Industrials

• Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
• This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
• Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops. 

• Today partway through the day, Daiwa House Industry (1925 JP), Sumitomo Electric Industries (5802 JP), and Sumitomo Densetsu (1949 JP) announced Daiwa House would buy out Sumitomo Densetsu for ¥9,760/share. 
• Sumitomo Electric will sell its stake to the company ¥6,877/share. Minorities get 11.9x Mar26 EBITDA. The Bidder is buying at 9.9x. 
• At an ATH, and a nice premium, and 3x book, this looks like a pretty good takeout price. Daiwa House has plans for it.

• Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
• Hyosung Heavy ceiling cut hits Dec 12 rebalance unless >30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
• Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.
• We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

• Sumitomo Densetsu (1949 JP) has recommended a tender offer from Daiwa House Industry (1925 JP) at JPY9,760, a 28.1% premium to the undisturbed price.
• The process is deficient due to the lack of an auction and the offeror’s reliance on less than 100% voter turnout to pass the EGM share consolidation vote.
• Nevertheless, the offer is attractive, as it represents an all-time high and is above the high end of the IFA DCF valuation range. 

• JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
• The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
• Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.

• Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. 
• The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
• Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.

• General Dynamics Corporation (GD) reported a strong financial performance for the third quarter of 2025, demonstrating significant growth across its various business segments.
• The aerospace and marine systems divisions were the primary contributors to this growth, showcasing substantial revenue increases and improved operating margins.
• The aerospace segment exhibited an impressive 30.3% year-over-year revenue growth, generating $3.2 billion, primarily driven by new aircraft deliveries and increased special mission volume.

• Legence (LGN US) went public on 12 September 2025 on Nasdaq and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria.
• Inclusion in Global indices is expected in February 2026 and March 2026, with potential exclusion from one index due to insufficient float cap.

• Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
• IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
• According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.

• Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
• This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
• Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops. 

• Today partway through the day, Daiwa House Industry (1925 JP), Sumitomo Electric Industries (5802 JP), and Sumitomo Densetsu (1949 JP) announced Daiwa House would buy out Sumitomo Densetsu for ¥9,760/share. 
• Sumitomo Electric will sell its stake to the company ¥6,877/share. Minorities get 11.9x Mar26 EBITDA. The Bidder is buying at 9.9x. 
• At an ATH, and a nice premium, and 3x book, this looks like a pretty good takeout price. Daiwa House has plans for it.

• Hyosung Heavy (298040 KS) near 29% weight; 10ppt ceiling cut = ~0.6–0.7x DTV outflow. Unlike other ETF heavies, flows here bite — real tradeable setup.
• Hyosung Heavy ceiling cut hits Dec 12 rebalance unless >30% earlier; iSelect enforces next‑day, as seen with Isupetasys (right today) breach in KODEX AI Semicon ETF clipped to 20%.
• Hyosung Heavy again ripping today; watch 30% breach — triggers next‑day ceiling cut. Play the reversion, hedge with other hot AI power basket names.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in December 2025.
• We expect up to 5 ADDs and 6 DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

• Sumitomo Densetsu (1949 JP) has recommended a tender offer from Daiwa House Industry (1925 JP) at JPY9,760, a 28.1% premium to the undisturbed price.
• The process is deficient due to the lack of an auction and the offeror’s reliance on less than 100% voter turnout to pass the EGM share consolidation vote.
• Nevertheless, the offer is attractive, as it represents an all-time high and is above the high end of the IFA DCF valuation range. 

• JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
• The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
• Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-October 2025.

• Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. 
• The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
• Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.

• General Dynamics Corporation (GD) reported a strong financial performance for the third quarter of 2025, demonstrating significant growth across its various business segments.
• The aerospace and marine systems divisions were the primary contributors to this growth, showcasing substantial revenue increases and improved operating margins.
• The aerospace segment exhibited an impressive 30.3% year-over-year revenue growth, generating $3.2 billion, primarily driven by new aircraft deliveries and increased special mission volume.

• Legence (LGN US) went public on 12 September 2025 on Nasdaq and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets US eligibility criteria.
• Inclusion in Global indices is expected in February 2026 and March 2026, with potential exclusion from one index due to insufficient float cap.

• Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
• IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
• According to Frost & Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.

