Daily Brief Industrials: Honeywell International, Beijer Ref , Cardinal Infrastructure, Enerchina Holdings, Ningbo Joyson Electronic, Volvo AB and more

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

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• Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
• The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
• Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
• The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
• Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

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• Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
• It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
• The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
• However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.