Industrials

• Back on the 14th October, cleanroom play CM Hi-Tech (2115 HK) announced a pre-conditional Offer by way of a Scheme from MayAir Technology (688376 CH) and CM Hi-Tech’s senior management.
• The pre-conditional long stop for NDRC, Mofcom and SAFE was 60 days, which appeared highly optimistic. I was wrong, and the pre-cons were secured in a legendary 18 days.
• The Scheme Doc is now out, with a Court Meeting to be held on the 12 December. Expected payment on the 15 January. The IFA says fair & reasonable.

• The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.
• It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation & maintenance order book in their hand.
• Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. 

• Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.
• CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  
• The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.

• Rockwell Automation’s fourth-quarter fiscal 2024 earnings call highlighted a mixed performance with several critical developments worth noting for investors.
• The company faced headwinds with a continued softness in orders, down sequentially by low single digits, contrary to expectations for improvement.
• However, Rockwell demonstrated some resilience by maintaining solid execution, especially in customer service and the profitable growth of its software and digital services, which helped offset channel inventory challenges.

• RaaS Research has published a flash comment on advanced materials manufacturing group Amaero International (ASX:3DA) following comments from ADDMAN Group President and CEO Joe Calmese at an Additive and Advanced Manufacturing Symposium held earlier this week.
• Mr. Calmese publicly called out the importance of ADDMAN Group’s partnership with Amaero in strengthening US supply chains for advanced alloys.
• Mr. Calmese highlighted that their collaboration addressed critical gaps in the supply chain by reshoring scalable production of C103 and other specialty alloy powders and that this was important for ensuring the availability of critical materials for national security applications including hypersonic and defence application.

• Back on the 14th October, cleanroom play CM Hi-Tech (2115 HK) announced a pre-conditional Offer by way of a Scheme from MayAir Technology (688376 CH) and CM Hi-Tech’s senior management.
• The pre-conditional long stop for NDRC, Mofcom and SAFE was 60 days, which appeared highly optimistic. I was wrong, and the pre-cons were secured in a legendary 18 days.
• The Scheme Doc is now out, with a Court Meeting to be held on the 12 December. Expected payment on the 15 January. The IFA says fair & reasonable.

• The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.
• It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation & maintenance order book in their hand.
• Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. 

• Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.
• CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.  
• The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.

• Rockwell Automation’s fourth-quarter fiscal 2024 earnings call highlighted a mixed performance with several critical developments worth noting for investors.
• The company faced headwinds with a continued softness in orders, down sequentially by low single digits, contrary to expectations for improvement.
• However, Rockwell demonstrated some resilience by maintaining solid execution, especially in customer service and the profitable growth of its software and digital services, which helped offset channel inventory challenges.

• RaaS Research has published a flash comment on advanced materials manufacturing group Amaero International (ASX:3DA) following comments from ADDMAN Group President and CEO Joe Calmese at an Additive and Advanced Manufacturing Symposium held earlier this week.
• Mr. Calmese publicly called out the importance of ADDMAN Group’s partnership with Amaero in strengthening US supply chains for advanced alloys.
• Mr. Calmese highlighted that their collaboration addressed critical gaps in the supply chain by reshoring scalable production of C103 and other specialty alloy powders and that this was important for ensuring the availability of critical materials for national security applications including hypersonic and defence application.

• S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
• SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
• We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.

• Integrated Design & Engineering Holdings (9161 JP) has recommended Tokio Marine Holdings (8766 JP)’s tender offer at JPY6,500 per share, a 63.3% premium to the last close.
• The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF valuation range. 
• Despite the high required minority acceptance rate, an attractive offer facilitates deal completion. The tender runs from 20 November to 15 January 2025 (35 business days).

• In 2023, Integrated Design & Engineering Holdings (9161 JP) was created as a technical listing, succeeding Nippon Koei (1954 JP). It has been listed for decades. 
• On Tuesday 19 November, Tokio Marine Holdings (8766 JP) announced an agreed/supported deal to buy out Integrated Design & Engineering Holdings (9161 JP). The register is open. Should be easy. 
• It’s a nice high price for a boring stock, but it is cheap. They are NOT overpaying, but I don’t see who would want to run interference on this.

• S.F. Holding (002352 CH) has launched its H Share listing at HK$32.30-36.30 per share. Pricing will be on 25 November, and the listing on 27 November.
• We previously discussed the listing in SF Holding H Share Listing: Updates Point to Improving Fundamentals and SF Holding H Share Listing: AH Discount Views.
• Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.

