Daily Brief Industrials: Samsung C&T, Hanwha Aerospace, Doosan Enerbility, Xiamen Hithium, Karamtara Engineering Ltd, Carr’s Group PLC, Ocean Wilsons Holdings, NOW Inc, Ichiken Co Ltd and more

• Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
• Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
• Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

• On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
• This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
• The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

• On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
• Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
• Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

• With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
• In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
• The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

• Xiamen Hithium (2190977D CH)  is looking to raise at least US$500m in its upcoming HK IPO.
• It is a leading global new energy technology company providing all-round energy storage solutions centred around energy storage batteries and systems.
• In this note, we look at the firm’s past performance.

• Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
• KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
• As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Carr’s Group’s tender offer provides shareholders with the option to realise cash from the recent disposal of the Engineering division and/or remain invested in a refocused specialist agricultural group. Cash has its attractions, as does the new agricultural business, which offers margin recovery and growth potential (driven by the continued requirement for farmers to improve yields) under the leadership of a new CEO.

Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track to be completed ’on or around 4 June’. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 45% discount to our estimated total asset value of 2,389p per share. Our forecasts remain withdrawn, pending the disposal.

• DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
• Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
• In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

• Ichiken’s FY03/25 revenue was JPY99.0bn, with operating profit at JPY6.9bn, and net income at JPY4.7bn.
• Construction business FY03/25 revenue reached JPY98.7bn, with operating profit at JPY8.7bn, orders rose 3.6% YoY.
• FY03/26 forecast: revenue JPY99.0bn, operating profit JPY5.4bn, net income JPY3.5bn, with a dividend of JPY140/share.