Daily Brief Industrials: Koryo Credit Information Co, JSW Infrastructure, Restore, GDS Global, Menon Bearings, Mirait Holdings, Nac Co Ltd, Northern Bear, PicS, Superland Group Holdings and more

• Dominant Market Leader with Counter-Cyclical Resilience: Koryo Credit Information is the undisputed leader in the South Korean debt collection industry, commanding a significant and growing market share. The business model is inherently counter-cyclical, as economic downturns and rising interest rates typically lead to an increase in non-performing loans (NPLs), directly boosting demand for the company’s core services.
• Strong Financial Performance and Cash Flow Generation: The company exhibits a consistent track record of revenue and net income growth, supported by a high-margin, asset-light business model. This structure allows for robust operating and free cash flow generation, as it does not require significant capital expenditures for growth.
• Commitment to Shareholder Returns: Koryo has demonstrated a strong and growing commitment to returning capital to shareholders, evidenced by a high dividend yield and a multi-year history of consistent dividend growth. The company’s proactive stance on shareholder returns is a key component of its investment thesis.

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• JSW Infrastructure, India’s second-largest private port operator, reported 18% YoY revenue growth in Q1 FY27, while PAT declined 8% amid Fujairah disruptions and higher finance costs.
• The INR 7,503 crore QIP, investment-grade Moody’s rating and INR 16,500 crore FY27-FY28 capex plan strengthen funding visibility for the company’s 400 MTPA capacity target.
• Port expansions, logistics scale-up, rake additions and Fujairah normalisation will be the key future growth drivers shaping revenue, margins and the FY30 capacity roadmap.

• Strong H1 performance.
• Revenue increased 21%, driven by a broadly equal mix of organic and acquisitive growth, with adjusted PBT up 23% and adjusted EPS up 24%, supporting full-year expectations.
• Orderly CEO succession.

• GDS Global Limited (“GDS”) is a leading specialist provider of commercial and industrial door and shutter solutions in Southeast Asia with expanded capabilities in structural steel, metal engineering, and architectural aluminium solutions in Singapore.
• Backed by its strong technical expertise, proprietary know-how and technology-based solutions, the Group’s extensive range of door and shutter systems can be tailored to the specific needs and requirements of its customers.
• Underscoring its technology-driven edge in providing defence and safety shutter solutions, GDS is the first Singapore manufacturer that can offer steel insulated fire shutters with an insulation value of up to 240 minutes.

• Q1 FY27 delivered record revenue of Rs. 94.0 Cr, up 37% year on year, with Bi-Metal up 40% and margins holding through a raw material and freight squeeze.
• Capacity is already in place for roughly Rs. 500 Cr in revenue, so incremental growth requires modular machining spend rather than a fresh capex cycle.
• Stock trades at 25.1x FY27E and 17.8x FY28E earnings, and we believe it can be a multi-year compounder. 

Key points (machine generated)

• MIRAIT ONE Corporation, formed in July 2022, reported record-high FY3/26 results with orders up 4.7% and operating profit up 22.4%.
• The company aims to evolve from traditional telecommunications to a broader social infrastructure provider using its Full-Value Model.
• For FY3/27, MIRAIT ONE projects a 9.6% increase in net sales and a 16.7% rise in operating profit, supported by a medium-term management plan focused on strategic transformations.

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Key points (machine generated)

• Nacoo (TSE: 9788) operates in a challenging market but maintains strong core operations.
• The company focuses on the rental sector and offers products like home delivery water and water purifying servers.
• For the fiscal year ending March 2026, Nacoo reported a 1.5% decline in sales and a 17.4% decrease in operating profit.

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• The FY to 31 March 2026 included a non-recurring profit of around c.£1.5m. A special 5p dividend has been proposed.
• The underlying revenue increased by 10.5% to £86.1m, the Gross Profit increased 14.2% to £21.95m and there was a modest 6.1% increase in administration costs.
• The construction and macroeconomic background is challenging with supply chain and labour cost increases industry wide enabling some passing price rises onto customers.

• Operational execution remains solid with quarter-over-quarter revenue and sales growth, but improving fundamentals have yet to translate into stronger share performance. 
• The IPO-day high of $19.95 remains the stock’s 180-day peak, with shares falling to $8.32 before recovering modestly.
• Investor skepticism toward Brazilian fintechs and fierce industry competition continue to weigh on valuation despite positive business momentum.

• Superland Group (368 HK) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. I expect a Scheme Offer from founder/chairman/CEO Ng Chi Chiu, who currently holds 75%.
• Superland, a high-end indoor home and commercial decorator/renovator, was listed in July 2020 at HK$0.63/share.
• The stock is up >600% in the past year. Yet remarkably, is 50% adrift off its all-time high last month. Expect a takeunder. Currently trading with total disregard to fundamentals.