Daily Brief Industrials: Luxshare Precision Industry, EACON Group Co., Ltd, Sieyuan Electric Co Ltd A, Middleby Corp, Bharat Coking Coal Limited (BCCL), Kforce Inc, Bloom Energy Corp, KEC International, Kelly Services Inc A, GFL Environmental 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.

• Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
• We look at the company’s core segments: switchgear, transformers and protection and automation.
• We discuss our preliminary thoughts on the company’s valuation based on A-H premium.

• Middleby completed the tax-free 1:1 spin-off of Midera Food Processing (Nasdaq: MFP) on July 6, 2026. Regular-way trading in both stocks to begin July 7
• Our SOTP fair value is $202 combined – Middleby ex-Midera at $162 (14.2x FY2027E EBITDA) plus Midera at $40 (11.0x FY2027E EBITDA
• S&P DJI confirmed MFP joins the S&P SmallCap 600 effective July 8, creating passive buying demand that should partially offset post-spin technical selling.

• Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.
• BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.
• In this note, we will talk about the lockup dynamics and possible placement.

• 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.

• 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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• 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.

• 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.

• GFL Environmental is considering a potential move to go private after receiving preliminary interest from buyout firms, making the North American waste-management company one of the more closely watched takeover stories in the environmental-services sector.
• The company has reportedly been speaking with advisers about its options, although deliberations remain at an early stage and there is no certainty that any transaction will happen.
• A deal would not be simple.