INDUSTRIALS Archives | Page 19 of 295 | Smartkarma

• On 23 September, Hankyung Business Daily reported that Kcc Corp (002380 KS) plans to issue about 430 billion won worth of exchangeable bonds (EB) based on its own treasury shares.
• We believe the overall impact on this EB issue on KCC is likely to be more negative as compared to the EB issue it conducted in July 2025. 
• Our NAV valuation of KCC Corp suggests NAV per share of 508,467 won, which is 22% higher than current price.

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the peer comparison and IPO valuations.

• Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
• The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
• We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers & Rectifiers (India) Ltd (TRIL IN) 

• Rolls-Royce is undergoing a significant transformation under new leadership, resulting in a sharp recovery in profitability and cash flow. This turnaround is driven by a rebound in Civil Aerospace aftermarket services and strong performance in its Defence and Power Systems divisions.
• The company operates in markets with high barriers to entry, particularly in the wide-body aircraft engine sector, affording it a strong competitive position. Long-term service agreements provide a resilient and recurring revenue stream tied to engine flying hours.
• While the outlook is positive, supported by a strong order book and strategic cost-cutting initiatives, the company’s valuation appears elevated relative to historical levels. Key risks include execution of the ongoing transformation, cyclicality of the commercial aviation market, and persistent supply chain pressures.

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

• Joby Aviation is a pre-revenue company at the forefront of the emerging electric vertical takeoff and landing (eVTOL) aircraft market, aiming to revolutionize urban transportation with an on-demand aerial ridesharing service.
• The company has made significant progress towards Federal Aviation Administration (FAA) certification for its aircraft, placing it ahead of many competitors. Strategic partnerships with major players like Toyota and Delta Air Lines, along with a strong financial position, are key enablers of its growth strategy.
• However, the company faces substantial risks, including a capital-intensive business model with a long road to profitability, intense competition from both startups and established aerospace giants, and significant regulatory and technological hurdles to overcome before commercial operations can commence.

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

• Technopro Holdings is the subject of a tender offer from private equity firm Blackstone at ¥4,870/share, which represents a significant premium but is considered potentially undervalued by some market observers.
• As a leading technology-focused staffing firm in Japan, the company is well-positioned to benefit from the country’s structural shortage of skilled engineers and increasing demand for digital transformation.
• Significant uncertainty surrounds the success of the Blackstone acquisition due to a high tender threshold of 66.67% and a large passive shareholder base, creating a key risk for investors at the current price.

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

• Leading Market Position with Diversified Operations: Kajima is one of Japan’s ‘Big Five’ general contractors, possessing a dominant position in the domestic construction market. The company is well-diversified across civil engineering, building construction, and a growing real estate development business, which provides a buffer against the cyclicality of the construction sector.
• Favorable Industry Tailwinds: The Japanese construction market is supported by robust public and private investment. Key drivers include large-scale urban redevelopment projects, government spending on national resilience and infrastructure renewal, and growing demand for advanced facilities like data centers and logistics centers.
• Shareholder-Focused Capital Allocation: Kajima has demonstrated a strong commitment to shareholder returns, evidenced by a 3-year dividend CAGR of over 21%. This is supported by a strategy to enhance profitability by focusing on high-margin projects and improving investment efficiency in its real estate development arm.

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

• Privatization Marks New Chapter: After 74 years as a publicly traded entity, Toshiba was delisted in December 2023 following a successful $13.5 billion buyout by a consortium led by Japan Industrial Partners (JIP). This move ends a tumultuous period marked by accounting scandals, corporate governance crises, and battles with activist investors, allowing management to focus on a long-term revitalization strategy away from public market pressures.
• Strategic Refocus on Core Operations: Having divested numerous non-core businesses such as laptops, medical equipment, and home appliances, the new strategy centers on higher-margin and critical technology sectors. Key focus areas include energy systems, infrastructure, power semiconductors, and data-driven digital solutions, aiming to leverage the company’s technological strengths in areas critical to national security and global trends like decarbonization and digitalization.
• Path to Recovery Fraught with Challenges: Despite the potential benefits of privatization, Toshiba faces significant hurdles. The company is still recovering from a legacy of financial mismanagement and reputational damage. It operates in highly competitive global markets and must execute a complex turnaround plan to streamline operations, manage its debt, and regain its position as an innovative leader.

