Trading Companies & Distributors

On October 9, C&D Inc. and Shenzhen UBTECH Robotics Corporation Limited signed a strategic cooperation agreement in Xiamen. UBTECH Robotics founder, chairman and CEO Zhou Jian, director and senior vice president Hao Baoyu, and C&D Inc. chairman Lin Mao, along with other leaders from both sides, attended and witnessed the signing. Under the agreement, the two parties will leverage C&D Inc.'s channel network, supply chain system and financial leasing capabilities, combined with UBTECH Robotics' full-stack self-developed humanoid robot technology and mature product portfolio, to jointly promote the large-scale deployment of intelligent robots in government exhibition halls, commercial complexes, industrial parks and other scenarios. The two sides also held in-depth exchanges on topics including intelligent robot market expansion, regional scenario implementation, after-sales operation and maintenance system development, industry-finance innovation cooperation, and overseas market coordination, and reached consensus on business linkage and joint development of an industrial ecosystem. The signing marks the entry of the two parties' cooperation into a phase of all-round, systematic and large-scale deep collaboration. In the future, they will integrate industrial, channel, and operation and maintenance resources to form a nationwide embodied intelligence commercial operation ecosystem.

Analysts have raised their earnings estimates for Fastenal's upcoming third-quarter results, with consensus EPS now at US$0.34 on US$2,440.0 million of revenue. The 3% estimate increase over the past 30 and 90 days reflects improving confidence in the company's fundamentals, including strong margins and cash generation, and lines up with Fastenal's ongoing shift toward higher value managed inventory and digital sales. The company's narrative projects $11.4 billion in revenue and $1.8 billion in earnings by 2029, requiring 9.2% yearly revenue growth and an earnings increase of about $0.4 billion from $1.4 billion. That forecast yields a $48.84 fair value, a 4% downside to the current price, while some of the most optimistic analysts already assume revenue could reach about US$11.9 billion and earnings US$2.0 billion by 2029. The key tension remains how long Fastenal's premium valuation can coexist with rising cost inflation risks and potential slowing industrial demand.

S&P Global Ratings has upgraded United Rentals Inc to investment-grade status, raising its issuer credit rating to BBB- from BB+, citing disciplined financial policy, sustained cash flow generation and reduced leverage. The agency also lifted the issue-level rating on the company's unsecured debt to BBB- while affirming its BBB- rating on senior debt, with a stable outlook reflecting expectations for steady operating metrics through market cycles. The upgrade rests on United Rentals' ability to keep leverage in the low-2x area while funding strategic growth and share repurchases, with scale and an expanding specialty equipment footprint providing a buffer against cyclical downturns in nonresidential construction. S&P expects annual free operating cash flow, which has exceeded 1.5 billion dollars over the past five years, to support revenue growth of 8% to 10% annually through 2027 on demand from U.S. mega-projects and data center construction. Adjusted EBITDA margins are forecast to hold at 46% to 48%, and S&P said the company can scale back capital expenditures during market drawdowns to keep debt-to-EBITDA below its 3x target threshold over the long term.

MASTEC Link Public Company Limited, or MASTEC, has set a target backlog of approximately 500–600 million baht by the end of 2026, drawn from its three core business groups: air-conditioning and sanitation system products, fire prevention and safety products, and energy-conservation and environmental innovation products. Chief Executive Officer Dusadee Meechai stated that this target does not yet include work that may be secured from community solar and residential solar projects, and that it is a target as of the end of 2026, not the total of work already won or all revenue to be recognised within this year. On the clean energy side, the company is preparing to take part in bidding for community solar projects under a combined power purchase framework of no more than 1,500 megawatts, while also preparing to handle residential solar work under the government's target of up to 1.5 million households. It is laying out a plan to develop its management systems and installer team network to support expansion to the level of tens of thousands of households if it has the opportunity to join the programme under the prescribed criteria. The company places importance on assessing project readiness, partners, returns and risks before taking on obligations through the relevant approval process. The heart of handling a large volume of work is a digital platform that connects the entire process, from receiving customer data, site surveys, design, assigning installation teams, tracking progress, quality inspection and system handover, so that work across multiple areas can be managed from a central point, with costs, timelines and installation standards tracked systematically.

