Daily Brief Industrials: ANE Cayman Inc, Wacker Neuson Se, Sai Gon Cargo Service , Cahaya Aero Services, CEL Corp, China National Chemical Engineering Company A, Deutsche Lufthansa , Fagerhult Group , Hydrofarm Holdings Group Inc, Shenzhen Jasic Technology A and more

• On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
• The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR’s approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
• I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.

• According to numerous local media, Doosan Bobcat is pursuing the acquisition of a controlling stake in Wacker Neuson Se (WAC GR), a German based compact construction equipment company. 
• Doosan Bobcat is apparently discussing a plan to acquire approximately 60% of Wacker Neuson. There are also discussions to secure the remaining shares of the company through a tender offer. 
• Wacker Neuson has a market cap of 1.46 billion EUR (2.5 trillion won) and the acquisition value for a 100% stake is expected to be more than 5 trillion won.

• Sai Gon Cargo Service (SCS VN) experienced a robust start to Q4 with October volumes up 8.8% YoY (led by international volume growth of 16% YoY). 
• On the 9MFY25 trajectory, despite the increase in corporate tax from 11% to 20%, the company will still achieve 5-6% YoY earnings growth, placing it at 7.2x PE FY25e.
• The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 2, slated to begin operations in early 2027, which is expected to divert international cargo.

• Cahaya Aero Services (CASS) is a dominant integrated aviation support provider in Indonesia, poised to capitalize on the nation’s robust recovery and projected long-term growth in air travel.
• The company is demonstrating exceptional financial performance, characterized by accelerating revenue growth, significant margin expansion, and triple-digit growth in net income and EPS over the past three years.
• While the company’s strategic focus on reinvesting for growth has fueled impressive operational expansion, this comes at the expense of shareholder distributions, with no dividends paid in recent years.

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Key points (machine generated)

• Cel Corporation, listed as 5078 on the Tokyo Stock Exchange, specializes in apartment manufacturing and land use consulting.
• The company has faced decreased revenue and profit due to delays in rental development but maintains its full-year forecast for recovery.
• Cel Corporation targets young people and the steel-framed apartment sector, with support from its subsidiary, Celent Partners Co., Ltd.

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• China National Chemical Engineering Co., Ltd. (CNCEC) is a leading engineering and construction company, specializing in the chemical, petrochemical, and energy industries. The company has a strong track record of delivering large-scale projects both domestically and internationally.
• The company is well-positioned to benefit from China’s continued investment in infrastructure and the chemical sector. CNCEC’s focus on technological innovation and sustainable development aligns with the country’s long-term strategic goals.
• Despite a challenging global economic environment, CNCEC has demonstrated resilient financial performance. The company’s strong government backing and diversified project portfolio provide a stable foundation for future growth.

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• Deutsche Lufthansa is a leading global aviation group with a diversified business model encompassing passenger airlines, cargo, and maintenance, repair, and overhaul (MRO) services. This diversification provides multiple revenue streams and resilience against market volatility in any single segment.
• The company is undergoing a significant strategic transformation focused on fleet modernization, cost reduction, and enhancing operational efficiency to improve profitability.
• Key challenges for Lufthansa include intense competition from both legacy and low-cost carriers, high operating costs, and susceptibility to external factors such as fuel price volatility, geopolitical instability, and labor disputes.

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• Fagerhult Group is a leading European professional lighting provider with a strong portfolio of 12 brands, strategically positioned to capitalize on the industry’s shift towards energy-efficient and smart lighting solutions.
• Financial performance shows recent pressure on profitability, with declining net income and margins despite relatively stable revenues. This highlights challenges from market volatility and the need for operational efficiency.
• The company’s strategy is focused on organic growth, sustainability, and innovation in connected lighting. Successful execution of this strategy will be critical to navigating a competitive landscape and reversing the negative trend in earnings.

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• Top line and margins come in weaker than expected. 
• Hydrofarm reported 3Q25 results that included net sales of $29.4MM, down 33.3% Y/Y, driven primarily by a 32% decline in volume/mix and (1%) Y/Y price change.
• Adjusted gross margin of 18.8% declined sequentially and was down meaningfully versus 24.3% in 3Q24 as lower manufacturing production volumes compressed margins, despite a positive mix and largely stable prices. 

• Shenzhen Jasic Technology is a prominent Chinese manufacturer of inverter welding and cutting equipment, demonstrating a strong financial profile with consistent profitability and robust cash flow generation.
• The company is well-positioned to capitalize on the growing global and domestic welding equipment market, driven by industrial automation, infrastructure development, and a strategic focus on high-end product segments.
• Despite solid fundamentals, the company faces risks from intense market competition, reliance on export markets, and historical labor disputes that could pose reputational challenges.

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