Industrials

• Our NAV analysis of Samsung C&T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price. 
• The biggest components of Samsung C&T’s value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&T’s current market cap).   
• In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&T is more noticeable (Samsung Electronics – up 47.3% versus Samsung C&T – up 15.9%). 

• With a 37.3% rally in Shanghai Electric Group Company (2727 HK)‘s share price in the last 5 trading days, it is poised for a correction, which is a long-term opportunity. 
• Key positive drivers include its Fanuc Robots earnings, progress in China’s nuclear fusion project, solid new order momentum, and speculation on asset acquisition.
• PER valuations are not cheap, but this is understandable due to the company’s transition. However, its 1.5x P/B multiple is not outrageously expensive relative to peers.

• BlackBuck operates in India’s highly fragmented trucking ecosystem, targeting the digitization of this traditional sector.
• The company functions as a digital platform that connects various stakeholders in the trucking industry.
• BlackBuck has established a dominant position in the Indian logistics technology space through its platform approach.

• In 1H FY02/26, revenue was JPY73.1bn (+1.5% YoY) with operating profit at JPY5.9bn (+23.0% YoY).
• Revenue from SC operations was JPY62.6bn (+1.0% YoY) and SB operations JPY10.4bn (+5.4% YoY).
• Gross profit in 1H FY02/26 was JPY13.6bn (+6.5% YoY) with a GPM of 18.5% (+0.9pp YoY).

• The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
• This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
• Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 

• Aequs Ltd is looking to raise about US$200m in its upcoming India IPO. The deal will be run by JM Financial, IIFL Capital and Kotak.
• Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors.
• The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.

• Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent earnings call.
• The company’s performance showcases both positive developments and areas of concern, resulting in a mixed outlook for potential investors.
• On the positive side, Teleperformance reported commendable growth in its core services, achieving a like-for-like revenue growth of nearly 3%.

• The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025.
• Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m.
• Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025. 

• Northern Bear PLC (NTBR) announced an update on trading yesterday.
• We have published research on this which is attached and a snapshot of the research is below.
• The stronger trading in Q1 has continued and yesterday’s Trading Update reported H1 trading to September 2025 above expectations.

Key points (machine generated)

• TANABE CONSULTING GROUP CO., LTD. achieved record-high net sales of ¥14,543 million and operating profit of ¥1,500 million in FY3/25, marking increases of 14.2% and 48.6%, respectively.
• The company’s growth is attributed to successful business development, M&A initiatives, and expansion in five key consulting domains, including Digital and DX.
• For FY3/26, TCG projects a 10% increase in net sales to ¥16,000 million and a 20% rise in operating profit to ¥1,800 million, supported by a proactive M&A strategy and enhanced service specialization.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Our NAV analysis of Samsung C&T suggests implied market cap of 43 trillion won or target price of 253,146 won per share which is 28% higher than current price. 
• The biggest components of Samsung C&T’s value is its stakes in Samsung Electronics and Samsung Biologics which are worth 54.1 trillion won (161% higher than Samsung C&T’s current market cap).   
• In the past three months, the share price discrepancy between Samsung Electronics and Samsung C&T is more noticeable (Samsung Electronics – up 47.3% versus Samsung C&T – up 15.9%). 

• With a 37.3% rally in Shanghai Electric Group Company (2727 HK)‘s share price in the last 5 trading days, it is poised for a correction, which is a long-term opportunity. 
• Key positive drivers include its Fanuc Robots earnings, progress in China’s nuclear fusion project, solid new order momentum, and speculation on asset acquisition.
• PER valuations are not cheap, but this is understandable due to the company’s transition. However, its 1.5x P/B multiple is not outrageously expensive relative to peers.

• BlackBuck operates in India’s highly fragmented trucking ecosystem, targeting the digitization of this traditional sector.
• The company functions as a digital platform that connects various stakeholders in the trucking industry.
• BlackBuck has established a dominant position in the Indian logistics technology space through its platform approach.

