Daily Brief Industrials: Luxshare Precision Industry, EACON Group Co., Ltd, Kelly Services Inc A, KEC International, Sunwoda Electronic Co Ltd A, AKR Corporindo, Bloom Energy Corp, Kforce Inc, Woodside Energy Group, Knack Packaging and more

• Luxshare Precision Industry (2475 HK) is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.
• Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.
• The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  

• EACON Group Co., Ltd (1868613D CH) raised around US$293m in its Hong Kong IPO.
• EACON designs, develops, and integrates the core intelligent components, such as autonomous driving software, domain controllers, and drive-by-wire platforms.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Kelly Services may be privatized by Hunt Companies, requiring a premium for minority shareholder approval.
• Unicycive Therapeutics’ stock dropped 40% due to FDA timeline issues, not drug-related problems, with potential 65% upside.
• Waldencast sold Obagi for $366m cash, with potential shareholder returns and remaining Milk Makeup business optionality.

• KEC International regained Power Grid tender access on June 26, 2026, and soon after announced INR 1,754 crore of fresh orders, including its largest USA tower order.
• The timing is important. PGCIL is expected to release nearly INR 6,000 crore of tenders, while KEC’s FY27 order intake has already crossed INR 4,000 crore.
• The order pipeline has improved, but Q4 execution was weak. The next two quarters will show whether fresh access and order wins translate into margin recovery.

• Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.
• We look at the company’s core segments: consumer battery, EV battery and ESS.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• AKR Corporindo is a dominant private player in Indonesia’s downstream petroleum and basic chemicals distribution sector, underpinned by an extensive and integrated logistics and infrastructure network.
• Significant growth is anticipated from its industrial estate segment, particularly the Java Integrated Industrial and Port Estate (JIIPE), which is attracting major industrial tenants and benefiting from its Special Economic Zone (SEZ) status.
• The company demonstrates a strong commitment to shareholder returns, evidenced by a high dividend yield and a consistent history of dividend payments, supported by solid operating cash flow generation.

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• Bloom Energy is strategically positioned to capitalize on the surging power demand from AI-driven data centers, a key driver of its significant revenue growth and substantial project backlog.
• The company’s core solid-oxide fuel cell (SOFC) technology offers a differentiated value proposition, providing reliable, on-site power with rapid deployment timelines compared to traditional grid connections.
• Despite strong growth prospects, the company faces considerable risks related to its high valuation, historical unprofitability, execution on its large-scale projects, and competitive pressures in the evolving clean energy landscape.

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• 50-Day MAs have held on SPX and QQQ, but we’re concerned of a prolonged consolidation–primarily for QQQ and likely through mid-to-late-August–following the latest stumble for semiconductors, memory, and optical equipment.
• The IWM and equal-weighted S&P 500 (RSP) remain leadership while Technology has continued to consolidate, and support remains at the 20-day MAs on IWM and RSP.
• IWM and RSP leadership tells us this remains a healthy and broad-based bull market, and we believe the current “rotation trade” is likely to continue for at least another month.

• Woodside Energy Group Limited reported full-year 2025 results reflecting a year of robust operational execution and disciplined financial management amid a complex macro environment.
• The company achieved record annual production of 198.8 million barrels of oil equivalent, exceeding guidance, primarily driven by strong performance at Sangomar and reliability across its operating portfolio.
• This operational success offset lower realized prices compared to 2024, resulting in an underlying net profit after tax of $2.6 billion.

• The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.
• Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.
• The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.