Daily Brief Industrials: Hitachi Construction Machinery, Contemporary Amperex Technology (CATL), Virgin Australia Holdings, Hyundai Elevator Co, SITC International, Andersen Group, Bwx Technologies, Qingtao KUNSHAN ENERGY DEVELOPMENT, SGX Baltic Capesize Time Charter Average (5 Routes) 180 Futures, Alfen and more

• Hitachi Ltd (6501 JP) is looking to raise around JPY116bn(US$730m) via a cleanup in Hitachi Construction Machinery(6305 JP), comprising 21.46m shares(~10.1% of voting rights), as per the company’s press release.
• Hitachi Construction Machinery Co (HCMC) is a Japanese company that designs, manufactures, sells, and services construction and mining equipment.
• In this note, we will talk about the possible deal dynamics.

• CATL has committed ~Rmb15.5bn across Zhongheng, VNET and DeepSeek in five months — roughly 0.9% of its market cap. None of the three consolidates. Near-term earnings impact is nil.
• The market has declined to pay: shares are down 1.3% over the three sessions since the 14 August definitive signing, and sit 17% below the 52-week high.
• We remain BULLISH with unchanged FV of Rmb500/share. The AI programme cost Rmb3.37/share; one turn of multiple is Rmb21/share. Own CATL for the batteries, consider this option attached for free.

• Bain Capital raised around US$440m via selling some of its stake in Virgin Australia (VAH AU) IPO in June 2025. All of Bain’s stake could be released from escrow soon.
• Virgin Australia (VA) is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
• In this note, we will talk about the lockup dynamics and possible placement.

• On 18 August, WSJ reported that the Donald Trump wants to meet North Korea’s Kim Jong-Un as soon as this fall.
• There is a trade involving this event which is to go long on a basket of stocks related to North Korea reconciliation leading up to meeting between Trump and Kim.
• I provide a list of 10 Korean stocks that could benefit from a reconciliation with NK. A key risk with this trade is if Trump and Kim never meets again.

• SITC International (1308 HK)‘s 1H26 net profit grew 7.4% despite a challenging environment. Its interim dividend payout ratio increased by 5.2pp as net cash surged. 
• The outlook remains decent as fuel, charter and port handling charges elevate freight rates. So far in 2H26, China-SE Asia and China-Korea freight rates are higher YoY. 
• The market is underestimating the 2H26 earnings, implying upgrade potential. Its 12.3x PER and 5.4x P/B are undemanding given high ROE and net cash on hand.

• Andersen Group Inc. provides independent tax, valuation, and financial advisory services to clients in the United States. The company differentiates itself by not providing audit services, offering a comprehensive suite.
• Andersen Group achieved a 15% revenue CAGR from 2003 through 2025. Over 70% of 2025 revenue came from clients engaged for more than three years.
• As of June 30, 2026, total assets were $571,487 and total liabilities were $540,033. Revenue for the six months ended June 30, 2026, was $458,404.

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• BWX Technologies reported its second quarter 2026 results with revenue reaching $902 million, marking an 18% increase year-over-year, including 9% organic growth.
• Adjusted EBITDA rose 7% to approximately $155 million, while adjusted earnings per share increased 5% to $1.07.
• The company raised its full-year free cash flow guidance by $30 million to a range of $345 million to $360 million, supported by disciplined working capital management and controlled capital expenditures, which totaled $41 million for the quarter.

• Qingtao KUNSHAN ENERGY DEVELOPMENT (QEDG) plans to raise around US$900m in its upcoming Hong Kong IPO.
• QEDG manufactures solid-liquid hybrid and all solid-state batteries for electric vehicle (EV) and energy storage system (ESS) applications.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Capesize futures gained 87% in H1 2026, with June’s 35% reversal erased as Middle East tensions eased, before prices recovered in July.
• Chinese commodity demand remains a key support: YTD iron ore imports rose 6.4%, aluminium ores 18%, while longer Guinea- and Brazil-origin voyages tighten effective Capesize supply.
• Options positioning remains more bullish for Capesize: H1 put/call ratio was 0.38 versus 0.47 for Panamax, with August Capesize calls nearly three times puts and 40k a key upside strike

• In this edition: • a.s.r. Nederland | solid 1H26; Aegon integration completed, momentum intact • ING | reduces stake in TMBThanachart Bank (TTB) • InPost | EU clearance for the proposed takeover of InPost by the consortium • Alfen | reiterates FY26 as well as FY27 guidance • TomTom | Orbis Maps selected by Cedar Electronics • E-commerce & Logistics | Amazon brings AWD to Europe