• In 1H FY02/26, revenue was JPY73.1bn (+1.5% YoY) with operating profit at JPY5.9bn (+23.0% YoY).
• Revenue from SC operations was JPY62.6bn (+1.0% YoY) and SB operations JPY10.4bn (+5.4% YoY).
• Gross profit in 1H FY02/26 was JPY13.6bn (+6.5% YoY) with a GPM of 18.5% (+0.9pp YoY).

• The MMC Port Holdings Berhad (2436494D MK) IPO is being delayed until 2026 to allow for more comprehensive disclosures that reflect recent developments in the industry and its operations.  
• This has a positive read-through for Westports Holdings (WPRTS MK), where tariff hikes are expected to have a positive impact on results through 2025-2027. 
• Read our initiation of coverage on ICTSI (ICT PM) in our insight, ICTSI (ICT PM): Terminal Operator, Serial Grower With Pricing Power, 20% ROCE, 30% Net Margins 

• Aequs Ltd is looking to raise about US$200m in its upcoming India IPO. The deal will be run by JM Financial, IIFL Capital and Kotak.
• Aequs Limited is a precision-engineering and manufacturing company that produces complex, high-tolerance components for global OEMs across the aerospace and consumer sectors.
• The company operates three integrated manufacturing ecosystems in India (the Belagavi, Hubballi, and Koppal clusters) each designed to deliver end-to-end production capabilities from design to assembly.

• Teleperformance, a prominent global company providing customer experience management, released its results for the first half of 2025 in a recent earnings call.
• The company’s performance showcases both positive developments and areas of concern, resulting in a mixed outlook for potential investors.
• On the positive side, Teleperformance reported commendable growth in its core services, achieving a like-for-like revenue growth of nearly 3%.

• The commercial passenger aircraft leasing Company has published its annual report and audited financial statements for the year ended 30 June 2025.
• Revenue increased by 19.2% to $110m (from $92m in 2024), with EBITDA increasing by 20.3% to $107.1m.
• Total year-end cash and bank balances were $130m and $148.5m at 26 September 2025. 

• Northern Bear PLC (NTBR) announced an update on trading yesterday.
• We have published research on this which is attached and a snapshot of the research is below.
• The stronger trading in Q1 has continued and yesterday’s Trading Update reported H1 trading to September 2025 above expectations.

Key points (machine generated)

• TANABE CONSULTING GROUP CO., LTD. achieved record-high net sales of ¥14,543 million and operating profit of ¥1,500 million in FY3/25, marking increases of 14.2% and 48.6%, respectively.
• The company’s growth is attributed to successful business development, M&A initiatives, and expansion in five key consulting domains, including Digital and DX.
• For FY3/26, TCG projects a 10% increase in net sales to ¥16,000 million and a 20% rise in operating profit to ¥1,800 million, supported by a proactive M&A strategy and enhanced service specialization.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Multi-National and multimodal transportation company with well diversified transportation business operating from Singapore.
• ROE has started improving from low base of below 6% to around 8% over the last couple of years
• Underlying business is stable. Dividend yield at 5.5% is better than Singapore market 

• After months of going nowhere, Astroscale shot up more than 20% in the two trading days following the election of defense hawk Sanae Takaichi as president of the LDP.
• Astroscale made a small gross profit last quarter, but needs a rising flow of contracts and subsidies in order to turn profitable at the operating and net levels.
• At ¥825, the stock price is 38% below the ¥1,326 high reached just over a year ago. If Takaichi becomes prime minister, the chances of regaining that high would improve.

• Defense expansion priced in: JSW remains a key beneficiary of Japan’s multi-year defense buildup, but recent political optimism has driven valuations ahead of fundamentals.
• Structural growth secured: Medium-term defense sales set to more than double by FY2028, supported by artillery dominance, APC production, and new railgun development projects.
• Valuation headwinds: Even under bullish growth and margin assumptions, DCF implies ¥8,000 fair value; current 20x EV/EBITDA multiple looks rich versus domestic peers.

• In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.
• The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.
• The stock has since retraced lower to SGD0.955 currently.

