Industrials

• Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.
• Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.
• Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.

• EvoAir Holdings Inc. is an emerging green technology company focused on eco-friendly HVAC inventions and ESG initiatives, engaged in R&D, manufacturing, sale, and marketing of HVAC products.
• EvoAir™ reduces energy consumption by at least 20% compared to conventional air-conditioning units, and e-Cond EVO™ reduces output air temperature by approximately 30%.
• The company reported revenue of $211,613 for the nine months ended May 31, 2026, and a net loss of $(3,121,210) for the same period.

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• Going Concern and Toxic Financing: Powerdyne is in severe financial distress, holding just $24,271 in cash against a working capital deficit of $507,700 as of March 31, 2026. The S-1 registration filed on July 24, 2026, is not a traditional IPO but a highly dilutive resale of up to 203,551,136 shares tied to a $10,000,000 Equity Financing Agreement with GHS Investments LLC, acting as a critical lifeline to cover continuous operating cash burn.
• Bizarre Dual-Brand Structure and Lack of Synergy: The corporate structure combines a high-tech, low-volume semiconductor servomotor manufacturer (CM Tech) and a local picture framing shop in Massachusetts (Frame One). This zero-synergy configuration operates primarily to maintain a public shell and is tightly controlled via 2,000,000 Series A preferred shares carrying 1,000 votes per share, giving the insiders complete control over common shareholders.
• Extreme Customer Concentration and Volatility: The business is highly exposed to cyclical semiconductor CapEx, with two OEM clients making up ~95% of historical accounts receivable and revenues. This concentration, combined with international tariff shocks, caused international sales to plunge from 68% in 2024 to 32% in 2025, forcing CM Tech’s Just-In-Time (JIT) supply chain model into severe operational bottlenecks.

• EvoAir’s Heat Emission Control System (HECS) is not a thermodynamic breakthrough, but rather a micro-scale application of water-assisted evaporative pre-cooling. While it achieves local outdoor temperature reductions of ±28-30°C and modest compressor energy savings of up to 20%, it introduces a severe consumer maintenance burden (3 to 6 liters of water per hour) and high scaling risks that make it unviable in highly humid tropical markets.
• The company’s unit economics are structurally broken, evidenced by a microscopic gross margin of just 5.52% in Q3 FY26. This stems from a bloated Bill-of-Materials (BOM) cost structure, a reliance on manual retrofitting of off-the-shelf Chinese components, and zero purchasing power, which restricts its target market to low-margin, custom commercial projects.
• EvoAir faces immediate going-concern risk, operating with only $35,811 in cash and a working capital deficit of $3,973,010 as of May 31, 2026. The pending Nasdaq uplisting IPO managed by Network 1 Financial Securities is a desperate liquidity play; however, a significant portion of the proposed $33.75 million raise is already committed to paying down $3,544,333 in high-interest related-party shareholder loans rather than scaling operations.

• Powerdyne International Inc. is a Delaware corporation operating as a motor manufacturer specializing in industrial servomotors for the semiconductor industry via CM Tech. It also runs Frame One, a custom.
• CM Tech, founded in 2004, focuses on niche motor demands for low-volume, high-quality motors. Frame One has been in business since 2006 with a strong client base.
• An independent accounting firm reported substantial doubt about the company’s ability to continue as a going concern. FY2025 net loss was $(251,410).

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• NRB Bearings closed FY26 with consolidated PAT up 77% to Rs. 145.6 crore on revenue of Rs. 1,335 crore, and guided a fresh capacity and product cycle for FY27.
• Brownfield expansion at Jalna and Chikalthana, an aerospace foothold via Mahant Toolroom, and a European JV mark NRB’s shift from a pure auto-ancillary to a diversified friction-solutions player.
• With capacity, certifications and customer programmes converging, FY27 is positioned as the year execution starts showing up in the numbers, worth tracking closely

• H1-26 revenue Rmb276.9bn (+54.8%), net profit Rmb43.3bn (+42.0%). Derived 2Q net profit of Rmb22.5bn beat LSEG consensus by 5%. Storage +87.5%; utilisation 94.9%.
• Board approved a Rmb20-40bn buyback for cancellation — an A-share record — capped at Rmb573, plus a Rmb6.5bn interim dividend. Returns now exceed April’s placement.
• BULLISH, FV Rmb500 on 24x FY26E EPS of Rmb20.9. Prefer A over H: the buyback covers A-shares only. 

