Daily Brief Industrials: Ferrovial, Milestone Gears Ltd, Southwest Airlines Co, Wintermar Offshore Marine, Sedemac Mechatronics Ltd, Css Holdings, VAT Group, Fuluhashi EPO and more

• Ferrovial sits in a strong position for Nasdaq-100 second-round inclusion, with several incumbents likely to drop below rank 125.
• Inclusion could trigger ~$315M passive inflows and broaden U.S. investor ownership.
• Fundamentals already reflect a U.S.-centric infra operator, supported by JFK NTO and toll-road ramp-ups through 2027.

• Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
• MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
• According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.

• Southwest Airlines was founded in 1966 by Herb Kelleher and Rollin King in San Antonio, Texas based on the idea of creating a triangle route between Dallas, San Antonio, and Houston.
• Southwest Airlines was able to avoid federal regulation by operating solely within the state of Texas and establishing a profitable business model with consistent profitability.
• Southwest Airlines revolutionized the airline industry by offering affordable and convenient flights within Texas, challenging the traditional business model of major airlines and achieving long-term success.

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• Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
• The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
• Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.

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• Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
• SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
• SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.

Key points (machine generated)

• CSS Holdings achieved record-high performance for the fiscal year ending September 2025.
• The company operates in three sectors: Steward, Food Service, and Space Production.
• CSS Holdings aims to expand operations in line with its medium-term management strategy.

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• We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&P 500 (SPX) from 4/22/25 to 11/18/25.
• After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
• We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 

Key points (machine generated)

• Fullhashi EPO Co., Ltd. held a briefing on December 4, 2025, to discuss Q2 financial results for the fiscal year ending March 2026.
• Key participants included President and CEO Naohiko Yamaguchi and Director Toru Ueno.
• The presentation highlighted the company’s commitment to sustainability and included necessary disclaimers and disclosures.

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