Daily Brief Industrials: Makino Milling Machine Co, Satrec Initiative, ROHM Co Ltd, Andersen Group, Tenneco Clean Air India Ltd, DSW Capital, Astroscale, Turk Hava Yollari Ao, Elbit Systems and more

• On Friday, after market close, Makino Milling Machine Co (6135 JP) finally issued a progress update on the MBK preconditional tender offer. The update, while mixed, should calm nerves. 
• The positive read-across is a pathway to regulatory approvals, the Homeplus saga has not derailed the offer, and the likely breach of the long-stop date is not a termination event.
• The negative read-across is the lack of a revised tender start timeline, an unexplained delay in securing most regulatory approvals and ongoing uncertainty on the long-stop date.

• In this insight, we discuss the top 12 Korean companies that could benefit from the SpaceX IPO in 2026.
• Share prices of 12 Korean companies that are beneficiaries of the SpaceX IPO are up on average 16.7% in the past one week versus KOSPI (up 1.6% in same period).
• SeAH Besteel Holdings is a potential supplier of specialty steel to SpaceX. Kencoa Aerospace provided rocket parts to SpaceX. Intellian Technologies partnered with SpaceX on its launch vehicle recovery experiment.

• Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. 
• Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.
• Projected valuations are once again reasonable. The share price should continue to trend upwards.

• Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
• The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
• Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.

• Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
• It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
• Since its listing, the stock is up 19%, but there is still upside potential.

• The mid-market professional services platform which owns the Dow Schofield Watts and the DR Solicitors brands, reported strong Interims to September 2025, on 24 November.
• The scalable branded platform is aimed at ambitious, entrepreneurial professionals to start and develop their own businesses.
• Founded in 2002 as an advisory platform to attract UK owner managers, the Company has consultants on feebased income and a partnership model with a profit share approach. 

• Project income reached JPY5.2bn in 1H FY04/26, with revenue of JPY2.6bn and government grant income of JPY2.6bn.
• Operating loss improved to JPY4.7bn in 1H FY04/26, compared to a JPY12.1bn loss in 1H FY04/25.
• Order backlog at end-Q2 FY04/26 was JPY41.1bn, with project income projected at JPY11.0–13.0bn for FY04/26.

• Strategic Hub and Network Dominance: Leveraging its Istanbul hub, Turkish Airlines operates one of the world’s most extensive networks, flying to more countries than any other airline, which provides a significant competitive advantage in capturing global transfer traffic between Europe, Asia, and Africa.
• Aggressive Growth and Fleet Expansion: The company is pursuing an ambitious ‘Vision 2033’ strategy, aiming to nearly double its fleet to over 800 aircraft and serve 170 million passengers annually, supported by a strong track record of revenue and net income growth.
• Attractive Valuation Offset by High Risks: The stock trades at a notable discount to its global peers on key valuation metrics. However, this is balanced by significant risks, including high sensitivity to geopolitical instability in the region, currency volatility, and intense competition from both legacy and low-cost carriers.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Record Backlog and Favorable Geopolitical Tailwinds: Elbit Systems is experiencing robust demand, evidenced by a record order backlog that has more than doubled in four years, providing strong multi-year revenue visibility. Escalating geopolitical tensions are prompting increased global defense spending, creating a favorable environment for sustained growth, particularly in Europe and the U.S.
• Diversified Portfolio of Advanced Technologies: The company possesses a broad and technologically advanced portfolio spanning airborne, land, and naval systems, with strong positions in high-growth areas like unmanned systems, C4ISR, electro-optics, and cyber intelligence. This diversification across products and geographies mitigates risk and allows Elbit to capitalize on a wide range of defense modernization programs.
• Improving Financial Performance and Margin Expansion Potential: Elbit has demonstrated consistent double-digit revenue growth and is showing improving profitability. Margin expansion is a key focus, driven by operating leverage in the rapidly growing Land segment and a turnaround in the U.S.-based Elbit Systems of America, with management targeting higher operating margins in the coming years.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.