In today’s briefing:
- Samsung July Buyback: Impact on the Hynix ADR Listing Setup
- Makino Milling Machine (6135 JP): NSSK’s Rumoured Revised Offer Around JPY16,000
- Aequitas: Luxshare Precision A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Honeywell (HON): The Crown Jewel and the Turnaround
- Anup Engineering: Heat Exchangers, Nuclear Entry and Doubling the Capacity
- Kubota (6302) | From Earnings Momentum to ROE
- Aequitas: Zhejiang Laifual Drive IPO – A Reasonable Entry Into Robotics
- Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO
- UHAL: U-Haul Reports FY2026 Financial Results. Depreciation expense to decline in FY2027
- Kirloskar Oil Engines: HHP Gensets, Data Centers and Kagal Capex Drive the Next Phase
Samsung July Buyback: Impact on the Hynix ADR Listing Setup
- Street chatter points to Samsung buyback board approval likely landing in the first half of next month, pre mid month, with management increasingly focused on Hynix market cap flip risk.
- Samsung common outperforms prefs today. Street reads it as management leaning into Hynix relative performance and skewed toward common driven flow impact.
- Lean into Hynix ADR setup with overhang reinforcing long Samsung short Hynix. July buyback flow adds tailwind. Square Hynix outperformance may re lock into listing window despite today’s pullback.
Makino Milling Machine (6135 JP): NSSK’s Rumoured Revised Offer Around JPY16,000
- The Nikkei reported that NSSK has made a revised proposal for Makino Milling Machine Co (6135 JP) at around JPY16,000, a 36.2% premium to the failed MBK JPY11,751 offer.
- The Nikkei highlights a risk that the NSSK tender offer may be rejected in favour of implementing the updated corporate enhancement plan (announced on 13 May).
- However, the Board is likely to support an NSSK offer of around JPY16,000, as it would represent an all-time high and exceed the peer- and market-adjusted undisturbed price.
Aequitas: Luxshare Precision A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$3bn in its H-share listing.
- LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
- We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.
Honeywell (HON): The Crown Jewel and the Turnaround
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On June 29, 2026, Honeywell will break into two large-cap industrials: Honeywell Aerospace (HONA) and Honeywell Technologies (HON).
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I think the breakup unlocks value. My base-case sum-of-the-parts points to ~24% upside, even assuming both pieces trade at a discount to peers.
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But that discount isn’t enough to make me buy ahead of the spin.
Anup Engineering: Heat Exchangers, Nuclear Entry and Doubling the Capacity
- Anup Engineering, a process equipment manufacturer, delivered record FY26 revenue of INR 822 crore and completed Kheda Phase-2, doubling capacity to 20,000 MT per annum.
- PAT declined 6.7% despite strong revenue, as steel inflation, execution delays and fixed-price contracts pressured margins. FY27 margin recovery is now the key test.
- The long-term story remains intact, led by nuclear entry, skid packages, technical services and a INR 1,200 crore pipeline. Near-term execution will decide the next re-rating.
Kubota (6302) | From Earnings Momentum to ROE
- Buy into August: Positive estimate revisions and strong 1Q trends suggest potential upside to Street expectations of ~¥92bn operating profit in 2Q.
- Key KPI: Kubota’s ¥2.2tn finance book grew just ¥6.7bn despite 13.7% revenue growth, validating the core ROE-improvement thesis.
- Re-Rating path: Sustained receivables discipline, margin expansion and stronger capital allocation could drive ROE toward 12%, supporting valuation convergence with higher-return machinery peers.
Aequitas: Zhejiang Laifual Drive IPO – A Reasonable Entry Into Robotics
- Zhejiang Laifual Drive (3952 HK) is looking to raise up to US$147m in its upcoming Hong Kong IPO.
- Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.
- In this note, we talk about the company’s background, past performances and valuations.
Tourism Holdings (THL NZ/AU): Unnamed Bidder Lobs A NZ$3.30-3.40 NBIO
- On the 29th May 2026, Tourism Holdings (THL NZ/AU) announced an NZ$3.10/share NBIO from a consortium comprising BGH Capital and the founding Trouchet family. Due diligence was subsequently afforded.
- The same consortium, holding 19.9% of shares out, offered NZ$2.30/share for the world’s largest commercial recreation vehicle rental operator in June 2025; however THL summarily rejected terms.
- This morning THL announced an NBIO of NZ$3.30-NZ$3.40/share from a “credible strategic buyer“. Due diligence has been afforded. Discussions remain ongoing with the BGH/Trouchet consortium.
UHAL: U-Haul Reports FY2026 Financial Results. Depreciation expense to decline in FY2027
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- The Moving & Storage rental dealer network has been expanded, and management continues to expand capacity in the self-storage segment and U-Box.
Kirloskar Oil Engines: HHP Gensets, Data Centers and Kagal Capex Drive the Next Phase
- KOEL, a Leading engine and power solutions company, recorded standalone quarterly sales of INR 1,522 crore in Q4 FY26, taking FY26 sales to INR 5,604 crore with 13.1% EBITDA margin.
- Powergen grew 32% in FY26, with over 50,000 units sold. High-horsepower share is now nearing double digits, led by OptiPrime and HHP demand.
- The debate has shifted to execution. KOEL’s INR 700 crore ongoing expansion and fresh INR 1,400 crore Kagal capex can reset scale, but absorption risk remains.
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