Industrials

• 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.

• Privatized and Delisted: Chip Eng Seng was voluntarily delisted from the Singapore Exchange (SGX) in February 2023 following a successful privatization offer by Tang Dynasty Treasure, an investment vehicle of Celine and Gordon Tang. This move was intended to provide the company with greater flexibility to manage its businesses and optimize the use of its resources away from the pressures of the public market.
• Diversified Conglomerate Structure: The company operates across multiple segments including construction, property development, property investment, hospitality, and education. Its origins trace back to the 1960s as a construction subcontractor, with a long history in Singapore’s public housing sector before diversifying.
• Challenging Financial Performance Pre-Delisting: Prior to its privatization, the company faced a period of declining profitability, recording net losses in both 2020 and 2021. This performance, coupled with a share price trading at a significant discount to its net asset value, was a key factor leading to the privatization offer.

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

• Wai Kee Holdings is a Hong Kong-based construction and infrastructure company facing significant profitability challenges, primarily driven by substantial losses from its strategic investment in associate company, Road King Infrastructure Limited.
• Despite consistent year-over-year revenue growth from its core construction, quarrying, and materials segments, the company’s bottom line has been severely impacted by impairments and shared losses from Road King’s exposure to the challenging property market in Mainland China.
• The company’s valuation appears deeply discounted on a price-to-book basis, reflecting high uncertainty and poor sentiment, but its core operations are positioned to benefit from long-term public infrastructure spending in Hong Kong.

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

• Privatized and Delisted: Chip Eng Seng was voluntarily delisted from the Singapore Exchange (SGX) in February 2023 following a successful privatization offer by Tang Dynasty Treasure, an investment vehicle of Celine and Gordon Tang. This move was intended to provide the company with greater flexibility to manage its businesses and optimize the use of its resources away from the pressures of the public market.
• Diversified Conglomerate Structure: The company operates across multiple segments including construction, property development, property investment, hospitality, and education. Its origins trace back to the 1960s as a construction subcontractor, with a long history in Singapore’s public housing sector before diversifying.
• Challenging Financial Performance Pre-Delisting: Prior to its privatization, the company faced a period of declining profitability, recording net losses in both 2020 and 2021. This performance, coupled with a share price trading at a significant discount to its net asset value, was a key factor leading to the privatization offer.

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

• Wai Kee Holdings is a Hong Kong-based construction and infrastructure company facing significant profitability challenges, primarily driven by substantial losses from its strategic investment in associate company, Road King Infrastructure Limited.
• Despite consistent year-over-year revenue growth from its core construction, quarrying, and materials segments, the company’s bottom line has been severely impacted by impairments and shared losses from Road King’s exposure to the challenging property market in Mainland China.
• The company’s valuation appears deeply discounted on a price-to-book basis, reflecting high uncertainty and poor sentiment, but its core operations are positioned to benefit from long-term public infrastructure spending in Hong Kong.

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

• Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.
• Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.
• KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• We see four M&A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
• Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.

• Pentair reported its third quarter 2025 results, demonstrating a mix of growth and strategic shifts.
• The company achieved record figures in several financial metrics, including adjusted operating income, return on sales (ROS), and adjusted earnings per share (EPS).
• The sales growth of 3% was mainly driven by the Pool and Flow segments.

• RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.
• The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.
• Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.

• Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.
• The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.
• However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• General Electric Company (GE) reported its third-quarter results for 2025, reflecting a robust financial performance driven by the strength of its aerospace operations.
• The company’s revenue increased by 26% year-over-year, reaching $11.3 billion, while the operating profit grew by the same percentage to $2.3 billion.
• Earnings per share (EPS) improved significantly, rising 44% to $1.66, supported by a strong free cash flow conversion of over 130%.

• Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.
• Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.
• KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• We see four M&A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
• Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.

• Pentair reported its third quarter 2025 results, demonstrating a mix of growth and strategic shifts.
• The company achieved record figures in several financial metrics, including adjusted operating income, return on sales (ROS), and adjusted earnings per share (EPS).
• The sales growth of 3% was mainly driven by the Pool and Flow segments.

• RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.
• The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.
• Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.

• Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.
• The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.
• However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• General Electric Company (GE) reported its third-quarter results for 2025, reflecting a robust financial performance driven by the strength of its aerospace operations.
• The company’s revenue increased by 26% year-over-year, reaching $11.3 billion, while the operating profit grew by the same percentage to $2.3 billion.
• Earnings per share (EPS) improved significantly, rising 44% to $1.66, supported by a strong free cash flow conversion of over 130%.

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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

• Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
• The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
• Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
• The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
• Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

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

• Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
• 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 look at its past performance and other deal dynamics that might impact the listing.

• The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
• The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
• However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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

• Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
• The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
• Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
• The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
• Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

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

• Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
• 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 look at its past performance and other deal dynamics that might impact the listing.

• The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
• The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
• However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.

• Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
• Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
• Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.   
• Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
• With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x. 

• Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
• Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
• The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

Key points (machine generated)

• Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
• The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
• Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

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.

• Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
• Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
• Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

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

• Perak Corp is a state-linked, diversified investment holding company with core operations in Property Development, Port & Logistics, and Hospitality, but faces significant financial challenges evidenced by its PN17 status.
• The company is undergoing a crucial financial restructuring via a proposed regularisation plan involving capital reduction, asset sales, and debt settlement, which is critical for its survival and future viability.
• While recent financial data shows a return to marginal profitability, the company has a history of losses, negative free cash flow, and has not paid dividends, indicating a high-risk investment profile dependent on the successful execution of its turnaround strategy.

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

• In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM

• Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
• Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
• Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.   
• Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
• With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x. 

• Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
• Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
• The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

Key points (machine generated)

• Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
• The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
• Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

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.

• Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
• Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
• Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

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• Perak Corp is a state-linked, diversified investment holding company with core operations in Property Development, Port & Logistics, and Hospitality, but faces significant financial challenges evidenced by its PN17 status.
• The company is undergoing a crucial financial restructuring via a proposed regularisation plan involving capital reduction, asset sales, and debt settlement, which is critical for its survival and future viability.
• While recent financial data shows a return to marginal profitability, the company has a history of losses, negative free cash flow, and has not paid dividends, indicating a high-risk investment profile dependent on the successful execution of its turnaround strategy.

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• In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM