In today’s briefing:
- Aequitas: Cathay Pacific Placement – Swire Selling Shares Ahead of Its Prior Lockup Commitment
- Marco Polo Marine Ltd (SGX: 5LY): Initiation Research (23 August 2026)
- Air Canada Tender Offer: Potential Upside for Odd-Lot Holders Amid Strategic Buybacks and Aeroplan Valuation Boost
- ISDN Holdings: Riding the Hydro and Electronics Wave
- Pitti Engineering: Laminating a Path to India’s Electrification Boom
- Lumino Industries IPO Review: Wire & Cables Manufacturing + EPC Play
- Skipper Limited: From Order Book To Earnings
- HIRANO TECSEED CO., LTD (6245 JP): RESEARCH UPDATE
- Tekken Corporation (1815 Jp) – Strong Commitment to Enhancing Capital Efficiency Confirmed
- Primer: Cosuno – 01 Sep 2026
Aequitas: Cathay Pacific Placement – Swire Selling Shares Ahead of Its Prior Lockup Commitment
- Swire Pacific (19 HK) is raising up to US$612m from a selldown in Cathay Pacific (293 HK) to fund the repurchase of an exchangeable bond due in 2027.
- This follows a prior sell-down in early March 2026, via a club deal and comes ahead of the lockup expiry.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Marco Polo Marine Ltd (SGX: 5LY): Initiation Research (23 August 2026)
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We think Marco Polo Marine (“MPM”) stands to benefit from industry tailwinds supporting the company’s ship chartering division, with the deployment of its first Commissioning Service Operation Vessel (“CSOV”), the MP Wind Archer, and additional vessels in a tight demand market for offshore vessels.
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The company’s proposed reverse takeover (“RTO”) to separately list the shipyard business, and the planned listing of indirect subsidiary PKR Offshore (“PKRO”), should unlock value for MPM, and provide these businesses further avenues to raise funding for their respective growth opportunities.
- The strengthening fundamentals appear sustainable whilst not being reflected in the valuations.
Air Canada Tender Offer: Potential Upside for Odd-Lot Holders Amid Strategic Buybacks and Aeroplan Valuation Boost
- Air Canada is conducting a tender offer to buy back ~9% of shares at C$29-C$33, prioritizing odd-lot holders.
- Aeroplan loyalty business valued at C$10bn, with Blackstone and La Caisse investing C$2.5bn for a 25% stake.
- Air Canada reinstated 2026E EBITDA guidance at C$2.9-C$3.2bn, adjusting for a 50% YoY fuel cost increase.
ISDN Holdings: Riding the Hydro and Electronics Wave
- ISDN Holdings (“ISDN” or “The Group”) is an industrial automation company that offers a full range of advanced automation solutions and services.
- These solutions and services range from precision components and engineering services to full machine and cloud solutions.
- Its components and systems power semiconductor factories, advanced medical devices, clean energy plants, electric vehicles and more across Asia.
Pitti Engineering: Laminating a Path to India’s Electrification Boom
- Pitti posted 16% YoY revenue growth to Rs.529 crore in Q1 FY27, with adjusted PAT up 25% to Rs.32 crore, as lamination volumes rose 18% and management raised full-year guidance.
- The company is shifting from a railway-and-power-generation-heavy revenue base toward mining, data centers and special-application motors, broadening its structural growth exposure.
- With Rs.440 crore of capex underway and FY27 EBITDA guided at Rs.370 crore, the execution runway matters as much as the quarter’s headline numbers, explored below.
Lumino Industries IPO Review: Wire & Cables Manufacturing + EPC Play
- Lumino Industries opens its Rs.700 crore mainboard IPO , at a Rs.78 to Rs.82 band, listing on 3rd September on the BSE and NSE.
- The Kolkata based conductor, cable and EPC player asking 15.6 times post-issue FY26 earnings against peers trading between 19 and 82 times, while remaining structurally dependent on government power utilities.
- How a declining but still-material government revenue base, a near doubled order book and a Rs.337 crore debt paydown plan net out for prospective allottees.
Skipper Limited: From Order Book To Earnings
- Q1 FY27 delivered record first quarter revenue, 60 bps EBITDA margin expansion and the company’s highest ever closing order book.
- Backlog equals roughly 1.66 times FY26 revenue, offering multi year visibility as India and overseas markets accelerate grid investment.
- The story has shifted from order acquisition to profitable conversion; cash flow and execution mix now matter more than headline wins.
HIRANO TECSEED CO., LTD (6245 JP): RESEARCH UPDATE
- Hirano Tecseed (hereinafter HT) reported FY26 Q1 OP of ¥147mil (-82.0% YoY) on sales of ¥6,083mil (-43.3% YoY), generating an OPM of 2.4% (-5.2ppt YoY / +4.6ppt QoQ).
- The weak sales performance was mostly triggered by the dip in sales in the Coating and Laminating Machinery [C&LM] segment reflecting (1) the cautious investment sentiment among the firm’s customers and (2) a deterioration in the sales mix on the back of a decline in EV secondary LiB-related production equipment sales as well as associated installation works.
- At the same time, given low level of production volumes, the gross profit margin [GPM] declined -2.4ppt YoY to 15.7%.
Tekken Corporation (1815 Jp) – Strong Commitment to Enhancing Capital Efficiency Confirmed
- On August 6, TEKKEN CORPORATION (hereinafter, the Company) announced its Q1 FY2027/3 consolidated financial results.
- Net sales decreased 8.9% YoY to JPY 40,429 mn, and operating profit declined 20.7% YoY to JPY 1,358 mn, which were broadly in line with the Company’s plan.
- The more notable aspect of the Q1 results was that the previously swelling balance of accounts receivable from completed construction contracts began to decline; this reversal provided the funding basis for reducing interest-bearing debt and led to disclosure of an upward revision to the year-end dividend in line with the new shareholder-return policy targeting DOE of at least 4%.
Primer: Cosuno – 01 Sep 2026
- Sacra estimates that Cosuno hit $23.2M in annual recurring revenue (ARR) in August 2026, up from $15.2M at the end of 2025.
- ARR grew from $4.4M at the end of 2023 to $6.8M at the end of 2024, then accelerated to $15.2M at the end of 2025.
- Cosuno remained loss-making in 2024 but cut its net loss by roughly 56% year over year as revenue grew 56%.
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