• High Receivables Impairment & Weak Cash Quality: Despite strong statutory net income of HK$431.6 million for the trailing twelve months, Pico Far East’s free cash flow stood at only HK$222 million. This massive gap is driven by working capital tied up in contract assets and delayed payments from state-owned enterprises (SOEs) in China, where Pico carries an aggressive HK$146.5 million allowance against its trade debtors.
• Squeezed EV Economics vs. Volatile Middle East Margins: Automotive clients represent 25% of Pico’s mainland China revenue. Brutal local price wars have forced a shift toward restrictive contract structures, whereas expansion into the Middle East offers 5-10% higher gross margins but exposes the company to extreme cost volatility and labor spikes of up to 30% in markets like Riyadh.
• Capital Conservatism and Dilutive Governance: The company’s decision to maintain a massive HK$1.77 billion net cash position while proposing a 20% share issuance mandate reflects a highly conservative, family-controlled governance structure that prioritizes balance sheet safety over aggressive share buybacks or high-return tech acquisitions.

• Knight-Swift Transportation reported second quarter 2026 results reflecting ongoing improvements across most of its key business segments amid a tightening truckload freight market.
• The company highlighted a favorable market environment characterized by spot rates exceeding typical seasonal trends, increasing tender rejection rates, and supportive contractual bid activity, largely influenced by supply constraints with emerging demand signs.
• Consolidated revenue, excluding truckload and LTL fuel surcharges, rose 5.5% year-over-year while adjusted operating income increased by 45.5%, driven primarily by pricing improvements and network efficiencies across asset-based businesses.

• Norfolk Southern Corporation reported second quarter 2026 results reflecting a combination of volume growth, operational challenges, and cost pressures amid a volatile economic environment.
• The company benefited from demand strength catalyzed partly by geopolitical factors such as the Iran conflict, which boosted energy-related commodities and expanded into intermodal and industrial product markets.
• Volumes increased 4% year-over-year, with revenue growth leading to a 7% increase in net income and earnings per share.

• Otis Worldwide Corporation reported solid top-line growth driven primarily by a robust performance in its Service segment amid improving trends in new equipment sales and strong cash generation during the second quarter of 2026.
• The company achieved 6% organic sales growth overall, with Service sales up 9% organically—bolstered by modernization growth of 24%, double-digit repair growth, and accelerating maintenance trends.
• Modernization orders increased 9%, contributing to a backlog growth of 26% at constant currency, underscoring strong customer demand and execution capabilities.

• Teledyne Technologies reported its second quarter of fiscal 2026 with record sales, orders, and operating profit, reflecting broad-based growth across its diversified portfolio.
• Sales increased 9.8% year-over-year, with non-GAAP earnings rising 20.8%, supported by strong backlog execution and approximately $5 billion in funded backlog at quarter-end.
• Orders exceeded sales for the 11th consecutive quarter, driven largely by robust demand in the Digital Imaging segment, where organic sales growth of nearly 12% was fueled by infrared detectors and subsystems for space, airborne, and maritime unmanned systems, along with counter-drone applications.

• Rollins, Inc. reported second-quarter 2026 results that missed internal expectations primarily due to slower growth in certain segments of its residential pest control business, particularly those dependent on consumer-initiated demand through digital channels such as search, inbound calls, and digital media.
• The Orkin brand, which has a sizable residential customer base and relies heavily on these channels, faced notable headwinds, contributing to a slowdown in organic growth within residential services to 3.6%.
• This contrasted with stronger performances in other segments and brands: residential services driven through relationship-based channels, such as HomeTeam and Fox, achieved double-digit and high-teen organic growth, respectively.

• Southwest Airlines reported strong second quarter 2026 results, reflecting full-quarter contributions from its major transformational initiatives.
• The company achieved an adjusted operating margin of 6.7%, marking a 3.3-point improvement year-over-year despite fuel expenses rising by nearly $900 million.
• Adjusted earnings per share reached $0.94, an increase of approximately 120% compared to the prior year, surpassing both initial guidance and analyst expectations.

• SPX Technologies has moved to deepen its HVAC platform through the acquisition of Montreal-based Neptronic for C$605 million, or about US$430 million, announced on July 23, 2026.
• Neptronic designs intelligent controls, electric duct heaters, humidifiers, actuators, and valves, giving SPX a broader position in precision thermal management.
• The transaction arrives after a strong first quarter in which SPX reported 17.4% revenue growth, 23% adjusted EBITDA growth, and a 38% organic increase in HVAC backlog, driven mainly by data center demand.

• Graco Inc. reported second quarter fiscal 2026 results with record sales of $591 million, marking a 3% increase from the prior year.
• Growth was seen across all three business segments—Contractor, Industrial, and Expansion Markets—supported by improved customer activity and operational efficiency.
• Organic orders rose by 5% during the quarter, with backlog up 28% year-to-date excluding acquisitions.

