (flat YoY).
• Dividend projections: FY02/25 JPY66.0 per share, FY02/26 JPY68.0 per share, payout ratio 30.2% (FY02/25: 29.3%).

• Sales reached JPY337.9bn (+4.0% YoY), with operating profit at JPY16.4bn (+7.8% YoY), and net income JPY11.5bn (+7.6% YoY).
• Sales and operating profit increased YoY across all segments except Vending Machine Services, with record highs in operating and recurring profit.
• The company announced a tender offer by Aeon Co., Ltd., leading to expected delisting and no FY02/26 forecast.

• Nextracker’s third quarter fiscal year 2025 results highlight a blend of robust performance and strategic challenges.
• The company achieved a 15% year-over-year revenue growth, reaching approximately $2 billion year-to-date, with third-quarter revenue standing at $679 million.
• This growth is driven by strong execution across its global operations, robust demand for its solar tracker technologies, and consistent market expansion.

• The irony is that CKH (1 HK)‘s Panama-port sale was probably prompted, at least in part, by a desire to get out of a situation which was becoming increasingly political. 
• Instead, it has thrust the company right into the heart of it. And the share price has now given up all of its initial gains. And then some. 
• After Panama’s Attorney General recently determined CK Hutchison’s concessions were unconstitutional, the Comptroller-General has now announced that an audit had found “many breaches” of the concession.

• The original issues were discussed in depth in The USTR’s New “Proposed Actions” For Section 301 Investigation on China’s Maritime/Shipping Sectors (now unpaywalled). Hearings took place 24-26 March 2025. 
• The hearings were long, and comments were predictable. Those supporting the measures offered evidence which was simply incorrect. Those against tried. Post-hearing comments were due 2 April. 
• We don’t yet know what will happen, but if they stay in place, starting 17 April, US exports of grain/pulses, coal, etc will suffer. Imports will see higher costs too.

• In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&C (375500 KS) (go short).
• In the past three months, DL Holdings’ share price is down 9.9% versus DL E&C which is up 21%. We believe this gap has become too excessive.
• The shares sold short volume/total traded volume ratio is more than double for DL E&C versus DL Holdings from 31 March to 9 April. 

• Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
• The company is primarily focused on manufacturing of non-ferrous metal products by  recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.

• Daiseki’s FY02/25 sales declined 2.8% YoY to JPY67.3bn, exceeding the forecast of JPY66.0bn.
• Operating profit fell 3.3% YoY to JPY14.3bn, impacted by TOB-related expenses and heavy snowfall.
• FY02/26 forecast: Sales JPY70.0bn (+4.0% YoY), operating profit JPY15.7bn (+9.7% YoY), OPM 22.4% (+1.1pp YoY).

• ISDN Holdings is expanding its industrial automation capabilities and exploring opportunities in China, Taiwan, and Malaysia.
• The company is building a renewable energy vertical with hydropower plants in Indonesia, aiming for sustainable income.
• ISDN has over 10,000 customers and 74 offices in Asia, serving sectors like semiconductors and Industry 4.0.

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in licensing agreements.

• Dividend Increase | On March 13, 2025, OHBA (hereafter, the Company) announced an increase to its FY2025/5 dividend forecast.
• Prior to the announcement, the Company had planned to pay dividends of JPY 20.00 in H1 and JPY 20.00 in H2, for a total of JPY 40.00.
• However, OHBA decided to increase its H2 dividend by JPY 2.00 to JPY 22.00 (for a full-year dividend of JPY 42.00).

• The irony is that CKH (1 HK)‘s Panama-port sale was probably prompted, at least in part, by a desire to get out of a situation which was becoming increasingly political. 
• Instead, it has thrust the company right into the heart of it. And the share price has now given up all of its initial gains. And then some. 
• After Panama’s Attorney General recently determined CK Hutchison’s concessions were unconstitutional, the Comptroller-General has now announced that an audit had found “many breaches” of the concession.

• The original issues were discussed in depth in The USTR’s New “Proposed Actions” For Section 301 Investigation on China’s Maritime/Shipping Sectors (now unpaywalled). Hearings took place 24-26 March 2025. 
• The hearings were long, and comments were predictable. Those supporting the measures offered evidence which was simply incorrect. Those against tried. Post-hearing comments were due 2 April. 
• We don’t yet know what will happen, but if they stay in place, starting 17 April, US exports of grain/pulses, coal, etc will suffer. Imports will see higher costs too.

