In today’s briefing:
- Hanwha Aerospace and Other Hanwha Affiliates Now Own 15.9% of KAI – Next Move?
- NIDEC Corp. (6594 JP): JP¥1tn Shock Has Not Finished the Job: Price Discovery Is Still Ahead
- BYD (1211): Mid-Term Value Opportunity
- Yinson (YNS MK): MISC Re-Affirms Talks. But Terms Not Firmed
- Bodycote: CVC Walks, Veritas Pays You to Wait
- Samsung SDI (006400): Re-Rate Soon
- Chairmen Build Stakes as Seatrium Doubles Buyback Programme
- Aequitas: Direct Drive IPO Trading – Lowest Insti Demand For The Year
- Primer: EasyPost – 28 Sep 2026
- Primer: Path Robotics – 28 Sep 2026
Hanwha Aerospace and Other Hanwha Affiliates Now Own 15.9% of KAI – Next Move?
- In the past several months, Hanwha Group companies purchased additional shares in Korea Aerospace Industries (KAI) so their combined stake is now 15.89%.
- Hanwha Aerospace owns 9.9% stake in KAI, followed by Hanwha Systems (4.98%), and Hanwha Aerospace USA (1.01%).
- I provide four main scenarios of the potential next moves by the Hanwha Group companies regarding Korea Aerospace Industries.
NIDEC Corp. (6594 JP): JP¥1tn Shock Has Not Finished the Job: Price Discovery Is Still Ahead
- The ¥1tn impairment remains unconfirmed, but the market has already lost ¥500bn — pricing roughly half the reported accounting damage.
- EV motors delivered <40% of target revenue, China share has effectively disappeared, and the CEO exit leaves a governance vacuum.
- AVOID / REDUCE: ¥2,000 target; wait for audit resolution as ¥2,405 still offers little margin of safety and downside remains asymmetric.
BYD (1211): Mid-Term Value Opportunity
- Overseas revenue is 60-100% more profitable, and interestingly, it has reached more than 50% of BYD’s total revenue for the first time.
- The recent recall is not significant enough to dent the group’s overall business. BYD Company (1211 HK) has one of the highest overseas sales contributions compared to the peers.
- The lower valuation, combined with a stronger operation including higher overall margin thanks to the growing overseas business, presents an opportunity to own BYD.
Yinson (YNS MK): MISC Re-Affirms Talks. But Terms Not Firmed
- Yinson Holdings (YNS MK), an energy infrastructure play, has re-affirmed privatisation talks with MISC (MISC MK), the founding Lim family, and EPF, at RM2.35/share, by way of a Scheme.
- Yinson Legacy, a vehicle tied to Yinson’s exec chair Lim Han Weng and his family hold 27.68%. EPF intends to roll-up its 17.09% into a back-end unlisted vehicle.
- Indicative terms are light. MISC will be able to unlock material interest savings rolling up Yinson’s debt exposure. 1H27 results are out tomorrow.
Bodycote: CVC Walks, Veritas Pays You to Wait
- CVC has withdrawn under Rule 2.8, leaving Veritas Capital’s recommended 940p acquisition as the only live offer.
- At 918p, Bodycote offers a 2.40% gross spread and approximately 5.3% annualised return to the expected 15 March Effective Date.
- Shareholder meetings are scheduled for 21 October, with regulatory approvals across the US and Europe the main remaining source of timing risk.
Samsung SDI (006400): Re-Rate Soon
- Samsung SDI (006400 KS) returned to profitability earlier than expected, thanks to the pivot to AI data center back up system and key EV partnerships.
- Contrary to popular belief, the AMPC (credit for being green in the US), is still active and contributed to SDI’s bottom meaningfully.
- As the valuation is relatively depressed right now, we should expect some sort of the Value Up program to kick in and the share price should re-rate.
Chairmen Build Stakes as Seatrium Doubles Buyback Programme
- Over five sessions, 60 director interests and substantial shareholdings were filed, including 23 acquisitions and two disposals by directors/CEOs.
- Seatrium launched a new S$200 million Share Buyback Programme, funded from existing cash, doubling the previous programme.
- Alan Goh of Katrina Group sold 12.6 million shares, reducing his interest to 76.7%, with BYD By 1826 acquiring 5%.
Aequitas: Direct Drive IPO Trading – Lowest Insti Demand For The Year
- Direct Drive Tech (DDT HK) raised US$138m in its Hong Kong IPO.
- Direct Drive Tech Limited (DDT) is a China-based robotics technology company that specializes in direct drive technology as its core capability.
- We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.
Primer: EasyPost – 28 Sep 2026
- In May 2021, EasyPost said it had entered the year with a $100M revenue run rate after achieving record growth in 2020, when the COVID-era e-commerce boom increased demand for parcel shipping and multi-carrier logistics software.
- EasyPost's most recent priced round was a $25M Series B-2 in September 2021, valuing the company at $1.52B post-money.
- The 2026 UCC foreclosure auction of approximately 16% of EasyPost's outstanding common shares signals potential stress or leverage at the shareholder or financing level, and although the auction involved an equity interest rather than operating assets, it introduces governance and capitalization risk as the company invests in enterprise sales, AI, and international expansion.
Primer: Path Robotics – 28 Sep 2026
- Path Robotics has raised approximately $370 million, according to management in September 2026.
- Management said the 2025 growth spanned at least 14 industrial customers and expects another 3x revenue increase in 2026.
- At the July 2026 MACHINA Summit, CEO Andy Lonsberry said Path’s revenue had increased 15x over the preceding 15 months.
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