• Context: The Atlas Arteria (ALX AU) vs. Transurban (TCL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value mean-reversion opportunity.
• Highlights: Going long Atlas Arteria (ALX AU) and short Transurban (TCL AU) targets a 3% return, with Atlas Arteria (ALX AU) supported by more attractive valuations.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• In this edition: • Heineken | FIFCO’s shareholders approve sale the deal with Heineken • ING | warns for factors adversely impacting its CET1 ratio and operational challenges • Shell | pre-earnings update not as bad as expected • bpostgroup / PostNL | Amazon pledges to invest EUR 1bn in Belgium in the next 2 years

Key points (machine generated)

• Heartland Express, Inc. (HTLD) is trading at $9.34 with a target price of $16.63, suggesting a 78% potential upside.
• The stock has ranged from $7.11 to $13.67 over the past year, with an average daily trading volume of 613,269 shares.
• The company has a market cap of $734 million, total debt of $200 million, $24 million in cash, and a dividend yield of 0.9%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Manitowoc operates in the global crane market, facing challenges from cyclical downturns and competition.
• The company restructured by spinning off its food service division in 2016 and acquiring H&E Equipment Services in 2021.
• Analysts project a target price of $15.00 for Manitowoc, with potential downside to $7.00 due to market pressures.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The recent financial results for Nexans Group for the first half of 2025 reveal a company continuing its strategic transformation, with some positives and negatives emerging from its performance.
• The results provide insights into the global cable and connectivity solutions provider’s operational efficiency, strategic maneuvers, and market adaptations.
• Key positives include a robust organic growth rate of 4.9% across the group, with a notably strong performance in the Electrification segment, which exhibited nearly 8% growth.

Key points (machine generated)

• The DNOW and MRC Global merger will finalize in Q4, with MRC shareholders receiving 0.9489 DNOW shares each.
• The combined entity will have a market cap of $2.6 billion and plans to reduce its net debt of $200 million.
• The merger is expected to create significant cost synergies and a 55% increase in value over three years, despite initial stock price declines.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Multi-National and multimodal transportation company with well diversified transportation business operating from Singapore.
• ROE has started improving from low base of below 6% to around 8% over the last couple of years
• Underlying business is stable. Dividend yield at 5.5% is better than Singapore market 

• After months of going nowhere, Astroscale shot up more than 20% in the two trading days following the election of defense hawk Sanae Takaichi as president of the LDP.
• Astroscale made a small gross profit last quarter, but needs a rising flow of contracts and subsidies in order to turn profitable at the operating and net levels.
• At ¥825, the stock price is 38% below the ¥1,326 high reached just over a year ago. If Takaichi becomes prime minister, the chances of regaining that high would improve.

• Defense expansion priced in: JSW remains a key beneficiary of Japan’s multi-year defense buildup, but recent political optimism has driven valuations ahead of fundamentals.
• Structural growth secured: Medium-term defense sales set to more than double by FY2028, supported by artillery dominance, APC production, and new railgun development projects.
• Valuation headwinds: Even under bullish growth and margin assumptions, DCF implies ¥8,000 fair value; current 20x EV/EBITDA multiple looks rich versus domestic peers.

• In our initiation coverage of Samudera in February, we recommended a price target of SGD0.73 to accumulate the stock which was trading at SGD0.85 then.
• The stock did reach a low of SGD0.71 in early April amid US tariff uncertainty before hitting a high of SGD1.05 in late July.
• The stock has since retraced lower to SGD0.955 currently.

