Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

<ul>
<li>POSCO is shifting from cyclical steel to sustainable, high-margin materials and hydrogen technologies.</li>
<li>Earnings recovery and RBM scale-up underpin a 15–35% re-rating potential by FY27.</li>
<li>Strong asset base, improving margins, and carbon-neutral roadmap limit downside risk.</li>
</ul>


POSCO is shifting from cyclical steel to sustainable, high-margin materials and hydrogen technologies.
Earnings recovery and RBM scale-up underpin a 15–35% re-rating potential by FY27.
Strong asset base, improving margins, and carbon-neutral roadmap limit downside risk.


POSCO Holdings — From Steel Giant to Green Materials Powerhouse

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Doosan Enerbility Co., Ltd. manufactures and distributes construction machines. The Company produces gas turbines, engines, turbine generators, boilers, power plant equipment, and other related products. Doosan Enerbility also offers energy solutions for thermal power, nuclear power, and renewable energy.

<ul>
  <li>
<a href="https://smartkarma.com/entities/doosan-enerbility-co-ltd">Doosan Enerbility</a> is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.</li>
  <li>The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.</li>
  <li>Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E &gt; 100x) that presents a risk for investors.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
  The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
  Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E &gt; 100x) that presents a risk for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Doosan Enerbility (034020 KS) - Oct 2025

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Circle Internet Group / Technical Analysis

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes (quantum,nuclear, hydrogen, space, robotics, drones, data centers, solar, biotech, WGMI,ARKK,ARKQ,ARKX,ARKW,ARKG, etc.) have been rolling, and we've been recommending them in this section every week for 1+ months.


Downgrading Financials to Underweight; Growth Themes Galore; Health Care Breaking Out

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

<ul><li>Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82 as of September 23, 2025.</li><li>Despite a historical track record of operating losses and continued projections of negative earnings in fiscal 2025, the stock has caught fire amid a convergence of bullish catalysts.</li><li>Chief among them is the potential for a $370 million cash injection from warrant exercises by Heights Capital Management, following a new disclosure by the company.</li></ul>

Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82 as of September 23, 2025.Despite a historical track record of operating losses and continued projections of negative earnings in fiscal 2025, the stock has caught fire amid a convergence of bullish catalysts.Chief among them is the potential for a $370 million cash injection from warrant exercises by Heights Capital Management, following a new disclosure by the company.

Plug Power Goes Parabolic—Can The Hydrogen Hype Last?

AIR WATER INC. produces industrial gases such as oxygen, nitrogen, argon, and acetylene.  The Company also sells fuels and processed foods.

<ul>
<li>Company: Founded in 2000 through the merger of Hoxan, Daido Sanso, and Kyodo Oxygen, Air Water is a diversified conglomerate spanning industrial gases, healthcare, food logistics, and energy.</li>
<li>Future Plans: Driving growth through semiconductor gases, UPS systems for AI/data centers, and hydrogen infrastructure, while scaling healthcare and logistics.</li>
<li>Valuation: Trades at ~7x EV/EBITDA and 11x forward P/E, a deep discount to global peers (Linde, Air Liquide at 14–17x EV/EBITDA).</li>
</ul>


Company: Founded in 2000 through the merger of Hoxan, Daido Sanso, and Kyodo Oxygen, Air Water is a diversified conglomerate spanning industrial gases, healthcare, food logistics, and energy.
Future Plans: Driving growth through semiconductor gases, UPS systems for AI/data centers, and hydrogen infrastructure, while scaling healthcare and logistics.
Valuation: Trades at ~7x EV/EBITDA and 11x forward P/E, a deep discount to global peers (Linde, Air Liquide at 14–17x EV/EBITDA).


Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player