Industrials

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified

Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?

Caterpillar, long known for bulldozers and mining trucks, is now emerging as a quiet force behind the AI revolution—not through chips or software, but by powering the infrastructure that supports it.
At the heart of this shift is Caterpillar’s large-engine manufacturing facility in Lafayette, Indiana, where engines ranging from 1,000 to 6,000 horsepower are built to meet the soaring electricity demands of AI-powered data centers.
The facility, which currently employs over 2,000 people, is expected to double its capacity over the next three years.

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company’s operational landscape.
Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.
Notably, this was $37 million above the midpoint of the company’s previous guidance offered in February.

Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating

Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is the leader in the global autonomous mobile robots (AMR) market.
In this note, we provide updates on the firm’s past performance.

Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!

Rheinmetall AG’s latest quarterly performance presents a dynamic portrait of both progress and challenges.
The company reported substantial growth primarily in the defense sector, with sales increasing by 33% to EUR 1.795 billion, leading to an impressive operational margin of 11.5%.
However, Rheinmetall’s civilian business remains stagnant, failing to reach similar profitability levels.

Singapore Airlines (SIA): Losing from Higher Crude Oil Price

By Henry Soediarko

Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
Its rather high dividend yield may provide support in the near term
But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.
The company’s results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.
From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.
First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.
Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.

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Jun 24

Daily Brief Industrials: Virgin Australia Holdings, Doosan Enerbility, Japan Steel Works, Caterpillar Inc, Equifax Inc, Geek+, Rheinmetall AG, Singapore Airlines, Siemens , GMS Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds
Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full
Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified
Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?
Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!
Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating
Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!
Singapore Airlines (SIA): Losing from Higher Crude Oil Price
Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!
GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

Virgin Australia IPO Trading – Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.

Doosan Enerbility (034020.KQ) – Nuclear-Led Transition with Strong Visibility, But Valuation Full

Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.

Japan Steel Works (5631 JP) – Steady Profit Growth, Nuclear Edge, and Premium Justified

Strong earnings momentum with revenue, margins, and EPS consistently improving over FY21–FY25, driven by a shift toward high-margin industrial machinery.
Strategic monopoly in ultra-large nuclear forgings, supported by global SMR tailwinds, capacity expansion plans, and a record order backlog across nuclear and defense.
Valuations remain elevated, but are backed by strong visibility, margin expansion, and structurally advantaged positioning in a tightening global supply chain.

Caterpillar’s Data Center Pivot May Be Its Smartest Move Yet: The Most Underrated AI Infrastructure Stock?

Caterpillar, long known for bulldozers and mining trucks, is now emerging as a quiet force behind the AI revolution—not through chips or software, but by powering the infrastructure that supports it.
At the heart of this shift is Caterpillar’s large-engine manufacturing facility in Lafayette, Indiana, where engines ranging from 1,000 to 6,000 horsepower are built to meet the soaring electricity demands of AI-powered data centers.
The facility, which currently employs over 2,000 people, is expected to double its capacity over the next three years.

Equifax: Powering Ahead in the Government Sector with $50 Million Contracts and Strategic Data Deals!

Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company’s operational landscape.
Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.
Notably, this was $37 million above the midpoint of the company’s previous guidance offered in February.

Beijing Geekplus Pre-IPO: PHIP Updates – Losses Continue to Narrow but Growth Decelerating

Geek+ (1678559D CH) is looking to raise up to US$200m in its upcoming Hong Kong IPO.
It is the leader in the global autonomous mobile robots (AMR) market.
In this note, we provide updates on the firm’s past performance.

Rheinmetall AG: Initiation of Coverage- Game-Changing Lockheed Partnership Unlocks €5 Billion Opportunity!

Rheinmetall AG’s latest quarterly performance presents a dynamic portrait of both progress and challenges.
The company reported substantial growth primarily in the defense sector, with sales increasing by 33% to EUR 1.795 billion, leading to an impressive operational margin of 11.5%.
However, Rheinmetall’s civilian business remains stagnant, failing to reach similar profitability levels.

Singapore Airlines (SIA): Losing from Higher Crude Oil Price

By Henry Soediarko

Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
Its rather high dividend yield may provide support in the near term
But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.

Siemens AG: Initiation of Coverage- High-Impact Automation Surge Powers Market Dominance!