• Context: The Atlas Arteria (ALX AU) vs. Transurban (TCL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value mean-reversion opportunity.
• Highlights: Going long Atlas Arteria (ALX AU) and short Transurban (TCL AU) targets a 3% return, with Atlas Arteria (ALX AU) supported by more attractive valuations.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• In this edition: • Heineken | FIFCO’s shareholders approve sale the deal with Heineken • ING | warns for factors adversely impacting its CET1 ratio and operational challenges • Shell | pre-earnings update not as bad as expected • bpostgroup / PostNL | Amazon pledges to invest EUR 1bn in Belgium in the next 2 years

Key points (machine generated)

• Heartland Express, Inc. (HTLD) is trading at $9.34 with a target price of $16.63, suggesting a 78% potential upside.
• The stock has ranged from $7.11 to $13.67 over the past year, with an average daily trading volume of 613,269 shares.
• The company has a market cap of $734 million, total debt of $200 million, $24 million in cash, and a dividend yield of 0.9%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Manitowoc operates in the global crane market, facing challenges from cyclical downturns and competition.
• The company restructured by spinning off its food service division in 2016 and acquiring H&E Equipment Services in 2021.
• Analysts project a target price of $15.00 for Manitowoc, with potential downside to $7.00 due to market pressures.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The recent financial results for Nexans Group for the first half of 2025 reveal a company continuing its strategic transformation, with some positives and negatives emerging from its performance.
• The results provide insights into the global cable and connectivity solutions provider’s operational efficiency, strategic maneuvers, and market adaptations.
• Key positives include a robust organic growth rate of 4.9% across the group, with a notably strong performance in the Electrification segment, which exhibited nearly 8% growth.

Key points (machine generated)

• The DNOW and MRC Global merger will finalize in Q4, with MRC shareholders receiving 0.9489 DNOW shares each.
• The combined entity will have a market cap of $2.6 billion and plans to reduce its net debt of $200 million.
• The merger is expected to create significant cost synergies and a 55% increase in value over three years, despite initial stock price declines.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Tiong Woon is a key regional player in the heavy lift and haulage industry, poised to benefit from the upswing in the petrochemical, infrastructure, and construction sectors across Southeast Asia, India, and the Middle East.
• The company demonstrates a strong growth trajectory with a 3-year revenue CAGR of 10.08% and a net income CAGR of 19.04%, supported by a strategic focus on higher-margin, larger-capacity cranes and expansion into high-growth markets.
• Despite a positive outlook and solid financial performance, the company faces risks from market cyclicality, project delays, and margin pressure from rising costs. Its ongoing capital expenditure cycle supports long-term growth but currently weighs on free cash flow.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market. 
• IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.
• Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.

• Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term ‘GATI’ (Gateway Access to India) expansion pipeline.
• As India’s largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country’s surging energy, chemical, and industrial import dependence.
• The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.

• Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with several key highlights.
• The firm achieved a revenue of EUR 3.2 billion, which represents an organic growth of 6.7% and a total growth of 5.7% on a reported basis.
• This increase was driven by high volumes and strategic pricing programs.

• In this edition: • Ahold Delhaize | Jumbo to largely discontinue collaboration with European buying organisations • AkzoNobel | Carlyle leading the race to buy BASF Coatings • NN Group | settlement on unit-linked insurance products now final • PostNL | minimum delivery quality thresholds for D+2 and D+3 • E-commerce & Logistics | Belgium considering EUR 2 levy on non-EU parcels

Key points (machine generated)

• FCE Ltd. has increased its earnings forecast for the fiscal year ending September 2025 due to strong performance and the launch of its AI agent business.
• The company specializes in RPA software, particularly ‘RPA Robo-Pat DX,’ and offers an integrated human resource development platform called ‘Smart Boarding.’
• FCE provides comprehensive support and services, including a business notebook for students and training programs based on ‘The 7 Habits.’

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Bouygues Group reported its first half 2025 financial results amidst a challenging macroeconomic and geopolitical environment, yet the company demonstrated resilience with a slight uptick in its key financial metrics.
• The group’s total sales increased by 1.3% year-on-year, amounting to EUR 26.9 billion, driven primarily by the robust performance in its construction segment.
• However, on a like-for-like basis, the growth was a modest 0.7%, reflecting the broader economic uncertainties.

• Groupe ADP’s recent earnings call for the first half of 2025 provides an in-depth look into its operational and financial performance.
• The company reported a nearly 10% increase in revenue to EUR 3.2 billion, with recurring EBITDA surpassing EUR 1 billion, demonstrating an 8.7% growth.
• Despite this positive operational performance, net income was impacted significantly, dropping to EUR 97 million from prior levels.

