INDUSTRIALS Archives | Page 25 of 295 | Smartkarma

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. 
• There were three ADDs – Pop Mart (9992 HK) and JD Logistics (2618 HK) were expected. China Telecom (H) (728 HK) was in our LOW conviction ranks but added.
• It’s not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
• Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
• HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Curtiss-Wright Corporation presented its financial performance for the second quarter of 2025, indicating robust growth and a favorable outlook.
• The company’s sales increased by 12% year-over-year, reaching $877 million, with an organic growth rate of 9%.
• A significant portion of this sales growth originated from the Naval and Power segment and Defense Electronics, contributing to a 20% rise in operating income and a 130 basis point expansion in operating margins.

• Watts Water Technologies reported strong second-quarter results, reflecting robust execution amidst challenges, with record highs in sales, operating income, and earnings per share.
• The company saw an organic sales increase of 6%, driven by favorable pricing and demand, despite ongoing European market weaknesses.
• This outcome was further supported by contributions from recent acquisitions and positive foreign exchange rates.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. 
• There were three ADDs – Pop Mart (9992 HK) and JD Logistics (2618 HK) were expected. China Telecom (H) (728 HK) was in our LOW conviction ranks but added.
• It’s not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
• Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
• HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.

• After years of turbulence, Boeing is closing in on a potential mega-deal to sell up to 500 aircraft to China.
• This development comes at a time when the U.S. aerospace giant continues to wrestle with production inefficiencies, regulatory scrutiny, safety lapses, and supply chain instability.
• The proposed transaction—still contingent on easing trade tensions between the U.S. and China—would mark the largest commercial order since President Trump’s 2017 visit and may serve as the centerpiece of a broader trade agreement between the two economic superpowers.

• MinebeaMitsumi is focused on expanding semiconductor backend capacity with the Cebu Mitsumi facility, ramping aerospace machining in India, and scaling AI/data center cooling bearings through FY27–28.
• In Q1 FY26, MinebeaMitsumi posted record revenues of ¥366.9bn (+3.2% YoY), though operating income declined 7.8% YoY to ¥17.4bn due to yen appreciation and rare-earth supply disruptions.
• Trading at a reasonable 8.1× EV/EBITDA and 20.9× P/E (TTM), the stock offers a mid-range multiple relative to peers like Nidec and NSK, reflecting a stable but cyclical industrial franchise.

• Curtiss-Wright Corporation presented its financial performance for the second quarter of 2025, indicating robust growth and a favorable outlook.
• The company’s sales increased by 12% year-over-year, reaching $877 million, with an organic growth rate of 9%.
• A significant portion of this sales growth originated from the Naval and Power segment and Defense Electronics, contributing to a 20% rise in operating income and a 130 basis point expansion in operating margins.

• Watts Water Technologies reported strong second-quarter results, reflecting robust execution amidst challenges, with record highs in sales, operating income, and earnings per share.
• The company saw an organic sales increase of 6%, driven by favorable pricing and demand, despite ongoing European market weaknesses.
• This outcome was further supported by contributions from recent acquisitions and positive foreign exchange rates.

• Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.
• Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.
• KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

• Rockwell Automation’s third-quarter fiscal year 2025 results indicate a return to year-over-year sales growth, demonstrating strategic wins across discrete, hybrid, and process industry segments.
• The company’s enterprisewide productivity programs contributed significantly to this growth, achieving a year-over-year savings goal of $250 million a quarter earlier than anticipated.
• However, annual recurring revenue grew only by 7%, which was below expectations, affected mainly by delays in cybersecurity investments.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Our proprietary index shows price momentum has continued to weaken in Q3
• Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat
• We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair

• Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM stake plan materially more likely than mere weekend chatter.
• Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.
• KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.

• RB Global presented its financial and operational performance for the second quarter of 2025 with a focus on disciplined execution and strategic expansion.
• The company continues to exhibit growth, particularly within the automotive sector, complemented by strategic acquisitions and partnerships aimed at enhancing its market position in both the automotive and commercial construction and transportation sectors.
• A key highlight of the quarter was a 2% increase in total gross transactional value (GTV), with the automotive sector GTV increasing by 8%, driven by a 9% rise in unit volumes.

