Daily Brief Industrials: Ferrovial, Matsuya R&D, Marubeni Corp, KEI Industries, bpost SA, Elbit Systems , Sanki Engineering, Stantec , Tetra Tech Inc, Transdigm Group and more

• Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.
• Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.
• Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.

• Matsuya R&D (7317 JP) has recommended a preconditional tender offer from Omron Corp (6645 JP) at JPY1,110, a 22.8% premium to the last close price.
• While the offer represents an all-time high, it is light as it is 22% below the midpoint of the target IFA DCF valuation range. 
• This is a done deal, as the lower limit is marginally above the level of irrevocables. Timing is the key risk with the offer expected to start in late June.

• Re-Rating delivered; stock now reflects spot copper (~$11.5k) and sustained mid-teens ROE, limiting multiple-led upside.
• Non-Resource platforms (leasing, agri) are stabilizing earnings; further upside depends on faster platform scaling and capital returns.
• Fair value ~¥4,550 on spot EPS; Hold bias with asymmetric downside if copper or FX turns.

• KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
• It operates in three segments- Cable and wire (C&W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
• It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.

• In this edition: • Aegon | healthy appetite for Aegon UK • Magnum Ice Cream Co. | Ben Cohen: conflict with MICC is intensifying • Philips | to acquire SpectraWAVE • PostNL / bpost | EU plans EUR 3 levy on non-EU parcels as of 1 July 2026

• Elbit Systems Ltd. reported strong financial performance in the third quarter of 2025, showing sustained growth and improved profitability.
• The company’s revenue reached $1.922 billion, marking a year-over-year increase of 12% from $1.718 billion in 2024.
• This indicates solid growth within a challenging global defense market, highlighting increasing demand for Elbit’s solutions, especially in Europe and Israel.

Key points (machine generated)

• Sanki Engineering, listed as <1961> on the Tokyo Stock Exchange, specializes in industrial air conditioning systems and effective construction management.
• The company offers a range of services including planning, design, manufacturing, and consulting for various sectors like office buildings, schools, and hospitals.
• In its interim report for March 2026, Sanki reported sales of 101,970 million yen (3.8% decrease) but an operating profit increase of 10.4% to 6,541 million yen.

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• Stantec Inc.’s third-quarter 2025 financial performance reflects a mix of organic growth, strategic acquisitions, and diversification across various markets.
• The company reported $1.7 billion in net revenue for the quarter, marking an almost 12% increase compared to the prior year.
• This growth was evenly driven by a healthy combination of organic and acquisition-related activities, each contributing over 5%.

• Tetra Tech has reported strong financial results for the fourth quarter and the full fiscal year 2025, demonstrating robust growth across various sectors.
• The company achieved record highs in net revenue, operating income, and earnings per share for the period.
• Specifically, the fourth quarter saw net revenue reach $1.07 billion, marking a 10% increase from the previous year, while operating income rose by 23% to $168 million.

• TransDigm Group Inc. has concluded its fiscal year 2025 with a robust performance, showcasing its distinct strategy in aerospace markets.
• The company focuses on maintaining a steady intrinsic shareholder value across all aerospace cycle phases, leveraging proprietary aerospace businesses with significant aftermarket content.
• This strategy has shown results, as approximately 90% of TransDigm’s net sales are derived from unique proprietary products and a substantial portion of the EBITDA from aftermarket activities, generally providing higher margins and stability during downturns.