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

• Monopoly Position with Guaranteed Returns: SGP’s sole operating asset, the National Grid Corporation of the Philippines (NGCP), holds an exclusive 25-year concession to operate the entire Philippine power transmission network, creating a natural monopoly with significant barriers to entry. This structure provides a stable and predictable revenue stream based on a regulated asset base.
• Growth Driven by National Economic Expansion: The company is poised to benefit from the Philippines’ robust economic growth, which directly translates to increasing electricity demand. This necessitates significant capital expenditures for grid expansion and modernization, particularly to integrate renewable energy sources, thereby growing SGP’s asset base and future earnings potential.
• Significant Regulatory and Political Risks: As a regulated entity, SGP’s financial performance is highly susceptible to the decisions of the Energy Regulatory Commission (ERC), particularly concerning tariff setting and allowable returns. The strategic importance of the national grid also exposes the company to political scrutiny and potential government intervention, which can create uncertainty.

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

• Carlisle is a market-leading manufacturer of highly engineered building envelope products, with a dominant position in the North American commercial roofing market.
• The company is strategically focused on higher-growth, higher-margin businesses, having recently divested non-core assets. This aligns with their ‘Vision 2030’ plan, which targets significant earnings per share growth.
• While facing near-term headwinds from a softer construction market and destocking, Carlisle’s long-term outlook is supported by favorable trends in energy efficiency, re-roofing, and a strong track record of operational excellence through the Carlisle Operating System (COS).

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

• On 23 September, Hankyung Business Daily reported that Kcc Corp (002380 KS) plans to issue about 430 billion won worth of exchangeable bonds (EB) based on its own treasury shares.
• We believe the overall impact on this EB issue on KCC is likely to be more negative as compared to the EB issue it conducted in July 2025. 
• Our NAV valuation of KCC Corp suggests NAV per share of 508,467 won, which is 22% higher than current price.

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the peer comparison and IPO valuations.

• Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
• The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
• We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers & Rectifiers (India) Ltd (TRIL IN) 

• Rolls-Royce is undergoing a significant transformation under new leadership, resulting in a sharp recovery in profitability and cash flow. This turnaround is driven by a rebound in Civil Aerospace aftermarket services and strong performance in its Defence and Power Systems divisions.
• The company operates in markets with high barriers to entry, particularly in the wide-body aircraft engine sector, affording it a strong competitive position. Long-term service agreements provide a resilient and recurring revenue stream tied to engine flying hours.
• While the outlook is positive, supported by a strong order book and strategic cost-cutting initiatives, the company’s valuation appears elevated relative to historical levels. Key risks include execution of the ongoing transformation, cyclicality of the commercial aviation market, and persistent supply chain pressures.

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

• Joby Aviation is a pre-revenue company at the forefront of the emerging electric vertical takeoff and landing (eVTOL) aircraft market, aiming to revolutionize urban transportation with an on-demand aerial ridesharing service.
• The company has made significant progress towards Federal Aviation Administration (FAA) certification for its aircraft, placing it ahead of many competitors. Strategic partnerships with major players like Toyota and Delta Air Lines, along with a strong financial position, are key enablers of its growth strategy.
• However, the company faces substantial risks, including a capital-intensive business model with a long road to profitability, intense competition from both startups and established aerospace giants, and significant regulatory and technological hurdles to overcome before commercial operations can commence.

