INDUSTRIALS Archives | Page 24 of 295 | Smartkarma

• RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
• No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed. 
• Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to  a pure-play software company after offloading its advisory division.

Key points (machine generated)

• Global Tax Free Co (GTF) holds a 70% market share in South Korea and 25% in Singapore for VAT refund services.
• The company is recovering from a failed acquisition due to fraud and aims to expand into Japan and Thailand in the next 18 months.
• Founded in 2005 and acquired by a SPAC in 2017, Chairman Mr. Moon Yang-Geun owns an 18.7% stake in GTF.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• A major critical reason Hyundai Glovis has been outperforming this year has been due to the potential passage of the cumulative voting system under second amendment to the Commercial Act.
• In addition, Hyundai Glovis’ profits have been improving. Hyundai Glovis is also expected to benefit from the continued higher use of robotics in its operations.
• The value of its Boston Dynamics is also becoming more highlighted. Hyundai Glovis currently has a 10.9% stake in Boston Dynamics. 

• Results are steady. Revenues are flat with gross profit marginally down.
• There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
• Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

• Sichuan Yingfa Ruineng Technology (SYRT HK)  is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities (International) and Huatai International.
• Sichuan Yingfa Ruineng Technology. (SYRT) is a specialized manufacturer of photovoltaic (PV) cells, focusing on research, development, manufacturing, and direct sales. It operates four production bases across China and overseas.
• China accounts for 89.3% of sales in FY24, with the rest coming from India, Vietnam, and the US. It is supported by 161 granted patents in China.

• SharkNinja’s second quarter 2025 financial performance highlights both its strengths and challenges within a globally turbulent environment.
• The company reported a 15.7% increase year-over-year in net sales, reaching $1.4 billion.
• This top-line growth was accompanied by a significant 33% rise in adjusted EBITDA, which reached $223 million, underscoring the company’s ability to improve profitability through efficient cost management and operational execution.

Key points (machine generated)

• Concerns are raised about conflating SKYH’s business potential with its stock valuation, particularly regarding hangar developments.
• Critics argue that bullish projections are unrealistic, overlooking significant development costs and potential dilution.
• The current low cap rate of around 2% may not be sustainable, with immediate equity raising needs impacting stock valuation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• ManpowerGroup’s second quarter 2025 financial performance presents a complex picture, emphasizing both resilience and challenges faced by the company.
• Revenue for the second quarter was reported at $4.5 billion, marking a 3% year-over-year decline in constant currency.
• Total system-wide revenue, which includes franchise revenues, was somewhat higher at $4.9 billion.

• What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical services segment.
• • Q2 proportional revenue came in at $12.9M (+112% YoY), beating our estimate of $7.2M.
• Adjusted EBITDA was $2.5M (19% margin, +85% YoY) compared to our estimate of $2.2M (30% margin).

• In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.
• They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.
• Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.

• RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
• No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed. 
• Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to  a pure-play software company after offloading its advisory division.

Key points (machine generated)

• Global Tax Free Co (GTF) holds a 70% market share in South Korea and 25% in Singapore for VAT refund services.
• The company is recovering from a failed acquisition due to fraud and aims to expand into Japan and Thailand in the next 18 months.
• Founded in 2005 and acquired by a SPAC in 2017, Chairman Mr. Moon Yang-Geun owns an 18.7% stake in GTF.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• A major critical reason Hyundai Glovis has been outperforming this year has been due to the potential passage of the cumulative voting system under second amendment to the Commercial Act.
• In addition, Hyundai Glovis’ profits have been improving. Hyundai Glovis is also expected to benefit from the continued higher use of robotics in its operations.
• The value of its Boston Dynamics is also becoming more highlighted. Hyundai Glovis currently has a 10.9% stake in Boston Dynamics. 

