Daily Brief Industrials: Jardine Matheson Holdings, LS Marine Solution, Hindustan Aeronautics , Daiseki Eco. Solution, Vicor Corp, Cosin Solar Technology Co, Chorus Aviation, ICTSI, Deutsche Post, Omni-Lite Industries Canada and more

• The prior MO for the Jardines group was never sell your commercial buildings. This year marks a paradigm shift in that line of thinking. 
• First Hongkong Land (HKL SP) sold nine floors of One Exchange Square to HKEX (388 HK). The first such sale since 1988.
• Now Mandarin Oriental (MAND SP) is negotiating the sale of “certain office space” at One Causeway Bay. Jardine Matheson (JM SP)‘s NAV discount and implied stub are at 12-month lows/highs.

• In this insight, we provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2025.
• The 7 potential additions are up on average 164% YTD. The 8 potential deletion candidates are down on average 25.1% YTD. KOSDAQ is up 26% YTD.
• The average market cap of the 7 potential additions is 1,515 billion won. The average market cap of the 8 potential deletion candidates is 275 billion won.

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
• We see no changes for NIFTY 50 and three changes for NIFTY 100 (which would result in similar changes to NIFTY Next 50).

• Daiseki Eco. Solution (1712 JP) has recommended a tender offer from Daiseki Co Ltd (9793 JP) at JPY1,850, a 54.3% premium to the last close.
• The offer is attractive as it is above the midpoint of the target IFA DCF valuation range and represents a three-year high. 
• The low required minority tendering rate facilitates completion. The tender runs from 3 October to 17 November.  

• Vicor is a highly innovative designer and manufacturer of high-density, high-efficiency modular power solutions, positioning it as a key enabler for demanding applications in artificial intelligence (AI), high-performance computing (HPC), automotive, and aerospace.
• The company’s proprietary technologies and vertical integration provide a technological moat; however, the business faces significant risks from customer concentration, intense competition from larger semiconductor players, and market cyclicality.
• Financial performance has been volatile, with recent margin compression and analyst downgrades creating uncertainty, yet the company maintains a strong balance sheet and is poised to capitalize on long-term secular growth trends in electrification and data center power demands.

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• Cosin Solar Technology Co (SUPCOZ CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International.
• Cosin Solar Technology Co. (CST) is a Chinese company specializing in concentrated solar power (CSP) solutions, particularly molten salt tower systems. 
• The company’s main business lies in providing the collector system and other core sub-systems essential for constructing large-scale CSP plants.

• Chorus Aviation is repurchasing 8% of shares at C$23.00–C$25.00, offering C$45 risk-free upside; tender expires November 10.
• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition, potentially forcing a higher bid before October 23 meeting.
• Forian’s $2.10/share go-private proposal by a founder-led consortium is under review, with shares trading at offer price.

• The ICTSI (ICT PM), the largest container port terminal operator in the Philippines (also with a global presence), trades at 17x PE, 9x EV-EBITDA trailing, with a dividend yield of ~3.2%.
• The company operates container terminals efficiently, boasting EBITDA and net margins of 65% and 31%, respectively, and improving ROCE metrics exceeding 20% (averaging 14% over the past decade).
• The company demonstrates strong pricing power in a challenging global environment, presenting an opportunity to explore further if additional market corrections occur.

• In this edition: • Just Eat TakeAway.com | Prosus declares offer unconditional • TomTom | expands its partnership with Hyundai AutoEver • Triodos Bank | closed proposed settlement deal with 82.4% of its depository receipt holders • DHL | buys out its APM partner in Poland • E-commerce & Logistics | Greek e-com association calls for levy on Chinese parcels

Key points (machine generated)

• Omni-Lite is a specialized components manufacturer focused on the aerospace market with facilities in California, New Hampshire, and Ontario.
• The company operates three business units: a metal forging facility, an electronics division acquired in 2018, and a metal castings operation acquired in 2022.
• Under CEO Dave Robbins, who owns 3.8% of the company, Omni-Lite is positioned for growth in unique, low-volume parts, making it an attractive investment opportunity.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.