• Rockwell Automation’s third-quarter fiscal year 2025 results indicate a return to year-over-year sales growth, demonstrating strategic wins across discrete, hybrid, and process industry segments.
• The company’s enterprisewide productivity programs contributed significantly to this growth, achieving a year-over-year savings goal of $250 million a quarter earlier than anticipated.
• However, annual recurring revenue grew only by 7%, which was below expectations, affected mainly by delays in cybersecurity investments.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Our proprietary index shows price momentum has continued to weaken in Q3
• Some carriers have tightened FY25 earnings ranges, but mood mostly downbeat
• We remain -ive on the sector; stay SHORT ZIM against LONG CM PORTS pair

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
• Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
• Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

PORR Group delivered new orders of €2,510m in Q225 (up 31% y-o-y), driven by several large transport infrastructure project wins. Q225 book-to-bill rose to 1.5x and the order book now stands at €9,421m, up 10.0% y-o-y (Q125: €8,812m). According to management, pipeline quality remains high and infrastructure-focused, meaning margins should be supported over the coming quarters. Q225 revenues were €1,694m, up 3.8% y-o-y, and EBIT was €36m, up 17% y-o-y. Management’s guidance of an FY25 EBIT margin of 2.8–3.0% remains unchanged.

• 15th August 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• Two companies at different ends of the business risk spectrum, but both set for growth OBD Deal or No deal REAT Earnings Flow Oxford Biodynamics 0.425p £8.34m (OBD.L) Financial Calendar: Year End September, reported 28 February 2025, Interims March, Reported 30 June 2025 Three Main Shareholders: Vulpes Investment Management Pte Ltd 12.9%, Unicorn AM 7.41%%, Sankofa Strategic Fund Ltd 6.57% Key Investment Points: Stable Platform, Nearer to a Deal, Cashed up to Avoid Dilution The Company pioneering the use of 3D genomic biomarkers for clinical diagnostics announced a collaboration with Google Cloud this week to support the development and deployment of OBD’s analytical framework on the cloud.

• Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.
• The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.
• The company’s ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.

• Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.
• The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.
• Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

• GXO Logistics Inc. reported a robust performance in the second quarter of 2025, with record revenues and increased guidance, signaling strong operational health and strategic advancements.
• The company achieved a record revenue of $3.3 billion, marking a 16% increase from the previous year, with organic growth contributing 6%, the highest in nine quarters.
• Adjusted EBITDA rose by 13% year-over-year to $212 million, leading GXO to raise its full-year guidance for adjusted EBITDA to a range of $865 to $885 million.

• Uber Technologies Inc. has reported robust earnings for the second quarter of 2025, setting several new records.
• The company saw significant growth in its key metrics, with trips and gross bookings both increasing by 18%.
• This performance was underpinned by achieving all-time highs in adjusted EBITDA, GAAP operating income, and free cash flow.

• Emerson exhibited a mixed performance in its third quarter of 2025, attributed to both strategic advancements and external conditions impacting the overall business environment.
• The company’s underlying sales growth was modest, up by 3%, driven mainly by its process and hybrid businesses that grew at 3.5%, whereas discrete businesses posted a 2% growth year-over-year.
• Order growth was particularly notable in the Test & Measurement segment, which increased by 16%, signaling a recovery in that market.

• Q1 FY26: Sales up +6% YoY but profits softer on transport and hotel margins.
• Guidance Raised: FY26 OP lifted +20% on fare hikes, ridership recovery, and real estate monetization.
• Valuation: At ¥5,268, shares trade at a 47% discount to SoTP (¥9,916) 

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

PORR Group delivered new orders of €2,510m in Q225 (up 31% y-o-y), driven by several large transport infrastructure project wins. Q225 book-to-bill rose to 1.5x and the order book now stands at €9,421m, up 10.0% y-o-y (Q125: €8,812m). According to management, pipeline quality remains high and infrastructure-focused, meaning margins should be supported over the coming quarters. Q225 revenues were €1,694m, up 3.8% y-o-y, and EBIT was €36m, up 17% y-o-y. Management’s guidance of an FY25 EBIT margin of 2.8–3.0% remains unchanged.

• 15th August 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• Two companies at different ends of the business risk spectrum, but both set for growth OBD Deal or No deal REAT Earnings Flow Oxford Biodynamics 0.425p £8.34m (OBD.L) Financial Calendar: Year End September, reported 28 February 2025, Interims March, Reported 30 June 2025 Three Main Shareholders: Vulpes Investment Management Pte Ltd 12.9%, Unicorn AM 7.41%%, Sankofa Strategic Fund Ltd 6.57% Key Investment Points: Stable Platform, Nearer to a Deal, Cashed up to Avoid Dilution The Company pioneering the use of 3D genomic biomarkers for clinical diagnostics announced a collaboration with Google Cloud this week to support the development and deployment of OBD’s analytical framework on the cloud.