• After ANE Cayman Inc (9956 HK), a road freight transportation play, was suspended pursuant to the Takeovers Code, an Offer from PE outfit Centurium Partners, a pre-IPO investor, was expected. 
• And this is what unfolded. Centurium, together with Temasek and Singapore-based asset manager True Light, are offering HK$12.18/share (best & final) via a Scheme, a 48.54% premium to undisturbed.
• A scrip alternative is present (mix & match). This is a pre-conditional Offer: it requires SAMR signing off. The FA is JPM. This should help smooth over the reg process.

• On 29 October, SK Square announced that it is selling its stake in 11st to SK Planet. This is likely to have a slightly negative impact on SK Square.
• Given SK Planet’s limited financial resources, it is likely that SK Square will provide funding to SK Planet through a capital increase.
• However, the biggest factor driving SK Square’s share price right now is the continued surge in SK Hynix’s share price. 

• Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
• There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
• The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.

• While CIMC Enric Holdings (3899 HK)‘s share price has lagged YTD, its 3Q25 and 9M25 results look decent with 6.2% and 12.9% YoY increase, respectively.
• Its backlog orders amount of Rmb30.8bn, up by 10.9% YoY, is a record high. This is already enough to cover the full-year FY26 projected revenue.
• With a 13.4% 3-year EPS CAGR, its PERs are inexpensive. Meanwhile, it is in an excellent position to thrive under China’s 15th Five-Year Plan (2026-2030).

• Vicor Corporation surged 27% in a single session to $82.64, following a bullish Q3 2025 earnings report, rapid expansion of its IP licensing business, and deepening engagements with hyperscalers and AI chipmakers.
• With net income more than doubling year-over-year and licensing revenue on track to exceed $200 million annually, Vicor is increasingly being recognized not just as a power module manufacturer but as a dual-engine IP and hardware company riding the AI wave.
• Analysts from Needham and Craig-Hallum upgraded the stock, citing its growing relevance in AI data center infrastructure and the monetization of its patented power delivery technologies.

• Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  
• Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
• Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.

• SK Square is a South Korean investment holding company, spun off from SK Telecom in 2021, with a strategic focus on the semiconductor and information and communication technology (ICT) sectors.
• The company’s intrinsic value and performance are overwhelmingly tied to its cornerstone asset, a significant ~20% stake in SK Hynix, a global leader in the memory semiconductor market.
• Future value creation is expected to be driven by the performance of SK Hynix, the potential narrowing of its substantial Net Asset Value (NAV) discount, and strategic investments in new growth areas, though it faces high volatility from the semiconductor industry.

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

• TransUnion reported a strong third quarter in 2025, demonstrating impressive growth and operational strides with regard to technology modernization, strategic acquisitions, and enhanced shareholder returns.
• The company exceeded all key guidance metrics, supporting a cautiously optimistic outlook for the future amid challenges and opportunities.
• A major highlight of the quarter was TransUnion’s 11% organic constant currency revenue growth, excluding last year’s breach win—a clear indicator of solid underlying business performance.

Key points (machine generated)

• TrueBlue has faced nearly a decade of revenue decline and rejected multiple acquisition offers from HireQuest, including a $12.60 per share bid.
• HireQuest is recognized for its superior business model, contrasting with TrueBlue’s ineffective strategies.
• TrueBlue’s future depends on management-led turnaround efforts or a potential sale, both of which could benefit investors.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Union Pacific delivered a commendable performance in the third quarter of 2025, with notable financial gains tempered by some challenging market conditions.
• The company reported an adjusted earnings per share of $3.08, reflecting a 12% increase compared to the previous year, driven primarily by core pricing gains and operational efficiencies.
• This performance was achieved despite a slight decline in volume and modest headwinds due to lower fuel surcharge revenue.

• After ANE Cayman Inc (9956 HK), a road freight transportation play, was suspended pursuant to the Takeovers Code, an Offer from PE outfit Centurium Partners, a pre-IPO investor, was expected. 
• And this is what unfolded. Centurium, together with Temasek and Singapore-based asset manager True Light, are offering HK$12.18/share (best & final) via a Scheme, a 48.54% premium to undisturbed.
• A scrip alternative is present (mix & match). This is a pre-conditional Offer: it requires SAMR signing off. The FA is JPM. This should help smooth over the reg process.

• On 29 October, SK Square announced that it is selling its stake in 11st to SK Planet. This is likely to have a slightly negative impact on SK Square.
• Given SK Planet’s limited financial resources, it is likely that SK Square will provide funding to SK Planet through a capital increase.
• However, the biggest factor driving SK Square’s share price right now is the continued surge in SK Hynix’s share price. 

• Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
• There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
• The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.

• While CIMC Enric Holdings (3899 HK)‘s share price has lagged YTD, its 3Q25 and 9M25 results look decent with 6.2% and 12.9% YoY increase, respectively.
• Its backlog orders amount of Rmb30.8bn, up by 10.9% YoY, is a record high. This is already enough to cover the full-year FY26 projected revenue.
• With a 13.4% 3-year EPS CAGR, its PERs are inexpensive. Meanwhile, it is in an excellent position to thrive under China’s 15th Five-Year Plan (2026-2030).

• Vicor Corporation surged 27% in a single session to $82.64, following a bullish Q3 2025 earnings report, rapid expansion of its IP licensing business, and deepening engagements with hyperscalers and AI chipmakers.
• With net income more than doubling year-over-year and licensing revenue on track to exceed $200 million annually, Vicor is increasingly being recognized not just as a power module manufacturer but as a dual-engine IP and hardware company riding the AI wave.
• Analysts from Needham and Craig-Hallum upgraded the stock, citing its growing relevance in AI data center infrastructure and the monetization of its patented power delivery technologies.

• Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  
• Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
• Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.

• SK Square is a South Korean investment holding company, spun off from SK Telecom in 2021, with a strategic focus on the semiconductor and information and communication technology (ICT) sectors.
• The company’s intrinsic value and performance are overwhelmingly tied to its cornerstone asset, a significant ~20% stake in SK Hynix, a global leader in the memory semiconductor market.
• Future value creation is expected to be driven by the performance of SK Hynix, the potential narrowing of its substantial Net Asset Value (NAV) discount, and strategic investments in new growth areas, though it faces high volatility from the semiconductor industry.

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

• TransUnion reported a strong third quarter in 2025, demonstrating impressive growth and operational strides with regard to technology modernization, strategic acquisitions, and enhanced shareholder returns.
• The company exceeded all key guidance metrics, supporting a cautiously optimistic outlook for the future amid challenges and opportunities.
• A major highlight of the quarter was TransUnion’s 11% organic constant currency revenue growth, excluding last year’s breach win—a clear indicator of solid underlying business performance.

Key points (machine generated)

• TrueBlue has faced nearly a decade of revenue decline and rejected multiple acquisition offers from HireQuest, including a $12.60 per share bid.
• HireQuest is recognized for its superior business model, contrasting with TrueBlue’s ineffective strategies.
• TrueBlue’s future depends on management-led turnaround efforts or a potential sale, both of which could benefit investors.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Union Pacific delivered a commendable performance in the third quarter of 2025, with notable financial gains tempered by some challenging market conditions.
• The company reported an adjusted earnings per share of $3.08, reflecting a 12% increase compared to the previous year, driven primarily by core pricing gains and operational efficiencies.
• This performance was achieved despite a slight decline in volume and modest headwinds due to lower fuel surcharge revenue.

• ANE Cayman Inc (9956 HK) has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share). 
• The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. 
• The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk. 

• Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
• Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
• All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

• Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
• Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
• Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

• Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
• LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
• As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.

• Quanta Services is a premier provider of specialized infrastructure solutions, strategically positioned to capitalize on long-term secular growth trends including grid modernization, renewable energy integration, and the build-out of data centers and communication networks.
• The company exhibits a robust financial profile, characterized by consistent double-digit revenue growth, a record backlog of nearly $36 billion, and a strong track record of successful strategic acquisitions to enhance its service capabilities.
• While facing challenges such as elevated valuation, competition for skilled labor, and regulatory uncertainties, Quanta’s scale, comprehensive service offerings, and entrenched customer relationships provide significant competitive advantages.

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

• Vertical Aerospace is a UK-based aerospace company at the forefront of the developing electric vertical takeoff and landing (eVTOL) aircraft market, with its flagship VX4 aircraft. The company is pursuing a capital-light, OEM-focused business model, leveraging established aerospace suppliers for manufacturing, which differentiates it from more vertically integrated peers.
• The company faces significant financial hurdles, including substantial cash burn, a need for future capital raises which could lead to shareholder dilution, and a commercialization timeline that extends towards the end of the decade. Profitability is not expected until around 2030.
• Vertical has secured a substantial pre-order book and key partnerships with major aviation players like American Airlines, Japan Airlines, and Bristow, which provides a potential future revenue stream and operational expertise. However, these pre-orders are largely non-binding.

