Daily Brief Industrials: Archion, Baycurrent, easyJet PLC, Hanjin KAL Corp, World-Link Logistics (Asia), Genneia, Robotechnik Intelligent Te-A, Shenzhen Megmeet Electrical , Exelixis Inc, Rush Enterprises Inc Cl A and more

• Toyota Motor (7203 JP) and Daimler Truck Holding (DTG GR) (DT) are looking to raise up to US$1.7bn via selling around 35% of their stake in Archion (543A JP).
• The news of the possible deal had been leaked ahead of the actual launch, although the overall selldown was very well flagged.
• We have looked at most aspects of the deal in our earlier notes. In this note, we talk about the recent share price performance and provide our thoughts on valuations.

• When I pounded the table pre-buyback in mid-March, Baycurrent (6532 JP) was trading a lot lower, hit by the selloff in the SaaS/growth bias. AI was going to take over.
• The Skynet Takeover, while not thwarted, is delayed by the simple fact that Baycurrent is a tech/business consultant and a leading voice in corporate Japan for AI integration. 
• Baycurrent reiterated guidance. Multi-year mid 20%s CAGR against 16x PER. The stock bounced. Now 20.6x Feb27e NP. Q1 earnings Weds. Seasonality matters. KPIs matter. That’s a question.

• Apollo’s 715p proposal wins Board support. Beyond the higher price, voting stub equity, brand commitments and stronger regulatory undertakings appear to have shifted the Board’s position.
• Apollo’s proposal appears designed to appeal to the Haji-Ioannou family while leveraging its extensive airline ownership experience, making it a stronger strategic proposition than Castlelake’s competing offer.
• We raise our target price to 715p/share. Castlelake remains live until 3 August, but matching Apollo’s price alone may not be sufficient to regain Board support.

• In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin KAL Corp (180640 KS) to more than 20%.
• Now, Hoban Group’s stake in Hanjin Kal is less than 1%  than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group). 
• My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.

• World-Link Logistics is an established logistics provider in Hong Kong and Macau with a niche focus on the resilient FMCG and F&B sectors, which provides a stable business foundation.
• The company is facing significant profitability challenges, evidenced by a consistent decline in net income and profit margins over the past three fiscal years, despite steady revenue growth.
• Valuation appears stretched, with P/E and P/B ratios trading at a premium to many regional peers, suggesting the market may have already priced in its stability, while underestimating margin pressures.

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• Argentina’s leading renewable energy platform with profitable operations, long-term U.S. dollar PPAs, and approximately 23% of the country’s installed wind and solar capacity.
• Robust expansion pipeline includes over 5 GW of renewable and storage projects, supported by transmission investments and growing demand from industrial and AI data center customers.
• Argentina exposure may limit demand, but predictable cash flows, strong profitability, and disciplined capital allocation provide an attractive long-term investment profile.

• Robotechnik Intelligent Te-A (300757 CH), aims to raise up to US$1bn in its H-share listing.
• It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Megmeet, a power supply manufacturer, is seeking an A+H listing. Huatai and Citi are the sponsors.
• We look at the company’s core segments: smart home appliances and power supplies.
• We discuss preliminary thoughts on the company’s valuation based on A-H premiums.

• Options sentiment fractured this week.
• Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.
• The week’s most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.

• Rush Enterprises, Inc. reported first quarter 2026 revenues of $1.68 billion with net income of $61.5 million, or $0.77 per diluted share, alongside a declared quarterly cash dividend of $0.19 per share.
• The commercial vehicle market remained challenging, marked by historically low retail sales and ongoing effects from the freight recession, excess capacity, and economic uncertainty.
• Despite these conditions, the company expressed the view that this quarter may represent the cycle’s trough, citing early positive signs such as improved freight rates, increased miles driven, and rising customer optimism, all of which contributed to greater quoting activity and order intake, particularly among large fleet customers.