• Results are steady. Revenues are flat with gross profit marginally down.
• There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
• Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

• Sichuan Yingfa Ruineng Technology (SYRT HK)  is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities (International) and Huatai International.
• Sichuan Yingfa Ruineng Technology. (SYRT) is a specialized manufacturer of photovoltaic (PV) cells, focusing on research, development, manufacturing, and direct sales. It operates four production bases across China and overseas.
• China accounts for 89.3% of sales in FY24, with the rest coming from India, Vietnam, and the US. It is supported by 161 granted patents in China.

• SharkNinja’s second quarter 2025 financial performance highlights both its strengths and challenges within a globally turbulent environment.
• The company reported a 15.7% increase year-over-year in net sales, reaching $1.4 billion.
• This top-line growth was accompanied by a significant 33% rise in adjusted EBITDA, which reached $223 million, underscoring the company’s ability to improve profitability through efficient cost management and operational execution.

Key points (machine generated)

• Concerns are raised about conflating SKYH’s business potential with its stock valuation, particularly regarding hangar developments.
• Critics argue that bullish projections are unrealistic, overlooking significant development costs and potential dilution.
• The current low cap rate of around 2% may not be sustainable, with immediate equity raising needs impacting stock valuation.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• ManpowerGroup’s second quarter 2025 financial performance presents a complex picture, emphasizing both resilience and challenges faced by the company.
• Revenue for the second quarter was reported at $4.5 billion, marking a 3% year-over-year decline in constant currency.
• Total system-wide revenue, which includes franchise revenues, was somewhat higher at $4.9 billion.

• What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical services segment.
• • Q2 proportional revenue came in at $12.9M (+112% YoY), beating our estimate of $7.2M.
• Adjusted EBITDA was $2.5M (19% margin, +85% YoY) compared to our estimate of $2.2M (30% margin).

• In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.
• They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.
• Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
• Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
• After that, we expect multiple M&A-related intra-review changes over the next few weeks.

• Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
• The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
• Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy & Sustainability Solutions.

• Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
• This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
• Scoda’s integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. 

• Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition.
• Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
• The growth vision is credible, but execution in integrating Walter Pack, sustaining >25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.

• In this edition: • Van Lanschot Kempen | mixed feelings after a drop in 1H25 results • PostNL | CBB hearing on the back of PostNL’s financial compensation request • Dutch politics | VVD and BBB to continue as ‘hull cabinet’

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
• Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
• After that, we expect multiple M&A-related intra-review changes over the next few weeks.

• Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
• The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
• Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy & Sustainability Solutions.

• Scoda Tubes is doubling seamless capacity and scaling welded capacity to 20,068 MTPA and 13,150 MTPA by FY27, with trial runs from H2 FY26.
• This expansion positions Scoda to grow 2.5–3x industry pace, capture global demand, and strengthen its competitive edge against larger peers.
• Scoda’s integrated operations and strong export growth improve long-term visibility, making Scoda a potential re-rating candidate. 

• Management reiterated a plan to double revenues in 3–4 years, anchored on premiumisation, global expansion, and synergies from the Walter Pack acquisition.
• Decorative aesthetics is gaining relevance as OEMs push differentiation via design, while exports de-risk domestic cyclicality.
• The growth vision is credible, but execution in integrating Walter Pack, sustaining >25% EBITDA margins, and scaling exports to ~15% of sales will determine delivery.

• In this edition: • Van Lanschot Kempen | mixed feelings after a drop in 1H25 results • PostNL | CBB hearing on the back of PostNL’s financial compensation request • Dutch politics | VVD and BBB to continue as ‘hull cabinet’

• HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.
• Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.
• This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.

• It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. 
• HD Korea Shipbuilding & Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
• HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA (“Make America Shipbuilding Great Again”) project.

• Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 
• Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
• It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  

• We believe a major rights offering capital raise is likely for Korean Air Lines (003490 KS) in the next 1-2 years.
• On 25 August, Korean Air announced a 70 trillion won investment plan in the United States. This plan is likely to have been pressured heavily by the Korean government. 
• A big problem with this plan is Korean Air does not produce enough cash flow and its balance sheet is not strong enough to invest such huge amounts of capital. 

• Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
• The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
• We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.

• Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
• STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
• In this note, we look at the company’s past performance.

• Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced Q1 FY2026/3 result on July 25, 2025.
• The Company delivered a strong start to FY2026, posting double-digit sales growth and significant profit increase, supported by substantial order backlog.
• This marked a notable YoY rebound, as Q1 FY2025/3 temporarily declined due to reactionary effects from FY2024/3. 

• HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.
• Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.
• This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.

• It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. 
• HD Korea Shipbuilding & Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
• HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA (“Make America Shipbuilding Great Again”) project.

• Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 
• Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
• It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  

• We believe a major rights offering capital raise is likely for Korean Air Lines (003490 KS) in the next 1-2 years.
• On 25 August, Korean Air announced a 70 trillion won investment plan in the United States. This plan is likely to have been pressured heavily by the Korean government. 
• A big problem with this plan is Korean Air does not produce enough cash flow and its balance sheet is not strong enough to invest such huge amounts of capital. 

• Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
• The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
• We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.

• Shanghai Top Numerical Control Technology (1726745D CH) is looking to raise about US$100m in its upcoming Hong Kong IPO.
• STNCT presents a compelling growth story, underpinned by its strong foothold in the aviation segment and improving financial performance. However, several risks like decline in sales units temper the upside.
• In this note, we look at the company’s past performance.

• Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced Q1 FY2026/3 result on July 25, 2025.
• The Company delivered a strong start to FY2026, posting double-digit sales growth and significant profit increase, supported by substantial order backlog.
• This marked a notable YoY rebound, as Q1 FY2025/3 temporarily declined due to reactionary effects from FY2024/3. 

• InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
• He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
• The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
• Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

• In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in volume terms • Dutch politics | former high-level civil servant recommends an interim cabinet • Dutch politics | latest poll after last Friday’s events

• Parsons Corporation’s second quarter 2025 results reflect a mixed but promising outlook for the company.
• During this period, the company delivered revenue and adjusted EBITDA that aligned with expectations and guidance assumptions.
• A notable highlight was the impressive cash flow, which exceeded forecasts.

• Rocket Lab Corporation’s recent quarterly financial disclosures portray a period of positive revenue growth, coming in at $144.5 million, a 36% increase compared to the same period last year.
• This figure is notably above the high end of Rocket Lab’s prior guidance, signifying robust demand and operational execution, with growth driven by both the Space Systems and Launch Services segments.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• The second quarter results for ESAB display both strengths and challenges, offering a balanced outlook on the company’s current position and future trajectory.
• ESAB reported a total sales growth of 2% and achieved a record adjusted EBITDA margin of 20.4%, highlighting strong operational performance.
• This robust margin performance is attributed to the company’s disciplined execution of its strategies and the ability to navigate a challenging market environment.

• Siemens AG’s third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment.
• The company maintains a robust position, driven by strategic investments and an integrated approach while facing geopolitical and economic uncertainties.
• In the third quarter, Siemens reported impressive order growth, highlighted by a significant 28% increase in group orders to €24.7 billion.

• The Middleby Corporation’s latest quarterly earnings call highlights the complex environment the company is navigating.
• While facing economic challenges impacting key markets, the call outlines a series of strategic investments aimed at fortifying the company’s position and driving long-term growth.
• Positively, the company has made significant strides across its business segments through strategic investments over the past three years.

• Parker Hannifin Corporation recently reported its fiscal year 2025 fourth quarter and full-year financial results, showcasing strong performance metrics that set several records.
• The company posted full-year sales of $19.9 billion, a record adjusted segment operating margin of 26.1%, and a record adjusted EBITDA margin of 26.4%.
• Cash flow from operations also reached an unprecedented $3.8 billion, with adjusted earnings per share (EPS) up by 7%.

• InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
• He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
• The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
• Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

• In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in volume terms • Dutch politics | former high-level civil servant recommends an interim cabinet • Dutch politics | latest poll after last Friday’s events

• Parsons Corporation’s second quarter 2025 results reflect a mixed but promising outlook for the company.
• During this period, the company delivered revenue and adjusted EBITDA that aligned with expectations and guidance assumptions.
• A notable highlight was the impressive cash flow, which exceeded forecasts.

