Daily Brief Industrials: MNC Solution, Ecopro BM , Mitsui & Co Ltd, Solarspace Technology, MMC Port Holdings Berhad, CJ Corp, MARUKA FURUSATO and more

• In this insight, we provide an early look at the potential additions and deletions to KOSPI200 rebalance in December 2025.
• The seven potential additions are up on average 200% YTD. The eight potential deletion candidates are down on average 8.8% YTD. KOSPI is up 44.7% YTD.
• The average market cap of the seven potential additions is 3.5 trillion won. The average market cap of the seven potential deletion candidates is 0.6 trillion won.

• On 24 September, Ecopro Co confirmed that it will be raising 800 billion won through a PRS using its stake in Ecopro BM as the base asset.
• Ecopro BM has a market cap of 11.3 trillion won. A PRS worth 800 billion won represents 7.1% of Ecopro BM’s market cap. 
• All in all, we believe this PRS deal worth 800 billion won is likely to negatively impact both Ecopro Co and Ecopro BM.

• Copper earnings leverage: Equity-method stakes in Collahuasi and Anglo Sur mean every +10% copper move adds ~¥25–30 bn net income (~3% EPS), giving Mitsui underappreciated upside torque.
• LNG stability & cash flows: Long-term contracts in Mozambique, Cameron, Qatar, and Sakhalin underpin resilient earnings and support ¥400 bn annual buybacks (~5% equity).
• Valuation: P/B discount vs Itochu has closed (~1.1× each), but Berkshire’s ≥10% stake enforces capital discipline; TSR outlook is 6–9% CAGR through FY28, with copper strength providing double-digit upside.

• Solarspace Technology (2221225D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities International and CITIC Securities.
• Solarspace Technology Co., Ltd. is a global specialized photovoltaic (PV) cell manufacturer with an integrated presence in PV modules. which are the core components that convert sunlight into electricity.
• The company operates in the midstream of the solar value chain, focusing on the research, development, and large-scale production of both N-type and P-type PV cells, and PV modules.

• Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
• Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
• IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing

• CJ Corp‘s valuation and growth are increasingly driven by its unlisted subsidiary, CJ Olive Young, which is capitalizing on the global K-beauty trend and showing strong topline growth and margin expansion.
• The holding company’s overall financial performance is mixed, with the stellar results from CJ Olive Young being partially offset by disappointing performance at other major listed subsidiaries in the food, logistics, and media sectors.
• Key forward-looking catalysts include the potential IPO of CJ Olive Young and the return of Chinese tourists to Korea, while significant risks loom from potential US tariffs on cosmetics and the persistent underperformance of its diversified portfolio.

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Key points (machine generated)

• Furusato Maruka Holdings, formed in October 2021, has revised its earnings forecast downward for the fiscal year ending December 2025.
• For the interim results of 2025, consolidated sales increased by 1.2% to 79,779 million yen, but operating profit fell by 11.7% and ordinary profit decreased by 14%.
• The company will change its name to Unisol Holdings Co., Ltd. on January 1, 2026, aiming to become a unique solution provider beyond traditional trading.

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