Daily Brief Industrials: SK Square , Hainan Meilan International Airport, InterGlobe Aviation Ltd, Iino Kaiun Kaisha, Andersen Group, Nippon Aqua, Xrf Scientific, Shanghai International Airport, Cardinal Infrastructure, Cohort PLC and more

• SK Hynix and SK Square hit L2 flags; cash-only until Dec 24. Margin off, >40% two-day rip triggers halt. L2 lifts if below T-5/+45%, T-15/+75%, and 15-day high.
• L2’s usually a non-event, but this time the margin freeze probably smacks Hynix harder. Key trigger is staying below the 15-day high: Hynix ₩587,000, Square ₩324,000.
• Govt set to roll out AI-semiconductor holdco deregulation this week, boosting AI holdcos like Square and juicing a near-term Square-over-Hynix trade opportunity.

• On 30 April, Haikou Meilan International Airport entered a SPA with Hainan Airport Infrastructure (600515 CH) to sell its Hainan Meilan International Airport (357 HK) 50.19% stake at RMB9.85 (HK$10.62).
• The SPA precondition is satisfied, and the SPA will be completed within 20 business days. Completion will trigger an unconditional MGO at HK$10.62.
• Tendering is likely to be low as the offer is unattractive. At the last close and for a mid-February 2026 payment, the gross/annualised spread is 0.2%/1.1%.

• InterGlobe Aviation Ltd (INDIGO IN)’s 2,000+ flight cancellations expose internal planning failures, triggering regulatory scrutiny and a fall of more than 15% in the stock price. 
• The crisis mandates permanent higher crew costs, challenging the core cost moat, but regulatory dependence shields its 63%+ dominance. 
• Short-Term volatility will persist, yet the long-term outlook remains bullish, supported by unmatched scale and a consolidated market structure.

• The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events.
• The stability provided by the Real Estate segment remains a key enabler for IINO Lines’ long-term strategy.
• With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital- intensive fleet renewal program. 

• Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
• At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
• The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

• Japan’s leading on-site urethane foam insulation installer with strong growth Nippon Aqua Co., Ltd. (hereinafter, the Company) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
• Guided by its management philosophy— “Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
• It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes, Buildings, and Waterproofing.

• Xrf Scientific is a manufacturer and distributor of scientific instruments, specialized chemicals, and precious metal products for the analytical and mining industries. The company’s core business revolves around providing a complete suite of products for sample preparation and analysis, primarily for X-ray fluorescence (XRF) and inductively coupled plasma (ICP) techniques.
• The company operates through three main segments: Capital Equipment, Precious Metals, and Consumables. The Consumables segment, particularly the production of fusion flux, is a significant contributor to profits and boasts a dominant global market share. The Precious Metals division manufactures platinum-based labware, while the Capital Equipment segment produces furnaces and other laboratory instruments.
• Xrf Scientific has demonstrated a strong growth trajectory, characterized by consistent revenue and profit growth over the past several years. This growth is supported by a diverse customer base that includes major mining companies and industrial clients, reducing its dependence on the cyclicality of the mining sector. The company has also pursued strategic acquisitions to expand its product offerings and market reach.

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• Poised to capture the full recovery of Chinese international travel, SIA’s primary asset, Shanghai Pudong International Airport (PVG), stands as China’s premier international gateway. The ongoing recovery in passenger volumes, particularly on lucrative international routes, is the primary catalyst for earnings growth.
• Non-aeronautical revenue, especially from duty-free concessions, represents a significant value driver. The upcoming renewal of duty-free contracts from 2026 provides a potential upside, although recent negotiations have sometimes favored the operator, indicating a key area to monitor.
• Massive infrastructure investment, including the Phase IV expansion and a new T3 terminal, will solidify PVG’s long-term competitive position as a mega-hub in Asia. This expansion is designed to increase annual passenger capacity to 130 million, accommodating future growth in the Yangtze River Delta region.

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• Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
• Strong  demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
• Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

• For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m).
• Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m).
• EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.