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

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• It 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.

• Allcargo Logistics is a global leader in LCL consolidation and a major player in India’s integrated logistics sector. The company is currently undergoing a strategic restructuring to create four distinct listed entities, aiming to unlock value by fostering focused management and independent growth trajectories.
• The company has outlined an ambitious growth strategy to 2030, targeting significant expansion in emerging markets, the launch of new trade lanes, and the implementation of AI-driven digital platforms to enhance operational efficiency. Financial goals include a substantial increase in gross profit and EBITDA.
• Despite a challenging recent financial performance characterized by declining net income and negative cash flows, Allcargo is focused on a turnaround. The company is leveraging its extensive network and investing in technology to improve profitability and capitalize on the positive outlook for the Indian and global logistics industry.

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

Key points (machine generated)

• FISCO Ltd. released a report on JRC Corporation following its interim financial results for the fiscal year ending February 2026.
• JRC’s second quarter results met revised expectations, with projected year-on-year growth exceeding 20% in revenue and profit.
• Analysts anticipate a CAGR of over 20% in operating profit until February 2028, with a potential stock price of around 3,000 yen.

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

• Market Leadership in a Duopoly: Airbus maintains a strong position in the global commercial aircraft market, a duopoly with Boeing. It has surpassed its main competitor in orders and deliveries in recent years, driven by the high demand for its A320neo family of aircraft. A robust backlog of over 8,600 planes provides significant revenue visibility for years to come.
• Production Ramp-Up and Supply Chain Risks: The company is focused on increasing production rates to meet strong demand, targeting 75 A320-family aircraft per month by 2027. However, this ramp-up faces significant headwinds from persistent supply chain disruptions and engine availability issues, which have already caused delays in delivery schedules and production targets for models like the A220.
• Strategic Focus on Innovation and Sustainability: Airbus is actively investing in the future of aviation, with a strong emphasis on sustainability and digital solutions. Key initiatives include the development of more fuel-efficient aircraft and research into hydrogen-powered aviation (ZEROe). The company’s digital platform, Skywise, aims to enhance operational efficiency for airlines.

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

• ANE Cayman Inc (9956 HK) has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share). 
• The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. 
• The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk. 

• Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
• Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
• All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

• Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
• Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
• Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

• Lalbaba Engineering Limited (LALBABA IN) (LEL) is looking to raise about US$113m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and IIFL.
• LEL is an engineering solutions company focussed on the development and manufacture of high-performance seamless tubes, precision forgings and integrated rail systems.
• As of Aug 31, 2025, LEL was ranked as India’s largest manufacturer of cold-finished seamless tubes and second-largest overall for cold-finished steel tubes, by installed capacity, according to CRISIL.

• Quanta Services is a premier provider of specialized infrastructure solutions, strategically positioned to capitalize on long-term secular growth trends including grid modernization, renewable energy integration, and the build-out of data centers and communication networks.
• The company exhibits a robust financial profile, characterized by consistent double-digit revenue growth, a record backlog of nearly $36 billion, and a strong track record of successful strategic acquisitions to enhance its service capabilities.
• While facing challenges such as elevated valuation, competition for skilled labor, and regulatory uncertainties, Quanta’s scale, comprehensive service offerings, and entrenched customer relationships provide significant competitive advantages.

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

• Vertical Aerospace is a UK-based aerospace company at the forefront of the developing electric vertical takeoff and landing (eVTOL) aircraft market, with its flagship VX4 aircraft. The company is pursuing a capital-light, OEM-focused business model, leveraging established aerospace suppliers for manufacturing, which differentiates it from more vertically integrated peers.
• The company faces significant financial hurdles, including substantial cash burn, a need for future capital raises which could lead to shareholder dilution, and a commercialization timeline that extends towards the end of the decade. Profitability is not expected until around 2030.
• Vertical has secured a substantial pre-order book and key partnerships with major aviation players like American Airlines, Japan Airlines, and Bristow, which provides a potential future revenue stream and operational expertise. However, these pre-orders are largely non-binding.

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

• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• It 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.

