Daily Brief Industrials: Lotus Horizon, Sekisui Jushi, Ferguson , Higashi Twenty One, Shin Pro Maint, Woojin I&S Co Ltd and more

• Lotus Horizon is a specialized subcontractor in Hong Kong’s facade and building metal works sector, a niche market driven by both new construction and renovation projects.
• The company’s recent financial performance shows significant stress, with revenue declining and a swing from a net profit of HK$3.2 million in FY2025 to a net loss of HK$3.3 million in FY2026.
• While the broader Hong Kong construction market is expected to stabilize, supported by government infrastructure spending, the company faces intense competition, high uncertainty, and a challenging environment for private sector projects.

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• In FY03/26, revenue was JPY78.2bn (+5.3% YoY), operating profit was JPY5.7bn (+13.4% YoY), recurring profit was JPY6.3bn (+14.9% YoY), and net income attributable to owners of the parent was JPY4.0bn (+12.2% YoY).
• Revenue reached a record high for the second consecutive year.
• In the Public Sector segment, revenue was JPY41.6bn (+7.1% YoY), supported by revenue growth in existing businesses and at WEMAS, and the addition of Riken Kogyo Inc., which became a subsidiary in December 2024.

• Ferguson Enterprises has moved to deepen its industrial exposure through a definitive agreement to acquire FWI Holdings, the parent of FloWorks, for $1.6 billion from Wynnchurch Capital.
• Announced on July 13, 2026, the transaction would add a flow-control distributor with approximately $1 billion of 2025 revenue, more than 60 locations across the United States and Canada, and exposure to chemicals, refining, power generation, semiconductors, pharmaceuticals, and data centers.
• Ferguson expects the purchase to close in the third quarter of 2026 and estimates about $45 million of revenue and cost synergies, implying an acquisition multiple near 10 times last-twelve-month adjusted EBITDA after expected synergies.

Key points (machine generated)

• HIGASHI HOLDINGS CO., LTD. forecasts record-high sales and profits for FY3/27 despite global economic uncertainties.
• In FY3/26, the company achieved a 20.5% increase in net sales and a 47.6% rise in operating profit, exceeding revised forecasts.
• The Medium-Term Management Plan 2028 sets ambitious targets of ¥61 billion in net sales and ¥4.4 billion in ordinary profit by FY3/28.

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• Revenue increased 12.2% YoY to JPY7.6bn, driven by strong results in Emergency and Preventive Maintenance Services.
• Gross profit was JPY1.8bn (+13.5% YoY), with a GPM of 23.4% and an OPM unchanged at 6.6%.
• Shin Maint Holdings announced business integration with Sanki Service Corporation, impacting corporate name and director changes.

• Woojin I&S is demonstrating a significant operational turnaround, with substantial revenue growth and a return to profitability in the latest full year after a period of considerable losses. This recovery is supported by strong growth drivers in its key end-markets.
• The company’s valuation appears attractive relative to peers, with low P/E and P/B ratios. This, combined with high scores on Value, Growth, and Momentum metrics, suggests a potentially undervalued investment opportunity.
• Despite the positive momentum, the company exhibits high financial volatility, with significant swings in profitability and cash flow. This historical inconsistency presents a key risk for investors and points to a high degree of uncertainty in future performance.

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