Daily Briefs

• There was an article in mid-May saying Technopro Holdings (6028 JP) might be privatised. It is an appropriate candidate. The stock popped 20% immediately, and has since risen another 20%. 
• Today’s article follows one which came out ~2 weeks ago with non-sourced editorial content suggesting the price might be 20x EBITDA (i.e. a lot higher). 
• Today, an article says Blackstone will buy the firm for “Roughly ¥500bn” which would be 3% down from yesterday. Beware the Nikkei. Beware expectations.

• The Nikkei reports that Blackstone (BX US) will launch the tender offer for Technopro Holdings (6028 JP) just below JPY4,900, a 44.6% premium to the undisturbed price.
• While the rumoured offer is 1.5% below the last close, it is attractive as it resulted from an auction and represents a pre-media rumour all-time high.
• It is unclear if the offer is preconditional on regulatory approvals. Blackstone is likely to secure irrevocables from activists like Orbis to project a secure path to completion. 

• Ecopro BM reported net profit of 34.3 billion won (up 397% YoY and TB YoY in 2Q25). Profits from its Indonesian investment also contributed to earnings, reaching 40.5 billion won.
• The European EV market started to turn around in 2Q 2025 driven by OEM new car launches and customer inventory normalization compared to the end of 2024.
• There are increasing signs of a positive turnaround at Ecopro BM. The company’s excellent results in 2Q 2025 are likely to result in higher earnings revisions by the consensus.

• Nextracker, a provider of advanced solar tracking systems, reported its financial performance for the first quarter of fiscal year 2026, showcasing both strengths and underlying challenges.
• The company achieved a significant year-over-year revenue increase of 20% to $864 million, buoyed by strong global demand and robust operational execution.
• Adjusted EBITDA similarly grew by 23% to $215 million, representing an EBITDA margin of 25%, a 100 basis point improvement from the prior year.

• July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
• Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.
• Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.

EOS Optic Systems has announced a landmark order. The group has been developing High Energy Laser Weapons (HELW) systems to expand on its traditional kinetic systems for a number of years. The €71.4m order provides a clear validation of the group’s strategy and technology as well as an income stream for the next three years.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors
• UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
• Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• In this edition: • B&S Group | strong cash flow performance • PostNL | too early to adopt a more positive stance • DHL Group | clear beat in results thanks to costs management and pricing discipline

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• Horizon Aircraft recently announced a collaboration with ZeroAvia to evaluate using ZeroAvia’s ZA600 hydrogen-electric powertrain in Horizon’s Cavorite X7.
• We think this relationship could open up substantial new markets to Horizon if it can offer a zero-emission eVTOL for regional air transportation.

• There was an article in mid-May saying Technopro Holdings (6028 JP) might be privatised. It is an appropriate candidate. The stock popped 20% immediately, and has since risen another 20%. 
• Today’s article follows one which came out ~2 weeks ago with non-sourced editorial content suggesting the price might be 20x EBITDA (i.e. a lot higher). 
• Today, an article says Blackstone will buy the firm for “Roughly ¥500bn” which would be 3% down from yesterday. Beware the Nikkei. Beware expectations.

• The Nikkei reports that Blackstone (BX US) will launch the tender offer for Technopro Holdings (6028 JP) just below JPY4,900, a 44.6% premium to the undisturbed price.
• While the rumoured offer is 1.5% below the last close, it is attractive as it resulted from an auction and represents a pre-media rumour all-time high.
• It is unclear if the offer is preconditional on regulatory approvals. Blackstone is likely to secure irrevocables from activists like Orbis to project a secure path to completion. 

• Ecopro BM reported net profit of 34.3 billion won (up 397% YoY and TB YoY in 2Q25). Profits from its Indonesian investment also contributed to earnings, reaching 40.5 billion won.
• The European EV market started to turn around in 2Q 2025 driven by OEM new car launches and customer inventory normalization compared to the end of 2024.
• There are increasing signs of a positive turnaround at Ecopro BM. The company’s excellent results in 2Q 2025 are likely to result in higher earnings revisions by the consensus.

• Nextracker, a provider of advanced solar tracking systems, reported its financial performance for the first quarter of fiscal year 2026, showcasing both strengths and underlying challenges.
• The company achieved a significant year-over-year revenue increase of 20% to $864 million, buoyed by strong global demand and robust operational execution.
• Adjusted EBITDA similarly grew by 23% to $215 million, representing an EBITDA margin of 25%, a 100 basis point improvement from the prior year.

• July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
• Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.
• Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.

EOS Optic Systems has announced a landmark order. The group has been developing High Energy Laser Weapons (HELW) systems to expand on its traditional kinetic systems for a number of years. The €71.4m order provides a clear validation of the group’s strategy and technology as well as an income stream for the next three years.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Tata Motors
• UST yields fell slightly yesterday, led by the long end, with yield movements muted ahead of this week’s heavy slate of bond auctions. The yield on the 2Y UST declined 1 bp to 3.68%, while the yield on the 10Y UST fell 2 bps to 4.19%.
• Equities recovered from last Friday’s sell-off, driven by solid earnings and expectations of Fed rate cuts.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• In this edition: • B&S Group | strong cash flow performance • PostNL | too early to adopt a more positive stance • DHL Group | clear beat in results thanks to costs management and pricing discipline

• Horizon Aircraft (NASDAQ: HOVR) is an early-stage aerospace OEM that is developing a hybrid electric vertical takeoff and landing (“eVTOL”) aircraft for the regional air mobility market.
• Horizon Aircraft recently announced a collaboration with ZeroAvia to evaluate using ZeroAvia’s ZA600 hydrogen-electric powertrain in Horizon’s Cavorite X7.
• We think this relationship could open up substantial new markets to Horizon if it can offer a zero-emission eVTOL for regional air transportation.