Daily Brief Industrials: Shenzhen Han’s CNC Technology, Samsung C&T, Ns United Kaiun Kaisha, Jvm Co Ltd, MV Electrosytems, Wendt India Ltd, Energy Recovery, Sekisui Jushi, Staffline and more

• Shenzhen Han’s CNC Technology (3200 HK) raised around US$615m in its H-share listing in Feb 2026. The lockup on its cornerstones is set to expire soon.
• Shenzhen Han’s CNC Technology is a leading specialized PCB production equipment solution provider in China, focused on the manufacturing and sale of equipment used across key stages of PCB manufacturing.
• In this note, we will talk about the lockup dynamics and possible placement.

• In this insight, I provide an updated NAV valuation analysis of Samsung C&T and also discuss the impact of the positive impact from Samsung Electronics’ special dividend this year. 
• My updated NAV analysis of Samsung C&T (028260 KS) suggests implied NAV of 564,790 won per share, representing 61% upside from current levels. 
• I estimate Samsung C&T’s total DPS to be 11,905 won in 2026 (including special dividend from Samsung Electronics), which is 159% higher than the consensus estimate. 

• Nippon Yusen has agreed to buy super-majority control of Ns United Kaiun Kaisha (9110 JP) from erstwhile controller (and shareholder partner) Nippon Steel Corporation (5401 JP). 
• The price is a nice premium, and an all-time high, and well above book – which is not bad for a shipping company. But it isn’t a super-high multiple. 
• Together, friendly corporate and financial holders own near 60%. Domestic passive enough to get past 67%. This should be OK. Not much need or purpose for activism here. 

• Backlog-to-revenue conversion timelines are bifurcated, taking 3 to 6 months for standard domestic ATDPS units, but stretching to 9 to 12 months for large-scale international central fill deployments due to highly customized local Pharmacy Management System (PMS) integrations and regulatory certification delays.
• Domestic market share is highly defensive at over 80%, but further growth is capped; international sustainability is heavily reliant on the Becton Dickinson (BD)/Parata partnership in North America, where JVM faces margin-squeeze risks and structural competition from multi-dose blister card packaging preferences in Europe.
• The true margin engine of JVM is its proprietary consumable business (specialized thermal paper and ink ribbons), yielding gross margins of 50% to 60%, which effectively subsidizes the lower-margin legacy hardware sales and represents a highly resilient recurring revenue stream as the global installed base grows.

• MV Electrosystems, a railway-focused power electronics company, is raising INR 290 crore fresh-issue IPO on July 30, 2026, at INR 400-425 per share, with listing expected August 6, 2026.
• The company reported a INR 12.70 crore FY26 loss even as its propulsion order book crossed INR 920 crore, making the IPO dependent on timely execution and margin recovery.
•  Prototype approval provides the entry point, but FY27-FY28 deliveries, capacity utilisation, working-capital control and profitable order conversion will determine whether the growth story supports the valuation.

• Wendt India, a precision grinding solutions company, reported Q1 FY27 sales of INR 70.93 crore, up 37%, with PAT rising 63% and revenue improving for four consecutive quarters.
• Domestic machines returned to profit and fixed-cost absorption improved, but consolidated input costs rose sharply, while overseas subsidiaries lost INR 1.39 crore and remained the key earnings drag.
• Wendt’s recovery is strengthening, but a premium valuation demands sustained machine profitability, lower overseas losses, better input economics, and commercial returns from rising R&D and global expansion spending.

• Energy Recovery is the dominant market leader in energy recovery devices for the growing seawater reverse osmosis (SWRO) desalination industry, boasting a near-monopolistic position with its highly efficient and patented PX Pressure Exchanger technology.
• The company is attempting to diversify into new markets, most notably CO2 refrigeration and wastewater treatment, which represent significant long-term growth opportunities but also carry substantial execution risk. The company recently exited its CO2 retail grocery business to refocus on its core strengths.
• Financial performance is characterized by strong gross margins, reflecting its technological advantage, but also by revenue lumpiness tied to the timing of large-scale desalination projects. Recent project delays and a withdrawn 2026 guidance highlight near-term uncertainty.

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• In Q1 FY03/27, revenue was JPY18.3bn (+10.6% YoY), with operating profit JPY989mn (+64.3% YoY).
• SJC forecasts FY03/27 revenue of JPY84.0bn (+7.5% YoY) and net income of JPY5.4bn (+35.8% YoY).
• Sekisui Jushi revised its FY03/27 net income forecast to JPY5.4bn and increased dividend forecast to JPY100/share.

• This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 24th July 2026 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• Possible signs of recovery expected at next set of results