Daily Brief Industrials: Luxshare Precision Industry, EACON Group Co., Ltd, Sieyuan Electric Co Ltd A, Middleby Corp, Bloom Energy Corp, KEC International, Kelly Services Inc A, Kforce Inc, GFL Environmental , Fuji Die 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.

• 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.

• 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.

• 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.

Key points (machine generated)

• Fujidice, listed as 6167 on the Tokyo Stock Exchange, is expected to see a profit decline for the fiscal year ending March 2027 after a previous increase.
• The company, established in 1949, holds over 30% market share in the ultra-hard wear-resistant tool industry, utilizing unique technologies.
• Fujidice’s business model emphasizes low-volume, high-value products and has a strong equity ratio of 79.6% as of March 2026.

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