Dusadee Meechai, Chief Executive Officer of MASTEC, revealed that the company has set a backlog target of approximately 500-600 million baht by the end of 2026, driven by its three main business groups: air-conditioning and sanitary ware products, fire protection and safety products, and energy conservation and environmental innovation products. This target excludes work that may be secured from the community solar and residential solar projects. The company is preparing to take part in the auction for the community solar project under a combined power purchase framework of no more than 1,500 megawatts, and is preparing to support residential solar work under the government's target of up to 1.5 million households. It plans to develop its management systems and installer team network to handle expansion to the level of tens of thousands of households. The key is a digital platform that connects the entire process, from receiving customer data, site surveys, design, assigning installation teams, tracking progress, quality inspection, and system handover, in order to manage work across multiple areas from a central point while systematically monitoring costs, timelines, and installation standards. The company stated that the 500-600 million baht backlog target is a goal for the end of 2026, not the total work already secured or all revenue to be recognized this year, with actual figures depending on new work won and the gradual recognition of revenue from work in hand. The two solar projects are not included in this target and will depend on policy implementation, criteria, selection results, and the company securing contracts.

MASTEC Link Public Company Limited, or MASTEC, has set a target for its backlog of work awaiting revenue recognition at approximately 500–600 million baht by the end of 2026, seeing a favorable trend for its business in both the third and fourth quarters of 2026 and pressing ahead to add opportunities from all three of its core business groups: air-conditioning and sanitary system products, fire protection and safety products, and innovative energy-conservation and environmental products. Dusadee Meechai, Chief Executive Officer of MASTEC, said the backlog target does not yet include work that may be won from community solar and residential solar projects, which the company sees as an additional opportunity to expand its energy business. For the community solar project, MASTEC is preparing to take part in bidding under a combined power purchase framework of no more than 1,500 megawatts, while the residential solar work supports the government's target of up to 1.5 million households, with the company preparing management systems and an installer team network to handle expansion to tens of thousands of households through a digital platform. The company noted that the 500–600 million baht backlog is a target for the end of 2026, not the total work already won or all revenue to be recognized this year, with the actual figure depending on new work won and the gradual recognition of revenue from existing work. The two solar projects are not included in that target and will depend on policy implementation, criteria, selection results, and the company securing contracts.

FTAI Aviation Ltd. announced a multi-year Maintenance, Repair and Exchange agreement with United Airlines under which FTAI provides engine exchanges in lieu of traditional shop visits. The relationship began with United's V2500-powered fleet and has now been extended to designated CFM56-7B engines, with the program structured to grow over its term. Under the program, FTAI delivers a serviceable engine ahead of each of United's scheduled removals and then purchases United's unserviceable engine in exchange, sparing the airline the cost and downtime of a traditional shop visit, while FTAI adds each acquired engine to its inventory as feedstock for its MRO network. The program started with an initial group of engines in 2026 and will continue to expand as additional engines come due for removal, with the two companies jointly planning deliveries against United's removal schedule. FTAI Chairman and CEO Joe Adams called United's adoption of the program a meaningful endorsement, and United Executive Vice President and Chief Financial Officer Mike Leskinen said the growing relationship will help improve utilization for the Boeing 737 NG aircraft that make up an important part of its fleet.

Xiamen Xinda's wholly owned subsidiary Xiamen Xinda Logistics Technology received a government grant of 4 million yuan in cash. The grant is a government subsidy related to income. The company has actually received the funds and recognized them as current-period income, accounting for 26.24% of the company's most recent audited net profit. Xiamen Xinda expects the impact of this government grant on net profit attributable to the parent for this year to be about 3.4 million yuan. In the first half of 2026, Xiamen Xinda achieved revenue of 14.405 billion yuan and net profit attributable to the parent of 423 million yuan.