• Allcargo Logistics is a global leader in LCL consolidation and a major player in India’s integrated logistics sector. The company is currently undergoing a strategic restructuring to create four distinct listed entities, aiming to unlock value by fostering focused management and independent growth trajectories.
• The company has outlined an ambitious growth strategy to 2030, targeting significant expansion in emerging markets, the launch of new trade lanes, and the implementation of AI-driven digital platforms to enhance operational efficiency. Financial goals include a substantial increase in gross profit and EBITDA.
• Despite a challenging recent financial performance characterized by declining net income and negative cash flows, Allcargo is focused on a turnaround. The company is leveraging its extensive network and investing in technology to improve profitability and capitalize on the positive outlook for the Indian and global logistics industry.

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

Key points (machine generated)

• FISCO Ltd. released a report on JRC Corporation following its interim financial results for the fiscal year ending February 2026.
• JRC’s second quarter results met revised expectations, with projected year-on-year growth exceeding 20% in revenue and profit.
• Analysts anticipate a CAGR of over 20% in operating profit until February 2028, with a potential stock price of around 3,000 yen.

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

• Market Leadership in a Duopoly: Airbus maintains a strong position in the global commercial aircraft market, a duopoly with Boeing. It has surpassed its main competitor in orders and deliveries in recent years, driven by the high demand for its A320neo family of aircraft. A robust backlog of over 8,600 planes provides significant revenue visibility for years to come.
• Production Ramp-Up and Supply Chain Risks: The company is focused on increasing production rates to meet strong demand, targeting 75 A320-family aircraft per month by 2027. However, this ramp-up faces significant headwinds from persistent supply chain disruptions and engine availability issues, which have already caused delays in delivery schedules and production targets for models like the A220.
• Strategic Focus on Innovation and Sustainability: Airbus is actively investing in the future of aviation, with a strong emphasis on sustainability and digital solutions. Key initiatives include the development of more fuel-efficient aircraft and research into hydrogen-powered aviation (ZEROe). The company’s digital platform, Skywise, aims to enhance operational efficiency for airlines.

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

• The JPX has designated Nidec Corp (6594 JP) as a ‘Security on Special Alert’ due to a disclaimer of opinion in the annual report (among other issues).
• Nikkei has announced the deletion of Nidec Corp (6594 JP) from the Nikkei 225 (NKY INDEX). Ibiden Co Ltd (4062 JP) will be added to the index.
• Nidec Corp (6594 JP) should also be deleted from the TSE Tokyo Price Index TOPIX (TPX INDEX). Both index deletions should take the stock a lot lower from here.

• Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights. 
• Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

• Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.

• Japanese markets are seeing significant developments, including Nikkei 225 rebalancing with Nidec’s removal due to alert and Ibiden’s addition, impacting tracking funds, delta one trading strategies, and investors with position.
• The BoJ’s cautious normalization path continues to shape the JGB curve, with a notable steepening in the long end affecting asset-liability management.
• We detail the trades and execution of the trade idea, which may require special attention this week especially on the rebalance.

• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
• We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
• SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.

• Kosaido is undergoing a significant business transformation, shifting its focus from the mature printing industry to high-growth areas, particularly the funeral services and asset consulting businesses. This strategic pivot is driven by Japan’s aging population, which presents a substantial market opportunity for end-of-life services.
• The Funeral Services segment, operated through its subsidiary Tokyo Hakuzen, is the primary growth engine. Holding a dominant market share of cremations in Tokyo’s 23 wards, the company is well-positioned to capitalize on the increasing mortality rate. Expansion of funeral hall capacity is a key pillar of their growth strategy.
• While the legacy Information (printing) and Human Resources segments face challenges, management is focused on cost optimization and a return to profitability. The nascent Asset Consulting business, which provides inheritance-related services, is a promising high-margin venture that leverages synergies with the funeral business.

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

Key points (machine generated)

• United Tractors, founded in 1972 and listed in 1991, is Indonesia’s largest heavy equipment distributor with exclusive rights for brands like Komatsu and Scania.
• The company provides sales, parts, assembly, and repair services, and has diversified into mining and renewable energy sectors.
• Its subsidiary PAMA leads in mining services, while United Tractors manages coal and gold mining assets and invests in renewable energy projects.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• CTR Holdings is a Singapore-based contractor specializing in structural engineering and wet architectural works, primarily serving public and private sector projects in Singapore.
• The company has demonstrated remarkable revenue and net income growth over the past three years, however, this has been accompanied by significant margin compression and a declining stock price.
• While the forward outlook for the construction sector in its key markets shows moderate growth, the industry is characterized by intense competition, rising costs, and sensitivity to economic cycles, posing significant risks to sustained profitability.

