Daily Brief Industrials: Lotte Rental, Comfort Systems Usa, Aequs Ltd, ICTSI, Dayforce, GE Vernova , GXO Logistics, Somec, BeeX , Chart Industries and more

• The next policy swing is mandatory tender offers (MTO), with the gov’t + ruling party pushing for passage this session, likely alongside the mandatory treasury-share cancellation.
• 2022 FSS/FSC 50%+1 trigger scrapped; 25% stays. Ruling party favors 50%+ MTO, base case 100%, but pushback may reduce to 70–80%.
• MTOs tighten discounts, benefit minority holders; focus on local holding firms, PE-backed exits, and parent-driven M&A prospects.

• CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.
• Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.
• Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.

• Aequs has a strong integrated aerospace ecosystem and deep OEM ties, but consolidated margins remain weak due to low overseas utilisation and losses in the consumer vertical.
• A robust ₹4,200–4,500 Cr aerospace backlog and India cluster scale provide visibility, but working-capital stretch and customer concentration elevate execution risk.
• View: Operating-Leverage story; valuation upside (₹180–200) requires utilisation lift and margin recovery. OFS-heavy structure and promoter dilution temper near-term sentiment.

• The initiation of A Container Port Terminal Product introduced our rationale for covering companies that possess monopolistic/oligopolistic characteristics, as evidenced by their historic pricing/volume growth.
• We initiated coverage on four such companies and have one in the pipeline on our screener, which we will initiate soon. 
• We like ICTSI (ICT PM) for its global growth and Asian Terminals (ATI PM) for its valuation, as well as pricing power, margins, ROCE, and other metrics. 

• Dayforce, as presented in the recent quarterly earnings call, exhibited a strong financial performance for the second quarter of 2025, surpassing the high end of its guidance across key metrics.
• The company reported a 14% year-over-year growth in Dayforce recurring revenue, excluding float, on a constant currency basis.
• This robust performance is attributed to strategic execution across sales channels, product innovation, and operational efficiencies.

• GE Vernova’s conference call highlights their recent strategic moves, notably the acquisition of the remaining 50% of Prolec GE, from their partner Xignux, marking a significant step in strengthening their presence in the transformer market particularly focused on North America.
• This acquisition fits within GE Vernova’s broader strategy of bolstering their Electrification segment, a critical growth area anticipated to benefit from increasing demands for grid stability and reliability due to expanded electrification needs such as those driven by data centers and digitization trends.
• The acquisition, valued at $5.275 billion, will be financed equally through cash and debt, and is expected to close by mid-2026.

• GXO Logistics reported strong results for the third quarter of 2025, showcasing solid financial performance and promising strategic developments.
• The company’s revenue reached a record $3.4 billion, reflecting 8% year-over-year growth with 4% of that being organic.
• This indicates robust expansion across all geographic regions, supported by significant new business wins totaling $280 million, up 24% from the previous year.

• BUSINESS DEVELOPMENT 9M 2025 On 17 November 2025, the Somec Group published key figures on its nine-month sales figures for the current financial year 2025.
• According to these figures, the Somec Group achieved a slight year-on-year increase in consolidated sales of 0.4% to € 271.1 million at the end of the third quarter (9M 2024: € 270.0 million), whereby growth would have been as high as 1.3% on a constant currency basis.
• The Somec Group’s nine-month growth was driven in particular by dynamic business development in the “Mestieri” division (9M segment growth: >15.0%).

Key points (machine generated)

• BeeX, listed on the Tokyo Stock Exchange as 4270, anticipates double-digit revenue and profit growth by February 2026, with its first dividend expected at that time.
• The company focuses on cloud solutions, particularly Digital Transformation and multi-cloud strategies, migrating corporate systems to the cloud.
• BeeX provides services such as cloud integration consulting, cloud license resale for major platforms, and Managed Service Provider operations for post-migration server maintenance.

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• Chart Industries, Inc. reported a strong performance for the first quarter of 2025, displaying an increase in both orders and sales compared to the corresponding period the previous year.
• The company’s strategic focus on diversification has contributed to broad-based demand across various segments, especially in the burgeoning liquefied natural gas (LNG) market.
• A significant achievement during the quarter was securing a contract for Woodside Louisiana LNG Phase 2, underscoring their specialized capabilities in IPSMR process technology.