Industrials

• Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
• Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
• But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.

• Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
• The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
• Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).

• Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
• The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
• Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Global LiDAR Market Leader Poised for Growth: Hesai Group is a global leader in the LiDAR (Light Detection and Ranging) solutions market, holding the top position in terms of revenue for three consecutive years. The company has a dominant market share in both the automotive and robotaxi segments, with a 37% global market share by revenue in 2023. Positioned to capitalize on the rapidly expanding LiDAR market, which is projected to grow at a CAGR of over 12-20% annually, Hesai is well-situated to benefit from the increasing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous vehicles.
• Strong Revenue Growth and Path to Profitability: The company has demonstrated impressive top-line growth, with revenues increasing significantly year-over-year. Recent quarterly results show a marked improvement in financial performance, with a substantial narrowing of net losses and the achievement of non-GAAP profitability ahead of schedule. This is driven by a massive increase in LiDAR shipments, particularly for ADAS applications, reflecting strong market demand and successful scaling of its in-house manufacturing capabilities.
• Geopolitical Risks and Competitive Pressures Remain Key Overhangs: Despite its market leadership and growth trajectory, Hesai faces significant risks. The company was added to the U.S. Department of Defense’s list of “Chinese Military Companies,”which it vehemently disputes as baseless and commercially motivated. This designation, coupled with intense competition in the LiDAR space leading to pricing pressure, creates uncertainty and could impact its global expansion plans and margin stability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Diversified End-Market Exposure Mitigates Cyclicality: Impro serves a wide range of industries, including automotive, high-horsepower engines, aerospace, medical, and construction. This diversification helps to cushion the impact of downturns in any single sector. Recent strength in the aerospace and high-horsepower engine (driven by AI data center demand) segments has offset weakness in others.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated a solid growth track record, particularly over the last three years, with an 18.95% CAGR in net income and a 40.46% CAGR in free cash flow. This financial strength supports a consistent and attractive dividend yield, which stood at 8.2% in the most recent fiscal year.
• Strategic Global Footprint and ‘One-Stop Shop’ Capabilities: With manufacturing facilities in China, Mexico, Turkey, and Europe, Impro is well-positioned to serve its global customer base and mitigate geopolitical risks. Its comprehensive service offering, from design and casting to precision machining and surface treatment, provides a key competitive advantage and deepens customer relationships.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
• Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
• Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.

• In FY03/25, the company reported record-high results, with revenue of JPY330.5bn (+16.4% YoY), operating profit of JPY20.6bn (+19.7% YoY), recurring profit of JPY20.1bn (+20.7% YoY), and net income attributable to owners of the parent of JPY14.9bn (+41.8% YoY).
• Orders (parent) totaled JPY353.8bn (+0.3% YoY), also a record high. Revenue exceeded the initial forecast by 10.2%, reflecting steady progress on large projects in the Domestic Civil Engineering, Domestic Building Construction, and Overseas businesses.
• Orders (parent) surpassed the initial forecast by 68.5%, boosted by early booking of overseas projects originally scheduled for FY03/26.

• Revenue increased by 7.6% YoY to JPY13.4bn, while operating profit decreased by 27.9% YoY to JPY2.1bn.
• Consulting business revenue was JPY9.6bn, with a 41.3% YoY decline in operating profit, driven by higher SG&A expenses.
• Investment business revenue rose 64.2% YoY to JPY3.7bn, with operating profit exceeding the full-year target at 113.2%.

• Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company’s performance and position leading up to this event.
• Market Leadership Under Pressure: Historically one of China’s largest car rental companies, Car Inc.’s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.
• Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Retail flow drove the ratio: selling pushed it higher, buying dragged it lower. Pre‑Sept they dip‑bought and flipped; since late Sept they’ve chased longs, fueling Hynix’s rally.
• Instos joined retail chasing Hynix, juicing momentum; KRX’s investment‑alert acts as a speed bump, likely cooling hot‑money flows and tilting the ratio in Square’s favor.
• But retail still drives Hynix; until they cool off, Square NAV squeeze is early. A sector‑wide AI pivot cooling retail frenzy is the real catalyst, bigger than KRX’s alert.

• Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
• The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
• Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).

• Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
• The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
• Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• NBJ, is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Global LiDAR Market Leader Poised for Growth: Hesai Group is a global leader in the LiDAR (Light Detection and Ranging) solutions market, holding the top position in terms of revenue for three consecutive years. The company has a dominant market share in both the automotive and robotaxi segments, with a 37% global market share by revenue in 2023. Positioned to capitalize on the rapidly expanding LiDAR market, which is projected to grow at a CAGR of over 12-20% annually, Hesai is well-situated to benefit from the increasing adoption of Advanced Driver Assistance Systems (ADAS) and autonomous vehicles.
• Strong Revenue Growth and Path to Profitability: The company has demonstrated impressive top-line growth, with revenues increasing significantly year-over-year. Recent quarterly results show a marked improvement in financial performance, with a substantial narrowing of net losses and the achievement of non-GAAP profitability ahead of schedule. This is driven by a massive increase in LiDAR shipments, particularly for ADAS applications, reflecting strong market demand and successful scaling of its in-house manufacturing capabilities.
• Geopolitical Risks and Competitive Pressures Remain Key Overhangs: Despite its market leadership and growth trajectory, Hesai faces significant risks. The company was added to the U.S. Department of Defense’s list of “Chinese Military Companies,”which it vehemently disputes as baseless and commercially motivated. This designation, coupled with intense competition in the LiDAR space leading to pricing pressure, creates uncertainty and could impact its global expansion plans and margin stability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Diversified End-Market Exposure Mitigates Cyclicality: Impro serves a wide range of industries, including automotive, high-horsepower engines, aerospace, medical, and construction. This diversification helps to cushion the impact of downturns in any single sector. Recent strength in the aerospace and high-horsepower engine (driven by AI data center demand) segments has offset weakness in others.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated a solid growth track record, particularly over the last three years, with an 18.95% CAGR in net income and a 40.46% CAGR in free cash flow. This financial strength supports a consistent and attractive dividend yield, which stood at 8.2% in the most recent fiscal year.
• Strategic Global Footprint and ‘One-Stop Shop’ Capabilities: With manufacturing facilities in China, Mexico, Turkey, and Europe, Impro is well-positioned to serve its global customer base and mitigate geopolitical risks. Its comprehensive service offering, from design and casting to precision machining and surface treatment, provides a key competitive advantage and deepens customer relationships.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Grab Holdings (GRAB US)  delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
• Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
• Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.

• In FY03/25, the company reported record-high results, with revenue of JPY330.5bn (+16.4% YoY), operating profit of JPY20.6bn (+19.7% YoY), recurring profit of JPY20.1bn (+20.7% YoY), and net income attributable to owners of the parent of JPY14.9bn (+41.8% YoY).
• Orders (parent) totaled JPY353.8bn (+0.3% YoY), also a record high. Revenue exceeded the initial forecast by 10.2%, reflecting steady progress on large projects in the Domestic Civil Engineering, Domestic Building Construction, and Overseas businesses.
• Orders (parent) surpassed the initial forecast by 68.5%, boosted by early booking of overseas projects originally scheduled for FY03/26.

• Revenue increased by 7.6% YoY to JPY13.4bn, while operating profit decreased by 27.9% YoY to JPY2.1bn.
• Consulting business revenue was JPY9.6bn, with a 41.3% YoY decline in operating profit, driven by higher SG&A expenses.
• Investment business revenue rose 64.2% YoY to JPY3.7bn, with operating profit exceeding the full-year target at 113.2%.

• Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company’s performance and position leading up to this event.
• Market Leadership Under Pressure: Historically one of China’s largest car rental companies, Car Inc.’s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.
• Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
• Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
• Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

• Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
• Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800. 
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• We expect 100 ADDs/DELs for the CSI 1000 index during this index review based on the latest available data. 

• Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
• Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
• KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

• Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
• The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
• While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
• Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
• Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.

• Welcron Kangwon is undergoing a significant transformation, leveraging its legacy in the industrial boiler market to penetrate the high-growth secondary battery equipment sector. This strategic pivot has driven remarkable revenue growth, though profitability and cash flow remain volatile.
• The company is well-positioned to benefit from powerful secular tailwinds, including global industrialization, increasing demand for energy efficiency, and stricter environmental regulations. Its core products, such as waste heat recovery systems, directly address these trends.
• Despite strong top-line momentum, significant risks persist. Financial performance is characterized by fluctuating profitability and deeply negative free cash flow, raising concerns about earnings quality and financial stability. The business model’s reliance on large, project-based contracts contributes to this inherent volatility.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The US clean energy landscape is rapidly evolving across sectors.
• Nuclear generation is set to grow 27% post-2035, as data centers drive power demand, while domestic solar manufacturing has surged under the Trump administration, with more than 65 new facilities and $4.5 billion in investment.
• Smarter EV charging could cut household electricity bills by 10%, complemented by Arizona’s plan to install 34 new high-speed charging stations. 

• MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.
• MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.
• Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.

• In Q2 FY03/26, the company reported revenue of JPY18.7bn, gross profit of JPY8.4bn, and net income of JPY3.0bn.
• Air Conditioning Instrumentation-related business revenue was JPY16.7bn, driven by new installations and improved gross profit margin.
• The company raised its FY03/26 earnings forecast due to strong demand in Air Conditioning Instrumentation-related projects.

• Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
• Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
• Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

• Hitachi Ltd (6501 JP) aims to raise around US$452m via a 6.97% stake sale in Hitachi Construction Machinery Co. Post the selldown, Hitachi’s stake will reduce to 18.4%.
• Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800. 
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in December 2025.
• We expect 100 ADDs/DELs for the CSI 1000 index during this index review based on the latest available data. 

• Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.
• Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.
• KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

• Keppel Infrastructure Trust (KIT) is Singapore’s largest listed infrastructure business trust, featuring a diversified portfolio across energy transition, environmental services, and distribution & storage.
• The Trust is strategically focused on sustainable infrastructure, targeting 2GW of renewable energy capacity by 2030, while navigating a capital-intensive business environment with increasing competition.
• While KIT offers a strong dividend yield and has demonstrated robust earnings growth, it faces challenges from volatile net income, relatively weak resilience metrics, and potential overcapacity in key markets like the subsea cable industry.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
• Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
• Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.

• Welcron Kangwon is undergoing a significant transformation, leveraging its legacy in the industrial boiler market to penetrate the high-growth secondary battery equipment sector. This strategic pivot has driven remarkable revenue growth, though profitability and cash flow remain volatile.
• The company is well-positioned to benefit from powerful secular tailwinds, including global industrialization, increasing demand for energy efficiency, and stricter environmental regulations. Its core products, such as waste heat recovery systems, directly address these trends.
• Despite strong top-line momentum, significant risks persist. Financial performance is characterized by fluctuating profitability and deeply negative free cash flow, raising concerns about earnings quality and financial stability. The business model’s reliance on large, project-based contracts contributes to this inherent volatility.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The US clean energy landscape is rapidly evolving across sectors.
• Nuclear generation is set to grow 27% post-2035, as data centers drive power demand, while domestic solar manufacturing has surged under the Trump administration, with more than 65 new facilities and $4.5 billion in investment.
• Smarter EV charging could cut household electricity bills by 10%, complemented by Arizona’s plan to install 34 new high-speed charging stations. 

• MegaRobo has established a clear revenue structure and formed a sustainable business model. Core revenue stream is the sale of autonomous agents/multi-agent solutions.Customized solutions and Megalab have high growth potential.
• MegaRobo will face competition pressure from international giants in the field of life science automation. The relatively weak international patent layout may affect the process of globalization.
• Revenue growth in the next three years would be kept above 30% YoY. The Company is still in the growth stage. A comfortable valuation range could be P/S of 6-8x.

• In Q2 FY03/26, the company reported revenue of JPY18.7bn, gross profit of JPY8.4bn, and net income of JPY3.0bn.
• Air Conditioning Instrumentation-related business revenue was JPY16.7bn, driven by new installations and improved gross profit margin.
• The company raised its FY03/26 earnings forecast due to strong demand in Air Conditioning Instrumentation-related projects.

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.

• In 3Q25, Hanwha Aerospace reported sales of 6.5 trillion won (up 146.5% YoY and 1.6% lower than consensus) and operating profit of 856.4 billion won (up 79.5% YoY).
• The company’s results in 3Q 2025 were its best ever in its history. The strong results were driven by its land defense business and its shipbuilding unit Hanwha Ocean.
• Given the company’s excellent growth in sales and profits in the past several years as well as its strong order backlog, its valuationsremain attractive. 

• Daewon Sanup’s net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
• Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously). 
• The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials. 

• HNI reported 3Q25 ongoing EPS of $1.10 versus $1.03 in 3Q24, up 6.8%, which was ahead of our $1.06 estimate, which was also consensus
• Sales grew 1.7% in the quarter to $683.8MM, slightly below our forecast for 2.2% growth and consensus of 2.5% growth.
• Excluding the HNI India divesture, organic sales growth was 2.6% in the quarter.