MASTEC Link Public Company Limited, or MASTEC, disclosed that it has established a new subsidiary to strengthen its capacity to bid for projects and form joint ventures with both public and private partners. Chief Executive Officer Dusadee Meechai said third-quarter 2026 results and the remainder of the year will grow significantly better than the first half, in line with the business's high season. The company currently has work in hand of approximately 400 to 500 million baht and targets a year-end 2026 backlog of 500 to 600 million baht under its JUMP+ plan, which aims for 2026 revenue of 1.338 billion baht and profit of 100 million baht. The company is preparing to join bids for power purchase agreements, or PPAs, in community solar projects with a combined capacity of no more than 1,500 megawatts, alongside partners in roughly four to five projects, and has already registered as an installer of public solar systems with the electricity authority. The program expands eligibility to cover 1.5 million households, with installation subsidies of 50,000 baht per rooftop. The company is also pressing ahead with expanding its data center business and building a global strategic partnership with Honeywell of the United States to develop Integrated Building and Infrastructure Solutions covering customers in office buildings, industrial plants, hospitals, hotels, data centers, and large real estate projects.

Zangge Mining announced on the evening of October 7 that the company recently received a dividend payment of 1.539 billion yuan from its associate company Tibet Julong Copper Co., Ltd. According to a resolution of Julong Copper's shareholders' meeting, part of its undistributed profits will be distributed to all shareholders, and Zangge Mining received the corresponding cash dividend based on its 30.78% shareholding. The dividend funds mainly come from Julong Copper's current operating performance. In the first half of 2026, Julong Copper achieved mineral copper production of 134,000 tonnes and sales of 133,500 tonnes, with operating revenue of 15.004 billion yuan and net profit of 9.223 billion yuan. In the first half of 2026, Zangge Mining recognized investment income from Julong Copper of 2.839 billion yuan. As of the disclosure date of the announcement, the company has cumulatively received cash dividends from Julong Copper of 4.617 billion yuan this year. Zangge Mining stated that this dividend effectively strengthens the company's monetary capital reserves, significantly improves cash flow levels, and enhances its ability to support project advancement.

Zangge Mining announced that it recently received a dividend of 1.539 billion yuan from its associate Tibet Julong Copper, corresponding to its 30.78% equity stake. In the first half of 2026, Julong Copper produced 134,000 tonnes of mined copper, with revenue of 15.004 billion yuan and net profit of 9.223 billion yuan. Zangge Mining recognised investment income of 2.839 billion yuan from Julong Copper in the first half. As of the disclosure date, it has received cumulative cash dividends of 4.617 billion yuan from Julong Copper this year. The company said the dividend effectively strengthens its cash reserves and improves cash flow.

Sojitz announced on the 2nd that it has acquired all shares of Sealaska Foods International Holdings, a holding company whose subsidiaries include New England Seafood International, which operates a seafood processing and sales business centred on the United Kingdom. With the domestic market entering a mature phase, the company is working to strengthen its overseas operations, aiming to enhance the value of its seafood business as a whole by securing a base for procurement, processing, and sales in Europe. New England Seafood International's main categories are white fish such as cod, wild Alaskan salmon, and sashimi-grade tuna, and it holds a high sales share with UK mass retailers. The Sealaska Foods International Holdings group has white fish raw material procurement bases in Norway and Iceland. The company will change its name to Sojitz Seafood International Holdings going forward.

