In today’s briefing:
- Austal (ASB AU): Not A Ruse Afterall As Wildcat Tables Indicative Offer For U.S. Ops
- Austal (ASB AU): Wildcat Lobs a Competing Offer for Austal USA
- Aequitas: Hunan Junxin A/H Listing – Topline Growth Has Moderated, Though Margins Improved
- Kanohar Electricals IPO Review
- Boeing Paid $8.4 Billion To Fix Its Own Problem!
- Aequitas: Shenzhen Kinwong Pre-IPO – Buoyed by Computing End-Markets
- Uncovered Thai Stocks: TEAMG (2Q26)
- Hosin Global Electronics (HGE HK): Synthetic Expert Call Transcript (09 Sep 2026)
- Aequitas: Mahanadi Coalfields Limited Pre-IPO Tearsheet
- Aequitas: Shenzhen Kinwong Pre-IPO – Peer Comp and Valuation
Austal (ASB AU): Not A Ruse Afterall As Wildcat Tables Indicative Offer For U.S. Ops
- When Austal Ltd (ASB AU) confirmed preliminary discussion with Wildcat Infrastructure, I mused this may be a ruse to extract more gruel from Hanwha. I was clearly too cynical.
- A short while ago, Austal confirmed Wildcat has pitched a “non-binding indication of interest” for Austal’s US ops at an EV of US$1.25-1.35bn, a ~12.5% premium to Hanwha’s indicative terms.
- Wildcat is requesting for four weeks of due diligence. Austal is mulling its options. Hanwha has the clout to match and/or exceed Wildcat’s terms.
Austal (ASB AU): Wildcat Lobs a Competing Offer for Austal USA
- Austal Ltd (ASB AU) disclosed a non-binding proposal from Wildcat Resources for Austal USA at an enterprise value of US$1.25 to US$1.35 billion.
- The Wildcat offer’s midpoint of US$1.30 billion is at a 15% premium to Hanwha’s offer’s midpoint of US$1.125 billion. Wildcat is requesting four weeks of due diligence.
- Hanwha is likely to return with a revised offer as the Wildcat offer values Austal USA at a discount to its closest peer, Huntington Ingalls Industries (HII US).
Aequitas: Hunan Junxin A/H Listing – Topline Growth Has Moderated, Though Margins Improved
- Hunan Junxin Environmental Protection (HJXEP HK), a waste treatment company, aims to raise around US$400m in its H-share listing.
- Hunan Junxin Environmental Protection (HJEP) operates in the solid waste treatment and green energy sectors.
- In this note, we talk about the company’s past performance.
Kanohar Electricals IPO Review
- Kanohar Electricals (KANOHAR IN) , a Meerut based transformer and EPC company, opens its INR 1,055.74 crore IPO on September 8, 2026, priced at INR 601–632 a share.
- The company has grown revenue 2.4x in two years on the back of a 500 MVA, 400kV order from Power Grid, but customer concentration and capacity utilisation remain watch points.
- IPO looks aggressively priced as compared to other listed company in similar space.
Boeing Paid $8.4 Billion To Fix Its Own Problem!
- Boeing is attempting one of the most expensive corporate U-turns in modern aerospace.
- Two decades after separating the manufacturing operations that became Spirit AeroSystems, Boeing completed an $8.4 billion acquisition of the struggling supplier in December 2025, bringing critical fuselage production back under its roof.
- The timing is striking.
Aequitas: Shenzhen Kinwong Pre-IPO – Buoyed by Computing End-Markets
- Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
- Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
- In this note, we look at the company’s past performance.
Uncovered Thai Stocks: TEAMG (2Q26)
- The company has delivered strong sales growth, which is essential for long-term value creation
- The tightness of the operation is very good based on the cash conversion cycle
- The efficiency is very good when looking at the growth in sales relative to the growth in assets
Hosin Global Electronics (HGE HK): Synthetic Expert Call Transcript (09 Sep 2026)
- Cyclical Peak Risk: HGE’s recent eye-watering profitability—posting a 3.84 billion RMB net profit in the first four months of 2026 with a 62.0% gross margin—is a peak-cycle anomaly. This “paper wealth” is entirely driven by a massive, high-risk bet on rising memory prices, using cheap inventory acquired in late 2025 to sell at record highs.
- Severe Cash Burn: Despite the record profits, HGE is severely hemorrhaging cash. Operating cash flow for the first four months of 2026 was -2.69 billion RMB, caused by a massive cash outflow of 3.76 billion RMB to build a 10.89 billion RMB inventory and 3.13 billion RMB in pre-payments to upstream fabs. The inventory turnover has blown out to 356 days, creating catastrophic write-down risks if spot prices correct.
- Structural Vulnerability: HGE is fundamentally a “fabless packager” operating in the low-value-add middle of the semiconductor “smile curve.” It has virtually no pricing power. Its attempt to scale up volume via toll-processing with “Client G” (accounting for 13.4% of 2025 revenue) and its extreme customer concentration (over 40% from top-five customers in early 2026) make it highly dependent on low-margin arrangements.
- Compliance Decoupling: HGE has quietly engineered a complete operational isolation of its subsidiary Hefei Zhaoxin to avoid Western export control contagion. Hefei Zhaoxin’s headcount was drastically slashed from 155 in 2023 to just 9 in early 2026, with plans to entirely wind down its operations by the end of 2026.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Aequitas: Mahanadi Coalfields Limited Pre-IPO Tearsheet
- Mahanadi Coalfields Limited (0808507D IN)(MCL) plans to raise around US$1.1bn in its upcoming India IPO. The deal will be run by Axis, IIFL, SBI Caps, IDBI Cap and BoB Cap.
- MCL produces various grades of non-coking coal, including washed/beneficiated coal, serving power utilities, captive plants, IPPs, cement manufacturers, and sponge iron industries.
- As per CRISIL, MCL was India’s largest coal producer in FY26, producing 218.3m tonnes and accounting for approximately 22.4% of India’s total non-coking coal production.
Aequitas: Shenzhen Kinwong Pre-IPO – Peer Comp and Valuation
- Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
- It is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
- In this note, we look at the company’s past performance.
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