• Tiong Woon is a key regional player in the heavy lift and haulage industry, poised to benefit from the upswing in the petrochemical, infrastructure, and construction sectors across Southeast Asia, India, and the Middle East.
• The company demonstrates a strong growth trajectory with a 3-year revenue CAGR of 10.08% and a net income CAGR of 19.04%, supported by a strategic focus on higher-margin, larger-capacity cranes and expansion into high-growth markets.
• Despite a positive outlook and solid financial performance, the company faces risks from market cyclicality, project delays, and margin pressure from rising costs. Its ongoing capital expenditure cycle supports long-term growth but currently weighs on free cash flow.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Verisure offers a resilient, recurring-revenue model with strong growth visibility and leading share in Europe’s underpenetrated home security market. 
• IPO valuation implies a small, justified premium to security peers, reflecting superior margins, scalability, and customer stickiness.
• Despite high leverage, Verisure’s predictable cash flow and market leadership support solid post-IPO trading potential.

• Post its recent IPO, Aegis Vopak has rapidly expanded its LPG capacity and is strategically de-leveraging to fund its massive, long-term ‘GATI’ (Gateway Access to India) expansion pipeline.
• As India’s largest third-party tank storage operator, the company is a critical, high-barrier-to-entry infrastructure play, directly capitalizing on the country’s surging energy, chemical, and industrial import dependence.
• The strategic joint venture and execution focus on high-margin, sticky, and growing segments like LPG and specialty chemicals position the company for sustainable, asset-backed growth.

• Bureau Veritas, a global leader in testing, inspection, and certification services, reported its financial results for the first half of 2025 with several key highlights.
• The firm achieved a revenue of EUR 3.2 billion, which represents an organic growth of 6.7% and a total growth of 5.7% on a reported basis.
• This increase was driven by high volumes and strategic pricing programs.

• In this edition: • Ahold Delhaize | Jumbo to largely discontinue collaboration with European buying organisations • AkzoNobel | Carlyle leading the race to buy BASF Coatings • NN Group | settlement on unit-linked insurance products now final • PostNL | minimum delivery quality thresholds for D+2 and D+3 • E-commerce & Logistics | Belgium considering EUR 2 levy on non-EU parcels

Key points (machine generated)

• FCE Ltd. has increased its earnings forecast for the fiscal year ending September 2025 due to strong performance and the launch of its AI agent business.
• The company specializes in RPA software, particularly ‘RPA Robo-Pat DX,’ and offers an integrated human resource development platform called ‘Smart Boarding.’
• FCE provides comprehensive support and services, including a business notebook for students and training programs based on ‘The 7 Habits.’

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Bouygues Group reported its first half 2025 financial results amidst a challenging macroeconomic and geopolitical environment, yet the company demonstrated resilience with a slight uptick in its key financial metrics.
• The group’s total sales increased by 1.3% year-on-year, amounting to EUR 26.9 billion, driven primarily by the robust performance in its construction segment.
• However, on a like-for-like basis, the growth was a modest 0.7%, reflecting the broader economic uncertainties.

• Groupe ADP’s recent earnings call for the first half of 2025 provides an in-depth look into its operational and financial performance.
• The company reported a nearly 10% increase in revenue to EUR 3.2 billion, with recurring EBITDA surpassing EUR 1 billion, demonstrating an 8.7% growth.
• Despite this positive operational performance, net income was impacted significantly, dropping to EUR 97 million from prior levels.

• FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.
• The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.
• This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

• Institutions were net buyers of Singapore stocks with S$275 million inflow, led by DBS Group and CapitaLand Integrated Commercial Trust.
• Oversea-Chinese Banking Corporation led share buybacks with 1.25 million shares; Hongkong Land increased buyback mandate to US$193 million.
• Wilmar International’s chairman increased his stake to 14.39%; Centurion Corporation expanded Malaysian portfolio by 25% with Harum Megah acquisition.