Minmetals Development announced on the evening of September 30 that its subsidiary Minmetals Logistics Group's affiliate Minmetals Logistics Guangdong received government subsidies of 3.564 million yuan. The subsidies are related to income and account for 18.66% of the company's latest audited net profit attributable to shareholders of the listed company. The company said the subsidies are expected to increase 2026 income by 3.564 million yuan, though the figure is unaudited and subject to the final annual audit. Minmetals Development is mainly engaged in resource trading, metals trading, and supply chain services. In the first half of 2026, the company's operating revenue was 23.936 billion yuan, down 11.28% year on year; net profit attributable to the parent was 5.8457 million yuan, down 94.57% year on year; net profit attributable to the parent excluding non-recurring items widened from a loss of 11.77 million yuan in the same period last year to a loss of 16.48 million yuan; and net operating cash flow was negative 1.837 billion yuan. The company said that due to weak demand for steel used in downstream engineering construction and low, fluctuating prices of steel and metallurgical raw materials, operating revenue declined year on year. Its asset-liability ratio was 69.77%, down 5.82 percentage points year on year.

EquipmentShare.com announced a multi-year fleet agreement with Cummins Inc. to supply advanced natural gas generators, positioning the company as a major rental and distribution partner for Cummins power systems used in critical infrastructure projects. The deal supports EquipmentShare's expansion into temporary power, microgrid and battery energy storage services for contractors across the United States, and commits the company to 1 gigawatt of natural gas generation. The agreement is just one piece of the broader EquipmentShare.com story, and the company operates as a US construction-focused trade distributor combining equipment rental, sales and in-house technology. The clearest test will be how EquipmentShare.com reports uptake of its new natural gas power offering over the next few reporting periods, particularly deployment on large energy, manufacturing and data center projects and the impact on rental segment utilization and margins. Execution risk remains, as building out temporary power and microgrid services adds capital intensity and operational complexity on top of an already rapid location rollout.

Oppenheimer upgraded NICE to Outperform from Perform, citing improving financial metrics and easing concerns about AI disruption, and set a $150 price target on the stock, which rose 4% in early Wednesday trading. Analyst Timothy Horan said AI is now a tailwind, with record AI bookings in 2Q26, nearly every CXone enterprise deal including AI, and roughly 75% of NICE Cognigy bookings attached to CXone. AI and Self-Service ARR reached $362M, up 52% year over year, while AI represented 15% of cloud revenue. Horan noted the stock trades at more than a 50% discount to its historical median multiples, at 1.4x 2027 estimated revenue and 8x EPS, and said NICE is likely to sell its Actimize division for 2x its current consolidated multiple, with the potential sale valued at about $2B. He added that the recent Cognigy purchase has at least doubled to more than $2B, which values the legacy CX business at roughly 2x EBITDA.

Mitsubishi Corp announced on the 29th that it has decided to invest in expanding the production capacity of the LNG Canada liquefied natural gas production facility in western Canada. Investing jointly with partner companies including British oil major Shell, Mitsubishi Corp's project spending will come to about 500 billion yen. By expanding liquefaction facilities, the company aims to raise production capacity to 28 million tons per year, double the current level, in the early 2030s.

In the Tokyo stock market on the 9th, Accel, Happinet, Asahi Yukizai, NSD, and NaITO were bought after raising their earnings forecasts the previous day. Accel hit the daily limit-up with pro-rata allocation, lifting its first-half operating profit from a previous forecast of 970 million yen to 1.33 billion yen and its full-year figure from 1.2 billion yen to 2.29 billion yen, while also raising its annual dividend from 41 yen to 79 yen. Happinet raised its first-half operating profit from 7.8 billion yen to 13.5 billion yen; Asahi Yukizai lifted its first-half figure from 3.9 billion yen to 5.5 billion yen and its full-year figure from 8.5 billion yen to 12 billion yen, and increased its annual dividend from 130 yen to 180 yen. NSD raised its first-half operating profit from 8.4 billion yen to 8.9 billion yen and its full-year figure from 19.5 billion yen to 20.1 billion yen, while NaITO revised its full-year operating profit forecast upward from 400 million yen to 1.25 billion yen. Meanwhile, MediciNova hit the daily limit-down with pro-rata allocation after its Phase 2 clinical trial of MN-001 failed to show statistical superiority, and Chugai Pharmaceutical fell sharply for a second day after Roche decided to discontinue development of GYM329, a candidate treatment for obesity.