• This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.
• Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.

• Solstice was added to the S&P 500 and performed well on its first day of trading before selling off on Friday.

• CMNP is an established toll road operator in Indonesia with a portfolio of concessions primarily located in strategic, high-traffic urban areas, positioning it to benefit from the country’s continued economic growth and urbanization.
• The company is embarking on significant expansion projects, notably the Harbour Road II, which is expected to drive future revenue growth. However, these projects also entail considerable execution and financing risks.
• Valuation appears attractive, with a low price-to-book ratio and a high Smartkarma value score. This is contrasted by a lack of dividend payments and potential corporate governance concerns related to concession extensions that are under investigation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Moriya Corp is a well-established general construction company based in Nagano, Japan, with operations primarily in civil engineering, building construction, and real estate. The company has demonstrated a strong growth trajectory, underscored by a robust increase in market capitalization and a solid financial performance in recent years.
• The Japanese construction market provides a stable, albeit moderately growing, backdrop, supported by significant government investment in infrastructure, disaster resilience, and renewable energy projects. Moriya is well-positioned to capitalize on these trends, particularly in public works and infrastructure renewal.
• Despite a strong performance and an attractive valuation with a low P/E ratio, the company faces industry-wide challenges, including a shrinking workforce, rising material costs, and intense competition. Volatility in operating cash flow presents a key area for investor monitoring.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
• Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
• Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

• Venus Pipes & Tubes is a rapidly growing manufacturer and exporter of stainless steel (SS) seamless and welded pipes and tubes in India, capitalizing on the expanding domestic and international demand across various industries.
• The company is in the midst of a significant capacity expansion and backward integration strategy, which is expected to drive revenue growth, improve margins, and strengthen its market position.
• While the company has demonstrated strong financial performance and a robust growth trajectory, it faces risks associated with the cyclicality of the steel industry, raw material price volatility, and increasing competition from both domestic and international players.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.
• Strong Growth Trajectory via Strategic Acquisitions: The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.
• Attractive Dividend Yield and Valuation: As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.

• In 3Q25, Hanwha Aerospace reported sales of 6.5 trillion won (up 146.5% YoY and 1.6% lower than consensus) and operating profit of 856.4 billion won (up 79.5% YoY).
• The company’s results in 3Q 2025 were its best ever in its history. The strong results were driven by its land defense business and its shipbuilding unit Hanwha Ocean.
• Given the company’s excellent growth in sales and profits in the past several years as well as its strong order backlog, its valuationsremain attractive. 

• Daewon Sanup’s net cash as percentage of market cap is 171%. This is one of the highest net cash/market cap ratios in the Korean stock market.
• Daewon Sanup is one of the largest Korean automobile seat manufacturers. It is also one of the beneficiaries of the reduction in US auto tariffs to 15% (from 25% previously). 
• The company is trading at dirt cheap valuations. It is trading at P/E of 2.3x and P/B of 0.4x based on LTM financials. 

• HNI reported 3Q25 ongoing EPS of $1.10 versus $1.03 in 3Q24, up 6.8%, which was ahead of our $1.06 estimate, which was also consensus
• Sales grew 1.7% in the quarter to $683.8MM, slightly below our forecast for 2.2% growth and consensus of 2.5% growth.
• Excluding the HNI India divesture, organic sales growth was 2.6% in the quarter.

• This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.
• Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.

• Solstice was added to the S&P 500 and performed well on its first day of trading before selling off on Friday.