• In this insight, we discuss a pair trade between DL Holdings Co (000210 KS) (go long) and DL E&C (375500 KS) (go short).
• In the past three months, DL Holdings’ share price is down 9.9% versus DL E&C which is up 21%. We believe this gap has become too excessive.
• The shares sold short volume/total traded volume ratio is more than double for DL E&C versus DL Holdings from 31 March to 9 April. 

• Jain Resource Recycling (2300699D IN) is looking to raise about US$234m in its upcoming India IPO. The deal will be run by ICICI, Motilal, DAM and PL Capital.
• The company is primarily focused on manufacturing of non-ferrous metal products by  recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• According to CRISIL, it was the largest and fastest-growing non-ferrous metal recycling business, in terms of revenue for FY22-24 in India.

• Daiseki’s FY02/25 sales declined 2.8% YoY to JPY67.3bn, exceeding the forecast of JPY66.0bn.
• Operating profit fell 3.3% YoY to JPY14.3bn, impacted by TOB-related expenses and heavy snowfall.
• FY02/26 forecast: Sales JPY70.0bn (+4.0% YoY), operating profit JPY15.7bn (+9.7% YoY), OPM 22.4% (+1.1pp YoY).

• ISDN Holdings is expanding its industrial automation capabilities and exploring opportunities in China, Taiwan, and Malaysia.
• The company is building a renewable energy vertical with hydropower plants in Indonesia, aiming for sustainable income.
• ISDN has over 10,000 customers and 74 offices in Asia, serving sectors like semiconductors and Industry 4.0.

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in licensing agreements.

• Dividend Increase | On March 13, 2025, OHBA (hereafter, the Company) announced an increase to its FY2025/5 dividend forecast.
• Prior to the announcement, the Company had planned to pay dividends of JPY 20.00 in H1 and JPY 20.00 in H2, for a total of JPY 40.00.
• However, OHBA decided to increase its H2 dividend by JPY 2.00 to JPY 22.00 (for a full-year dividend of JPY 42.00).

• In the TOPIX Index, some “low liquidity” names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
• These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
• The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.

• On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).
• The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore. 
• Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.

• Jiangsu Zenergy Battery Technologies (JSZENERGY CH) has announced the terms for its IPO. The company plans to issue 121.5m shares at HK$8.27 per share, raising HK$1.0bn (US$130m).
• The company’s earnings have seen strong growth during the last 3-4 years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.
• However, our analysis on the company’s valuation shows that JZBT’s IPO is expensive and with the ongoing geopolitical tensions, we would remain on the sidelines.

• FuelCell Energy provides a consolidated update for its first fiscal quarter of 2025, which showcases both achievements and ongoing challenges.
• The company reported revenues of $19 million for the quarter, marking an increase from $16.7 million in the corresponding period of the previous year.
• Despite the revenue boost, FuelCell Energy incurred a net loss attributable to common stockholders of $29.1 million, translating to a loss per share of $1.42, a slight increase from the $1.37 per share loss in the first quarter of fiscal 2024.

• Atkore International Group’s first quarter fiscal year 2025 results were broadly aligned with expectations, but there are notable challenges and developments within the company that are influencing its forward-looking guidance.
• The company reported net sales of $662 million and adjusted EBITDA of $99 million, both within the anticipated range.
• Adjusted EPS was also near the high end of the forecast at $1.63, despite a 5% decline in organic volume compared to a strong prior-year quarter.

• Intuitive Machines captures attention as it reported record revenue and cash flows in strong Q4 and full-year financials for 2024.
• The space exploration company, which became publicly traded just two years ago, showcased technical capabilities and achievements.
• However, there are aspects to weigh when evaluating an investment in Intuitive Machines.

• BWX Technologies, Inc. recorded a strong performance for its fourth quarter and full year 2024, with earnings exceeding initial projections and a significant backlog increase.
• The company achieved records in several financial metrics, including revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.
• The strategic focus on nuclear technology across various sectors, including national security, clean energy, and medicine, positioned BWX Technologies to harness growing market demand.

