Daily Brief Industrials: Cummins Inc, Ohba Co Ltd, Stanley Black & Decker and more

• Cummins is offering an oddlot exchange with a high pre-tax gain of approximately $2,150 per account compared to other split-off exchanges
• Participants must buy 99 shares of CMI at $265.80 and tender all shares by March 13th to receive around 1,255 shares of ATMU in exchange
• The exchange ratio offers a premium of 7.053% in ATMU shares for each CMI share exchanged, with the final ratio determined by the average VWAP of CMI and ATMU on March 7th, 8th, and 11th

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• OHBA (hereafter referred to as “the Company”) has achieved 12 consecutive years of operating profit growth through FY2023/5, and is on track to stretch this streak to 13 consecutive years in FY2024/5, having posted a 20.1% YoY increase in operating profit for cumulative 3Q FY2024/5.
• The Company has secured orders for a number of landmark construction projects from both the public and private sectors, including basic policy formulation and master plan preparation work associated with the optimization of Japan Self-Defense Force facilities, Kumamoto JASM/TSMC (Taiwan Semiconductor Manufacturing Company) Phase 1 plant, Sony Semiconductor Solutions Corporation plant, among others.
• It has been able to capitalize on the robust macro environment, partly supported by the continued rise in technician prices for design work outsourcing

• Stanley Black & Decker remains optimistic with its progress during Q1 2024, focusing on driving value through its ongoing business transformation.
• The quarter saw solid execution across the operations, with particular momentum seen in two primary areas: free cash flow generation and gross margin expansion.
• Although the macro environment was more challenging during 2023 and ’24, the company managed to uphold its gross margin.