Among the companies that reported earnings after the close on September 28, several were highlighted as likely to be well received by the market for strong results or dividend increases. Accel raised its consolidated ordinary profit forecast for the fiscal year ending March 2027 by 85.0%, from 1.27 billion yen to 2.35 billion yen, now projecting a 31.1% profit increase after a prior decline, and lifted its year-end lump-sum dividend from 41 yen to 79 yen. Asahi Yukizai raised its ordinary profit forecast for the same period by 41.4%, from 8.7 billion yen to 12.3 billion yen, and increased its annual dividend from 130 yen to 180 yen. Happinet raised its ordinary profit forecast for the first half of the fiscal year ending March 2027 by 68.8%, from 8.0 billion yen to 13.5 billion yen, now expecting a 51.4% profit increase and a sixth consecutive record first-half profit. Naito revised its ordinary profit forecast for the fiscal year ending February 2027 upward threefold, from 430 million yen to 1.3 billion yen, now projecting a 2.9-fold profit increase. NSD raised its ordinary profit forecast for the fiscal year ending March 2027 by 3.6%, from 19.7 billion yen to 20.4 billion yen, adding to an eighth consecutive record profit projection, and increased its year-end lump-sum dividend from 97 yen to 100 yen.

United Rentals and Herc Holdings both raised their 2026 outlooks as large multiyear projects across infrastructure, data centers, power and manufacturing drove stronger-than-expected equipment rental demand. United Rentals reported second-quarter 2026 total revenues up 12% year over year to $4.4 billion, with rental revenues up nearly 13% to $3.8 billion and adjusted EPS up 22% to $12.76, and now expects full-year total revenues of $17.5 billion to $17.8 billion and adjusted EBITDA of $7.98 billion to $8.13 billion. Herc, which completed its integration of H&E Equipment Services in the first quarter of 2026, saw second-quarter pro forma equipment rental revenues rise 2% and raised its targeted share of the U.S. mega-project rental opportunity to 20% from 15%. At the midpoint, Herc expects 2026 equipment rental revenues of roughly $4.43 billion and adjusted EBITDA of about $2.09 billion, with pro forma rental revenue growth of nearly 5% on roughly flat average fleet investment. United Rentals carries a Zacks Rank #3 (Hold) while Herc holds a Zacks Rank #1 (Strong Buy), though United Rentals retains advantages in scale, free cash flow and lower leverage.

Vestis Corporation has appointed Russell Tiejema as Executive Vice President and Chief Financial Officer, effective September 28, 2026. Tiejema succeeds Adam K. Bowen, who has served as Interim Chief Financial Officer since December 16, 2025, and intends to remain with the company through the end of October. Tiejema most recently served as Executive Vice President and Chief Financial Officer of US LBM, and previously spent nearly nine years as Executive Vice President and Chief Financial Officer of Masonite International. Vestis also reaffirmed its outlook for its full fiscal year 2026, consistent with the update provided in its third quarter earnings release on August 11, 2026.

Rexel, a publicly held distributor of energy management products and services, has agreed to acquire GCG, a specialty wire and cable distribution platform, from Audax Private Equity in a transaction expected to close by year end. GCG operates through two complementary segments, Custom Engineered Solutions and Connectivity and Power Solutions, serving data centers, power infrastructure, defense, building systems, water, telecom and industrial end markets. Since 2019, GCG has grown to more than $1.1 billion in revenue through organic growth and strategic acquisitions including United Wire & Cable, CableMaster, RWL, Paige, and Allied Wire & Cable, and is expected to reach over $1.1 billion of revenue in 2026. The combination is expected to extend Rexel's presence in high-growth, mission-critical end markets including data center and power infrastructure, and to bring GCG's engineering-led distribution model and proprietary product portfolio into Rexel's broader platform. Solomon Partners and J.P. Morgan advised GCG and Audax, while Guggenheim Securities and Rothschild & Company advised Rexel.