• Revenue increased 3.2% YoY to JPY8.7bn, driven by large projects in Air Conditioning Instrumentation-related business.
• Orders for new installations rose 46.3% YoY, while revenue for existing facilities increased 30.9% YoY.
• Operating profit rose 97.2% YoY to JPY209mn, with orders increasing 32.0% YoY due to higher demand.

• Our estimations for FY 2026 (ending December 2026) annual revenue range at around $3,609 million and for FY 2027 at around $4,690 million.
• The company’s annual revenue reached $2,780 million in FY 2025 (ending December 2025) compared to $2,083 million in 2024, posting an annual increase by 33.5%.
• AXON’s gross profit for FY 2025 settled at $1,658 million, increased by 33.6% compared to $1,241 million for the corresponding period of FY 2024.

• Starfighters is a commercial aerospace company providing specialized flight services, pilot training, and equipment testing using F-104 supersonic aircraft. It is developing air-launch services for suborbital and low Earth orbit.
• Starfighters operates the only commercial fleet of seven F-104 supersonic aircraft, with three flight-ready and three flight-capable. Wind-tunnel testing for STARLAUNCH 1 was completed in January 2026.
• The company incurred a net loss of $(4,269,131) for the three months ended March 31, 2026, and auditors indicated substantial doubt about its ability to continue as a going concern.

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• The latest quarterly results from CSX Corporation reveal a mixture of operational progress and challenges amid strong volume growth and financial performance.
• In the second quarter of 2026, CSX experienced a 6% increase in volume and a 10% rise in revenue, reaching a new quarterly record.
• This growth was supported by various commercial initiatives and network investments.

• Indo-MIM Limited is a global leader in Metal Injection Molding (MIM) technology (7% of global market share), providing high-precision components to highly regulated industries including automotive, defense, medical, and aerospace.
• Its capabilities include mold designing and tooling, coupled with finishing and assembly operations. The company serves the largest customers in its space across 50+ countries through its global manufacturing base
• The IPO aims to raise $400mn at valuation of $3bn (45x FY26 PAT), through a combination of primary and secondary paring balance sheet debt while enabling liquidity for its promoters. 

• Financial Viability is Critically Fragile: Starfighters Space (FJET) entered Q1 2026 with nil ($0.00) revenue, a widened net loss of $4.27 million, and an operating cash burn of $3.96 million. While the $17.5 million strategic equity investment announced in May 2026 provides a temporary lifeline, it offers only 12 to 15 months of runway at current spend rates, which will accelerate as physical launch development begins.
• STARLAUNCH 1 is a Limited Pathfinder, Not an Orbital Solution: Despite progress with the Critical Design Review (CDR) in late February 2026, STARLAUNCH 1 is strictly a suborbital microgravity test vehicle. Transitioning this platform from wind-tunnel models to physical test flights will require substantial remaining Capex and faces a realistic timeline of 18 to 24 months—far longer than the near-term commercial expectations priced in by retail investors.
• Severe Regulatory and Operational Bottlenecks: Legacy F-104 operations suffer from severe maintenance constraints, with engines requiring specialized parts cannibalized from obsolete military stocks. Furthermore, securing airspace access from Space Launch Delta 45 (SLD 45) places Starfighters at the bottom of the launch priority list, behind national security missions and major players like SpaceX, severely capping flight cadence.

• Veralto’s Alfaa UV Acquisition Could Unlock Major Synergies Veralto Corporation has expanded its ultraviolet water-treatment capabilities through the acquisition of India-based Alfaa UV, a provider with more than 20 years of experience serving industrial and commercial customers.
• Announced on July 21, 2026, the transaction will place Alfaa UV within Veralto’s Trojan Technologies business, adding locally established commercial relationships and a portfolio of fit-for-purpose ultraviolet solutions.
• The acquisition follows a period of active capital deployment for Veralto, which invested approximately $1 billion in In-Situ and GlobalVision during the first quarter of 2026 while continuing opportunistic share repurchases.

• General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement, and substantial free cash flow generation.
• Equipment orders more than doubled year-over-year, supported by significant demand in the Power and Electrification segments.
• The company’s total backlog increased to $176 billion, up $13 billion sequentially, driven by Gas Power orders and electrification equipment, with a goal to reach $200 billion by 2027.

Key points (machine generated)

• Tobishima Holdings reported increased profits for the fiscal year ending March 2026 and anticipates further profitability improvements.
• The company is diversifying its operations beyond construction to include infrastructure development, disaster prevention, and real estate.
• This strategic shift is part of its growth strategy, ‘A Story that Innovates the Future,’ aligned with a mid-term management plan.