• H125 results from KEX, J&T Global (SE Asia) tell two very different stories
• KEX shrunk under pressure from J&T and Flash, a private express “unicorn”
• SE Asia still promises X-border growth; impact on SF Holding limited

• 3M is weighing a significant portfolio shake-up, with Bloomberg reporting that the industrials conglomerate is exploring the sale of billions of dollars in assets from its Safety & Industrial segment.
• Working with Goldman Sachs, 3M is reviewing which lower-growth industrial units to potentially divest as it pivots toward leaner operations and higher-growth end markets.
• The industrials business—responsible for $11 billion in 2024 revenue—houses units like aftermarket automotive, adhesives, tapes, and personal safety equipment.

• DroneShield is a rapidly growing, pure-play specialist in the counter-unmanned aerial system (C-UAS) market, uniquely positioned to capitalize on escalating global defense and security spending.
• The company’s proprietary AI-driven software and comprehensive product suite, ranging from handheld to fixed-site solutions, provide a significant technological advantage, leading to substantial contract wins with military and government clients worldwide.
• While exhibiting explosive revenue growth and achieving recent profitability, the company faces risks associated with lumpy government contract cycles, intense competition from larger defense contractors, and the need for continuous innovation to maintain its technological edge.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month.
• This sharp rally comes as optimism builds around improving hydrogen economics, strengthened policy tailwinds, and an upgraded long-term growth outlook.
• Investor sentiment has shifted following the company’s delivery of its first 10-megawatt GenEco electrolyzer array to a European customer and a positive re-rating of its revenue potential for 2035.

• With $130.5m of cash at the end of 2Q25 and $216.4m available under its revolver, for liquidity of about $346.9m, CXW has a strong balance sheet and liquidity to support operations during the government shutdown.
• Moreover, the company expects to receive full payment and interest payments once the shutdown ends under the 1982 Prompt Payment Act.

• Intuitive Machines showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025.
• The company is committed to enhancing its status as a primary contractor in space exploration, fueled by its valuable contributions to NASA’s Near Space Network services contract.
• This signifies their transition from managing annual lunar surface missions to establishing a sustainable deep space infrastructure service.

Key points (machine generated)

• Acuren is the second-largest provider of non-destructive testing and rope-access inspection services in North America, with significant exposure to the oil and gas sector.
• The company’s stock is undervalued at 9-10x forward EV/EBITDA, despite potential for mid-teens incremental margins and a path to over 17% EBITDA margins.
• A re-rating to a peer-average of 12x could increase the stock price to $17 per share within 12-18 months, supported by strong contracted revenue and growth prospects.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• MLKN reported 1QFY26 adjusted EPS of $0.45 versus $0.36 in 1QFY25, up 25.2%, and well ahead of FactSet consensus of $0.34, which was also our forecast, and management’s expectations for $0.32-0.38.
• The adverse net tariff impact on EPS was ~$0.08, slightly better than the $0.09- 0.11 expected, which was offset by a $0.01-0.02 adverse impact on EPS from a higher-than-expected tax rate.
• Sales in the quarter increased 10.9% to $955.7MM, better than consensus of 5.7% and our estimate for 5.2% growth. 

• FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.
• The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.
• This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

• Institutions were net buyers of Singapore stocks with S$275 million inflow, led by DBS Group and CapitaLand Integrated Commercial Trust.
• Oversea-Chinese Banking Corporation led share buybacks with 1.25 million shares; Hongkong Land increased buyback mandate to US$193 million.
• Wilmar International’s chairman increased his stake to 14.39%; Centurion Corporation expanded Malaysian portfolio by 25% with Harum Megah acquisition.

