Industrials

• The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
• We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.
• SpaceX’s CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.

• Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
• Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
• My base-case valuation is 632p/share, rising to 731p at the sector median multiple. Probability-weighted value is 635p, versus the current share price of 518p.

• Buy ahead of August print: Mechatronics margins inflected to 9.4%, estimates are rising, and July divestitures should improve ROIC, supporting further re-rating from 1.0x book.
• Key catalyst: Semiconductor-equipment orders started weak (~6% of FY target achieved in Q1); evidence of stabilization, is enough to support guidance.
• Risk/Reward: Reaffirmed JPY60bn OP guidance could drive 15–25% upside via multiple expansion; another guidance cut would challenge the self-help story and pressure shares.

• Spin separates a high-margin manufacturer (Resideo, ex-ADI) from a larger but lower-margin distributor (ADI)
• ADI starts standalone life with ~$1.0B new debt, ~$831M net debt, and ~$23M of incremental recurring public-company costs.
• Our SOTP valuation of $46.50 implies roughly 49% upside to REZI’s current price, highlighting the potential for value unlock via the spin-off.

• Aumann’s odd-lot tender offer consideration increased to €17.80/share, offering €200+ upside for holders of 100 shares or fewer.
• Holcim’s tender offer for Cementos Pacasmayo covers all shares at a minimum price of $13.00/share, eliminating proration risk.
• Apollo’s liquidation plans pressure Ambase to resolve litigation, affecting ARI’s liquidation estimates and investor returns.

Key points (machine generated)

• Iino Kaiun has launched a medium-term management plan called ‘Transformation for a Sustainable Future’ as of May 2026.
• The plan focuses on balancing capital efficiency with growth investments, prioritizing safety and future prosperity.
• Key strategies include managing the business portfolio for stable revenue, emphasizing resource and energy transportation, and promoting decarbonization initiatives.

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

• Innospace is a South Korean aerospace company specializing in small satellite launch services, capitalizing on the rapidly growing global demand for small satellite deployment.
• The company’s core competitive advantage lies in its proprietary hybrid rocket technology, which utilizes a combination of solid paraffin-based fuel and liquid oxygen, aiming to provide a more cost-effective, reliable, and safer launch solution compared to traditional liquid or solid rockets.
• Despite its technological promise and position in a high-growth market, the company is in a pre-profitability stage, characterized by significant operating losses, negative cash flow, and a reliance on external funding, which creates considerable financial and execution risks, including potential shareholder dilution.

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

• Set to rebound QoQ – Softening fundamentals in Q1-3 FY7/26 results stemmed from increased recruitment with lower-than-expected sales outcomes for new business, culminating in a downward revision to FY7/26 guidance.
• However, we believe the key issue is that the mismatch between increased headcount and capacity, with a limited sales pipeline, is a one-time event; this is indicated by implied guidance for Q4 FY7/26, where both sales and OP are expected to return to a YoY growth profile.
• While management has also toned down growth expectations for FY7/27 relative to targets outlined in their medium- to long-term vision, the earnings outlook remains one of YoY recovery.

Key points (machine generated)

• FISCO Ltd. released a report on Nareru Group Inc.’s medium-term management plan, ‘Change and Growth 2030,’ targeting an operating profit of ¥5.0 billion by FY10/30.
• The plan focuses on revenue growth to ¥50 billion, an ROE of over 20%, and recruiting 8,000 engineers, with significant investments in core businesses and digital transformation.
• The report predicts a potential market capitalization exceeding ¥45 billion by FY10/30, despite initial pressures from upfront investments.

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

Key points (machine generated)

• FISCO Ltd. released a report on Nareru Group’s growth strategy ‘Change and Growth 2030’ for FY10/26 to FY10/30.
• The plan addresses construction industry challenges by enhancing core businesses and expanding into digital transformation and recruitment.
• Nareru Group aims for ¥50 billion revenue, ¥5 billion operating profit, over 20% ROE, and 8,000 engineers recruited by FY10/30.

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

• The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
• We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.
• SpaceX’s CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.

• Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
• Castlelake’s 625p proposal values easyJet at 3.45x NTM EBITDA, below the 4.1x peer median and less than half Ryanair’s 7.2x multiple, supporting the board’s rejection.
• My base-case valuation is 632p/share, rising to 731p at the sector median multiple. Probability-weighted value is 635p, versus the current share price of 518p.