Audax Private Equity has entered into a definitive agreement to sell GCG, a leading U.S. provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications, to Rexel, a publicly held distributor of products and services in energy management, in a transaction expected to close by year end. Headquartered in Chicago, GCG serves customers across data centers, power and utilities infrastructure, grid modernization, communications and defense, and its 2026 revenues are on pace to exceed $1.1 billion, with 16 global locations and approximately 950 employees. The sale caps a seven-year partnership in which GCG delivered double digit annual revenue growth since 2019 and increased both earnings and EBITDA margins significantly through the disciplined execution of the Audax Value Agenda. Audax first acquired GCG through a 2019 carveout of Genuine Parts Co.'s Electrical Specialties Group, later spinning out GCG and EIS as two independent platform companies, and EIS was sold to a financial buyer in 2024. Since its original investment, Audax helped build the company's organizational and corporate infrastructure, oversaw a Buy & Build initiative that completed 12 acquisitions, and in July of this year GCG sold its Automation & Factory Solutions business to a strategic buyer. The sale of GCG to Rexel represents the seventh realization either announced or completed by Audax Private Equity's Flagship strategy in 2026, following recent sales of Flow Control Holdings, StatLab Medical Products, Harbourfront Wealth Group, FDH Aero and Colony Hardware, among others. The transaction is subject to customary regulatory approvals and closing conditions, with Solomon Partners and J.P. Morgan advising GCG and Audax, and Guggenheim Securities and Rothschild & Co. advising Rexel.

Rexel has agreed to acquire GCG, a leading US provider of specialty wire and cable, connectivity, power and engineered solutions for critical infrastructure applications, from Audax Private Equity at an enterprise value of approximately $1.4 billion. Chicago-based GCG operates 16 locations with roughly 950 employees and is expected to reach over $1.1 billion of revenue in 2026, with a projected EBITA margin of about 11%. The price corresponds to a multiple of less than 8x 2026 estimated EBITDAaL including anticipated run-rate synergies, and Rexel said the deal meets all its financial criteria, including EPS accretion in year one and value creation by year three. Rexel plans to finance the transaction with existing cash on hand and about €800 million of debt, alongside an equity raise of up to €500 million through an accelerated bookbuilding offering, to preserve its credit rating and keep its net financial debt to EBITDAaL ratio around 2x from 2027 onwards. The acquisition, unanimously approved by Rexel's board, is expected to close by the end of 2026, subject to customary regulatory approvals and closing conditions.

Among the main individual items announced on the 18th, Onex will acquire land for an AI data center and power receiving facilities and launch a new business; Kidswell will sell listed securities it holds and record an extraordinary gain; and Sanyo Trading announced that misappropriation of funds was discovered at its U.S. subsidiary and that it will set up a special investigation committee. Wada Kosan revised up its earnings plan for the cumulative second quarter of the fiscal year ending February 2027, covering March through August, raising standalone operating profit to 2 billion yen from 1.6 billion yen, up 27.5 percent year on year, while leaving its full-year plan unchanged and increasing its dividend plan to 67 yen per year from 60 yen, against 72 yen in the previous fiscal year. Yamaichi Electronics resolved to build a fourth plant in the Philippines, with total investment of about 6.5 billion yen and operations scheduled to begin in the second half of fiscal 2028. SQUEEZE announced a capital and business alliance with Hulic, raising Hulic's ownership stake to 6.97 percent from 1.98 percent. Nippon Insulator revised up its consolidated operating profit for the cumulative second quarter of the fiscal year ending March 2027, covering April through September, to 384 million yen from 281 million yen, down 44.6 percent from a year earlier. Nikkato revised up its standalone operating profit for the fiscal year ending March 2027 to 1.22 billion yen from 1.1 billion yen, up 13.9 percent year on year. Shoei Yakuhin revised up its consolidated operating profit for the cumulative second quarter of the fiscal year ending March 2027 to 424 million yen from 208 million yen, up 76.7 percent year on year. Inter Action won a large order worth 747 million yen for image sensor inspection-related products, with revenue expected to be recorded between September 2026 and May 2027.

