Daily Brief Industrials: Qube Holdings, Smec Co Ltd, GlobalData , Banyan Tree Holdings, Capacit’e Infraprojects, Exchange Income, Freightos , Samsung SDI, Copart Inc, bpost SA and more

• Qube Holdings (QUB AU) has received a non-binding proposal from Macquarie Asset Management (MAM) at A$5.20 per share, a 27.8% premium to the undisturbed price.
• The Board has granted exclusive due diligence until 1 February 2026 (or 15 February under certain circumstances). A scheme offer would be conditional on FIRB and ACCC approval. 
• While the offer represents an all-time high, the scarcity value of high-quality infrastructure assets could spur a competing bid from others, such as Brookfield, which holds pre-emptive rights at Patrick.

• On 24 November, the SNT Group formalized its hostile takeover of Smec. S&T Holdings  disclosed that it acquired an additional 5.46% stake in SMEC, raising its stake to 13.65%.
• S&T Holdings and SNT Group Chairman Choi combined own a 20.2% stake in SMEC. In comparison, the SMEC CEO Choi Young-seop owns a 9.75% stake in SMEC.
• In our view, this is likely to lead to a potential fight for the control of SMEC’s management rights, pushing up the share price of SMEC even further.

• GlobalData is a data analytics and consulting company with a strong, subscription-based recurring revenue model, which accounts for approximately 75-80% of its total revenue.
• The company has demonstrated a solid long-term growth track record through both organic development and strategic acquisitions, though recent performance shows signs of slowing revenue growth and margin pressure.
• Positioned in the growing business intelligence and analytics market, the company’s ‘One Platform’ model offers a scalable and integrated solution, but it faces significant competition from larger, established players.

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• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Capacite Infraprojects saw its highest-ever Q2 performance with 24% YoY income growth. It achieved nearly its full-year order inflow target of Rs. 3,500 crores in H1 FY26, signaling strong execution. 
• The Rs. 11,991 crores order book provides robust 4.5x revenue visibility, and a shift towards the upper end of the 16.5%-17.5% EBITDA margin guidance suggests improving operational efficiency and profitability.
• CIL is set for sustained, high-double-digit growth with major H2 FY26 project ramp-ups and a Rs. 4,000 crores FY28 revenue target, necessitating a focus on execution and working capital strategies.

• Exchange Income Corporation (EIC) operates a diversified business model focused on two key segments: Aerospace & Aviation and Manufacturing. This diversification provides resilience against economic cycles and market fluctuations.
• The company has a proven track record of disciplined, accretive acquisitions, integrating niche market leaders to drive growth and steady cash flow. This strategy is a core tenet of its long-term value creation.
• EIC is committed to providing shareholders with reliable and growing dividends, supported by the essential nature of the services and products offered by its portfolio of companies.

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• Freightos is a first-mover in the digitization of the global freight industry, operating a SaaS-enabled marketplace that connects carriers, forwarders, and shippers, driving transparency and efficiency in a traditionally opaque market.
• The company is demonstrating strong top-line growth, evidenced by a 28.86% 3-year revenue CAGR and 23 consecutive quarters of record transaction volumes. However, it remains significantly unprofitable, with substantial cash burn as it invests in scaling its platform.
• Future success hinges on achieving operating leverage and scaling its network to reach profitability. The company is targeting adjusted EBITDA breakeven by the fourth quarter of 2026, a key catalyst for the stock.

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• Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly. 
• The share price has rallied on the back of the news on Tesla’s new business to order ESS from Samsung SDI. 
• At what level shall investors start to accumulate Samsung SDI. 

• Copart’s business model is beautifully simple. When an insured vehicle is deemed a total loss after an accident, insurers need to dispose of it quickly.
• Its online auction platform lets insurers, banks, and rental-car companies offload banged-up vehicles to a global buyer base across almost 200 countries.
• Copart’s valuation story is refreshingly simple. This is a business with a ten-year record of double-digit growth, industry-leading margins, and cash conversion that’s practically perfect. 

• In this edition: • AkzoNobel | a second Axalta shareholder opposes the proposed merger terms • ING | completes two risk sharing transactions • Fagron | strengthens position in EMEA and granted California license to FSS Boston • bpostgroup | unions call upon their members not to strike at bpost