Daily Brief Industrials: SK Square , Wendt India Ltd, XAG Technology, NEXTracker , CGN Mining, Honeywell International, Mitsubishi Kakoki Kaisha, Meiwa Corp, Kanematsu Corp, Fti Consulting and more

• KOFIA says Hynix hit 10.89% weight in October vs 8.37% in September, lifting the 10% fund cap — now local funds can size up like Samsung Electronics.
• SK Square might have been dumped today as locals unwound proxy trades; with Hynix freed from the 10% cap, funds rotated directly into Hynix, front‑running the shift.
• Key now is rotation size; SK Square’s beta‑plus trade to Hynix is fading, and near term we should expect relative underperformance as flows migrate.

• Wendt India completed a transformative acquisition of global “Wendt” brand IP, while Wendt GmbH (3M) initiated exit from the JV, consolidating CUMI and public ownership.
• Autonomous brand/IP rights unshackle Wendt from legacy risk while maintaining technical lead. A diversified, high technology industrial revenue stream, debt-free balance sheet, and high cash conversion reinforce the investment case.
• Wendt India is among the highest quality plays in Indian manufacturing: sticky client relationships, sectoral diversity, and recurring cash flows balance mid-term volatility in autos/steel.

• XAG Technology (XAG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
• Guangzhou Xaircraft Technology Co., Ltd. (XAG) is a global leader in agricultural robotics.
• The company integrates robotics, artificial intelligence, and renewable energy to create comprehensive solutions that make farming more efficient and sustainable.

• Nextracker’s second quarter fiscal year 2026 results reflect a strong performance marked by substantial revenue growth, strategic partnerships, and expansion of their technology platform.
• The company posted a 42% year-over-year revenue increase to $905 million and a 29% rise in adjusted EBITDA to $224 million.
• For the first half of the fiscal year, revenue reached $1.77 billion, which indicates a 31% increase compared to the previous year, setting a new record for the company.

• CGN Mining is uniquely positioned as the sole overseas uranium resources development and trading platform for its parent, China General Nuclear Power Corporation (CGN), a major nuclear power operator in the world’s fastest-growing nuclear energy market.
• The company is set to benefit from a strong uranium market uptrend, driven by a global nuclear energy renaissance and supply constraints. A lucrative off-take agreement with its parent company at prices reportedly 50% higher than previous contracts is expected to significantly boost revenues.
• Despite a robust long-term outlook, the company faces risks from geopolitical instability in key uranium-producing regions, potential price volatility, and recent financial pressures from managing high-cost inventory, which has impacted margins.

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• Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.
• Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.
• On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&P 500’s which gained 18.6% gain over the same period.

• The company reported a 35.7% YoY revenue increase to JPY36.1bn and a 65.4% YoY rise in operating profit.
• Revised full-year FY03/26 forecast: revenue JPY88.5bn, operating profit JPY8.6bn, recurring profit JPY8.7bn, net income JPY5.9bn.
• Engineering segment revenue rose 25.8% YoY, with a 1,201.4% surge in operating profit, OPM at 4.6%.

• Revenue decreased 1.8% YoY; operating profit rose 44.6% YoY; recurring profit increased 20.5% YoY; net income grew 14.5% YoY.
• Meiwa’s FY03/26 forecast: revenue JPY160.0bn (+2.1% YoY), operating profit JPY3.2bn (-10.3% YoY), recurring profit JPY4.0bn (-11.5% YoY).
• Meiwa plans a JPY38.00 per share dividend for FY03/26, reflecting lower net income expectations.

• Companywide revenue decreased by 1.0% YoY, while profit attributable to owners increased by 6.6% YoY.
• Strong performance in mobile and ICT segments boosted profits, despite declines in iron, steel, and energy.
• Equity ratio attributable to owners was 28.3%, with net interest-bearing debt-to-equity ratio at 0.59x.

• FTI Consulting’s recent earnings report reflects a mixed performance, characterized by both impressive achievements and certain challenges across its various business segments.
• The company’s overall results indicate a general trend of resilience and adaptability amidst sectoral headwinds.
• On the positive side, FTI Consulting reported a record performance in terms of earnings per share (EPS) and adjusted EPS, both increasing by more than 40% compared to the previous year, largely due to strong performances in the Corporate Finance & Restructuring (Corp Fin), Forensic and Litigation Consulting (FLC), and Strategic Communications (Strat Com) segments.