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

• Technopro Holdings is the subject of a tender offer from private equity firm Blackstone at ¥4,870/share, which represents a significant premium but is considered potentially undervalued by some market observers.
• As a leading technology-focused staffing firm in Japan, the company is well-positioned to benefit from the country’s structural shortage of skilled engineers and increasing demand for digital transformation.
• Significant uncertainty surrounds the success of the Blackstone acquisition due to a high tender threshold of 66.67% and a large passive shareholder base, creating a key risk for investors at the current price.

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

• Leading Market Position with Diversified Operations: Kajima is one of Japan’s ‘Big Five’ general contractors, possessing a dominant position in the domestic construction market. The company is well-diversified across civil engineering, building construction, and a growing real estate development business, which provides a buffer against the cyclicality of the construction sector.
• Favorable Industry Tailwinds: The Japanese construction market is supported by robust public and private investment. Key drivers include large-scale urban redevelopment projects, government spending on national resilience and infrastructure renewal, and growing demand for advanced facilities like data centers and logistics centers.
• Shareholder-Focused Capital Allocation: Kajima has demonstrated a strong commitment to shareholder returns, evidenced by a 3-year dividend CAGR of over 21%. This is supported by a strategy to enhance profitability by focusing on high-margin projects and improving investment efficiency in its real estate development arm.

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

• Privatization Marks New Chapter: After 74 years as a publicly traded entity, Toshiba was delisted in December 2023 following a successful $13.5 billion buyout by a consortium led by Japan Industrial Partners (JIP). This move ends a tumultuous period marked by accounting scandals, corporate governance crises, and battles with activist investors, allowing management to focus on a long-term revitalization strategy away from public market pressures.
• Strategic Refocus on Core Operations: Having divested numerous non-core businesses such as laptops, medical equipment, and home appliances, the new strategy centers on higher-margin and critical technology sectors. Key focus areas include energy systems, infrastructure, power semiconductors, and data-driven digital solutions, aiming to leverage the company’s technological strengths in areas critical to national security and global trends like decarbonization and digitalization.
• Path to Recovery Fraught with Challenges: Despite the potential benefits of privatization, Toshiba faces significant hurdles. The company is still recovering from a legacy of financial mismanagement and reputational damage. It operates in highly competitive global markets and must execute a complex turnaround plan to streamline operations, manage its debt, and regain its position as an innovative leader.

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

• Monopoly Position with Guaranteed Returns: SGP’s sole operating asset, the National Grid Corporation of the Philippines (NGCP), holds an exclusive 25-year concession to operate the entire Philippine power transmission network, creating a natural monopoly with significant barriers to entry. This structure provides a stable and predictable revenue stream based on a regulated asset base.
• Growth Driven by National Economic Expansion: The company is poised to benefit from the Philippines’ robust economic growth, which directly translates to increasing electricity demand. This necessitates significant capital expenditures for grid expansion and modernization, particularly to integrate renewable energy sources, thereby growing SGP’s asset base and future earnings potential.
• Significant Regulatory and Political Risks: As a regulated entity, SGP’s financial performance is highly susceptible to the decisions of the Energy Regulatory Commission (ERC), particularly concerning tariff setting and allowable returns. The strategic importance of the national grid also exposes the company to political scrutiny and potential government intervention, which can create uncertainty.

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

• Carlisle is a market-leading manufacturer of highly engineered building envelope products, with a dominant position in the North American commercial roofing market.
• The company is strategically focused on higher-growth, higher-margin businesses, having recently divested non-core assets. This aligns with their ‘Vision 2030’ plan, which targets significant earnings per share growth.
• While facing near-term headwinds from a softer construction market and destocking, Carlisle’s long-term outlook is supported by favorable trends in energy efficiency, re-roofing, and a strong track record of operational excellence through the Carlisle Operating System (COS).