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Key points (machine generated)

• Tsubakimoto Kogyo Co., Ltd. reported record-high financial results for FY3/26, with net sales up 5.4% to ¥131,032 million and operating profit up 8.2% to ¥6,513 million.
• The company projects continued growth in FY3/27, with net sales expected to rise 0.7% to ¥132,000 million and operating profit to increase by 2.9% to ¥6,700 million.
• Tsubakimoto’s Medium-Term Management Plan, ‘ATOM2028,’ targets net sales of ¥150 billion and operating profit of ¥7.5 billion by FY3/29, while maintaining a progressive dividend policy with an annual forecast of ¥90 for FY3/27.

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• Q2 FY26 revenue fell 4.3% YoY to VND 279bn as tonnage dropped 7.7%, partly offset by a 3.3% rise in terminal revenue per ton.
• Operating margin held at 74.3% and net margin rose to 67.1%, helped by lower G&A and a 63% jump in financial income.
• Stock trades at 5.3x FY25a and 5.5x FY26e PE on a 11.7% yield and 46% ROCE, with a VND 43,500 price.

• We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
• Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
• The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.

• Operational revenue rose 33% YoY to RM808mn in 2Q26; PAT up 56% to RM361mn on both tariff phases running for a full quarter.
• Total TEUs fell 1% to 2.84mn as Middle East transshipment dropped 24%; container revenue per TEU jumped 37% to RM242.6.
• Trades at 17.0x FY26e P/E, 11.3x EV/EBITDA and a 4.4% yield at MYR6.55; FY26 throughput guidance cut to broadly flat.

• Integrated Ecosystem Model Drives Growth: Tres Tentos operates a vertically integrated business model encompassing retail of agricultural inputs, grain origination and trading, and industrial processing. This ecosystem creates a loyal customer base of small and medium-sized farmers and allows the company to capture value across the entire agricultural value chain.
• Aggressive Expansion and Diversification: The company is pursuing a significant capital expenditure program to expand its geographical footprint across Brazil and diversify into new segments like corn ethanol production. This strategy aims to replicate its successful model in new agricultural frontiers and tap into the growing biofuels market.
• Strong Revenue Growth Tempered by Cash Flow Concerns: Tres Tentos has demonstrated a consistent and robust track record of revenue and net income growth. However, its aggressive investment in expansion has led to negative free cash flow and increasing leverage, a key factor for investors to monitor.

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• Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct manufacturing expansion into Europe and extending its reach across missile, aerospace, and defense programs.
• Announced during the Farnborough International Airshow, the transaction would add facilities in Scotland, England, and Poland to Karman’s existing network of 17 U.S. sites.
• Walker manufactures precision components and assemblies for missile seekers, guidance systems, and flight-control applications, with exposure to more than 25 European tactical missile, air, and defense programs.

• BCA forecasts construction demand of S$47 billion to S$53 billion in 2026, with S$39 billion to S$46 billion annually from 2027 to 2030.
• Boustead Singapore reported an engineering order backlog of S$840 million and secured S$461 million in new contracts in FY27.
• Volare Group AG increased its stake in BBR Holdings to 14.69% through acquisitions totaling 43 million shares for S$12.9 million.

• The company’s second quarter financial results for 2026 demonstrated a combination of organic growth, margin expansion, and improved earnings, reflecting ongoing progress against its strategic transformation priorities.
• Organic sales increased by 5.4%, driven mainly by commercial excellence efforts, an accelerated pace of new product introductions, and sustained demand in core industrial markets.
• This growth was broad-based geographically, with notable double-digit growth in China and India, mid-single-digit improvements in North America and Europe, and strong performance across safety, industrial, transport, and electronics segments.

• Northrop Grumman Corporation reported its second-quarter 2026 financial results amidst a favorable defense spending environment supported by U.S. government budget increases and global demand.
• The company delivered $20 billion in net awards for the quarter, contributing to a record backlog of $105 billion, up 17% year-over-year.
• Sales increased 5% year-over-year to $10.9 billion, with broad-based growth across all four business segments: Aeronautics Systems (AS), Defense Systems (DS), Mission Systems (MS), and Space Systems (Space).

• In this edition: • Aalberts | strong acceleration of organic revenue growth in 26Q2 • ABN Amro | Dutch state completes reduction of its stake, now at 20.5% • BE Semiconductor Industries | long-term outlook remains strong, well reflected in its share price • InPost | acceptance period extended until 18 September • RELX Group | continues to accelerate underlying growth and margin expansion • Sligro Food Group | interim dividend and share buyback despite poor 1H26 results • Austrian Post | strengthens its SEE parcel platform with Serbian acquisition

• 16th July 2026 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.