• H125 results from KEX, J&T Global (SE Asia) tell two very different stories
• KEX shrunk under pressure from J&T and Flash, a private express “unicorn”
• SE Asia still promises X-border growth; impact on SF Holding limited

• 3M is weighing a significant portfolio shake-up, with Bloomberg reporting that the industrials conglomerate is exploring the sale of billions of dollars in assets from its Safety & Industrial segment.
• Working with Goldman Sachs, 3M is reviewing which lower-growth industrial units to potentially divest as it pivots toward leaner operations and higher-growth end markets.
• The industrials business—responsible for $11 billion in 2024 revenue—houses units like aftermarket automotive, adhesives, tapes, and personal safety equipment.

• DroneShield is a rapidly growing, pure-play specialist in the counter-unmanned aerial system (C-UAS) market, uniquely positioned to capitalize on escalating global defense and security spending.
• The company’s proprietary AI-driven software and comprehensive product suite, ranging from handheld to fixed-site solutions, provide a significant technological advantage, leading to substantial contract wins with military and government clients worldwide.
• While exhibiting explosive revenue growth and achieving recent profitability, the company faces risks associated with lumpy government contract cycles, intense competition from larger defense contractors, and the need for continuous innovation to maintain its technological edge.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month.
• This sharp rally comes as optimism builds around improving hydrogen economics, strengthened policy tailwinds, and an upgraded long-term growth outlook.
• Investor sentiment has shifted following the company’s delivery of its first 10-megawatt GenEco electrolyzer array to a European customer and a positive re-rating of its revenue potential for 2035.

• With $130.5m of cash at the end of 2Q25 and $216.4m available under its revolver, for liquidity of about $346.9m, CXW has a strong balance sheet and liquidity to support operations during the government shutdown.
• Moreover, the company expects to receive full payment and interest payments once the shutdown ends under the 1982 Prompt Payment Act.

• Intuitive Machines showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025.
• The company is committed to enhancing its status as a primary contractor in space exploration, fueled by its valuable contributions to NASA’s Near Space Network services contract.
• This signifies their transition from managing annual lunar surface missions to establishing a sustainable deep space infrastructure service.

Key points (machine generated)

• Acuren is the second-largest provider of non-destructive testing and rope-access inspection services in North America, with significant exposure to the oil and gas sector.
• The company’s stock is undervalued at 9-10x forward EV/EBITDA, despite potential for mid-teens incremental margins and a path to over 17% EBITDA margins.
• A re-rating to a peer-average of 12x could increase the stock price to $17 per share within 12-18 months, supported by strong contracted revenue and growth prospects.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• MLKN reported 1QFY26 adjusted EPS of $0.45 versus $0.36 in 1QFY25, up 25.2%, and well ahead of FactSet consensus of $0.34, which was also our forecast, and management’s expectations for $0.32-0.38.
• The adverse net tariff impact on EPS was ~$0.08, slightly better than the $0.09- 0.11 expected, which was offset by a $0.01-0.02 adverse impact on EPS from a higher-than-expected tax rate.
• Sales in the quarter increased 10.9% to $955.7MM, better than consensus of 5.7% and our estimate for 5.2% growth. 

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Tekscend Photomask (429A JP), Tata Capital Limited (TATACAP IN) and LG Electronics India (123D IN) IPOs.
• Event-Driven developments: Soft99 Corp (4464 JP), Daiseki Eco. Solution (1712 JP), I Net Corp (9600 JP), Mitsubishi Logisnext Co., Ltd. (7105 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK). 

• The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
• Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
• Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Tekscend Photomask (429A JP), Tata Capital Limited (TATACAP IN) and LG Electronics India (123D IN) IPOs.
• Event-Driven developments: Soft99 Corp (4464 JP), Daiseki Eco. Solution (1712 JP), I Net Corp (9600 JP), Mitsubishi Logisnext Co., Ltd. (7105 JP), Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK). 

• The reason why the president’s office is considering temporarily easing bank–industry separation is to facilitate funding for the 150T won National Growth Fund.
• Samsung and SK may form bank-backed JVs to fund AI semis, HBM, and data center projects, enabling flexible capital deployment across the AI semiconductor ecosystem.
• Chaebol holdings with direct AI exposure could gain smoother access to big-ticket funding, potentially sparking continued aggressive short-term flows around Samsung and SK holdings post-Chuseok.