Daily Brief Industrials: Daihen Corp, RPMGlobal Holdings Limited, TMC, Syrma SGS Technology, Deepway Technology, Exponent Inc, Fortune Brands Innovations , Tenneco Clean Air India Ltd, Csw Industrials and more

• Yesterday saw the announcement of a secondary offering structured like a delayed pricing ABO.
• 1.5mm shares which is 7.5% of shares out, 25% of Max Real World Float, and 9 days of ADV. There’s more cross-holdings to come out later at some point.
• Though it is not particularly expensive, Momentum is not this stock’s friend right now.

• Back on the 13th October, RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, entered into a Scheme with Caterpillar Inc (CAT US).
• Caterpillar offered A$5/share (the same as in the previously announced NBIO), a 32.8% premium to undisturbed. FIRB and ACCC approvals are conditions. FIRB won’t be an issue. 
• The Scheme Booklet is now out, with a Scheme Meeting on the 19th December, and expected implementation on the 18th Feb 2026. The IE (Grant Thornton) says “fair & reasonable“. 

• TMC is getting ready to complete its IPO in Korea in December 2025. The IPO price range is from 8,000 won to 9,300 won per share. 
• TMC is one of the largest Korean producers of specialty industrial cables used for shipbuilding, marine, optical cables, and nuclear power.
• At the IPO price range, the expected market cap of the company is from 193 billion won to 224 billion won. 

• Syrma SGS Technology is acquiring a 60% stake in Elcome Integrated Systems, with a path to 100% via performance-linked earn-outs, alongside Elcome’s simultaneous acquisition of Navicom Technology.
• This strategic move marks Syrma SGS’s formal entry into the high-barrier, long-cycle Indian defence electronics market, offering diversification from its core EMS business and aligning with India’s “Aatmanirbhar Bharat” initiative.
• The accretive nature, revenue visibility of over INR 400 crore, and design-led capabilities gained position Syrma SGS for a structural re-rating.

• Deepway Technology (DPWY HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMB.
• It positions itself as a global leader in new-energy heavy-duty trucks and intelligent road-freight solutions.
• Its mission is to use technological innovation to enable safer, more efficient, lower-cost, and environmentally sustainable freight movement worldwide.

• RPMGlobal is the subject of a binding acquisition proposal from Caterpillar at A$5.00 per share, representing a significant premium and a strategic move by Caterpillar to enhance its mining technology ecosystem.
• The company has successfully transitioned its business model to focus on high-margin, enterprise software solutions, divesting its advisory division to streamline operations and improve revenue predictability.
• While the acquisition offers an attractive valuation, the deal is subject to regulatory and shareholder approvals, with a high retail shareholder base posing a potential risk to the shareholder vote headcount test.

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• Exponent, Inc. delivered robust financial performance in Q3 2025, reflecting strong demand across its diversified portfolio.
• Revenues experienced a notable increase, with total revenues rising by 8% year-over-year to $147.1 million, and net revenues—a critical metric excluding reimbursements—increasing by 10% to $137.1 million.
• This growth was largely driven by heightened demand for dispute-related and reactive engagements across key sectors like energy, transportation, life sciences, and construction.

• Fortune Brands Innovations reported its third-quarter results for 2025, providing important insights into its current status and future outlook.
• The company’s performance in this period underscores both strengths and challenges within its business segments, amidst a fluctuating macroeconomic environment.
• Sales for Fortune Brands Innovations held steady at approximately $1.1 billion, remaining flat compared to the same quarter in 2024.

• Tenneco Clean Air India Ltd (1880671D IN) raised US$406m in its India IPO.
• TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
• We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

• CSW Industrials, a multifaceted company operating in diverse industrial segments, reported a robust performance in its fiscal 2026 second quarter.
• The company’s financial achievements were underpinned by strategic acquisitions and disciplined capital allocation.
• Revenue soared to a record $277 million, marking a 22% increase year-over-year, although largely driven by acquisitions like Aspen Manufacturing, PSP Products, and PF Waterworks.