• Buy ahead of August print: Mechatronics margins inflected to 9.4%, estimates are rising, and July divestitures should improve ROIC, supporting further re-rating from 1.0x book.
• Key catalyst: Semiconductor-equipment orders started weak (~6% of FY target achieved in Q1); evidence of stabilization, is enough to support guidance.
• Risk/Reward: Reaffirmed JPY60bn OP guidance could drive 15–25% upside via multiple expansion; another guidance cut would challenge the self-help story and pressure shares.

• Spin separates a high-margin manufacturer (Resideo, ex-ADI) from a larger but lower-margin distributor (ADI)
• ADI starts standalone life with ~$1.0B new debt, ~$831M net debt, and ~$23M of incremental recurring public-company costs.
• Our SOTP valuation of $46.50 implies roughly 49% upside to REZI’s current price, highlighting the potential for value unlock via the spin-off.

• Aumann’s odd-lot tender offer consideration increased to €17.80/share, offering €200+ upside for holders of 100 shares or fewer.
• Holcim’s tender offer for Cementos Pacasmayo covers all shares at a minimum price of $13.00/share, eliminating proration risk.
• Apollo’s liquidation plans pressure Ambase to resolve litigation, affecting ARI’s liquidation estimates and investor returns.

Key points (machine generated)

• Iino Kaiun has launched a medium-term management plan called ‘Transformation for a Sustainable Future’ as of May 2026.
• The plan focuses on balancing capital efficiency with growth investments, prioritizing safety and future prosperity.
• Key strategies include managing the business portfolio for stable revenue, emphasizing resource and energy transportation, and promoting decarbonization initiatives.

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

• Innospace is a South Korean aerospace company specializing in small satellite launch services, capitalizing on the rapidly growing global demand for small satellite deployment.
• The company’s core competitive advantage lies in its proprietary hybrid rocket technology, which utilizes a combination of solid paraffin-based fuel and liquid oxygen, aiming to provide a more cost-effective, reliable, and safer launch solution compared to traditional liquid or solid rockets.
• Despite its technological promise and position in a high-growth market, the company is in a pre-profitability stage, characterized by significant operating losses, negative cash flow, and a reliance on external funding, which creates considerable financial and execution risks, including potential shareholder dilution.

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

• Set to rebound QoQ – Softening fundamentals in Q1-3 FY7/26 results stemmed from increased recruitment with lower-than-expected sales outcomes for new business, culminating in a downward revision to FY7/26 guidance.
• However, we believe the key issue is that the mismatch between increased headcount and capacity, with a limited sales pipeline, is a one-time event; this is indicated by implied guidance for Q4 FY7/26, where both sales and OP are expected to return to a YoY growth profile.
• While management has also toned down growth expectations for FY7/27 relative to targets outlined in their medium- to long-term vision, the earnings outlook remains one of YoY recovery.

Key points (machine generated)

• FISCO Ltd. released a report on Nareru Group Inc.’s medium-term management plan, ‘Change and Growth 2030,’ targeting an operating profit of ¥5.0 billion by FY10/30.
• The plan focuses on revenue growth to ¥50 billion, an ROE of over 20%, and recruiting 8,000 engineers, with significant investments in core businesses and digital transformation.
• The report predicts a potential market capitalization exceeding ¥45 billion by FY10/30, despite initial pressures from upfront investments.

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

Key points (machine generated)

• FISCO Ltd. released a report on Nareru Group’s growth strategy ‘Change and Growth 2030’ for FY10/26 to FY10/30.
• The plan addresses construction industry challenges by enhancing core businesses and expanding into digital transformation and recruitment.
• Nareru Group aims for ¥50 billion revenue, ¥5 billion operating profit, over 20% ROE, and 8,000 engineers recruited by FY10/30.

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

• Maxicity (2295 HK), a slope engineering specialist, is currently suspended pursuant to the Takeovers Code. Maxicity is 75% held by founders Shing Kee Sieh and Ka Ki Ho.
• Maxicity was inauspiciously listed on GEM board on the 19th December 2019 at HK$0.60/share; before being transferred to the Main Board on the 31st December 2021.  
• At a guess, I can see Sieh/Ho taking the company private by way of a Scheme. 