• CMNP is an established toll road operator in Indonesia with a portfolio of concessions primarily located in strategic, high-traffic urban areas, positioning it to benefit from the country’s continued economic growth and urbanization.
• The company is embarking on significant expansion projects, notably the Harbour Road II, which is expected to drive future revenue growth. However, these projects also entail considerable execution and financing risks.
• Valuation appears attractive, with a low price-to-book ratio and a high Smartkarma value score. This is contrasted by a lack of dividend payments and potential corporate governance concerns related to concession extensions that are under investigation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Moriya Corp is a well-established general construction company based in Nagano, Japan, with operations primarily in civil engineering, building construction, and real estate. The company has demonstrated a strong growth trajectory, underscored by a robust increase in market capitalization and a solid financial performance in recent years.
• The Japanese construction market provides a stable, albeit moderately growing, backdrop, supported by significant government investment in infrastructure, disaster resilience, and renewable energy projects. Moriya is well-positioned to capitalize on these trends, particularly in public works and infrastructure renewal.
• Despite a strong performance and an attractive valuation with a low P/E ratio, the company faces industry-wide challenges, including a shrinking workforce, rising material costs, and intense competition. Volatility in operating cash flow presents a key area for investor monitoring.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• SMID stocks in Singapore saw S$472 million net institutional inflows in 2H25, reversing S$150 million outflows from 1H25.
• Technology sector led SMID inflows with S$308 million, driven by AI adoption and CSE Global’s 50% share price increase.
• Construction sector growth boosted nine SMID stocks, with OKP Holdings securing a S$258 million contract, increasing its order book.

• Venus Pipes & Tubes is a rapidly growing manufacturer and exporter of stainless steel (SS) seamless and welded pipes and tubes in India, capitalizing on the expanding domestic and international demand across various industries.
• The company is in the midst of a significant capacity expansion and backward integration strategy, which is expected to drive revenue growth, improve margins, and strengthen its market position.
• While the company has demonstrated strong financial performance and a robust growth trajectory, it faces risks associated with the cyclicality of the steel industry, raw material price volatility, and increasing competition from both domestic and international players.

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• Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.
• Strong Growth Trajectory via Strategic Acquisitions: The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.
• Attractive Dividend Yield and Valuation: As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.

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• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Brainpad Inc (3655 JP), Smart Share Global (EM US), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Dongfeng Motor (489 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Seven West Media (SWM AU), Humm Group (HUM AU), Toyota Industries (6201 JP). 

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Releasing its Q1 FY26 results, the company has reaffirmed its guidance for FY26 revenue to be between $30-35m.
• Amaero reported Q1 FY26 revenue of $4.7m which included powder sales of $4.1m and $0.6m in sales from powder metallurgy hot isotastic pressing (PM-HIP) manufacturing, which was an increase of 445% over the previous corresponding period (pcp).

• EuroDry Ltd reported total net revenues of $20.5 million for the first half of 2025, comprising $9.2 million in Q1 and $11.3 million in Q2.
• Net loss attributable to controlling shareholders amounted to $6.8 million for H1 2025, including a Q2 net loss of $3.1 million and a Q1 net loss of $3.7 million, compared to a Q2 2024 net loss of $0.4 million.
• EBITDA stood at $2.8 million, reflecting the impact of lower time charter equivalent (TCE) rates on profitability.

Key points (machine generated)

• HIRAYAMA HOLDINGS Co., Ltd. specializes in manufacturing support, including field engineering and staffing services.
• The company achieved record-high results for FY6/25, with net sales up 2.6% to ¥36,220 million and operating profit up 13.5% to ¥1,270 million.
• Despite recruitment challenges, the company is expanding through mergers and acquisitions to enhance its manufacturing consulting capabilities.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Mitie Group plc is a UK-based facilities management company offering services such as cleaning, security, maintenance, energy management, and workplace support.
• It also provides digital and consultancy solutions, including smart building technology and carbon reduction strategies.
• Serving both public and private sector clients, Mitie operates through integrated, outsourced service models. 

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Brainpad Inc (3655 JP), Smart Share Global (EM US), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Dongfeng Motor (489 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Seven West Media (SWM AU), Humm Group (HUM AU), Toyota Industries (6201 JP). 

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Releasing its Q1 FY26 results, the company has reaffirmed its guidance for FY26 revenue to be between $30-35m.
• Amaero reported Q1 FY26 revenue of $4.7m which included powder sales of $4.1m and $0.6m in sales from powder metallurgy hot isotastic pressing (PM-HIP) manufacturing, which was an increase of 445% over the previous corresponding period (pcp).

• EuroDry Ltd reported total net revenues of $20.5 million for the first half of 2025, comprising $9.2 million in Q1 and $11.3 million in Q2.
• Net loss attributable to controlling shareholders amounted to $6.8 million for H1 2025, including a Q2 net loss of $3.1 million and a Q1 net loss of $3.7 million, compared to a Q2 2024 net loss of $0.4 million.
• EBITDA stood at $2.8 million, reflecting the impact of lower time charter equivalent (TCE) rates on profitability.

