Daily Brief Industrials: T’Way Air, Hanwha Aerospace, Ajax Engineering Limited, Kelly Partners Group Holdings, Azek, Blue Bird Corp, Nichiban Co Ltd and more

• ACT’s team for T’way Air’s small shareholders plans to push for a public tender offer once they reach the 3% stake threshold.
• Sono may shift its stance on a public tender offer. With a 3% stake gap, Sono must appease retail shareholders before the AGM, especially after the rights offering backlash.
• FSC probe shows info leaks from brokers and law firms still trigger volume volatility before tender offers. Monitor T’way Air’s trading volume closely until February’s end.

• Hanwha Aerospace announced that it plans to purchase a 7.3% stake in Hanwha Ocean. 
• This 7.3% stake in Hanwha Ocean is currently worth about 1.3 trillion won (US$0.9 billion). After this purchase, Hanwha Aerospace’s stake in Hanwha Ocean will increase from 23.14% to 30.44%.
• There could be a further positive momentum on Hanwha Aerospace in the near-term due to its positive earnings report in 4Q24 combined with acquisition of additional stake in Hanwha Ocean. 

• Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
• Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
• In this note, we take a quick look at the company’s past performance and the IPO valuations.

• Discussion about historical stocks, including Shopify, and the importance of thorough due diligence
• Introduction to Kelly Partners Group, an Australian accounting rollup founded by Brett Kelly
• Analysis of the market opportunity and potential alpha in investing in Kelly Partners Group

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential segment.
• The company’s net sales increased by 22% year-over-year to $272 million, driven significantly by growth in the Deck, Rail & Accessories and Exteriors product categories.
• The Residential segment also saw a 24% year-over-year growth in adjusted EBITDA, and adjusted EBITDA margin expanded to 23.7%.

• Blue Bird is a leading school bus manufacturer in North America, with all buses produced at its headquarters in Fort Valley, Georgia
• The company went through bankruptcy in 2006 and was acquired by Cerberus, before going public in 2015
• Blue Bird sources engines from Cummins, Ford, and ROUSH CleanTech, and has a strategic partnership with Cummins for developing electric school buses

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Revenue increased 5.3% YoY to JPY37.4bn, driven by healthcare growth and price revisions in the Tape business.
• Operating profit rose 37.4% YoY to JPY2.4bn, with improved profitability from high-margin products and price adjustments.
• Overseas revenue grew 43.5% YoY to JPY1.7bn, aided by strong sales in Asia and Europe and a weaker yen.