• Crealights Technology (1191 HK) is looking to raise up to US$191m in its upcoming Hong Kong IPO.
• It is a global optoelectronic interconnection products provider. It has established a comprehensive high-speed optoelectronic interconnection product matrix. 
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• DPC supplies mission-critical aerospace and industrial gas turbine components to leading OEMs benefiting from powerful long-term demand trends.
• Approximately 70% of revenue is covered by long-term agreements, providing strong visibility into future revenue, margins, and production planning.
• IPO proceeds will primarily reduce debt, positioning the company to improve financial flexibility and capitalize on significant growth opportunities.

• Eureka Forbes, a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.
• The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.
• The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.

• RBC Bearings reported fiscal fourth quarter 2026 net sales of $518 million, reflecting an 18.3% year-over-year increase driven mainly by robust growth in its Aerospace & Defense (A&D) segment and steady performance in the Industrial segment.
• The company’s consolidated gross margin stood at 44.4% (45.3% adjusted), slightly up from the prior-year period, while adjusted diluted earnings per share rose 27.9% to $3.62.
• Adjusted EBITDA increased 21% to $168.9 million, and free cash flow remained strong at $67.5 million.

• Shenzhen Senior Technology Material (6067 HK) , a manufacturer of lithium-ion battery separators, aims to raise around US$171m in its H-share listing.
• SSTM’s H-share offering comes at an interesting point in the battery materials cycle. Despite posting less-than-ideal financials over the past years, the industry backdrop has started to look more constructive.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Under the new president Masahito Imai, TEKKEN CORPORATION (hereinafter, the Company) has updated its Mid-Term Management Plan 2028.
• The plan sets 10% ROE as a mandatory target by FY2029/3, and introduces a number of initiatives: (1) the formal adoption of a corporate purpose and clarification of the Company’s long-term ambition as the“100th-Anniversary Dream,” (2) upward revisions of numerical targets, (3) a streamlined and more detailed investment plan, and (4) a shift to a DOE-base shareholder-return policy.
• At the same time, the two prior catchphrases— the Company’s inherent profit-generating capacity (= target operating margin of 3%) and the eliminating unprofitable projects— have been removed. SIR views these changes as clear evidence that the Company has completed a strategic shift from “pursuing scale” to “pursuing qualitative growth and sustainable value creation”.

• Anhui Huachuang New Materials Co Ltd (2662959D HK) (AHCL) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
• AHCL specializes in the R&D, production and sales of high-performance electrolytic copper foil products.
• As per Frost & Sullivan, it ranked as the third-largest electrolytic copper foil producer in the world by shipment volume in 2025, with a market share of approximately 5.4%.

Key points (machine generated)

• Neo Marketing reported record sales of 1,385 million yen for the fiscal year ending September 2026, a 6.7% increase year-on-year.
• The company specializes in consumer engagement to assist clients in building sustainable purchasing systems.
• Neo Marketing is implementing a growth strategy that involves strategic mergers and acquisitions to strengthen its market position.

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

• Amaero Inc (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Amaero has announced it has commissioned its third electrode induction melting gas atomiser (EIGA) ahead of schedule at its Tennessee manufacturing facility, expanding its US production platform across both refractory and titanium alloy powders.
• The company now has annual production capacity of approximately 200t for refractory alloys and approximately 480t for titanium alloys, making it potentially the largest capacity US domestic producer of spherical refractory and titanium alloy powders.

• Maxicity (2295 HK), a slope engineering specialist, is currently suspended pursuant to the Takeovers Code. Maxicity is 75% held by founders Shing Kee Sieh and Ka Ki Ho.
• Maxicity was inauspiciously listed on GEM board on the 19th December 2019 at HK$0.60/share; before being transferred to the Main Board on the 31st December 2021.  
• At a guess, I can see Sieh/Ho taking the company private by way of a Scheme. 

• Crealights Technology (1191 HK) is looking to raise up to US$191m in its upcoming Hong Kong IPO.
• It is a global optoelectronic interconnection products provider. It has established a comprehensive high-speed optoelectronic interconnection product matrix. 
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• DPC supplies mission-critical aerospace and industrial gas turbine components to leading OEMs benefiting from powerful long-term demand trends.
• Approximately 70% of revenue is covered by long-term agreements, providing strong visibility into future revenue, margins, and production planning.
• IPO proceeds will primarily reduce debt, positioning the company to improve financial flexibility and capitalize on significant growth opportunities.

• Eureka Forbes, a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.
• The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.
• The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.

