Daily Brief Industrials: Samsung C&T, Shanghai Electric Group Company, BlackBuck, Bell System24 Holdings Inc, Asian Terminals, Aequs Ltd, Teleperformance, Avation PLC, Northern Bear, Tanabe Management Consulting and more

• Our NAV analysis of Samsung C&T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price. 
• The biggest components of Samsung C&T’s value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&T’s current market cap).   
• In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&T is more noticeable (Samsung Electronics – up 47.3% versus Samsung C&T – up 15.9%). 

• With a 37.3% rally in Shanghai Electric Group Company (2727 HK)‘s share price in the last 5 trading days, it is poised for a correction, which is a long-term opportunity. 
• Key positive drivers include its Fanuc Robots earnings, progress in China’s nuclear fusion project, solid new order momentum, and speculation on asset acquisition.
• PER valuations are not cheap, but this is understandable due to the company’s transition. However, its 1.5x P/B multiple is not outrageously expensive relative to peers.

• BlackBuck operates in India’s highly fragmented trucking ecosystem, targeting the digitization of this traditional sector.
• The company functions as a digital platform that connects various stakeholders in the trucking industry.
• BlackBuck has established a dominant position in the Indian logistics technology space through its platform approach.

• In 1H FY02/26, revenue was JPY73.1bn (+1.5% YoY) with operating profit at JPY5.9bn (+23.0% YoY).
• Revenue from SC operations was JPY62.6bn (+1.0% YoY) and SB operations JPY10.4bn (+5.4% YoY).
• Gross profit in 1H FY02/26 was JPY13.6bn (+6.5% YoY) with a GPM of 18.5% (+0.9pp YoY).

• The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
• This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
• Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 

• Aequs Ltd is looking to raise about US$200m in its upcoming India IPO. The deal will be run by JM Financial, IIFL Capital and Kotak.
• Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors.
• The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.

• Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent earnings call.
• The company’s performance showcases both positive developments and areas of concern, resulting in a mixed outlook for potential investors.
• On the positive side, Teleperformance reported commendable growth in its core services, achieving a like-for-like revenue growth of nearly 3%.

• The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025.
• Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m.
• Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025. 

• Northern Bear PLC (NTBR) announced an update on trading yesterday.
• We have published research on this which is attached and a snapshot of the research is below.
• The stronger trading in Q1 has continued and yesterday’s Trading Update reported H1 trading to September 2025 above expectations.

Key points (machine generated)

• TANABE CONSULTING GROUP CO., LTD. achieved record-high net sales of ¥14,543 million and operating profit of ¥1,500 million in FY3/25, marking increases of 14.2% and 48.6%, respectively.
• The company’s growth is attributed to successful business development, M&A initiatives, and expansion in five key consulting domains, including Digital and DX.
• For FY3/26, TCG projects a 10% increase in net sales to ¥16,000 million and a 20% rise in operating profit to ¥1,800 million, supported by a proactive M&A strategy and enhanced service specialization.

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