Key points (machine generated)

• HIRAYAMA HOLDINGS Co., Ltd. specializes in manufacturing support, including field engineering and staffing services.
• The company achieved record-high results for FY6/25, with net sales up 2.6% to ¥36,220 million and operating profit up 13.5% to ¥1,270 million.
• Despite recruitment challenges, the company is expanding through mergers and acquisitions to enhance its manufacturing consulting capabilities.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Mitie Group plc is a UK-based facilities management company offering services such as cleaning, security, maintenance, energy management, and workplace support.
• It also provides digital and consultancy solutions, including smart building technology and carbon reduction strategies.
• Serving both public and private sector clients, Mitie operates through integrated, outsourced service models. 

• Binjiang Service is a high-growth property management firm with a strong brand in the premium segment of the Yangtze River Delta, benefiting from the stable pipeline of its reputable parent developer, Binjiang Real Estate.
• The company is strategically shifting its focus towards high-margin ‘5S’ value-added services (VAS), particularly in soft decoration and community living, to offset declining revenues and margins in its non-owner VAS segment.
• While demonstrating robust top-line growth and a generous dividend policy, the company faces significant risks from the broader downturn in China’s property market, intense industry competition, and rising operational costs.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Nidec (6594 JP)‘s deletion is a LOT of stock to sell. The Ibiden (4062 JP)‘s Nikkei 225 inclusion is huge. It’ll make the stock enormously squeezy for a long while.
• Palliser has a point. LG Chem (051910 KS) should pare down its LG Energy Solution (373220 KS) stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?
• The latest twist in the Mayne Pharma (MYX AU) saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.

• GATX Corporation’s third-quarter earnings for 2025 reflect both strengths and challenges across its diverse operations in North America, Europe, and India, as well as its involvement in locomotive engine leasing.
• The company reported a net income of $82.2 million ($2.25 per diluted share), a slight decrease compared to the previous year’s third-quarter net income of $89 million ($2.43 per diluted share).
• This financial outcome incorporates a positive impact of $5.3 million from tax adjustments and other items.

• J.B. Hunt Transport Services, a leader in the transportation and logistics industry, presented a mixed performance in the third quarter of 2025 that reflects a strategic emphasis on operational excellence, cost management, and preparation for long-term growth.
• The company is navigating a challenging freight demand environment while focusing on maintaining service excellence, which remains at the forefront of its operational priorities.
• The transportation giant continues to adapt its strategies in response to market dynamics, including potential rail consolidations that could influence its substantial Intermodal operations.

• Hexcel Corporation’s third-quarter results illustrate a company navigating a complex aerospace and defense landscape with several positives and challenges impacting performance and future prospects.
• On the positive side, Hexcel reported a firm standing in its core aerospace and defense markets.
• There is a strong projected demand for fuel-efficient, lightweight aircraft, with the commercial aerospace sector showing signs of recovery.

• Waste Management, Inc. recently presented its third-quarter 2025 financial results, reflecting a robust operational and financial performance.
• The company reported over a 15% increase in operating EBITDA and a 33% rise in free cash flow, demonstrating the success of its core businesses and strategic investments.
• Positively, the Collection and Disposal (C&D) segment is driving growth, showing strong organic revenue and volume increases.

• Crane Company recently reported its third-quarter 2025 earnings, citing a strong performance that exceeded expectations.
• The company’s adjusted earnings per share (EPS) reached $1.64, supported by a core sales growth of 5.6%.
• This growth was largely driven by solid performance in its Aerospace & Electronics segment and robust execution in the Process Flow Technologies segment.

• Knight-Swift Transportation’s third quarter of 2025 revealed a mix of developments reflecting both challenges and opportunities within the company’s operational segments.
• The overall environment remains uncertain, with freight markets still adjusting to shifting seasonal patterns and regulatory changes impacting capacity.
• Key observations from the quarter point to stability in freight demand across different trucking brands despite challenges.

• PACCAR Inc.’s third quarter 2025 results reveal a mixed performance amidst challenging market conditions.
• The company achieved robust revenues of $6.7 billion and a net income of $590 million, attributed primarily to the contributions of Peterbilt, Kenworth, and DAF Trucks.
• Further adding to the solid revenue base was PACCAR Parts, which recorded a historic high in quarterly revenues at $1.72 billion, with an increment of 4% compared to the previous year.

