Daily Brief Industrials: Tiong Woon Corp Holding, Verisure Holding, Aegis Vopak Terminals, Bureau Veritas SA, Deutsche Post, FCE, Bouygues SA, Aeroports De Paris and more

• Tiong Woon is a key regional player in the heavy lift and haulage industry, poised to benefit from the upswing in the petrochemical, infrastructure, and construction sectors across Southeast Asia, India, and the Middle East.
• The company demonstrates a strong growth trajectory with a 3-year revenue CAGR of 10.08% and a net income CAGR of 19.04%, supported by a strategic focus on higher-margin, larger-capacity cranes and expansion into high-growth markets.
• Despite a positive outlook and solid financial performance, the company faces risks from market cyclicality, project delays, and margin pressure from rising costs. Its ongoing capital expenditure cycle supports long-term growth but currently weighs on free cash flow.

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• Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market. 
• IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.
• Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.

• Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term ‘GATI’ (Gateway Access to India) expansion pipeline.
• As India’s largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country’s surging energy, chemical, and industrial import dependence.
• The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.

• Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with several key highlights.
• The firm achieved a revenue of EUR 3.2 billion, which represents an organic growth of 6.7% and a total growth of 5.7% on a reported basis.
• This increase was driven by high volumes and strategic pricing programs.

• In this edition: • Ahold Delhaize | Jumbo to largely discontinue collaboration with European buying organisations • AkzoNobel | Carlyle leading the race to buy BASF Coatings • NN Group | settlement on unit-linked insurance products now final • PostNL | minimum delivery quality thresholds for D+2 and D+3 • E-commerce & Logistics | Belgium considering EUR 2 levy on non-EU parcels

Key points (machine generated)

• FCE Ltd. has increased its earnings forecast for the fiscal year ending September 2025 due to strong performance and the launch of its AI agent business.
• The company specializes in RPA software, particularly ‘RPA Robo-Pat DX,’ and offers an integrated human resource development platform called ‘Smart Boarding.’
• FCE provides comprehensive support and services, including a business notebook for students and training programs based on ‘The 7 Habits.’

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• Bouygues Group reported its first half 2025 financial results amidst a challenging macroeconomic and geopolitical environment, yet the company demonstrated resilience with a slight uptick in its key financial metrics.
• The group’s total sales increased by 1.3% year-on-year, amounting to EUR 26.9 billion, driven primarily by the robust performance in its construction segment.
• However, on a like-for-like basis, the growth was a modest 0.7%, reflecting the broader economic uncertainties.

• Groupe ADP’s recent earnings call for the first half of 2025 provides an in-depth look into its operational and financial performance.
• The company reported a nearly 10% increase in revenue to EUR 3.2 billion, with recurring EBITDA surpassing EUR 1 billion, demonstrating an 8.7% growth.
• Despite this positive operational performance, net income was impacted significantly, dropping to EUR 97 million from prior levels.