Daily Brief Industrials: LS Marine Solution, Johns Lyng, Air Lease Corp, Hesai Group, Inpost, Herc Holdings , Amaero International Ltd and more

• Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable & System is pushing forward with an EB worth 400 billion won. 
• The target stock to be used in the EB is LS Cable’s shares in its subsidiary LS Marine Solution. 
• LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.

• On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder (17.62%), was supportive.
• Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.
• The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says “fair & reasonable“.

• The Johns Lyng (JLG AU) IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.
• The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  
• The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. 

Key points (machine generated)

• Air Lease is trading at 0.9 times its book value and is expected to double its earnings in three years.
• Factors contributing to earnings growth include new aircraft deliveries, increased yields from extended leases, and the end of lower-rate COVID-era leases.
• A potential stock buyback announcement is anticipated due to the company’s excess capital position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
• The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• In this edition: • ABN Amro | launches a neobank alternative aimed at youngsters • Aegon / a.s.r. Nederland | Aegon reduced its stake in ASR; ASR absorbs EUR 105m itself • InPost | post earnings call comment: investment case remains intact • Dutch CPI | consumer prices rose 2.8% YoY in August

Key points (machine generated)

• Herc Holdings (HRI) is the third-largest equipment rental company, recently acquiring H&E to strengthen its market position.
• HRI has improved its operations since separating from Hertz, adopting successful strategies from industry leaders.
• Despite a narrower competitive advantage, HRI is seen as undervalued with resilient earnings expected even during recessions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• The company has announced new revenue guidance for FY26 in the range of A$30-35m with a 40/60 split to H1/H2.
• The revenue guidance was given during a webinar following the announcement of a five-year exclusive supplier and development agreement with Titomic (ASX:TTT) for refractory and titanium alloy spherical powders.