• Valmont Industries, Inc. reported a mixed set of financial data for the third quarter of 2025, demonstrating both strengths and challenges in its diversified operations.
• The company achieved a 2.5% year-over-year increase in net sales, benefiting from remarkable performance in its Utility and Telecom segments.
• Operating margin saw a substantial improvement of 120 basis points, and diluted earnings per share grew by an impressive 21% from the same period last year.

• Binjiang Service is a high-growth property management firm with a strong brand in the premium segment of the Yangtze River Delta, benefiting from the stable pipeline of its reputable parent developer, Binjiang Real Estate.
• The company is strategically shifting its focus towards high-margin ‘5S’ value-added services (VAS), particularly in soft decoration and community living, to offset declining revenues and margins in its non-owner VAS segment.
• While demonstrating robust top-line growth and a generous dividend policy, the company faces significant risks from the broader downturn in China’s property market, intense industry competition, and rising operational costs.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Nidec (6594 JP)‘s deletion is a LOT of stock to sell. The Ibiden (4062 JP)‘s Nikkei 225 inclusion is huge. It’ll make the stock enormously squeezy for a long while.
• Palliser has a point. LG Chem (051910 KS) should pare down its LG Energy Solution (373220 KS) stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?
• The latest twist in the Mayne Pharma (MYX AU) saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.

• GATX Corporation’s third-quarter earnings for 2025 reflect both strengths and challenges across its diverse operations in North America, Europe, and India, as well as its involvement in locomotive engine leasing.
• The company reported a net income of $82.2 million ($2.25 per diluted share), a slight decrease compared to the previous year’s third-quarter net income of $89 million ($2.43 per diluted share).
• This financial outcome incorporates a positive impact of $5.3 million from tax adjustments and other items.

• J.B. Hunt Transport Services, a leader in the transportation and logistics industry, presented a mixed performance in the third quarter of 2025 that reflects a strategic emphasis on operational excellence, cost management, and preparation for long-term growth.
• The company is navigating a challenging freight demand environment while focusing on maintaining service excellence, which remains at the forefront of its operational priorities.
• The transportation giant continues to adapt its strategies in response to market dynamics, including potential rail consolidations that could influence its substantial Intermodal operations.

• Hexcel Corporation’s third-quarter results illustrate a company navigating a complex aerospace and defense landscape with several positives and challenges impacting performance and future prospects.
• On the positive side, Hexcel reported a firm standing in its core aerospace and defense markets.
• There is a strong projected demand for fuel-efficient, lightweight aircraft, with the commercial aerospace sector showing signs of recovery.

• Waste Management, Inc. recently presented its third-quarter 2025 financial results, reflecting a robust operational and financial performance.
• The company reported over a 15% increase in operating EBITDA and a 33% rise in free cash flow, demonstrating the success of its core businesses and strategic investments.
• Positively, the Collection and Disposal (C&D) segment is driving growth, showing strong organic revenue and volume increases.

• Crane Company recently reported its third-quarter 2025 earnings, citing a strong performance that exceeded expectations.
• The company’s adjusted earnings per share (EPS) reached $1.64, supported by a core sales growth of 5.6%.
• This growth was largely driven by solid performance in its Aerospace & Electronics segment and robust execution in the Process Flow Technologies segment.

• Knight-Swift Transportation’s third quarter of 2025 revealed a mix of developments reflecting both challenges and opportunities within the company’s operational segments.
• The overall environment remains uncertain, with freight markets still adjusting to shifting seasonal patterns and regulatory changes impacting capacity.
• Key observations from the quarter point to stability in freight demand across different trucking brands despite challenges.

• PACCAR Inc.’s third quarter 2025 results reveal a mixed performance amidst challenging market conditions.
• The company achieved robust revenues of $6.7 billion and a net income of $590 million, attributed primarily to the contributions of Peterbilt, Kenworth, and DAF Trucks.
• Further adding to the solid revenue base was PACCAR Parts, which recorded a historic high in quarterly revenues at $1.72 billion, with an increment of 4% compared to the previous year.

• Valmont Industries, Inc. reported a mixed set of financial data for the third quarter of 2025, demonstrating both strengths and challenges in its diversified operations.
• The company achieved a 2.5% year-over-year increase in net sales, benefiting from remarkable performance in its Utility and Telecom segments.
• Operating margin saw a substantial improvement of 120 basis points, and diluted earnings per share grew by an impressive 21% from the same period last year.