Daily Brief Industrials: MNC Solution, Seatrium , Aditya Infotech Ltd, SpaceX, GMR Hyderabad International Airport, bpost SA, Severfield PLC, Universal Logistics, Kraken Robotics and more

• MNC Solution reported its IPO book building results. The IPO price has been determined at 65,000 won, which is 18.8% lower than the low end of the IPO price range. 
• A total of 198 institutional investors participated in the IPO demand forecast. The competition rate was low at 8.2 to 1. 
• Our base case valuation of MNC Solution is target price of 92,842 won per share, which is 43% higher than the IPO price of 65,000 won.

• The core business continues to perform well  with a growing  order backlog
• Due to the company’s historical issues it has hugely underperformed its smaller peers
• The disconnect from the oil price provides  asymmetric upside once the overhang clears

• Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming India IPO.
• Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
• In this note, we talk about the company’s historical performance.

• Business Breakdowns series delves into SpaceX with investor Luke Ward from Bailey Gifford
• Focus on SpaceX’s business model, cost curve of launches, and potential future of the space economy
• SpaceX is a business and technology innovator, with a focus on economic sustainability and funding additional technology innovation to expand market capabilities, such as with Starlink.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: GMR Hyderabad, Rakuten Group
• In the US, the ISM services index fell to 52.1 (55.7 e / 56.0 p). This was the slowest pace in three months, albeit the gauge remained in expansion territory for the ninth month this year. Meanwhile, the November (final) S&P services PMI rose to 56.0 (55.0 p), albeit below the preliminary estimate of 57.0.
• The composite PMI climbed to 54.9 (54.1 p). Separately, the ADP employment survey showed that private sector job growth slowed to 146 k (150 k e / 184 k revised p).

• In this edition: • Ahold Delhaize | regulatory approval for Profi Rom acquisition • Shell | no new offshore wind projects • InPost/PostNL/bpostgroup | EC plans to address problems with Chinese parcels • Black Friday update | again a new all-time high in daily volumes for PostNL

Severfield remains the leading UK structural steel fabricator, with a strong presence in Northern Europe and an Indian joint venture. However, news that it is required to remediate 12 bridge structures and that its underlying markets are showing signs of short-term weakness have resulted in a downgrade to profit estimates and a material share price correction. We believe the markets will recover in time and that there is potential for third-party cost recoveries relating to the bridge issues, but resolution of either is not likely to be imminent. That said, the stock trades on a low FY26e P/E.

• Universal Logistics Holdings operates in logistics and transportation in North America
• Stock believed to have 50% or more upside to fair value despite risks such as family control and limited float
• Strong earnings growth, lower leverage, and better margins not fully reflected in stock price, favorable outlook for future growth

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Kraken Robotics is a marine technology company based in Newfoundland, Canada, specializing in underwater exploration devices
• Founded in 2008, the company has grown through mergers and acquisitions to become a leader in marine robotics, sensors, and underwater batteries
• Focus on autonomous underwater vehicles with products catering to industries such as oil and gas, defense, ocean science, and renewable energy, including the KATFISH towed synthetic aperture sonar system and SEAPOWER pressure-tolerant battery system

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.