Daily Brief Industrials: Crompton Greaves, Doosan Enerbility, China Conch Venture Holdings, Trimas Corp, Aeon Delight, Nakamoto Packs, Scan Global Logistics and more

• NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
• In this insight, we take a look at the names leading the race to become ADDs/DELs for these  indices in the March 2025 index rebal event.
• There are no changes for NIFTY 50 but there could be four changes for NIFTY Next 50 according to current rankings.

• In the process of transferring Doosan Bobcat shares held by Doosan Enerbility to Doosan Robotics, there are increasing concerns about negatively impacting minority shareholders of Doosan Enerbility. 
• This current restructuring structure could potentially benefit the Park family/relatives which is the largest shareholder group of Doosan Corp but could negatively impact minority shareholders of Doosan Enerbility. 
• On 25 September, Doosan Enerbility announced that 10 October will be the shareholder confirmation date (shareholder register closing date) for the spin-off NEWCO merger agreement with Doosan Robotics.

• China Conch Venture (586 HK) shares are down 20% the past two days. Anhui Conch Cement (600585 CH) is down ~8% today. CCV’s implied stub is toward the historical low-end.
• Preceding my comments on China Conch/Anhui are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  
• Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals
• TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. 

• Sales increased YoY across multiple segments, driven by price revisions and new contracts, despite rising costs.
• Aeon Delight’s medium-term plan focuses on efficiency, consulting capabilities, and expanding the Construction Work business.
• The company plans JPY20.0bn investment in productivity, new services, and human capital for sustained growth.

• Revenue for 1H FY02/25 was JPY24.4bn, a 9.4% YoY increase, surpassing the company forecast of JPY23.9bn.
• Operating profit rose 53.0% YoY to JPY1.6bn, exceeding the forecast of JPY1.0bn, with OPM at 6.4%.
• Net income attributable to owners surged 82.0% YoY to JPY1.2bn, surpassing the forecast of JPY705mn.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Scan Global Logistics’ ESG as “Adequate”, in line with the Environmental and Governance scores, while the Social score is “Strong”. Controversies are “Immaterial” and Disclosure is “Adequate”.