In today’s briefing:
- [Quiddity Index] Nikkei 225 Sep25 Rebal: Final Liquidity Rankings
- Hoshizaki Corp (6465 JP): Close Global Index Deletion in August
- King Slide Works (2059 TT): Sliding into a Global Index
- Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
- Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO
- Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
- TWI: Titan International reports 2nd quarter 2025 financial and operating results. The company discusses the effects of global tariffs on its business.
- World Holdings (2429 JP): 1H FY12/25 flash update
- Armstrong World Industries: Disrupting Ceilings With Groundbreaking TEMPLOK Innovation!
[Quiddity Index] Nikkei 225 Sep25 Rebal: Final Liquidity Rankings
- The five year data period for the September 2025 Nikkei 225 rebalance is now over (as of 31 July). First obvious news? No Fast Retailing (9983 JP) capping.
- That was obvious a couple months ago, and the BayCurrent Consulting (6532 JP) buying to come has been known for five months.
- The Kokusai Electric (6525 JP) Offering last month makes it more likely an ADD than it was in June (when it didn’t replace NTT Data), but not a done deal.
Hoshizaki Corp (6465 JP): Close Global Index Deletion in August
- Hoshizaki Corporation (6465 JP)‘s stock price has dropped over the last 3 months, and the lower market cap could result in global index deletion in August.
- An early cutoff in the review period could result in the stock staying on in the index but that puts it at risk of deletion in November.
- There has been an increase in short interest and cumulative excess volume over the last couple of months and that indicates positioning in the stock.
King Slide Works (2059 TT): Sliding into a Global Index
- King Slide Works (2059 TT)‘s stock price has more than doubled over the last 4 months and that should result in global index inclusion in August.
- King Slide Works (2059 TT) has outperformed its peer group over the last few months and now trades at a big valuation premium.
- There has been a lot of short covering, and positioning in the stock appears to be smaller than the estimated passive buying.
Boston Dynamics – Rights Offering of 1.2 Trillion Won Expected; Potential IPO in 2027/2028 in NASDAQ
- There has been an increasing probability that Boston Dynamics (BD) announces a fourth rights offering capital raise worth about 1.2 trillion won (US$870 million) in the next several weeks.
- All the Hyundai Motor Group related entities are expected to increase their ownership stakes in Boston Dynamics whereas it is expected to decline for Softbank post the capital raise.
- The current valuation estimates of Boston Dynamics (post capital raise) vary widely from about 4 trillion won to 10 trillion won.
The Beat Ideas: Thirumalai Chemicals – A ₹2,000 Cr Capex Bet on the Next Growth Cycle
- Thirumalai Chemicals is nearing completion of two transformative capex projects in Dahej (India) and West Virginia (USA) set to expand capacity by over 130,000 TPA across commodity and specialty chemicals.
- These investments position TCL to capture demand in both domestic import-substitution and underserved global food ingredient markets, while reducing dependency on cyclical PAN margins.
- The company is transitioning from a commodity-heavy profile to a more diversified, global specialty player, unlocking long-term margin expansion and reducing volatility in earnings.
Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO
- The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
- According to our sources, the deal is being classified as multiple-times oversubscribed.
- FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive.
Sambhv Steel: Anchor Lock-In Opens, Bet on Capacity Expansion, Debt Reduction & Value Addition
- In Sambhv Steel Tubes (SAMBHV IN), the anchor investor lock-in expiry ends brought expected selling pressure, testing the stock’s resilience and investor conviction in its fundamentals.
- The company posted record Q1 revenue and profit, driven by strong volumes and margin expansion from its strategic value-added product focus.
- Management guides for sustained 12-13% EBITDA margins, backed by aggressive brownfield and greenfield expansions to capture future market demand.
TWI: Titan International reports 2nd quarter 2025 financial and operating results. The company discusses the effects of global tariffs on its business.
- Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
- The company serves the agricultural, earthmoving / construction, and consumer markets.
- Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.
World Holdings (2429 JP): 1H FY12/25 flash update
- Revenue was JPY131.8bn (+18.9% YoY), operating profit JPY5.0bn (+111.0% YoY), and net income JPY2.7bn (+259.6% YoY).
- Products HR business revenue was JPY58.4bn (+9.9% YoY), segment profit JPY1.7bn (+46.0% YoY), driven by semiconductor demand.
- Real Estate business revenue was JPY24.8bn (+81.9% YoY), segment profit JPY2.1bn (+578.2% YoY), despite delayed property handovers.
Armstrong World Industries: Disrupting Ceilings With Groundbreaking TEMPLOK Innovation!
- Armstrong World Industries Inc. reported strong financial results for the second quarter of 2025, demonstrating resilience amid market uncertainties.
- The company achieved record sales and earnings, marked by a 16% increase in net sales and a 23% rise in adjusted EBITDA, with a notable expansion in EBITDA margins by 200 basis points to 36%.
- This growth was reflected in a 29% year-over-year increase in adjusted diluted earnings per share, its highest since its separation from the flooring business in 2016.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