• Oswal Pumps (1019841D IN)  (OPL), established in 2003, specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
• The company has established itself as a leading player in the solar pump market, benefiting from government initiatives such as the PM Kusum scheme
• OPL aims to use its IPO proceeds to fund its expansion plans, including increasing manufacturing capacity and diversifying its product offerings.

• One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.
• Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.
• In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.

• AST SpaceMobile recently reported a challenging Q3, with widened losses overshadowing its operational progress.
• The company, which is transitioning from research and development (R&D) to commercial operations, highlighted key advancements such as the successful launch and activation of five Block 1 BlueBird satellites.
• These satellites are integral to AST SpaceMobile’s mission of creating a space-based cellular broadband network that directly connects with mobile phones without modification, addressing global connectivity gaps.

• Ongoing growth and margin expansion – The company continues to display positive characteristics of a high-quality franchise business with growth opportunities, with Q1-2 FY3/25 results showing sustained double-digit sales (+17.0% YoY) and OP growth (+30.6% YoY).
• Maintenance contracts grew 13.8% YoY organically, and Modernization units remain on a positive trajectory with strong underlying demand given the company’s competitive advantage as an independent provider.
• The company has maintained FY3/25 guidance; we believe the earnings outlook for H2 FY3/25 remains positive given the increasing utilization at the JIK (JES Innovation Center Kansai) and geographic reach, and ongoing productivity enhancement of its engineers resulting in operating leverage.

• Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.
• The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.
• This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.

• Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.
• The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.
• This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.

• S.F. Holding (002352 CH), China’s largest express delivery company, is now looking to raise around US$800m in its H-share listing in Hong Kong.
• SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
• We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.

• Integrated Design & Engineering Holdings (9161 JP) has recommended Tokio Marine Holdings (8766 JP)’s tender offer at JPY6,500 per share, a 63.3% premium to the last close.
• The offer is attractive as it represents an all-time high, above NAV (including latent real estate gains) and above the midpoint of the IFA DCF valuation range. 
• Despite the high required minority acceptance rate, an attractive offer facilitates deal completion. The tender runs from 20 November to 15 January 2025 (35 business days).

• In 2023, Integrated Design & Engineering Holdings (9161 JP) was created as a technical listing, succeeding Nippon Koei (1954 JP). It has been listed for decades. 
• On Tuesday 19 November, Tokio Marine Holdings (8766 JP) announced an agreed/supported deal to buy out Integrated Design & Engineering Holdings (9161 JP). The register is open. Should be easy. 
• It’s a nice high price for a boring stock, but it is cheap. They are NOT overpaying, but I don’t see who would want to run interference on this.

• S.F. Holding (002352 CH) has launched its H Share listing at HK$32.30-36.30 per share. Pricing will be on 25 November, and the listing on 27 November.
• We previously discussed the listing in SF Holding H Share Listing: Updates Point to Improving Fundamentals and SF Holding H Share Listing: AH Discount Views.
• Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.

• Oswal Pumps (1019841D IN)  (OPL), established in 2003, specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
• The company has established itself as a leading player in the solar pump market, benefiting from government initiatives such as the PM Kusum scheme
• OPL aims to use its IPO proceeds to fund its expansion plans, including increasing manufacturing capacity and diversifying its product offerings.

• One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.
• Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.
• In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.

• AST SpaceMobile recently reported a challenging Q3, with widened losses overshadowing its operational progress.
• The company, which is transitioning from research and development (R&D) to commercial operations, highlighted key advancements such as the successful launch and activation of five Block 1 BlueBird satellites.
• These satellites are integral to AST SpaceMobile’s mission of creating a space-based cellular broadband network that directly connects with mobile phones without modification, addressing global connectivity gaps.

• Ongoing growth and margin expansion – The company continues to display positive characteristics of a high-quality franchise business with growth opportunities, with Q1-2 FY3/25 results showing sustained double-digit sales (+17.0% YoY) and OP growth (+30.6% YoY).
• Maintenance contracts grew 13.8% YoY organically, and Modernization units remain on a positive trajectory with strong underlying demand given the company’s competitive advantage as an independent provider.
• The company has maintained FY3/25 guidance; we believe the earnings outlook for H2 FY3/25 remains positive given the increasing utilization at the JIK (JES Innovation Center Kansai) and geographic reach, and ongoing productivity enhancement of its engineers resulting in operating leverage.

• Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.
• The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.
• This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.

• Intuitive Machines presented a positive third-quarter 2024 performance with considerable revenue growth and strategic achievements.
• The company reported revenue of $58.5 million, marking more than a fourfold increase compared to the same quarter last year.
• This increase was driven by their core service pillars of delivery, data transmission, and infrastructure as services, coupled with key contract awards such as the Near Space Network Services (NSNS), valued up to $4.82 billion over a decade.

• The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 284bn (US$8.7bn).
• We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 15.8% and a round-trip trade of around US$2.75bn.
• An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since beginning September with a pick-up in pace over the last 2-3 weeks.

• The S.F. Holding (002352 CH) H-shares are being offered at a price range of HK$32.3-36.3/share, a discount of 20.2%-29% to the A-shares. The max raise (including oversubscription) is US$912m.
• Unlike Midea Group (300 HK), the S.F. Holding (002352 CH) H-shares will not get Fast Entry to any indices. Southbound Stock Connect inclusion will take place on 23 December.
• With no index inclusion in the short-term, the H-shares discount to the A-shares should remain wide. The H-shares could become short sell eligible in February.

• SF Holding’s HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th
• SF hopes to raise about US$800 mn, less than originally anticipated in financial media
• About one quarter of the offering will be taken up by ten cornerstone investors

• The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.
• On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.
• The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the ‘Price Lock’ feature aimed at commuters.

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in a licensing agreement.

• Reforms transforming returns – Although the demand environment remains somewhat mixed, we believe that demand has bottomed for the key product Electronic Discharge Machines.
• Q1-3 FY12/24 results highlighted that definitive progress is being made in terms of raising returns through structural reforms.
• This focus on raising profitability can be seen through upselling activities and improved factory utilization.

• TransDigm Group Inc., a prominent aerospace components manufacturer, recently released its Q4 2024 financial results, showcasing strong performance amidst challenging macroeconomic conditions.
• The company continues to benefit from its strategic focus on producing unique proprietary products, a strategy that has enabled it to maintain strong aftermarket margins which remain a core driver of its earnings.
• 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 TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 284bn (US$8.7bn).
• We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of around 15.8% and a round-trip trade of around US$2.75bn.
• An equal weighted basket of potential inclusions has outperformed an equal weighted basket of potential deletions since beginning September with a pick-up in pace over the last 2-3 weeks.

• The S.F. Holding (002352 CH) H-shares are being offered at a price range of HK$32.3-36.3/share, a discount of 20.2%-29% to the A-shares. The max raise (including oversubscription) is US$912m.
• Unlike Midea Group (300 HK), the S.F. Holding (002352 CH) H-shares will not get Fast Entry to any indices. Southbound Stock Connect inclusion will take place on 23 December.
• With no index inclusion in the short-term, the H-shares discount to the A-shares should remain wide. The H-shares could become short sell eligible in February.

• SF Holding’s HKEX listing launched on Tuesday, November 19th; deal to be priced by 26th
• SF hopes to raise about US$800 mn, less than originally anticipated in financial media
• About one quarter of the offering will be taken up by ten cornerstone investors

• The third quarter 2024 financial results for Lyft, Inc. provide a complex picture of the company’s current standing and future outlook.
• On the positive side, Lyft reported gross bookings exceeding $4.1 billion, marking a 16% year-over-year increase.
• The company also saw strong demand across its services with a 9% growth in active riders and a 6% rise in ride frequency, propelled by various strategic initiatives such as the ‘Price Lock’ feature aimed at commuters.

Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.

• KULR Technology Group, Inc. develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications.
• Currently, it is focused on high performance aerospace and Department of Defense applications, such as space exploration, satellite communications, and underwater vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electric vehicles, 5G, cloud computer infrastructure, consumer and industrial devices.
• It is also applying its zero-vibration technology to fans in commercial markets which has already resulted in a licensing agreement.

• Reforms transforming returns – Although the demand environment remains somewhat mixed, we believe that demand has bottomed for the key product Electronic Discharge Machines.
• Q1-3 FY12/24 results highlighted that definitive progress is being made in terms of raising returns through structural reforms.
• This focus on raising profitability can be seen through upselling activities and improved factory utilization.

• TransDigm Group Inc., a prominent aerospace components manufacturer, recently released its Q4 2024 financial results, showcasing strong performance amidst challenging macroeconomic conditions.
• The company continues to benefit from its strategic focus on producing unique proprietary products, a strategy that has enabled it to maintain strong aftermarket margins which remain a core driver of its earnings.
• 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.

• Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).
• Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
• In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.

• Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
• The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
• This is a Tender Offer with a 90% acceptance threshold. “The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level“.

• Wan Hai Lines (2615 TT) and Yang Ming Marine Transport (2609 TT) are currently in contention to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in December.
• Passive trackers will need to trade around 0.5x ADV in the inclusions while impact on the forecast deletes is between 0.36-2.2x ADV.
• Short interest has decreased and is near the lows for the forecast adds while short interest has been increasing in the forecast deletions.

• CiDi, a China’s leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
• The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
• I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.

• Using data from the close on 15 November, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
• There will also be capping and funding flows that will lead to a one-way turnover of 16.9% and a one-way trade of TWD 57.5bn (US$1.77bn).
• Short interest is at the highs in most forecast deletes, while the trend is mixed among the potential inclusions.

• S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
• In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
• In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.

• Talk about cutting it fine. On the pre-conditional long stop date, the Gateway Development Alliance has now made a firm Offer for Malaysia Airports Holdings (MAHB MK) at RM11/share. 
• The consortium, led by Khazanah Nasional’s subsidiary UEM Group Bhd and EPF, together with the Abu Dhabi Investment Authority and Global Infrastructure Partners, collectively hold 41.22%. 
• This is a Tender Offer with a 90% acceptance threshold. “The Joint Offerors reserve the right to revise the level of the Acceptance Condition to a lower level“.

• Wan Hai Lines (2615 TT) and Yang Ming Marine Transport (2609 TT) are currently in contention to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in December.
• Passive trackers will need to trade around 0.5x ADV in the inclusions while impact on the forecast deletes is between 0.36-2.2x ADV.
• Short interest has decreased and is near the lows for the forecast adds while short interest has been increasing in the forecast deletions.

• CiDi, a China’s leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
• The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
• I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.

• SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
• SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
• When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

• GXO Logistics’ latest earnings for the third quarter of 2024 painted a mixed yet informative picture of its financial performance and strategic positioning.
• The company reported record revenues of $3.2 billion, marking a substantial year-over-year increase of 28%.
• This robust top-line growth is partially attributed to an organic revenue growth of 3%, which has shown a sequential upward trend throughout the fiscal year.

• Howmet Aerospace’s third quarter 2024 results demonstrate significant performance gains amidst a complex operating environment.
• The company’s revenue growth was substantial at 11% year-over-year, with commercial aerospace driving much of this improvement with a 17% increase in revenue.
• The engine products and fasteners segments excelled, supported by robust structures performance.

• TriMas Corporation reported its third-quarter 2024 results, highlighting both positive trends and challenges across its business segments.
• The company operates three key segments: TriMas Packaging, TriMas Aerospace, and Specialty Products, which together offer a diversified portfolio designed to leverage opportunities across different markets.In the TriMas Packaging segment, the company achieved a notable 12% increase in net sales compared to the same quarter last year.
• This growth was primarily driven by high demand in the beauty, personal care, and home care markets, where organic sales increased over 20%.

• SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
• SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
• When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

• GXO Logistics’ latest earnings for the third quarter of 2024 painted a mixed yet informative picture of its financial performance and strategic positioning.
• The company reported record revenues of $3.2 billion, marking a substantial year-over-year increase of 28%.
• This robust top-line growth is partially attributed to an organic revenue growth of 3%, which has shown a sequential upward trend throughout the fiscal year.

• Howmet Aerospace’s third quarter 2024 results demonstrate significant performance gains amidst a complex operating environment.
• The company’s revenue growth was substantial at 11% year-over-year, with commercial aerospace driving much of this improvement with a 17% increase in revenue.
• The engine products and fasteners segments excelled, supported by robust structures performance.

• TriMas Corporation reported its third-quarter 2024 results, highlighting both positive trends and challenges across its business segments.
• The company operates three key segments: TriMas Packaging, TriMas Aerospace, and Specialty Products, which together offer a diversified portfolio designed to leverage opportunities across different markets.In the TriMas Packaging segment, the company achieved a notable 12% increase in net sales compared to the same quarter last year.
• This growth was primarily driven by high demand in the beauty, personal care, and home care markets, where organic sales increased over 20%.