• The mega-offering-slash-re-IPO of Archion (543A JP) likely prices today. This is 900mm new shares for ~US$1.6bn of which 40% (US$630mm) goes to internationals, 60% to domestics.
• There’s a bunch of index buying to do between now and end-October. More than I originally thought due to one recent data point.
• The stock has NOT gotten crushed in the last two weeks despite indications the sellers wouldn’t mind. That tells me this is priced except for print risk. 

• Today, Mitsui Matsushima (1518 JP) upped full-year guidance, lifting revenue by 4.4%, OP by 3%, and NP by 21% (at earnings, they guided revenue +3.9%yoy, NP +5.7%yoy after decent beats.
• Today, they announced the purchase of an asset-rich q-tip maker with 10% OPMs and NPMs >OPMs on ¥3.6bn revenue the last 3yrs. Deal closes August. We’ll know more in September.
• The earnings uplift is frankly not that impressive. There were stock sale gains, and the uplift in consolidated numbers from the buy. But the dividend hike is REALLY impressive.

• Extreme customer concentration and related-party dynamics define Gravitics’ commercial viability. The flagship $125 million Axiom Space contract is a fixed-price deal where the lead investor in Axiom also serves as the lead investor of Gravitics, raising critical questions about arm’s-length pricing, margin profile risks, and whether the deal acts more as an in-house capital pipeline than a market-validated commercial contract.
• The company’s cash burn is accelerating exponentially ahead of manufacturing scale-up. Gravitics generated only $1.04 million in revenue in 2025 while posting a net loss of $11.70 million. That loss exploded to $19.30 million in Q1 2026 alone, reducing its cash cushion to $5.64 million as of March 31, 2026. The planned $125 million Nasdaq IPO capital raise is a necessary lifeline rather than a growth-oriented expansion fund.
• Uplisting via the Non-Invasive Monitoring Systems (NIMU) shell structure was chosen for speed but carries notable execution and governance baggage. The merger requires complex regulatory cleanups, including ratifying defective Series B preferred stock actions under Section 607.0147 of the Florida Business Corporation Act, alongside a highly dilutive 1-for-150 reverse stock split.

• Tactical Dividend Pump to Avoid TOPIX Deletion: The surprise raise of the FY27 annual dividend forecast to ¥130 per share (up from ¥74) is a tactical maneuver designed to boost the stock price and keep the company’s tradable share market capitalization safely above the Tokyo Stock Exchange’s (TSE) ¥10 billion minimum threshold ahead of the critical August 2026 TOPIX re-selection base date.
• Low-Quality Guidance Upgrade Masked by One-Offs: The ¥1.5 billion upward revision to FY27 consolidated net profit (to ¥8.6 billion) is of lower organic quality. Deconstruction reveals that the newly acquired Osaka-based cotton swab manufacturer Sanyo Co., Ltd. will only contribute a minor operational profit, while the bulk of the upgrade is driven by one-off, non-operating capital gains from stock sales executed by MM Investments.
• The Activist Chain Reaction: Under intense pressure from Yoshiaki Murakami’s vehicles (such as City Index Eleventh), which forced a massive ¥20 billion buyback program in 2025, Mitsui Matsushima’s board has begun projecting activist tactics “downhill.” The company’s investment subsidiary, MM Investments, has aggressively accumulated a substantial stake in Janome Corporation (6445), forcing the sewing machine maker into its own defensive share buybacks.

• ABB’s 506p offer values Rotork at 18.9x NTM EBITDA, but estimated £42m annual synergies reduce the effective acquisition multiple to approximately 15.8x, supporting the industrial rationale.
• Rotork traded well below comparable automation companies before the approach. We estimate a standalone value of 390p/share, implying ABB pays a 30% premium to intrinsic value.
• The remaining 4.3% spread appears attractive given unanimous Board support, committed financing and limited antitrust overlap, with international regulatory approvals representing the principal execution risk.

• Guangdong Topstar Technology Co., Ltd. is a renowned industrial robotics company in Chinese Mainland, a leader in the intelligent robotics value chain in Guangdong Province. It operates an integrated business.
• The company deployed the first embodied AI in injection molding scenarios and serves substantially all top five consumer electronics manufacturers in Chinese Mainland.
• The company reported a net profit of RMB42,845 and a gross profit margin of 32.5% for the three months ended March 31, 2026.