• Rocket Lab Corporation’s recent quarterly financial disclosures portray a period of positive revenue growth, coming in at $144.5 million, a 36% increase compared to the same period last year.
• This figure is notably above the high end of Rocket Lab’s prior guidance, signifying robust demand and operational execution, with growth driven by both the Space Systems and Launch Services segments.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• The second quarter results for ESAB display both strengths and challenges, offering a balanced outlook on the company’s current position and future trajectory.
• ESAB reported a total sales growth of 2% and achieved a record adjusted EBITDA margin of 20.4%, highlighting strong operational performance.
• This robust margin performance is attributed to the company’s disciplined execution of its strategies and the ability to navigate a challenging market environment.

• Siemens AG’s third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment.
• The company maintains a robust position, driven by strategic investments and an integrated approach while facing geopolitical and economic uncertainties.
• In the third quarter, Siemens reported impressive order growth, highlighted by a significant 28% increase in group orders to €24.7 billion.

• The Middleby Corporation’s latest quarterly earnings call highlights the complex environment the company is navigating.
• While facing economic challenges impacting key markets, the call outlines a series of strategic investments aimed at fortifying the company’s position and driving long-term growth.
• Positively, the company has made significant strides across its business segments through strategic investments over the past three years.

• Parker Hannifin Corporation recently reported its fiscal year 2025 fourth quarter and full-year financial results, showcasing strong performance metrics that set several records.
• The company posted full-year sales of $19.9 billion, a record adjusted segment operating margin of 26.1%, and a record adjusted EBITDA margin of 26.4%.
• Cash flow from operations also reached an unprecedented $3.8 billion, with adjusted earnings per share (EPS) up by 7%.

• Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
• I discussed the investment case in Aux Electric IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
• We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
• Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
• AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .

• Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
• It is a global leader in the energy storage business. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Bad: Margins & cash flow both declined sharply compared to Q224 
• The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1
• With no signs of a turnaround in sight, we retain our negative view of ZTO

• MHI posted Q1 FY25 revenue +7% and business profit +25% with resilient Energy/Aero margins.
• Orders/Backlog/Guidance: Order intake fell 4% on tough comps, but backlog hit a record ¥10.8 tn (2.1× cover); FY25 guidance of ¥4.95 tn revenue and ¥380 bn profit maintained.
• Valuation/Growth: Shares trade at ~19× FY27E EV/EBITDA vs peers at 10–15×, supported by 5–6% revenue CAGR and ~9–10% EPS CAGR through FY28.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

• Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
• I discussed the investment case in Aux Electric IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
• We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.

• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

• After Ben Keswick took over Jardine Matheson, the company has slowly transitioned away from being an owner-operator to more of a portfolio manager.

• The privatization of Jardine Strategic was under-priced, but it also simplified the corporate structure. That should be positive for minorities in the long term.

• Jardine Matheson’s own board has now been stacked with private equity professionals. And new CEO Lincoln Pan comes from private equity firm PAG, where he built up its non-China business.

• AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.
• Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
• AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .

• Shuangdeng Group Co Ltd (JISHUZ CH) raised around US$109m in its Hong Kong IPO.
• It is a global leader in the energy storage business. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• The Bad: Margins & cash flow both declined sharply compared to Q224 
• The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1
• With no signs of a turnaround in sight, we retain our negative view of ZTO

• MHI posted Q1 FY25 revenue +7% and business profit +25% with resilient Energy/Aero margins.
• Orders/Backlog/Guidance: Order intake fell 4% on tough comps, but backlog hit a record ¥10.8 tn (2.1× cover); FY25 guidance of ¥4.95 tn revenue and ¥380 bn profit maintained.
• Valuation/Growth: Shares trade at ~19× FY27E EV/EBITDA vs peers at 10–15×, supported by 5–6% revenue CAGR and ~9–10% EPS CAGR through FY28.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.