PT Garuda Maintenance Facility Aero Asia Tbk, known as GMF and part of Garuda Indonesia Group, and FTAI Aviation Ltd. have strengthened their strategic collaboration to expand GMF's engine and APU maintenance capacity and market presence across Asia-Pacific. The partnership, formalized during MRO Asia-Pacific 2026 at Singapore EXPO, will initially cover CFM56-5B and CFM56-7B engines and GTCP131-9 series APUs, with guaranteed capacity for FTAI over the next five years. Building on an existing relationship in which GMF provides engine maintenance services for FTAI, the collaboration provides a foundation to progressively expand into deeper module and piece-part capabilities and next-generation engines, including CFM LEAP. GMF CEO Andi Fahrurrozi said the collaboration responds to growing engine maintenance demand from FTAI, its customers, and the broader aviation market across the region, while FTAI President David Moreno said bringing committed engine volumes to GMF puts maintenance capacity closer to Asia-Pacific customers with faster turnaround times. The collaboration is also expected to strengthen the engine MRO supply chain by improving access to materials, spare parts, and components while creating opportunities to enhance availability and cost.

Brookfield is closing in on a $2bn deal to buy Actimize, a financial crime and compliance specialist, from Nasdaq-listed NICE. Sky News has learnt that Brookfield's financial infrastructure arm, set up three years ago with the aid of the City grandee Sir Ron Kalifa, is in exclusive talks to acquire the business. Sources cautioned that a deal had yet to be finalised and could yet fall apart. If completed, the transaction would deepen Toronto-based Brookfield's push into financial infrastructure assets, following its acquisition of a stake in Barclays' merchant acquiring arm last year. Actimize was put up for sale by NICE earlier this year and was reported to have drawn interest from private equity firms including Advent International and New Mountain Capital; NICE bought the business in 2007 for $280m, and it now focuses on AI-driven fraud prevention and anti-money laundering products for financial institutions worldwide. Brookfield declined to comment on Wednesday morning.

Ayala Corp. will use the $700 million raised from a share sale to Mitsubishi to cut debt, acquire shares in undervalued listed units and grow its businesses, President and CEO Cezar Consing said. Of the roughly 45 billion pesos represented by the $700 million, 20 billion pesos will go to Ayala Corp. through a share issuance, while another 20 billion pesos will fund a tender offer conducted on Mitsubishi's behalf for up to 20 billion shares at 650 pesos a share, the same price as the primary placement. Ayala is expanding its board from seven to nine seats, with Mitsubishi taking two, and the Japanese conglomerate will send about a dozen people to be placed at Ayala Corp. and key operating companies. The two firms have identified real estate, energy, fintech and financial services, mobility, logistics and AI as segments for joint projects, and will aim to build an ecosystem across those assets. Consing said the $700 million investment, about 120 billion yen, is the largest foreign direct investment the Philippines has received year to date, and noted Mitsubishi's stake had fallen to 4.7% from a peak of 20%.

Herc Holdings Inc. was the largest contributor to the Gabelli Focused Growth and Income Fund in the second quarter of 2026, surging approximately 45% as the market re-rated the shares following first quarter results that far exceeded expectations. The Fund, which declined 1.61% in the quarter, held Herc Holdings at 2.5% of net assets as of June 30, 2026. Equipment rental revenue rose 33% to $981 million, adjusted EBITDA increased 33% to $448 million, and adjusted earnings of $0.21 per diluted share came in well ahead of consensus estimates. Management affirmed full year 2026 guidance of $4.275–$4.4 billion in equipment rental revenue and $2.0–$2.1 billion in adjusted EBITDA, supported by strong national account activity and a growing mega-project pipeline. Herc pays a quarterly dividend of $0.70 per share, or $2.80 annualized.