• In the TOPIX Index, some “low liquidity” names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
• These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
• The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.

• On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).
• The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore. 
• Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.

• Jiangsu Zenergy Battery Technologies (JSZENERGY CH) has announced the terms for its IPO. The company plans to issue 121.5m shares at HK$8.27 per share, raising HK$1.0bn (US$130m).
• The company’s earnings have seen strong growth during the last 3-4 years driven by its LFP battery products and fall in lithium carbonate prices have helped turn around profitability.
• However, our analysis on the company’s valuation shows that JZBT’s IPO is expensive and with the ongoing geopolitical tensions, we would remain on the sidelines.

• FuelCell Energy provides a consolidated update for its first fiscal quarter of 2025, which showcases both achievements and ongoing challenges.
• The company reported revenues of $19 million for the quarter, marking an increase from $16.7 million in the corresponding period of the previous year.
• Despite the revenue boost, FuelCell Energy incurred a net loss attributable to common stockholders of $29.1 million, translating to a loss per share of $1.42, a slight increase from the $1.37 per share loss in the first quarter of fiscal 2024.

• Atkore International Group’s first quarter fiscal year 2025 results were broadly aligned with expectations, but there are notable challenges and developments within the company that are influencing its forward-looking guidance.
• The company reported net sales of $662 million and adjusted EBITDA of $99 million, both within the anticipated range.
• Adjusted EPS was also near the high end of the forecast at $1.63, despite a 5% decline in organic volume compared to a strong prior-year quarter.

• Intuitive Machines captures attention as it reported record revenue and cash flows in strong Q4 and full-year financials for 2024.
• The space exploration company, which became publicly traded just two years ago, showcased technical capabilities and achievements.
• However, there are aspects to weigh when evaluating an investment in Intuitive Machines.

• BWX Technologies, Inc. recorded a strong performance for its fourth quarter and full year 2024, with earnings exceeding initial projections and a significant backlog increase.
• The company achieved records in several financial metrics, including revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow.
• The strategic focus on nuclear technology across various sectors, including national security, clean energy, and medicine, positioned BWX Technologies to harness growing market demand.

• On 3 April mid-day, Mitsubishi Corp (8058 JP) announced its FY25 earnings guidance and new “Shareholder Return Strategy”, a ¥1 trillion buyback, and its “Corporate Strategy 2027” Mid-Term Management Plan.
• The FY25 forecast is for a third consecutive decline in underlying operating cashflow, but a hike in dividend from ¥100 to ¥110 and a ¥1trln share buyback, including ¥230bn tender.
• The combination of dividend and buyback should be 15% of market cap over the next 12mos. And I expect Warren Buffett will consider buying dips.

• Mazagon Dock Shipbuilders (MAZDOCKS IN) has announced an Offer for Sale of 4.01% of the Government holding in the stock. That is INR 41bn (US$481m) at the last close.
• The increase in float brings the stock very close to inclusion in a global index at the May rebalance. However, that is dependent on how the stock performs from here.
• Inclusion in the index will bring around US$222m/ 2x ADV of passive inflows and could help support the stock.

• In this insight, we discuss a pair trade between Korean Air Lines (003490 KS) (go long) and Hanjin KAL Corp (180640 KS) (go short). 
• In the past three months as well as 12 months, there has been a sharp increase in the gap of Korean Air Lines and Hanjin KAL Corp. 
• It is uncertain how much longer Hoban Group will maintain its stake in Hanjin Kal. Hoban could reduce its stake in Hanjin Kal but increase its stake in LS Corp. 

• Hanwha shot down any merger talks between Hanwha Corp and Hanwha Energy, saying they’re just going to funnel Energy’s cash straight into Hanwha Aero via a third-party allotment.
• These confirm no price manipulation for Hanwha Corp; Hanwha Energy will inject cash into Aero at market value, likely driving bullish short-term price action for both Hanwha Corp and Aero.
• Despite tighter arb opportunities, doubts remain whether Hanwha Aero can raise the remaining KRW 1.6 trillion given a volatile market and the tight timeline.

• Jiangsu Zenergy Battery Technologies (JSZENERGY CH)  is looking to raise US$130m in its Hong Kong IPO.
• Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.