Daily Brief Industrials: Teco Electric & Machinery, Verisure Holding, Delhi International Airport Limited, Hosokawa Micron, Monadelphous, Norcros PLC, Stanley Black & Decker, Aeorema Communications, Willdan Group, Curtiss Wright and more

• With the review period now complete, there could be 3 constituent changes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• Constituent changes along with capping changes will lead to a one-way turnover of 12.7% and in a round-trip trade of TWD 125bn (US$4bn).
• There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan indices and present some interesting trading opportunities.

• Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.
• Metlen Energy & Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.
• Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Delhi Int’l Airport
• UST yields fell yesterday, led by the long end, on the back of a solid 2-year note auction and surprisingly dovish comments from San Francisco Fed President Mary Daly. The yield on the 2Y UST declined 1 bp to 3.50%, while that on the 10Y UST was down 4 bps at 4.03%.
• Equities rose for a second day, as tech stocks recovered slightly from the prior week’s sell-off. The S&P 500 advanced 1.5% to 6,705, and the Nasdaq jumped 2.7% to 22,872.

• Hosokawa Micron is a global leader in the niche market of powder and particle processing equipment, commanding an estimated 30% global market share. Its technology is critical for a wide array of industries, including pharmaceuticals, electronics (notably battery materials), chemicals, and food products.
• The company is strategically focused on enhancing profitability through its ‘Unique & Dominant’ medium-term plan, aiming to develop distinctive products that solve customer problems and strengthen engineering capabilities to secure large-scale projects. This strategy is geared towards achieving long-term targets of JPY 150 billion in sales and an operating margin of 12%.
• Financial performance has shown resilience, with record operating profit in FY2024 despite a challenging global environment. While recent sales have seen a slight decline, the company has effectively managed costs and improved gross margins, maintaining a strong balance sheet with a high capital adequacy ratio.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Monadelphous is a leading Australian engineering group specializing in construction and maintenance services for the resources, energy, and infrastructure sectors. Its dual-division structure allows it to capture opportunities across the full asset lifecycle.
• The company is experiencing a period of strong growth, driven by significant contract wins in its core markets, particularly in iron ore and energy. A robust project pipeline and strategic acquisitions are expected to support continued revenue momentum.
• While exposed to the cyclical nature of the resources sector and persistent skilled labor shortages, Monadelphous‘ strong balance sheet, long-term client relationships with blue-chip companies, and diversification into renewable energy and critical minerals position it to navigate market uncertainties.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26.
• A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop.
• The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in.

• Stanley Black & Decker’s third quarter 2025 results reflect a mixed performance with some positives and notable challenges.
• The company’s revenue for the quarter stood at $3.8 billion, marking a flat performance compared to the previous year, with an organic decline of 1%.
• This outcome was primarily driven by a 6% decline in volume, which offset a 5% increase in pricing.

• The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025.
• For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used.
• Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k).

• In a strategic move to strengthen its foothold in financial and municipal advisory services, Willdan Group announced the acquisition of Compass Municipal Advisors through its subsidiary, Willdan Financial Services.
• The transaction is expected to close by January 1, 2026, and comes amid a record-breaking Q3 performance where Willdan posted 26% net revenue growth and 20% organic growth, bolstered by booming demand in electrification and data center infrastructure.
• With margins expanding and EBITDA reaching a quarterly high of $23.1 million, the company has raised its fullyear 2025 financial targets.

• Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.
• The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.
• In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.