Daily Brief Industrials: ANE Cayman Inc, Asian Terminals, Skylink Holdings, Aequs Ltd, Andersen Group, Woodside Energy Group Ltd, Jacobs Solutions , Carr’s Group PLC, Meiho Facility Works and more

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. 
• The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says “fair & reasonable“.
• Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. 

• Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. 
• This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).
• Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI’s outstanding common shares. 

• ANE Cayman Inc (9956 HK)’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. 
• The consortium’s decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote’s success. 
• The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. 

• Skylink Holdings Limited (“Skylink” or “the Group”) is a newly listed commercial vehicle leasing and engineering solutions provider, formed through the reverse takeover (“RTO”) of Sincap Group in September 2025.
• With just 8 years of operational history under its subsidiary Skylink APAC, the Group has grown into one of Singapore’s largest commercial vehicle leasing platforms.
• Its integrated business model spans long-term commercial vehicle leasing and fleet management (“SKVR”), vehicle credit and hire-purchase financing (“SKCR”), and engineering services including MRO, refurbishment, and bodywork solutions (“SKER”).

• The company operates a rare, vertically integrated aerospace ecosystem within an Indian SEZ, serving global OEMs like Airbus and Boeing across three continents.
• The dominant Aerospace segment shows strong growth and margins, while the Consumer segment is in a heavy investment phase with temporary negative profitability.
• While reporting persistent net losses due to high finance and depreciation costs, the company shows recovering revenue momentum and significant EBITDA expansion.

• Andersen priced at the high end and delivered a powerful first-day performance, signaling strong institutional demand despite recent IPO market skepticism.
• Shares climbed steadily throughout the session, reflecting high-quality long-only participation and confidence in Andersen’s growth and margin profile.
• Near-Term upside may moderate as investors take profits into year-end, but fundamentals support continued longer-term interest.

• Context: The Woodside Energy Group (WDS AU) vs. Ampol (ALD AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Woodside Energy Group (WDS AU) and short Ampol (ALD AU) targets a 8% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Jacobs Engineering Group concluded its fiscal year 2025 on a strong note, delivering notable achievements and setting optimistic expectations for fiscal year 2026.
• The company reported a 28% year-over-year increase in adjusted earnings per share (EPS) for the fourth quarter and a 16% rise for the full fiscal year, along with a record consolidated backlog of $23.1 billion, marking a 6% growth.
• This performance reflects the strategic focus on expanding the company’s core capabilities, leveraging digital transformation, and optimizing operational execution across a diverse portfolio.

Fevara, the livestock supplement specialist, reported positive results with good margin expansion and profit improvement, benefiting from management’s restructuring actions. In terms of growth, the recent Brazilian acquisition provides a bridgehead in a major new market for cattle supplements. Add in the upside from the ‘profitable growth’ programmes in the UK and North America and the re-focused group appears well-positioned to generate continued positive profit progression.

Key points (machine generated)

• Meihou Facility Works reported record-high profits for the interim period ending March 2026, driven by growth in its office business.
• The company specializes in construction management, offering services such as planning, bidding management, and quality oversight.
• For the interim period, Meihou achieved sales of 2,987 million yen, a 12.4% increase from the previous year.

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