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

• Market Leader with Robust Order Book: Larsen & Toubro is a dominant player in India’s engineering and construction (E&C) sector with a record order book of ₹6.1 lakh crore as of June 2025, providing strong revenue visibility. A significant 46% of this order book is from international markets, particularly the Middle East, indicating successful geographical diversification.
• Diversified Business Model Mitigates Risk: The company operates a well-diversified model across Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services (through LTIMindtree and L&T Technology Services), and Financial Services. This structure allows L&T to capture growth across various economic sectors and mitigate risks associated with the cyclicality of the E&C industry.
• Strategic Focus on High-Growth Areas: L&T is strategically positioning itself for future growth by focusing on high-margin areas like green hydrogen, smart city technology, defense manufacturing, and digital services. The company’s new five-year plan emphasizes deepening its strengths in India and the Middle East while exploring these new, technology-driven opportunities.

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

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the company’s past performance

• In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025

• Market Leader with Robust Order Book: Larsen & Toubro is a dominant player in India’s engineering and construction (E&C) sector with a record order book of ₹6.1 lakh crore as of June 2025, providing strong revenue visibility. A significant 46% of this order book is from international markets, particularly the Middle East, indicating successful geographical diversification.
• Diversified Business Model Mitigates Risk: The company operates a well-diversified model across Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services (through LTIMindtree and L&T Technology Services), and Financial Services. This structure allows L&T to capture growth across various economic sectors and mitigate risks associated with the cyclicality of the E&C industry.
• Strategic Focus on High-Growth Areas: L&T is strategically positioning itself for future growth by focusing on high-margin areas like green hydrogen, smart city technology, defense manufacturing, and digital services. The company’s new five-year plan emphasizes deepening its strengths in India and the Middle East while exploring these new, technology-driven opportunities.

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

• Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
• The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
• In this note, we take a quick look at the company’s past performance

• In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Oneconnect Financial Technology (6638 HK), Joy City Property (207 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), PointsBet Holdings (PBH AU), Mandom Corp (4917 JP), Humm Group (HUM AU), Fuji Oil Co Ltd (5017 JP).

• Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.
• The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.
• Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

• FedEx Corporation recently announced its first-quarter results for fiscal 2026, presenting a mixed bag of positives and challenges.
• On the revenue side, the company showed a 3% year-over-year increase, primarily driven by strength in the U.S. domestic package services.
• Despite this growth in revenue, FedEx faces continuing headwinds from global trade uncertainties and the expiration of a significant contract with the U.S. Postal Service, which together posed a notable financial impact.

• Concerted rate increase on Sept 1 failed, deep sea rates are still falling
• Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
• We retain our -ive view on container shipping, seek opportunities to Short

• Stanley Black & Decker’s financial results for the second quarter of 2025 highlight a mixed performance amidst a challenging economic environment.
• The company reported revenues of $3.9 billion, a 2% decrease compared to the previous year, with organic revenues down by 3%.
• This decline was primarily impacted by a slow start to the outdoor buying season and disruptions in shipments due to customers’ reactions to tariffs.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Oneconnect Financial Technology (6638 HK), Joy City Property (207 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), PointsBet Holdings (PBH AU), Mandom Corp (4917 JP), Humm Group (HUM AU), Fuji Oil Co Ltd (5017 JP).

• Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.
• The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.
• Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

• FedEx Corporation recently announced its first-quarter results for fiscal 2026, presenting a mixed bag of positives and challenges.
• On the revenue side, the company showed a 3% year-over-year increase, primarily driven by strength in the U.S. domestic package services.
• Despite this growth in revenue, FedEx faces continuing headwinds from global trade uncertainties and the expiration of a significant contract with the U.S. Postal Service, which together posed a notable financial impact.

• Concerted rate increase on Sept 1 failed, deep sea rates are still falling
• Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
• We retain our -ive view on container shipping, seek opportunities to Short

• Stanley Black & Decker’s financial results for the second quarter of 2025 highlight a mixed performance amidst a challenging economic environment.
• The company reported revenues of $3.9 billion, a 2% decrease compared to the previous year, with organic revenues down by 3%.
• This decline was primarily impacted by a slow start to the outdoor buying season and disruptions in shipments due to customers’ reactions to tariffs.

• HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
• No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
• Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

• Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
• The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
• Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

• HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
• No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
• Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

• Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
• The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
• Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

• The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

• New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
• All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
• All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• Copart, Inc.’s Q4 and full fiscal year 2025 results reflect a strong performance in certain areas while also highlighting challenges in others.
• Positive aspects include record figures in units sold, revenue, and operating profit.
• Overall, Copart showed an increase in global insurance volume by 4.5% and U.S. insurance volume by 4.2% over the fiscal year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
• UST yields rose slightly yesterday led by the long-end, as the lower-than-expected initial jobless claims marginally pared market expectations for Fed easing. The UST curve bear-steepened, with the yield on the 2Y UST rising 1 bp to 3.56%, while that of the 10Y UST was up 2 bps at 4.11%.
• Equities rallied to fresh record highs, supported by the dovish interest-rate environment. The S&P 500 and Nasdaq climbed 0.5% and 0.9% to 6,632 and 22,471, respectively.

• In this edition: • ABN Amro Bank | NIBC up for sale again • Alfen | Compleo and Plug Me In exit UK EV charging market

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.

• Crane NXT’s second quarter results for 2025 showed a balanced mix of growth and challenges, making it a complex scenario for investors to consider.
• The company’s sales growth reached approximately 9% year-overyear with an adjusted EPS of $0.97, signaling solid revenue performance, largely facilitated by strategic acquisitions and notable momentum in the currency business, reflected in a record high backlog.
• Moreover, the company’s achievement of a 120% free cash flow conversion indicates operational discipline, an essential factor for sustaining long-term growth.

• New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
• All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
• All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• Copart, Inc.’s Q4 and full fiscal year 2025 results reflect a strong performance in certain areas while also highlighting challenges in others.
• Positive aspects include record figures in units sold, revenue, and operating profit.
• Overall, Copart showed an increase in global insurance volume by 4.5% and U.S. insurance volume by 4.2% over the fiscal year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports
• UST yields rose slightly yesterday led by the long-end, as the lower-than-expected initial jobless claims marginally pared market expectations for Fed easing. The UST curve bear-steepened, with the yield on the 2Y UST rising 1 bp to 3.56%, while that of the 10Y UST was up 2 bps at 4.11%.
• Equities rallied to fresh record highs, supported by the dovish interest-rate environment. The S&P 500 and Nasdaq climbed 0.5% and 0.9% to 6,632 and 22,471, respectively.

• In this edition: • ABN Amro Bank | NIBC up for sale again • Alfen | Compleo and Plug Me In exit UK EV charging market

Kier Group delivered solid FY25 results, with revenue up 3% y-o-y to £4.1bn and adjusted operating profit up 6% y-o-y to £159m, lifting the adjusted operating margin 10bp to 3.9%. Strong cash generation enabled Kier Group to report a FY25 net cash position of £204m, a dramatic improvement from the FY21 net debt of £582m. Outgoing CEO Andrew Davies has done an excellent job restoring Kier Group to health. The FY25 dividend of 7.2p is 38% above FY24’s 5.2p, and the ongoing £20m share buyback adds weight to a confirmed ‘recovered’ story. The £11.0bn end-2025 order book gives 91% visibility on FY26 revenues and 70% on FY27. Management reiterated its 4.0–4.5% margin target, supported by improving portfolio mix and disciplined bidding. On the FY25 call, management said early FY26 trading is slightly ahead of expectations.

• Crane NXT’s second quarter results for 2025 showed a balanced mix of growth and challenges, making it a complex scenario for investors to consider.
• The company’s sales growth reached approximately 9% year-overyear with an adjusted EPS of $0.97, signaling solid revenue performance, largely facilitated by strategic acquisitions and notable momentum in the currency business, reflected in a record high backlog.
• Moreover, the company’s achievement of a 120% free cash flow conversion indicates operational discipline, an essential factor for sustaining long-term growth.