• Resideo Technologies, Inc. recently reported its second-quarter results for 2025, demonstrating robust financial performance with record highs in net revenue and adjusted EBITDA.
• The company notably exceeded its guidance, which underscores its operational resilience amidst a challenging macroeconomic environment.
• The company’s ADI Global Distribution (ADI) and Products & Solutions (P&S) segments both experienced organic revenue growth, with ADI reaching a notable 10% and P&S achieving 5% growth.

• Thomson Reuters has reported its second quarter results for 2025, reflecting a balanced performance with both commendable strengths and areas that require careful attention.
• The total organic revenue increased by 7%, with the company’s major segments expanding by 9%.
• Specifically, the Legal Professionals segment reported consistent growth with an 8% rise in organic revenue for the second consecutive quarter, fueled by momentum from products like Westlaw and CoCounsel.

International Airlines Group’s (IAG’s) H125 results show strong profit growth, expansion in industry-leading margins and solid shareholder returns. Revenue growth is being driven by its premium brands, hub and route positioning, and investment in modernising its fleet and in customer experience, while transformation efforts are unlocking operating efficiencies.

• GXO Logistics Inc. reported a robust performance in the second quarter of 2025, with record revenues and increased guidance, signaling strong operational health and strategic advancements.
• The company achieved a record revenue of $3.3 billion, marking a 16% increase from the previous year, with organic growth contributing 6%, the highest in nine quarters.
• Adjusted EBITDA rose by 13% year-over-year to $212 million, leading GXO to raise its full-year guidance for adjusted EBITDA to a range of $865 to $885 million.

• On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
• 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
• These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.

• MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
• MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
• MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

• Soilbuild delivered a stellar financial performance in 1HFY25.
• The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
• 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

• In today’s edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

• HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. 
• ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; 
• Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.

• Lennox International Inc.’s second quarter results provide a comprehensive view into the company’s operational dynamics amidst current market challenges.
• The firm’s achievement of a 3% revenue growth and margin expansion to 23.6% indicates a robust performance driven by strategic product offerings, particularly the transition to low global warming potential (GWP) R-454B products.
• This transition seems to have been majorly successful, with approximately 90% of Lennox’s sales now comprising R-454B refrigerant, enhancing product mix and overall profitability.

• On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
• 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
• These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.

• MEIL is well-positioned for long-term growth due to its expertise in transformer components and EPC services, strong market presence, with a solid focus on India’s energy infrastructure development.
• MEIL benefits from both backward and forward integration, enhancing operational efficiency and reducing raw material dependency. Its diversified customer base spans multiple sectors, reducing exposure to sector-specific risks.
• MEIL’s has shown steady growth, driven by its core and EPC businesses. Despite risks like raw material volatility, the company is well-placed to capitalize on India’s growing power infrastructure demand.

• Soilbuild delivered a stellar financial performance in 1HFY25.
• The Group’s 1HFY25 net profit surged 282.9% YoY to S$28.3 million, exceeding FY24 full year net profit of $26.6 million.
• 1HFY25 revenue increased 77.3% YoY to S$272.8 million, while gross profit jumped 193.5% YoY to S$43.6 million, reflecting strong execution and margin improvements across both construction and precast operations.

• In today’s edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

• HESAI (HSAI) reported C2Q25 top line, non-GAAP operating profit and GAAP net income in-line, 143% and 6019% vs. our estimate. 
• ADS LiDAR shipment beat our estimate by 50%, growing 276% YoY and 108% QoQ; Robotic LiDAR grew 744% YoY and (2%) QoQ, beating our estimate by 32%; 
• Despite the ASP erosion, gross margin grew 2.2ppt YoY and 0.9ppt QoQ to 42.5%, missing our estimate by 0.5ppt. We reiterate our TOP BUY and raise TP to US$35.

• Lennox International Inc.’s second quarter results provide a comprehensive view into the company’s operational dynamics amidst current market challenges.
• The firm’s achievement of a 3% revenue growth and margin expansion to 23.6% indicates a robust performance driven by strategic product offerings, particularly the transition to low global warming potential (GWP) R-454B products.
• This transition seems to have been majorly successful, with approximately 90% of Lennox’s sales now comprising R-454B refrigerant, enhancing product mix and overall profitability.

• Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
• A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
• Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

• Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
• Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
• Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.

• The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
• The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
• With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

• Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
• The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
• The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

• Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero & Carbon Solutions.
• Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
• Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.

• Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
• Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
• The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

• Hubbell Incorporated has been making headlines with a string of strong operational performances and strategic portfolio moves.
• The company recently reported double-digit adjusted EPS growth in Q2 2025, supported by robust demand in grid infrastructure, sustained momentum in electrical solutions, and continued market tailwinds from grid modernization and electrification.
• Now, Hubbell is set to add another piece to its growth puzzle: the $825 million all-cash acquisition of DMC Power, a provider of high-voltage connector technology for utility substation and transmission markets.

• Megatronix Inc. (1888582D CH)  is looking to raise about US$100m in its upcoming Hong Kong IPO.
• MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
• In this note, we look at the company’s past performance.

• Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
• Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
• Outlook & Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.

• Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
• The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
• Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.

• Vikram Solar’s IPO launch with INR 1,500 crore fresh issue underscores its ambition to fund large-scale expansion, boosting installed capacity from 4.5 GW to 20.5 GW by FY27.
• A robust 10.3 GW order book and Tier-1 global recognition reinforce demand visibility and credibility, positioning the company strongly amid India’s accelerating renewable transition.
• Execution risks in new facilities, raw material price volatility, and premium valuations temper the growth story, requiring cautious optimism from investors.

• Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
• Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
• Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.

• The specialist in missile defense and space systems, priced its upsized 23.0 million share offering at $22.00—$2.00 above the marketed range—and opened at $30.00 for a 36.3% gain.
• The company completed a follow-on offering on July 24th, selling 21 million shares (upsized from 20 million) at $49.00.
• With a successful follow-on behind it, better-than-expected results, and a robust cash position, Karman has set the benchmark for how to execute a space and defense IPO in 2025.

• Jacobs presented strong fiscal third-quarter 2025 results, with both adjusted EPS and revenue targets meeting or surpassing expectations.
• The quarter was marked by a 25% increase in adjusted EPS to $1.62, buoyed by net revenue growth of 7% and substantial year-over-year margin expansion.
• The company’s backlog grew 14% to a record $23 billion, and bookings maintained a positive trajectory, positioning Jacobs favorably for upcoming quarters.

• Q1 FY2026 results showed weak earnings (net profit –38% YoY) but a strong +29% YoY orderbook driven by Aero & Carbon Solutions.
• Management retained FY2026 guidance, banking on aero aftermarket growth and disposal gains to drive a backloaded recovery.
• Valuations (~14× EV/EBITDA, 24× P/E) look reasonable versus peers, but execution risks remain if disposals or aero demand underdeliver.

• Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.
• Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.
• The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

• Hubbell Incorporated has been making headlines with a string of strong operational performances and strategic portfolio moves.
• The company recently reported double-digit adjusted EPS growth in Q2 2025, supported by robust demand in grid infrastructure, sustained momentum in electrical solutions, and continued market tailwinds from grid modernization and electrification.
• Now, Hubbell is set to add another piece to its growth puzzle: the $825 million all-cash acquisition of DMC Power, a provider of high-voltage connector technology for utility substation and transmission markets.

• Megatronix Inc. (1888582D CH)  is looking to raise about US$100m in its upcoming Hong Kong IPO.
• MI is an innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
• In this note, we look at the company’s past performance.

• Q1 revenue +10% YoY, with business profit up ~21% YoY on strength in Rolling Stock and ES&M, but headline net profit –72% YoY on FX headwinds and higher NCI drag.
• Guidance / Revisions: FY26/3 guidance left unchanged, but steep H2 ask implies ~12% revenue and ~29% profit growth vs last year.
• Outlook & Valuation: Near-term pressured by FX/tariffs, but aero/energy support medium-term growth; trades at ~14x NTM P/E, ~7.6x EV/EBITDA, a discount to peers.

• Dayforce reported strong financial performance in its second quarter of 2025, exceeding the high end of guidance across all key metrics.
• The company observed a 14% growth in recurring revenue, excluding floating currency, on a constant currency basis, and a 420 basis point increase in adjusted EBITDA margin to 31.7%.
• Free cash flow for the quarter reached $87.1 million, representing 18.7% of revenue, and the year-to-date figure climbed by 500 basis points to $106.6 million.