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

Key points (machine generated)

• Delek owns 34.1 million units of DKL, representing 64% of its shares, below the threshold for a tax-free spin-off.
• The refineries are valued at approximately $505 million, with projected mid-cycle EBITDA of $455.1 million.
• Delek’s share price has potential for significant upside, with a favorable 3.5x risk-reward ratio as earnings improvements are expected.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The JPX has designated Nidec Corp (6594 JP) as a ‘Security on Special Alert’ due to a disclaimer of opinion in the annual report (among other issues).
• Nikkei has announced the deletion of Nidec Corp (6594 JP) from the Nikkei 225 (NKY INDEX). Ibiden Co Ltd (4062 JP) will be added to the index.
• Nidec Corp (6594 JP) should also be deleted from the TSE Tokyo Price Index TOPIX (TPX INDEX). Both index deletions should take the stock a lot lower from here.

• Sany Heavy Industry (600031 CH) priced its H Share at HK$21.30 to raise HK$13,453 million (US$1.7 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case and SANY Heavy Industry H Share Listing (6031 HK): Valuation Insights. 
• Sany’s international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

• Sany Heavy Industry (600031 CH), raised around US$2.0bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and valuation in our previous note. In this note, we talk about the trading dynamics.

• Japanese markets are seeing significant developments, including Nikkei 225 rebalancing with Nidec’s removal due to alert and Ibiden’s addition, impacting tracking funds, delta one trading strategies, and investors with position.
• The BoJ’s cautious normalization path continues to shape the JGB curve, with a notable steepening in the long end affecting asset-liability management.
• We detail the trades and execution of the trade idea, which may require special attention this week especially on the rebalance.

• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
• We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
• SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.

• Kosaido is undergoing a significant business transformation, shifting its focus from the mature printing industry to high-growth areas, particularly the funeral services and asset consulting businesses. This strategic pivot is driven by Japan’s aging population, which presents a substantial market opportunity for end-of-life services.
• The Funeral Services segment, operated through its subsidiary Tokyo Hakuzen, is the primary growth engine. Holding a dominant market share of cremations in Tokyo’s 23 wards, the company is well-positioned to capitalize on the increasing mortality rate. Expansion of funeral hall capacity is a key pillar of their growth strategy.
• While the legacy Information (printing) and Human Resources segments face challenges, management is focused on cost optimization and a return to profitability. The nascent Asset Consulting business, which provides inheritance-related services, is a promising high-margin venture that leverages synergies with the funeral business.

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

Key points (machine generated)

• United Tractors, founded in 1972 and listed in 1991, is Indonesia’s largest heavy equipment distributor with exclusive rights for brands like Komatsu and Scania.
• The company provides sales, parts, assembly, and repair services, and has diversified into mining and renewable energy sectors.
• Its subsidiary PAMA leads in mining services, while United Tractors manages coal and gold mining assets and invests in renewable energy projects.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• CTR Holdings is a Singapore-based contractor specializing in structural engineering and wet architectural works, primarily serving public and private sector projects in Singapore.
• The company has demonstrated remarkable revenue and net income growth over the past three years, however, this has been accompanied by significant margin compression and a declining stock price.
• While the forward outlook for the construction sector in its key markets shows moderate growth, the industry is characterized by intense competition, rising costs, and sensitivity to economic cycles, posing significant risks to sustained profitability.

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

Key points (machine generated)

• Delek owns 34.1 million units of DKL, representing 64% of its shares, below the threshold for a tax-free spin-off.
• The refineries are valued at approximately $505 million, with projected mid-cycle EBITDA of $455.1 million.
• Delek’s share price has potential for significant upside, with a favorable 3.5x risk-reward ratio as earnings improvements are expected.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
• In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics’ next frontiers.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.
• Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.
• IHI’s sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors. 

• Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.
• The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.
• Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

• On 4 August 2025, Gulf Navigation (GULFNAV UH) raised its foreign ownership limit from 49% to 100%, leveraging UAE’s growth as a global maritime and shipping hub.
• Free float in Global indices is expected to increase from 49% to ~80%. 
• Passive fund demand is anticipated from Global SmallCap indices in November and December.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.
• On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.