• RBC Bearings reported fiscal fourth quarter 2026 net sales of $518 million, reflecting an 18.3% year-over-year increase driven mainly by robust growth in its Aerospace & Defense (A&D) segment and steady performance in the Industrial segment.
• The company’s consolidated gross margin stood at 44.4% (45.3% adjusted), slightly up from the prior-year period, while adjusted diluted earnings per share rose 27.9% to $3.62.
• Adjusted EBITDA increased 21% to $168.9 million, and free cash flow remained strong at $67.5 million.

• Shenzhen Senior Technology Material (6067 HK) , a manufacturer of lithium-ion battery separators, aims to raise around US$171m in its H-share listing.
• SSTM’s H-share offering comes at an interesting point in the battery materials cycle. Despite posting less-than-ideal financials over the past years, the industry backdrop has started to look more constructive.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• Under the new president Masahito Imai, TEKKEN CORPORATION (hereinafter, the Company) has updated its Mid-Term Management Plan 2028.
• The plan sets 10% ROE as a mandatory target by FY2029/3, and introduces a number of initiatives: (1) the formal adoption of a corporate purpose and clarification of the Company’s long-term ambition as the“100th-Anniversary Dream,” (2) upward revisions of numerical targets, (3) a streamlined and more detailed investment plan, and (4) a shift to a DOE-base shareholder-return policy.
• At the same time, the two prior catchphrases— the Company’s inherent profit-generating capacity (= target operating margin of 3%) and the eliminating unprofitable projects— have been removed. SIR views these changes as clear evidence that the Company has completed a strategic shift from “pursuing scale” to “pursuing qualitative growth and sustainable value creation”.

• Anhui Huachuang New Materials Co Ltd (2662959D HK) (AHCL) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
• AHCL specializes in the R&D, production and sales of high-performance electrolytic copper foil products.
• As per Frost & Sullivan, it ranked as the third-largest electrolytic copper foil producer in the world by shipment volume in 2025, with a market share of approximately 5.4%.

Key points (machine generated)

• Neo Marketing reported record sales of 1,385 million yen for the fiscal year ending September 2026, a 6.7% increase year-on-year.
• The company specializes in consumer engagement to assist clients in building sustainable purchasing systems.
• Neo Marketing is implementing a growth strategy that involves strategic mergers and acquisitions to strengthen its market position.

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

• Amaero Inc (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• Amaero has announced it has commissioned its third electrode induction melting gas atomiser (EIGA) ahead of schedule at its Tennessee manufacturing facility, expanding its US production platform across both refractory and titanium alloy powders.
• The company now has annual production capacity of approximately 200t for refractory alloys and approximately 480t for titanium alloys, making it potentially the largest capacity US domestic producer of spherical refractory and titanium alloy powders.

• Circuit Fabology Microelectronics Equipment (9630 HK), a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.
• I discussed the H Share listing in Circuit Fabology H Share Listing (9630 HK): The Investment Case. 
• The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.

• Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  
• For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
• At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside. 

• Circuit Fabology Microelectronics Equipment (9630 HK), a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.
• I discussed the H Share listing in Circuit Fabology H Share Listing (9630 HK): The Investment Case. 
• The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.

• Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  
• For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
• At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside. 

• ITT Inc. has moved deeper into aerospace and defense connectivity with its June 16, 2026 agreement to acquire privately held Aerospace Contacts LLC for $31 million.
• The target, founded in 1999 and based in Gilbert, Arizona, manufactures specialized high-reliability precision contacts used in connectors for aerospace and defense applications, while employing about 140 technical professionals.
• Importantly, Aerospace Contacts is already a long-standing supplier to ITT Cannon within Connect & Control Technologies, making the deal less about entering a new market and more about tightening control over a critical part of the value chain.

• I tally 32 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• One new deal was discussed on Smartkarma this week: Frasers Group (FRAS LN)‘s on-market Offer for Accent Group (AX1 AU).
• Key updates/news also took place on: Australian Strategic Materials (ASM AU), oOh!Media Ltd (OML AU), Qube Holdings (QUB AU), and China Shengmu Organic Milk (1432 HK).

• CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.
• Currently, we see 100 ADDs/DELs for the CSI 1000 index.

• ITT Inc. has moved deeper into aerospace and defense connectivity with its June 16, 2026 agreement to acquire privately held Aerospace Contacts LLC for $31 million.
• The target, founded in 1999 and based in Gilbert, Arizona, manufactures specialized high-reliability precision contacts used in connectors for aerospace and defense applications, while employing about 140 technical professionals.
• Importantly, Aerospace Contacts is already a long-standing supplier to ITT Cannon within Connect & Control Technologies, making the deal less about entering a new market and more about tightening control over a critical part of the value chain.