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• Non-Invasive Monitoring Systems, Inc. is a shell company merging with Gravitics, Inc., a designer and developer of large space structures. This offering aims to raise $125,000,000 and uplist the combined.
• Gravitics secured a $125.0 million fixed-price contract with Axiom Space, Inc. for design, manufacture, assembly, integration, testing, and delivery of a cargo vehicle.
• Gravitics reported revenue of $1,044 in FY2025 and $2,610 in FY2024, with a net loss of $(11,699) in FY2025.

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• In this insight we discuss about the broad structure of Indo-MIM Ltd (1666551D IN) IPO.
• We discuss about the profile of company, segmental details and financial overview.
• Finally, we discuss about the valuation and our view on the IPO

• Indo-MIM, a global leader in the manufacture of precision engineering components using metal-injection-moulding, is raising INR 500 crore via a fresh issue and ~6.83 crore shares via an OFS.
• IPO proceeds will repay INR 400 crore debt, improving cash flow. Promoter sell-down totals ~INR 3,312 crore. MIM capacity utilisation is low at 31%, highlighting operational leverage.
• IPO values Indo-MIM at 43.9x FY26 EPS and 8.3x book. Execution on overseas assets, capacity ramp-up, and margin restoration will determine whether the premium valuation is justified.

• Icahn Enterprises is moving toward the sale of Pep Boys to private-equity-backed Mavis Tire Express Services for approximately $700 million in cash, marking another significant step in the restructuring of Carl Icahn’s automotive holdings.
• Under the proposed transaction, Mavis would acquire the Pep Boys operating business, while Icahn would retain certain real estate assets, AAMCO Transmissions, and Precision Tune Auto Care.
• The structure matters because it allows Icahn to monetize a business purchased for roughly $1 billion in 2016 without surrendering every asset connected to the original investment.

• German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong (3808 HK) to raise upto US$261m via a secondary selldown.
• Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• Tier IV (593A JP) raised U$143m in its upcoming Japanese IPO.
• It is an autonomous driving company and a key player in the mobility sector, with operations spanning data analysis, software development, and the provision of reference platforms for autonomous systems.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• TRATON SE’s 2.1% secondary selldown in January 2026 (reducing its holding to 23.2%) is a balance sheet optimization move to pay down TRATON’s own debt and fund Scania’s localized Rugao plant, rather than a reflection of operational or technical friction.
• Sinotruk’s technical partnership with MAN has fully matured over 17 years; the technology is completely localized (MC-series engines), and any incremental dependency is being mitigated by the rapid integration of Weichai Power engines under the parent Shandong Heavy Industry Group (SHIG) ecosystem, marked by the RMB 11 billion 2026 Weichai Parts Purchase Agreement.
• Sustainability of the record RMB 109.54 billion revenue and RMB 7.02 billion net profit in 2025 relies heavily on high-margin export markets (153,368 units in 2025) offsetting domestic price compression, where intense competition in the LNG segment and dilutive electric heavy-duty truck (HDT) lines are dragging on overall gross margin, which slid to 15.1% in 2025.

• ISDN Holdings (“ISDN” or “The Group”) is an industrial automation company that offers a full range of advanced automation solutions and services.
• These solutions and services range from precision components and engineering services to full machine and cloud solutions.
• Its components and systems power semiconductor factories, advanced medical devices, clean energy plants, electric vehicles and more across Asia.

• The IMF projects Singapore’s GDP growth to moderate from 5.0% in 2025 to 2.7% in 2027, driven by technology-related exports and investment.
• Gross capital formation is expected to rise from 22.5% of GDP in 2025 to 23.7% in 2027, supported by infrastructure and manufacturing investment.
• Singapore’s banking sector remains well-capitalised with a capital adequacy ratio of 18.5% in 2Q25, supporting economic stability.

• Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
• IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.

• Moriya Transportation is demonstrating exceptional growth, with a 3-year net income CAGR of 86.14% and revenue CAGR of 15.23%, driven by margin expansion and strong demand.
• The company operates in the stable Japanese elevator market, which is supported by structural drivers including urbanization, an aging population requiring barrier-free access, and ongoing infrastructure modernization.
• While exhibiting high growth and resilience, the company’s valuation appears rich compared to peers, and its dividend yield is modest, suggesting a market expectation of continued high performance.

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Key points (machine generated)

• Ichinen Holdings reported a 6.3% increase in operating profit for the fiscal year ending March 2026, marking 23 consecutive periods of profit growth.
• The company operates in diverse sectors including automotive leasing, chemical production, and agriculture, contributing to its stable performance.
• For the fiscal year, Ichinen Holdings achieved sales of 162,254 million yen, a 4.7% increase year-on-year.

