Daily Brief Industrials: Trane Technologies , Primero Group Ltd, Lingong Heavy Machinery, Zedcor , en Japan Inc, Hyundai Engineering , Lincoln Electric, Emcor Group Inc, Duskin Co Ltd, Saia Inc and more

• Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.
• The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.
• Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.

• Acquired Entity Operating as a Key Growth Pillar: Primero Group is no longer a publicly traded entity (PGX AU), following its acquisition by NRW Holdings (ASX: NWH) in March 2021. It now operates as a key component of NRW’s Minerals, Energy & Technologies division, providing vertically integrated engineering, procurement, and construction (EPC) services.
• Vertically Integrated Business Model: The company specializes in the design, construction, and operation of global resource projects, offering a turnkey solution that spans the entire project lifecycle. This integrated model, which includes Build-Own-Operate (BOO) solutions, provides a competitive differentiation and allows for capturing value across different stages of a project.
• Strategic Positioning for Energy Transition: Primero has established a strong foothold in projects related to future-facing commodities, including lithium, vanadium, and hydrogen, positioning it to capitalize on the global shift towards sustainable energy. This aligns with NRW’s strategy to diversify and expand its capabilities in high-growth sectors.

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• Lingong Heavy Machinery (1887132D CH)  is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Industrial Securities International.
• LHM is a provider of mining equipment, aerial work platforms, and material handling machinery. 
• The company focuses on the full value chain, from R&D and design to manufacturing, sales, and service, offering intelligent, efficient, and green engineering solutions. 

• Zedcor is rapidly transitioning from a legacy oilfield rental company into a high-growth, technology-driven security provider, centered on its proprietary ‘MobileyeZ’ surveillance towers.
• Aggressive expansion, particularly into the U.S. market, is fueling exceptional revenue growth but also results in significant negative free cash flow due to high capital expenditures on fleet expansion.
• The company’s premium valuation reflects high market expectations for sustained growth and margin expansion, but also presents considerable risk should execution falter or macroeconomic conditions in its key cyclical markets (construction, energy) deteriorate.

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• 1H FY03/26 sales were JPY29.6bn (-8.9% YoY), operating profit JPY2.4bn (-0.5% YoY), net income JPY1.8bn (-66.3% YoY).
• Media segment sales JPY19.1bn (-8.6% YoY), operating profit JPY1.9bn (-18.4% YoY); Agent segment sales JPY5.3bn (+4.4% YoY).
• Global segment sales JPY3.1bn (-37.9% YoY), operating profit JPY668mn (+80.9% YoY) due to revenue recognition changes.

• Hyundai Engineering is well-positioned to capitalize on the global energy transition, with a strategic focus on nuclear power, including small modular reactors (SMRs), and renewable energy projects. This positions the company for long-term growth in high-demand sectors.
• The company has a strong track record of securing large-scale international projects, particularly in the Middle East and Asia, which provides a robust order backlog and revenue visibility. Diversification into new markets in Europe and the Americas is expected to further enhance its global footprint.
• Despite a challenging operating environment with rising material costs and labor shortages, the company is focused on improving profitability through smart construction technologies, cost optimization, and a selective bidding strategy for high-margin projects.

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• Lincoln Electric delivered a solid financial performance in the third quarter of 2025, highlighting the mixed results across its various segments and geographic markets.
• The company reported an 8% increase in revenues, driven primarily by pricing strategies, acquisitions, and robust demand in several of its markets, particularly in the Americas Welding and Harris Products Group segments.
• Despite these positives, the company continues to face challenging conditions in its automation portfolio and sluggish demand in the EMEA region.

• EMCOR Group, Inc.’s third quarter 2025 financial results showcase robust performance, marked by several commendable achievements alongside areas of moderate concern.
• The company recorded diluted earnings per share (EPS) of $6.57 and reported revenues of $4.3 billion, reflecting a 16.4% increase compared to the previous year.
• Operating margin reached an impressive 9.4%, and operating cash flow registered at $475.5 million.

• Q1-2 FY3/26 results were ahead of expectations in our view, demonstrating sustained growth momentum at the Food Group. All core business segments reported YoY sales growth, demonstrating broad-based progress and execution.
• The Direct Selling Group continues to focus on spending for customer retention and acquisition for residential customers in the Clean Service business, but there was a segmental improvement in profitability QoQ in Q2 FY3/26; we estimate a pronounced improvement here YoY in FY3/27 as the impact of these upfront costs tapers off.
• FY3/26 guidance has been maintained, which appears conservative in our view, with re-arrangement of segment forecasts highlighting resilient strength at the Food Group.

• Saia, Inc. recently released its third quarter 2025 results, indicating a performance that reflects both advancements and challenges within the company.
• Revenue was $839.6 million, mirroring a flat growth trajectory with a 0.3% decrease compared to the previous year, showcasing the ongoing impact of broad macroeconomic conditions.
• President and CEO Frederick Holzgrefe emphasized the company’s continued commitment to customer service, network optimization, and cost management, positioning these as central to their strategy amidst a complex market landscape.