Daily Brief Industrials: Salt Investments, Adani Enterprises, Hamamatsu Photonics Kk, Takashima &, Intloop , ANE Cayman Inc, Mirait Holdings and more

• Salt Investments, formerly Jasper Investments, is undergoing a significant strategic pivot towards marine and shipping services, marked by recent acquisitions and a foray into digital transformation within the maritime industry.
• The company has recently begun generating revenue after a prolonged period of inactivity, but continues to post significant net losses and negative cash flows, reflecting the early and high-risk stage of its transformation.
• With a new and relatively inexperienced management team and board, the company’s future success is highly contingent on its ability to successfully integrate acquisitions, achieve profitability, and navigate a competitive landscape.

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• NMIAL commissioning in Dec-25 shifts AEL from trading volatility to regulated airport earnings, supporting a structural rerating through FY27.
• EBITDA mix moves toward airports and renewables (>70%); IRM shrinks to a residual contributor.
• Fair value ₹2,750–3,000 (execution ₹3,300+), driven by utilisation, non-aero monetisation, and capital-structure transparency.

• Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics’s new growth driver.
• The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. 
• Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.

Key points (machine generated)

• Takashima is currently experiencing a slow interim period but aims for recovery in the second half of the fiscal year ending March 2026.
• The company operates in building materials, industrial materials, and electronics/devices, focusing on customer value and sustainability.
• Takashima has maintained a stable net profit exceeding 1 billion yen over the past 12 years and aims for sustainable growth through its medium-term management plan, ‘Sustena V.’

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• Q1 FY7/26 results were positive with record-high quarterly sales and OP, illustrating management’s continued solid execution on multiple fronts: 1) margin enhancement by winning high-margin projects and improving the sales mix,
• 2) continued capacity expansion with new staff hires, and 3) bolt-on M&A activity to increase the service offering in Infrastructure & Telecommunications (such as data center construction), and growing its in-house freelance talent pool.
• We believe management’s core growth strategy remains consistent and well-positioned to deliver sustainable growth, with a positive demand environment, high order visibility from large system integrators, and an increasingly proven execution track record.

• ANE Cayman (9956 HK)‘s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.
• Hogy Medical (3593 JP)‘s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn’t selling, suggests the price should be higher.
• 8th January vote on HSBC (5 HK)‘s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.

Key points (machine generated)

• Mirait One, formed in July 2022 from a merger of three firms, is a significant player in telecommunications construction.
• The company is experiencing record-high order volumes and sales while addressing a predicted market contraction.
• Mirait One is implementing structural reforms for ‘Super Communication Construction’ to tackle urban development and digital transformation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.