Daily Brief Industrials: Sigenergy Technology, Kanadevia, Ckd Corp, Yudo Holdings, Sathlokhar Synergys E&C Global, GPI, Indonesia Kendaraan Terminal, Korea Airport Service, Nareru Group and more

• HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
• Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
• The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.

• The main thesis for investing in Kanadevia (7004 JP)has a defensible moat in the green ships repair capabilities and still overlooked by investors. 
• The ships’ retrofit investment outweighs the EU ETS penalty for being dirty ships. 
• 18x PER and 0.9x book value, with around 7x EV/EBITDA, it is trading at a very undemanding valuation with the above mentioned catalyst. 

• A group of shareholders are looking to raise ~US$130m in a secondary sale of Ckd Corp (6407 JP)
• Selling shareholders include the banks – Mitsui Trust bank, Mitsui Banking, MUFG etc. Post the deal, they will retain <5% ownership.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Yudo, a hot runner system maker for plastic injection molding, has filed its prospectus with the HKEX. CICC and CITIC are the joint sponsors.
• We look at the company’s core product types: hot runner system (HRS) sets and HRS parts.
• We then look at the company’s financial profile, stable gross margin and FY2025 reported loss, pre-IPO valuation and investor backing.

• Sathlokhar Synergys E&C Global Limited (SSEGL) is an integrated engineering, procurement, and construction (EPC) turnkey contractor specializing in industrial, commercial, warehousing, pharmaceutical, and institutional infrastructure, differentiated by full-scope in-house civil, Pre-Engineered Building (PEB), MEP, and solar capabilities.
• The company has demonstrated rapid operational scaling, with revenues expanding from INR 2,469.74 million in FY24 to INR 8,202.80 million in FY26 (a 2-year CAGR of 82.2%), maintaining robust EBITDA margins near 14.0% and net profit margins above 10.0%, supported by a confirmed order book surpassing INR 10,150 million.
• Despite exceptional top-line and net margin performance, hyper-growth has driven significant working capital lock-up, resulting in negative operating cash flows (-INR 1,658.08 million in FY26) and negative free cash flow (-INR 1,673.31 million), highlighting liquidity management and cash conversion cycle compression as vital areas for institutional surveillance.

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• Strategic Business Model Pivot Toward High-Margin Software: GPI SpA (GPI IM) is successfully executing an industrial transition toward high-value software solutions and healthcare automation, with software now generating over 60% of consolidated group revenues and more than 90% of group EBITDA, driving structural EBITDA margin expansion toward 17%-20%.
• Compelling Valuation Disconnect vs. European Healthtech Peers: Trading at EUR 14.60 with a supportive 4.11% dividend yield, an EV/EBITDA multiple of ~6.2x, and an EV/Sales multiple of ~1.3x, GPI trades at a substantial discount relative to European digital health and vertical software peers, offering institutional investors asymmetric upside as legacy conglomerate drag dissipates.
• High Multi-Year Visibility Backed by European Health Modernization: Underpinned by Mission 6 (Health) of Italy’s National Recovery and Resilience Plan (PNRR) and broader European healthcare digitalization initiatives, GPI benefits from strong multi-year tender visibility, mission-critical clinical deployments, and customer retention rates exceeding 95%.

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• PT Indonesia Kendaraan Terminal Tbk (IPCC IJ) operates as the primary specialized automotive roll-on/roll-off (RoRo) terminal operator in Indonesia, benefiting from a dominant market share at Tanjung Priok Port and an expanding operational footprint across key regional commercial hubs under the consolidated Pelindo Group.
• The company exhibits an elite financial profile characterized by high operating margins, a net-cash balance sheet, superior cash conversion (>95% Free Cash Flow to Net Income conversion), and sustained double-digit earnings growth (3-year EPS CAGR of 16.62%).
• With an attractive dividend yield of ~8.97%, low capital intensity, and structural volume drivers linked to Indonesia’s emerging status as a regional electric vehicle (EV) manufacturing and Completely Built-Up (CBU) export hub, IPCC offers institutional investors a high-quality cash-generative proxy for Indonesian automotive logistics.

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Key points (machine generated)

• E∙J Holdings Inc. focuses on civil engineering consultancy and has diversified its client base by acquiring TOKYO SOIL RESEARCH CO.,LTD.
• In FY5/26, the company reported a 9.1% increase in net sales to ¥46,586 million, with a slight miss on projections due to project delays and rising costs.
• For FY5/27, E∙J Holdings forecasts net sales of ¥49,000 million and plans to increase dividends to ¥82.0 per share as part of its long-term strategy ‘E·J-Plan 2027.’

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• Korea Airport Service (005430 KS) holds an entrenched, market-leading position across South Korea’s aviation ground handling, aircraft fueling, line maintenance, and air cargo support sectors, operating as a vital operational subsidiary of Hanjin Group (Korean Air).
• The operational integration of the Korean Air and Asiana Airlines merger serves as a multi-year growth catalyst, consolidating ramp handling volumes and driving top-line momentum alongside a sharp resurgence in international tourist traffic, particularly from mainland China.
• Valuation remains compelling at approximately 5.4x P/E and 2.5x EV/EBITDA, backed by elite Smartkarma Smartscore metrics in Growth (5/5), Resilience (5/5), and Momentum (5/5), counterbalanced by labor wage pressures and a conservative shareholder dividend yield.

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Key points (machine generated)

• FISCO Ltd. reports Nareru Group Inc. expects a 21.1% revenue increase to ¥29,250 million for FY10/26.
• The company’s Medium-term Management Plan, ‘Change and Growth 2030,’ targets ¥50 billion in revenue and ¥5 billion in operating profit by FY10/30.
• Nareru Group aims to enhance digital transformation and recruitment while maintaining dividends, with a potential market capitalization of ¥45 billion.

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