• United Rentals reported its third-quarter results, showcasing some notable achievements alongside challenges that could impact its future performance.
• The company experienced record revenue and adjusted EBITDA due to robust demand, particularly from large projects and key verticals.
• Total revenue increased by 5.9% year-over-year to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion.

• CEA Industries is a provider of environmental control systems and services for the controlled environment agriculture (CEA) industry, currently undergoing a strategic pivot with a pending acquisition of Fat Panda, marking a significant entry into the vape market.
• The global CEA market is experiencing robust growth, driven by increasing demand for locally sourced, sustainable food production and advancements in agricultural technology. This provides a strong tailwind for companies operating in this sector.
• The company recently reported a year-over-year increase in revenue and a positive gross profit in Q1 2025, indicating some operational improvements. However, it also saw a wider net loss due to acquisition-related costs and has a history of negative earnings.

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

• Trinity Industries stands as a leading North American railcar manufacturer and lessor, uniquely positioned with an integrated business model that combines manufacturing (Rail Products Group) with a large, high-utilization leasing fleet (Railcar Leasing and Services Group). This model provides a mix of cyclical manufacturing revenues and stable, recurring lease income.
• The company is navigating a challenging period marked by softening railcar demand and economic uncertainty, which has impacted recent financial performance and led to a conservative outlook. Management is focused on operational efficiencies, cost savings, and optimizing its lease fleet to enhance shareholder value.
• Trinity’s significant financial leverage is a key risk, making the company susceptible to interest rate fluctuations and economic downturns. However, its strong market position, substantial backlog, and consistent dividend growth offer a degree of stability for investors.

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

• Addtech AB has reported a solid start to the fiscal year, characterized by growth in revenue and profitability in its first quarter.
• The company, which operates a decentralized model encompassing 150 independent companies across 20 countries, delivered net sales growth of 7%, with acquisitions playing a crucial role in driving this expansion.
• Organic growth, however, contributed just 1% to the overall increase.

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
• In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics’ next frontiers.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

• New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.
• Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.
• IHI’s sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors. 

• Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.
• The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.
• Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

• On 4 August 2025, Gulf Navigation (GULFNAV UH) raised its foreign ownership limit from 49% to 100%, leveraging UAE’s growth as a global maritime and shipping hub.
• Free float in Global indices is expected to increase from 49% to ~80%. 
• Passive fund demand is anticipated from Global SmallCap indices in November and December.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.
• On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.

• United Rentals reported its third-quarter results, showcasing some notable achievements alongside challenges that could impact its future performance.
• The company experienced record revenue and adjusted EBITDA due to robust demand, particularly from large projects and key verticals.
• Total revenue increased by 5.9% year-over-year to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion.

• CEA Industries is a provider of environmental control systems and services for the controlled environment agriculture (CEA) industry, currently undergoing a strategic pivot with a pending acquisition of Fat Panda, marking a significant entry into the vape market.
• The global CEA market is experiencing robust growth, driven by increasing demand for locally sourced, sustainable food production and advancements in agricultural technology. This provides a strong tailwind for companies operating in this sector.
• The company recently reported a year-over-year increase in revenue and a positive gross profit in Q1 2025, indicating some operational improvements. However, it also saw a wider net loss due to acquisition-related costs and has a history of negative earnings.

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

• Trinity Industries stands as a leading North American railcar manufacturer and lessor, uniquely positioned with an integrated business model that combines manufacturing (Rail Products Group) with a large, high-utilization leasing fleet (Railcar Leasing and Services Group). This model provides a mix of cyclical manufacturing revenues and stable, recurring lease income.
• The company is navigating a challenging period marked by softening railcar demand and economic uncertainty, which has impacted recent financial performance and led to a conservative outlook. Management is focused on operational efficiencies, cost savings, and optimizing its lease fleet to enhance shareholder value.
• Trinity’s significant financial leverage is a key risk, making the company susceptible to interest rate fluctuations and economic downturns. However, its strong market position, substantial backlog, and consistent dividend growth offer a degree of stability for investors.

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

• Addtech AB has reported a solid start to the fiscal year, characterized by growth in revenue and profitability in its first quarter.
• The company, which operates a decentralized model encompassing 150 independent companies across 20 countries, delivered net sales growth of 7%, with acquisitions playing a crucial role in driving this expansion.
• Organic growth, however, contributed just 1% to the overall increase.