In today’s briefing:
- Aux Electric IPO Trading: Decent Insti Demand; Is Cheap
- Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key
- Hirano Tecseed (6245 JP): Research Update
- Weekly Update (HON, SOLS, BRSL)
- iFAST Chief Lim Chung Chun Ups Shareholding
- What’s News in Amsterdam – 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)
Aux Electric IPO Trading: Decent Insti Demand; Is Cheap
- Aux Electric (2580 HK) raised around US$532m in its Hong Kong IPO.
- It is one of the global top five air conditioner providers.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key
- ¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
- Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
- Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.
Hirano Tecseed (6245 JP): Research Update
- Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.
- Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.
- Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.
Weekly Update (HON, SOLS, BRSL)
Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.
Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.
An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.
iFAST Chief Lim Chung Chun Ups Shareholding
- Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
- United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
- iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.
What’s News in Amsterdam – 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)
- In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39
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