Daily Brief Industrials: Doosan Enerbility, RoboTechnik IntelligentTechnology, ASL Marine, Fuji Electric, Hunan Yuneng New Energy Battery Material, Arcadis NV, Pacific Radiance, Grab, Waste Connections , Direct Drive Tech and more

• In this insight, I provide an investment thesis on Doosan Enerbility (034020 KS) which is a Korean nuclear powerhouse. 
• In addition, I highlight the likely pre-IPO investment in Westinghouse Electric (US) which is likely to occur in 4Q 2026/1Q 2027. 
• Despite the long-term higher demand for nuclear and SMRs made by Doosan Enerbility, I remain wary of the company’s high valuation multiples and worsening balance sheet.

• RoboTechnik is a global provider of manufacturing equipment and systems for the PV and SiPh industries, ranking first in intelligent SiPh equipment by revenue in 2025.
• RoboTechnik ranked first globally in intelligent SiPh manufacturing equipment by revenue in 2025 with a 20.5% market share.
• Net cash generated from operating activities was RMB232,602 for 6M2026, with cash and cash equivalents at RMB463,646 as of June 30, 2026.

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• We think ASL Marine is a differentiated play on the Asia Pacific marine infrastructure and offshore vessel markets with its vertically integrated model.

• Its extensive shipyard infrastructure, chartering fleet, alongside proprietary dredging engineering capabilities, allow the company to capture value across the asset lifecycle.

• ASL Marine’s operating cash flows have  supported an ongoing fleet renewal and deleveraging of its balance sheet.

• Earnings up, multiple down: FY26 guidance and Energy orders are rising while Fuji’s EV/EBIT has compressed to ~13x.
• Energy is mispriced: High-margin Energy has strong backlog and capacity expansion, yet trades below global electrification peers.
• Catalyst-Rich asymmetry: Results, backlog conversion and data-center growth could drive re-rating; High/Low valuation implies ~2.9x reward-to-risk.

• Hunan Yuneng New Energy Battery Material (301358 CH) (HYNEB), a new energy materials company, aims to raise around US$600m in its H-share listing.
• HYNEB focuses on the research and development, manufacturing and sales of phosphate-based cathode materials, primarily lithium iron phosphate (LFP) cathode materials.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• WSP has walked after Arcadis refused to engage, despite room to improve its €51.50 proposal; ownership, culture and independence may have mattered more than we assumed.
• Our €39 break value proved broadly accurate, but we assigned too little probability to that outcome. At €40.22, most of the takeover premium has disappeared.
• We recommend LONG: our €47 standalone value offers 16.9% upside, with the 29 September Capital Markets Day the immediate test of Arcadis’ standalone plan.

• Pacific Radiance is a post-restructuring recovery story in the offshore marine sector.

• After a court sanctioned debt restructuring in 2022, it has rebuilt a smaller business that has returned to accounting profitability around offshore support vessel (OSV) chartering and its
  Singapore shipyard.

• The shares trade at a discount to both net asset value and peers, perhaps reflecting concerns around earnings quality (including from the SGX’s queries), related party transactions, a concentrated register and founder Pang Yoke Min’s role as both Executive Chairman and CEO.

• FY 2025 generated net profit, removing bankruptcy risk for Grab (GRAB US) .
• Grab posted strong revenue growth momentum, achieved record revenue, and had positive FCF while it was trading at a discount to its global peers. 
• Its CEO, Anthony Tan, bought back around USD 30 million worth of Grab shares recently. 

• Waste Connections, Inc. reported second-quarter 2026 revenue of $2.562 billion, up 6.4% year-over-year.
• Adjusted EBITDA increased 6.8% to $840.1 million, while margin expanded to 32.8%, including 70 basis points of underlying improvement.
• Margin growth reflected favorable price-cost spreads, improved employee retention, safety performance, and AI-driven efficiencies.

• Commoditization of Consumer Modules: Direct Drive Tech dominates China’s consumer-grade direct-drive actuator module market with a 61.1% share, but these high-volume units sell for a rock-bottom average price of RMB 29, leading to compressed gross margins of 17.2% due to intense buyer power.
• Structural Bifurcation in Actuation: While direct-drive (DD) architectures offer zero backlash, low noise, and rapid response for low-payload household sweepers and wheeled-legged robots, they cannot structurally replace traditional harmonic gears in heavy-payload, high-stiffness industrial arms, representing a fundamental limit to the addressable market.
• IPO Capital as a Crucial Lifeline: Listing under HKEX Chapter 18C to raise up to HKD 1.08 billion is a critical funding event; despite rapid revenue growth to RMB 200.3 million in 1H 2026, the company suffered an operating cash outflow of RMB 64.79 million in the same period against a cash reserve of RMB 294 million, leaving a short runway without public capital.