Daily Brief Industrials: ANE Cayman Inc, New Horizon Aircraft, Honeywell International, Lalbaba Engineering Limited, Quanta Services, Vertical Aerospace , Ningbo Joyson Electronic, Allcargo Logistics, JRC , Airbus and more

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

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

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

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

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

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

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• Ningbo Joyson Electronic (600699 CH) is looking to raise up to US$471m in its upcoming Hong Kong IPO.
• It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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

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Key points (machine generated)

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

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

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