In today’s briefing:
- [Quiddity Index] August Global Index Japan ADDs – Differing Peer Dynamics – Kawasaki Heavy (7012 JP)
- Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?
- SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24
- What’s News in Amsterdam – 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)
- [Hesai Group (HSAI US, BUY, TP US$35) Review]: Rapid Cost Down Continued Driving Penetration
- Lennox’s $550 Million HVAC Play: What The NSI Industries Acquisition Could CHANGE For The Cooling Giant!
[Quiddity Index] August Global Index Japan ADDs – Differing Peer Dynamics – Kawasaki Heavy (7012 JP)
- On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
- 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
- These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.
Mangal Electrical IPO: A Strong Force in Transformer and Power Solutions?
- MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
- MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
- MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.
SoilBuild Construction Group Limited: Soilbuild’s 1HFY25 Earnings Soar Past FY24
- Soilbuild delivered a stellar financial performance in 1HFY25.
- The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
- 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.
What’s News in Amsterdam – 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)
- In today’s edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US
[Hesai Group (HSAI US, BUY, TP US$35) Review]: Rapid Cost Down Continued Driving Penetration
- HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate.
- ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%;
- Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.
Lennox’s $550 Million HVAC Play: What The NSI Industries Acquisition Could CHANGE For The Cooling Giant!
- Lennox International Inc.’s second quarter results provide a comprehensive view into the company’s operational dynamics amidst current market challenges.
- The firm’s achievement of a 3% revenue growth and margin expansion to 23.6% indicates a robust performance driven by strategic product offerings, particularly the transition to low global warming potential (GWP) R-454B products.
- This transition seems to have been majorly successful, with approximately 90% of Lennox’s sales now comprising R-454B refrigerant, enhancing product mix and overall profitability.
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