Daily Brief Industrials: Kawasaki Heavy Industries, Reclaims Global, Honeywell International, Nortek Inc, Oval Corp, Petards Group, Sigmaxyz Inc, Singapore Technologies Engineering, STG, Takuma Co Ltd and more

• Kawasaki Heavy Industries (7012 JP) is down about 9% outright since a Reuters article mid-day 1 July suggested they’d be raising equity.  TOPIX is up tiny in the same period. 
• An equal-weighted basket of Mitsubishi Heavy Industries (7011 JP) and Kawasaki Heavy Industries (7012 JP) is up 2.25%. The KHI/Peers ratio had already come off recent highs too.
• At a discount today’s close, this looks like a good deal relative to peers, but it isn’t a total no-brainer.

• Revenue visibility improves meaningfully.
• Reclaims’ wholly owned subsidiary, Reclaims Enterprise, was recently awarded two earthworks contracts with an aggregate value of approximately S$9.55m.
• Together with contract wins announced since November 2025, these projects expand the Group’s order pipeline and improve revenue visibility across FY2027 FY2028. 

• Our estimations for FY 2026 (ending December 2026) annual revenue range at around $39,314 million and for 2027 at around $41,083 million.
• The company’s annual revenue reached $37,442 million in FY 2025 compared to $34,717 million in 2024, posting an annual increase by 7.85%.
• During FY 2025, EBITDA amounted to $8,208 mil- lion, while EBT and EATAM settled at $5,476 million and $4,729 million respectively.

• Nortek Inc. no longer exists as a publicly traded entity. Following its acquisition by Melrose Industries in 2016 for approximately $2.8 billion, the company was delisted and its various divisions were subsequently sold off to different buyers.
• The two primary segments of the former Nortek have new ownership: the HVAC business (Nortek Global HVAC) was acquired by Madison Industries in 2021 and later by Rheem in 2024, while the home technology and security business (Nortek Control) was acquired by Italian company Nice S.p.A. in 2021.
• Due to the sale and breakup of the company, a forward-looking financial analysis and valuation of the historical Nortek Inc. is not applicable. The investment thesis has shifted to the performance and strategy of the acquiring companies (Rheem and Nice S.p.A.) and their integration of the former Nortek assets.

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Key points (machine generated)

• FISCO Ltd.’s report indicates Oval’s increased revenue and profit for the fiscal year ending March 2026, with positive expectations for the following year.
• Founded in 1949, Oval is a leading manufacturer of fluid measurement instruments, focusing on flow meters and related services.
• The company aims to become ‘Asia’s No.1 Sensing Solution Company’ by March 2032, under its medium-term management plan ‘Imagination.’

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• The minerals exploration and development Company has entered into a conditional agreement with Venari Minerals Ltd, listed on the ASX, to acquire 100% of the fully paid ordinary shares in the capital of Knox Resources Pty Ltd, a wholly owned subsidiary of Venari.
• Knox is the 100% legal and beneficial owner of the Georgina Basin Iron-Oxide Copper Gold project, comprising a tenement package totaling approximately 2,500 km² located in the Northern Territory, Australia.
• The Acquisition is subject, inter alia, to the satisfactory completion of due diligence by the Company.

Key points (machine generated)

• Sigmaxis Holdings reported record highs in operating and ordinary profit for the fiscal year ending March 2026, despite a 9.4% decrease in sales.
• The company focuses on corporate transformation through Digital Transformation (DX), Management Transformation (MX), and Service Transformation (SX).
• Sigmaxis is enhancing its collaborative consulting approach by initiating partnership discussions with CCT.

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• Institutional net outflow totaled S$140.4M through 13 July, while Industrials recorded S$170.2M net institutional inflow.
• Singapore Airlines, SATS, and Singapore Technologies Engineering led Industrials inflow, with significant net institutional inflows relative to ADT.
• Technology sector had S$580M net inflow in 1H26, but S$90.5M outflow through 13 July, reversing prior gains.

Key points (machine generated)

• STG specializes in manufacturing magnesium alloy components for various industrial applications.
• The company provides services like mold design, metal casting, machining, and surface treatments, mainly for the automotive sector.
• In the fiscal year ending March 2026, STG reported consolidated sales of 6,815, indicating strong market positioning.

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Key points (machine generated)

• FISCO Ltd. reports strong financial performance and growth prospects for Takuma (TSE: 6013).
• Takuma is projected to achieve its highest net profit for two consecutive years by March 2026, with continued growth expected through March 2027.
• The company’s revenue primarily comes from domestic environmental and energy sectors, with expanding international operations in Southeast Asia and Taiwan.

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