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• Copart is a dominant global leader in the online salvage vehicle auction industry, operating a capital-efficient, high-margin business model that benefits from significant network effects.
• The company’s growth is underpinned by the secular trend of increasing vehicle complexity, which drives up repair costs and leads to a higher frequency of total loss declarations by insurance companies.
• With a strong balance sheet, robust cash flow generation, and a focus on reinvesting in its physical and technological infrastructure, Copart is well-positioned for continued expansion, particularly in international markets.

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• Since the announcement of the US$1.7 billion secondary offering, Archion (543A JP)’s shares have declined 5.8% to the undisturbed price of JPY313 (3 July).
• It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Archion’s share decline is lower than the median of recent large placements.
• The preliminary pricing range is JPY250 to JPY300 per share. The offering will likely be priced on 22 July. The average large Japanese placement tends to generate positive returns.

• ArcBest Corporation is attempting something many companies promise but few execute cleanly: improving service, expanding capacity and lifting profitability while operating with fewer people.
• The freight and logistics provider plans to reduce approximately 2% of its workforce, eliminate selected open positions and consolidate service centers representing roughly 1% of network doors.
• At the same time, MoLo Solutions, Panther Premium Logistics and ArcBest Technologies will begin operating under the ArcBest brand, while ABF Freight will retain its established identity.

• Frontier Springs (FS IN) supplies roughly 40% of Indian Railways coil spring demand against one or two approved rivals, a certification moat that drove 39% revenue growth in FY26.
• Air springs and forging widen the runway: plants at 70% utilisation, a Rs 370 crore order book, and the FIBA import substitution product cleared for RDSO trials.
• The stock trades on 24.9x FY26 and 20.9x FY27e earnings, against 41.0% FY26 ROCE, net cash, and 39% revenue growth.

• SUNGROW’s three pillar business has undergone significant changes: energy storage systems surpassed PV inverters and other power conversion devices for the first time, becoming the largest source of revenue.
• The overall revenue growth showed an upward trend in 2025, but there was a sharp decline in 25Q4. Increasing competition and downward pressure on industry prices are the reasons.
• Since comparable targets of photovoltaic/new energy listed on A+H shares generally have an A/H discount of 20-30%, reasonable valuation range for SUNGROW-H shares could be P/E of 10-14x.

• Horizon Aircraft achieved several development milestones in the fourth quarter and continues to strengthen its financial position by tapping equity markets when conditions are favorable.
• The company recently announced meaningful relationships with several key suppliers, including BETA Technologies, and we believe it will have a full-scale prototype assembled within the next 9 months, when ground testing can commence.
• Despite strong progress at many companies in the industry, most have significantly underperformed the broader market.

• Over five sessions, directors and substantial shareholders filed 50 interests for 20 stocks, including acquisitions and disposals.
• Kopernik Global Investors increased its stake in Golden Agri-Resources to 7.07% through acquisitions, reflecting institutional conviction.
• HealthBank Holdings raised S$2.67 million through a share placement to finance new businesses and strategic investments.

• Welcome to Curator’s Cut – a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
• In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

• Baycurrent (6532 JP) is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.
• A curious development as EQT (barely) bumps indicative terms for Perpetual Ltd (PPT AU) in what appears to be a self destructing offer.
• Digital Garage (4819 JP) is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.

• Delta Air Lines reported strong financial and operational results for the June quarter of 2026, reflecting a combination of record revenue growth, operational resilience, and strategic investments amid elevated fuel costs.
• The company achieved revenue growth of 14%, exceeding $17 billion, driven by sustained demand and a diversified business model, including premium services, loyalty programs, cargo, and maintenance, repair, and overhaul (MRO) operations.
• Pretax profits reached $1.4 billion with an operating margin near 9%, performing above initial guidance despite fuel expenses rising to historic levels with a total of $4.4 billion in the quarter, nearly doubling prior-year costs.

• The Fastenal Company reported strong results for the second quarter of 2026, highlighted by 14.7% daily sales growth driven primarily by market share gains rather than broader market improvements.
• The company’s growth was supported by increased sales effectiveness via its key account strategy, expansion of its Fastenal Managed Inventory (FMI) technology and digital channels, and deeper penetration across various end markets.
• Contract customers and larger customer sites showed notable expansion, reflecting durable revenue streams and high-quality growth.

• General Electric Aerospace reported solid financial and operational results for the second quarter of 2026, showcasing continued growth in both its Commercial Engine Services (CES) and Defense, Power & Technology (DPT) segments.
• Orders rose 17% year-over-year, supported by both main segments each growing at least in the low double digits.
• Revenue increased 24%, with CES up 27% and DPT up 16%, while operating profit expanded 18%, driven by strong volume and pricing in services.