Philippine conglomerate Ayala Corporation announced on the 21st that Mitsubishi Corp will make an additional investment of 44.5 billion Philippine pesos, or 709.48 million dollars. Its stake will rise from the current 4.7% to 15%, more than triple, and to 20% on a voting-rights basis, further strengthening Mitsubishi Corp's business foundation in the Philippines. The per-share acquisition price is 650 pesos, a premium of about 22% over the most recent closing price. Mitsubishi Corp indicated it will deepen cooperation in consumer-facing businesses and pursue opportunities in real estate and energy, Ayala's core businesses, with the deal expected to close during fiscal 2026. Ayala, through its telecommunications subsidiary, will take a stake in Mynt, which operates the leading smartphone payment app GCash. Mynt's application to list on the Philippine Stock Exchange was approved last week, and the fundraising could reach as much as 1.47 billion dollars, potentially making it the largest initial public offering in the Philippines.

Watsco agreed on September 14 to acquire The Granite Group, a plumbing and HVAC distributor generating roughly $500 million in annual sales across seven Northeast states. Founded in 1971 and based in Concord, New Hampshire, The Granite Group serves about 11,000 customers from 82 locations and stocks roughly 29,000 SKUs from more than 450 vendors, and it will keep operating independently under CEO Bill Condron. The deal is Watsco's second of 2026, following the June acquisition of Jackson Supply Company, a $230 million Sunbelt HVAC distributor spanning 25 locations, as management continues hunting in a $74 billion North American distribution market. Watsco carries $464 million in cash and no debt, and in April it raised its annual dividend 10% to $13.20 per share, extending a streak of 52 consecutive years of payouts. The expansion comes alongside softer results: second-quarter revenue rose just 2% to $2.1 billion, but gross profit fell 4% to $579 million as gross margin slipped to 27.5% from 29.3%, operating income dropped 12% to $238 million, and earnings per share fell 12% to $4.00.

Willis Lease Finance Corp. has acquired land in Malaysia to build a new Willis Engine Repair Center, its third such facility worldwide. The new WERC will join existing facilities in Florida and Wales, delivering storage, repair and maintenance services to third-party assets and the engine portfolio the company owns. CEO Austin C. Willis called the move an integral step in the company's pursuit of global expansion and evidence of its commitment to one of the most rapidly expanding segments of the aviation market. The company recently completed its acquisition of 13 aircraft engines and 12 commercial aircraft. Construction of the Malaysia facility is expected to conclude in early 2027, though the schedule faces risks including permit delays, supply chain disruptions, workforce shortages and unanticipated operational complications.

Chord Energy has agreed to sell its US$550 million non-operated Marcellus position to POSCO International, refocusing the company on its Williston Basin portfolio while adjusting leverage, capital spending plans, and overall oil exposure. The sale comes as Chord Energy's shares have eased in the past week, with a 7 day share price return of 4.95% and a 30 day share price return of 2.27%, though the 90 day share price return of 16.10% and year to date share price return of 52.61% point to solid upward momentum. Longer term holders have already seen substantial gains, with a 1 year total shareholder return of 50.17% and a 5 year total shareholder return of 134.40%. Chord Energy last closed at $144.49, while the most followed narrative pegs fair value at $167.47, a gap built around efficiency, capital discipline, and how far the Williston focused portfolio can stretch its cash generation under a 7.24% discount rate. Strong execution of longer-lateral 4-mile drilling with early results significantly outperforming expectations positions Chord to lower breakeven costs and increase access to previously marginal acreage, though heavy reliance on the Williston Basin and exposure to tighter environmental rules could quickly challenge assumptions on production, costs and valuation.