Daily Brief Industrials: Astra International, Austal Ltd, LG Energy Solution, INFRONEER Holdings , Zetwerk Manufacturing Businesses, Dfds A/S, Bonfiglioli Transmissions Limited, Mineral Resources, Shenzhen Han’s CNC Technology, bpost SA and more

• September 2026 national car wholesales rose 28% YoY, but Astra’s 9M26 volume grew only 13% versus 21% for the industry, reducing its market share to 49.3%.
• Mining-Linked risks dominate the downside. UNTR’s cash generation deteriorated sharply, while Martabe’s unresolved permit status adds material uncertainty to gold earnings.
• The discount is not enough yet. Our indicative NAV implies a 13% discount, but stabilising margins and cash generation remain unproven. BEARISH; low-to-moderate conviction.

• Hanwha Ocean (042660 KS) is now negotiating deal terms with Austal Ltd (ASB AU) after substantially completing diligence, while Wildcat’s competing proposal remains at the non-binding dialogue stage.
• Tax structuring advice and extended diligence signal a late-stage process, making a binding Hanwha offer materially more likely; price remains the key open question.
• My revised SoTP values Austal at A$4.84–$6.97 per share, 17–69% above A$4.13. The gap reflects AUSA deal-completion risk plus a standalone Australasia scale discount — not fundamentals alone.

• LG Energy Solution (373220 KS) recent result is fantastic and made the share price bounce up. 
• EV makers in the US are renegotiating for a claim in the AMPC that would reduce LG Energy Solution‘s (373220 KS) margin. Bear in mind the AMPC has almost 100% margin. 
• Compared against Samsung SDI (006400 KS) , which is less reliant on AMPC and a more profitable company, LGES pales in comparison. 

• INFRONEER Holdings (5076 JP)  aims to raise around US$800m to fund the acquisition of Swing Corporation.
• The acquisition was announced earlier this year, with the company revising its earnings guidance a few months ago. The stock has corrected significantly since the deal was announced.
• We had a look at the deal background in our previous note. In this note, we talk about the updates and past large deals performance.

• Zetwerk Manufacturing Businesses (1834044D IN) Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.
• ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

• Turnaround and Operating Inflection Underway: Following a severe margin compression in FY2024 and FY2025—which culminated in a net loss of DKK -427m in 2025 due to Mediterranean freight headwinds, Channel price competition, and cost inflation—DFDS is showing clear signs of an operational rebound. Q2 2026 results demonstrated strong positive operating leverage with group revenue reaching DKK 8,584m, net income returning to profitability at DKK 165m, and management subsequently raising full-year 2026 EBIT guidance to DKK 1.2bn–1.4bn.
• Network Expansion and End-to-End Intermodal Integration: The strategic acquisition and integration of Ekol Logistics’ international transport network in late 2024 has expanded DFDS’s footprint across the Mediterranean and Continental Europe. By combining proprietary Ro-Ro shipping routes with door-to-door intermodal road and rail networks connecting Türkiye to European manufacturing hubs, DFDS has reinforced its customer retention and terminal density, transforming into an integrated European transport infrastructure provider.
• Compelling Deep-Value Valuation Balanced by Deleveraging Priorities: DFDS trades at an attractive cyclical discount of ~0.6x–0.7x P/B and ~5.5x normalized forward EV/EBITDA, earning a maximum Value Smartscore of 5/5. However, capital returns remain constrained following dividend suspension in FY2024–FY2025 as the newly appointed CEO Michael Hansen and CFO Karen Dyrskjøt Boesen focus on operational restructuring under the ‘Logistics Boost’ program and reducing financial leverage toward the target threshold of 2.5x net debt-to-EBITDA.

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• Bonfiglioli Transmissions Limited (India) demonstrates strong operational efficiency with H1 FY27 EBITDA margins reaching 19.8% and revenue growing 17.9% YoY to ₹1,131.87 crore, driven by a 70% domestic sales footprint and a localized manufacturing network.
• The ₹2,534 crore Initial Public Offering (opening October 15, 2026, at a price band of ₹558–₹586) is structured strictly as an Offer for Sale (OFS) by parent entity Bonfiglioli S.p.A., reflecting parent-level capital extraction rather than growth capital injection, though the Indian arm generates roughly 31% of global group EBITDA.
• Market share resilience remains high across core segments—holding 25.0% in domestic low-to-medium gear motors and over 30% globally in wind pitch and yaw drives—supported by co-engineering OEM integration, high aftermarket lock-in, and ~70% local sourcing that insulates against input inflation.

• MinRes shares look oversold, The Chartist reports, but sellers remain the dominant driver for the time being.

• Shenzhen Han’s CNC Technology (3200 HK / 301200 SZ) is China’s premier PCB equipment manufacturer, positioned as the primary equipment beneficiary of the secular supercycle in artificial intelligence (AI) data centers, high-layer High-Density Interconnect (HDI) boards, and advanced IC packaging substrates.
• The company’s financial execution has inflected sharply, with FY25 revenue surging 72.4% YoY to RMB 6,237.62 million and net profit jumping 173.8% YoY to RMB 893.94 million, followed by an extraordinary 1H26 performance where revenue reached RMB 5,693.58 million (+122.3% YoY) and net profit exceeded full-year FY25 at RMB 1,094.07 million with EBITDA margins reaching 23.58% in 2Q26.
• Following its landmark dual-listing on the Hong Kong Stock Exchange in February 2026 and the subsequent digestion of the US$311 million cornerstone investor lockup expiry in August 2026, the stock at HK$77.25 offers institutional investors an attractive entry valuation relative to its triple-digit operational growth and global equipment peer multiples.

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• In this edition: • Ahold Delhaize | IT recovery begins, but operational disruption and cyber risk persist • ASML Holding | finetunes FY26 outlook upward, mid-term outlook not reflected in share price • Bnode | license-plate contract renewed through 2032 • Ziggo Group | EC clears the sale of its passive tower assets • E-commerce & Logistics | sharp drop in German revenue for Asian e-commerce platforms