• I tally 32 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• One new deal was discussed on Smartkarma this week: Frasers Group (FRAS LN)‘s on-market Offer for Accent Group (AX1 AU).
• Key updates/news also took place on: Australian Strategic Materials (ASM AU), oOh!Media Ltd (OML AU), Qube Holdings (QUB AU), and China Shengmu Organic Milk (1432 HK).

• CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.
• Currently, we see 100 ADDs/DELs for the CSI 1000 index.

• SpaceX (SPCX US) share price is being driven by a thin float that will grow rapidly before year-end as lockup expirations greatly increase supply.
• The S&P rejected a fast-track for the shares, meaning the largest passive and active index buyers will not provide near-term support.
• The company’s Q2 earnings release in late July/early August will mark the first significant share lockup expiration, followed by a barrage of further share releases through early December.

• EQT’s £61.08/share recommended offer largely validates our original thesis that Intertek’s value exceeded the initial approaches and could support a materially higher clearing price.
• The remaining spread of approximately 5.0% reflects execution and timing risk rather than valuation disagreement, with the market now implying roughly an 84% probability of completion.
• Investors who entered following our April note have already captured most of the upside. From here, returns depend principally on deal completion rather than further bid tension or re-rating.

• Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.
• Tongda Group (698 HK) case is a bit similar to Wasion (3393 HK) but operationally a little diferent. 
• Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders’ confidence. 

• Jio Platforms’ board approved the DRHP and the filing moved to SEBI, formally starting the IPO process after years of anticipation
• Standalone price discovery for Jio can reduce RIL’s conglomerate opacity, especially as JPL now reports FY26 EBITDA of 76,255 crore and PAT of 30,049 crore
• The thesis shifts from “unlock optionality” to “execution sequencing”: Jio is the near-term catalyst; Retail, AI and New Energy are medium-term proof point

• BlackSky is a vertically integrated geospatial intelligence company, differentiating itself through a software-first approach and its AI-powered analytics platform, Spectra, which provides real-time, high-revisit monitoring.
• The company is in a high-growth phase, driven by strong demand from U.S. and international government and defense customers for its next-generation Gen-3 satellites, which offer enhanced resolution and analytics capabilities.
• While revenue is growing and the contract backlog is substantial, the company remains unprofitable, with significant capital expenditures for constellation expansion and a reliance on a concentrated number of government contracts.

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

• SpaceX (SPCX US) share price is being driven by a thin float that will grow rapidly before year-end as lockup expirations greatly increase supply.
• The S&P rejected a fast-track for the shares, meaning the largest passive and active index buyers will not provide near-term support.
• The company’s Q2 earnings release in late July/early August will mark the first significant share lockup expiration, followed by a barrage of further share releases through early December.

• EQT’s £61.08/share recommended offer largely validates our original thesis that Intertek’s value exceeded the initial approaches and could support a materially higher clearing price.
• The remaining spread of approximately 5.0% reflects execution and timing risk rather than valuation disagreement, with the market now implying roughly an 84% probability of completion.
• Investors who entered following our April note have already captured most of the upside. From here, returns depend principally on deal completion rather than further bid tension or re-rating.

• Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.
• Tongda Group (698 HK) case is a bit similar to Wasion (3393 HK) but operationally a little diferent. 
• Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders’ confidence. 

• Jio Platforms’ board approved the DRHP and the filing moved to SEBI, formally starting the IPO process after years of anticipation
• Standalone price discovery for Jio can reduce RIL’s conglomerate opacity, especially as JPL now reports FY26 EBITDA of 76,255 crore and PAT of 30,049 crore
• The thesis shifts from “unlock optionality” to “execution sequencing”: Jio is the near-term catalyst; Retail, AI and New Energy are medium-term proof point

• BlackSky is a vertically integrated geospatial intelligence company, differentiating itself through a software-first approach and its AI-powered analytics platform, Spectra, which provides real-time, high-revisit monitoring.
• The company is in a high-growth phase, driven by strong demand from U.S. and international government and defense customers for its next-generation Gen-3 satellites, which offer enhanced resolution and analytics capabilities.
• While revenue is growing and the contract backlog is substantial, the company remains unprofitable, with significant capital expenditures for constellation expansion and a reliance on a concentrated number of government contracts.

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