• ManpowerGroup reported its second-quarter 2026 financial results with overall revenue growth and ongoing transformation efforts showing mixed but generally positive trends.
• The company achieved reported revenues of $4.9 billion, representing 6% constant currency growth, exceeding expectations and reflecting broad-based client demand.
• System-wide revenues, including franchise operations, reached $5.3 billion.

• Energy has become the growth engine, accounting for 78.1% of the Rs.11,338 crore executable order book, even though Telecom & ICT still contributed 54.6% of FY26 revenue.
• Pace is attempting a rapid shift from project execution toward an integrated BESS platform spanning manufacturing, EPC and selected build-own-operate assets.
• Revenue visibility is strong, but the investment case now depends on margin discipline, receivable conversion, timely capacity commissioning and reduced dependence on imported cells and containers.

• United Airlines Holdings reported robust second quarter 2026 results that reflect continued operational improvements and strategic investments amid a challenging cost environment.
• The company’s revenues increased 16% year-over-year to $17.7 billion, driven by strong demand across domestic and international markets and higher yields.
• Passenger revenue per available seat mile (PRASM) grew 12.2% domestically and 12% internationally, with notable strength in the Pacific (up 14%) and Atlantic (up 12.1%) regions.

• Hosin Global Electronics (HGE HK) is looking to raise at least US$500m in its upcoming Hong Kong IPO. The deal will be run by China Securities International.
• HOSIN Global Electronics is a leading independent memory product enterprise, ranking as the world’s fifth largest and China’s second largest by revenue in 2025, according to Frost & Sullivan (F&S).
• HGE operates under a fabless business model as it  outsources its manufacturing processes, relying on third-party foundries for wafer processing and outsourced semiconductor assembly and other services.

Key points (machine generated)

• Maruyama Manufacturing Co., Ltd. reported a profitable interim period for the fiscal year ending September 2026.
• The company achieved sales of 20,349 million yen, an 11.2% increase from the previous year.
• Founded in 1895, Maruyama specializes in agricultural and industrial machinery and is listed on the Tokyo Stock Exchange.

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• Q1 FY03/27 revenue increased 6.4% YoY, driven by scaffolding equipment sales and rentals, with operating profit up 21.6% YoY.
• Scaffolding equipment rental market revenue rose 16.4% YoY, with segment profit increasing 75.6% YoY due to Albatross sales.
• Revenue from brown rice refrigerators and high-altitude workbenches remained strong, but aluminum ladder sales declined, causing a 2.6% YoY revenue drop.

• Following the completion of the acquisition of De Tomaso at the end of April 2026, the OIO Group (formerly ESGL Holdings Ltd.) has entered the ultra-luxury automotive sector.
• With its hypercar business activities, the OIO Group is thus operating in the fast-growing ultra-luxury automotive segment, which, according to various market studies (McKinsey & Company, Oliver Wyman), is expected to see long-term (average) sales growth of around 14.0%.
• The past financial year 2025 was characterised exclusively by the environmental and recycling business.

Key points (machine generated)

• Willtec reported record sales of 45,936 million yen and a 26.8% increase in operating profit for the fiscal year ending March 2026.
• The company operates in two main business fields: human resources and product/service creation.
• Willtec has eight consolidated subsidiaries and expects to maintain high earnings for the fiscal year ending March 2027.

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

• Dominant Market Position with Integrated Services: Wonderful Sky Financial Group is the largest financial public relations and communications group in Hong Kong, offering a comprehensive “9-in-1″service model. This integrated approach, encompassing financial PR, investor relations, financial printing, international roadshows, and more, provides a significant competitive advantage and a one-stop solution for clients in the capital markets.
• Strong Financial Rebound and Growth Trajectory: The company has demonstrated a significant financial turnaround, with revenue increasing by 36.5% and net profit surging by 106.8% in the fiscal year ending March 31, 2026. This strong performance is underpinned by a revival in the Hong Kong IPO market, which is expected to see continued growth.
• Favorable Industry Tailwinds: The Hong Kong IPO market is experiencing a strong resurgence, with fundraising expected to reach near-record levels. This positive momentum, driven by an increase in A+H listings and new economy companies, provides a robust pipeline of opportunities for Wonderful Sky’s core service offerings.

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• Horizon Aircraft achieved several development milestones in the fourth quarter and continues to strengthen its financial position by tapping equity markets when conditions are favorable.
• The company recently announced meaningful relationships with several key suppliers, including BETA Technologies, and we believe it will have a full-scale prototype assembled within the next 9 months, when ground testing can commence.
• Despite strong progress at many companies in the industry, most have significantly underperformed the broader market.