Siemens AG has presented its financial performance for the second quarter of fiscal 2025, showing a mixture of growth and adaptability amidst global economic fluctuations.
The company’s results reflect robust progress in orders and revenue and an emphasis on adapting to rapid technological change.
From a positive perspective, Siemens achieved a book-to-bill ratio of 1.1 and maintained a high-quality order backlog of EUR 117 billion, indicating strong future growth potential.

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.
First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.
Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.

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✓ Company Data and News
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Jun 23

Daily Brief Industrials: Zhejiang Sanhua Intelligent Controls, Geek+, CSBC Corp Taiwan, Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight
Chandra Dayua Pre-IPO: Very Expensive, Avoid

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

By Arun George

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

By Vincent Fernando, CFA

Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

Chandra Dayua Pre-IPO: Very Expensive, Avoid

Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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Jun 23

Daily Brief Industrials: Zhejiang Sanhua Intelligent Controls, Geek+, CSBC Corp Taiwan, Chandra Dayua Investasi and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut
Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment
Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure
Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight
Chandra Dayua Pre-IPO: Very Expensive, Avoid

Sanhua Intelligent Controls H Share Listing (2050 HK): Trading Debut

By Arun George

Zhejiang Sanhua Intelligent Controls (2050 HK) priced its H Share at HK$22.53 to raise HK$9,336 million (US$1.2 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
Sanhua had the highest international oversubscription rates among recent large AH listings. Despite the weak price momentum, the AH discount is attractive.

Zhejiang Sanhua Intelligent Controls A/H Trading – Strong Demand, Weakening Sentiment

Zhejiang Sanhua Intellignt Controls (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, raised around US$1.4bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

By Andrei Zakharov

Geek+, AI & robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.

Defense Tech: Taiwan Advanced Submarine Trial & Global Turmoil Puts CSBC in the Investor Spotlight

By Vincent Fernando, CFA

Submarine Milestone Validates CSBC’s Strategic Role: Taiwan’s June 17 maiden sea trial of the Hai Kun-class submarine highlights CSBC as the sole builder of Taiwan’s Indigenous Defense Submarine (IDS) program.
Scale of Program Is Significant vs. Market Cap: Seven additional submarines are expected to follow, with a reported program budget of NT$284bn (~US$9.5bn), over 12x CSBC’s current US$760m market cap.
Emerging Naval, Drones, & Energy Platforms Provide Optionality: Beyond submarines, CSBC is expanding into unmanned surface vessels (USVs) and offshore wind engineering, offering long-term exposure to Taiwan’s asymmetric defense.

Chandra Dayua Pre-IPO: Very Expensive, Avoid

Chandra Dayua Investasi (2556380D IJ) is looking to raise up to $145m in its upcoming Hong Kong IPO.
It is the infrastructure arm of Chandra Asri Pacific (TPIA), backed by Indonesian billionaire Prajogo Pangestu.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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✓ Custom Watchlists
✓ Company Data and News
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Jun 22

Daily Brief Industrials: Stanley Black & Decker, Plug Power Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Stanley Black & Decker Unleashes $500 Million Supply Chain Overhaul to Battle Tariff Headwinds; Will It Work?
Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

Stanley Black & Decker Unleashes $500 Million Supply Chain Overhaul to Battle Tariff Headwinds; Will It Work?

Stanley Black & Decker’s first quarter earnings for 2025 reflected continued progress in line with its transformation strategy, demonstrating both positive outcomes and ongoing challenges.
The company reported organic revenue growth of 1%, driven by strong performance in its outdoor products segment and key contributions from the DEWALT brand, which showed mid-single-digit revenue growth.
The execution of strategic initiatives seems to have resulted in improved supply chain efficiencies, helping to drive a year-over-year gross margin expansion of 140 basis points to 30.4%.

Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

Plug Power’s latest financial disclosure illustrates a period of strategic maneuvers and infrastructural advancements, while simultaneously highlighting ongoing challenges that the company must navigate.
For the first quarter of 2025, Plug Power reported revenue of $134 million, aligned with their expectations.
This consistency in revenue generation marks a position of stability but not rapid growth, indicative of the volatile macroeconomic environment affecting many industries.

💡 Before it’s here, it’s on Smartkarma

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✓ Company Data and News
✓ Events & Webinars

Jun 22

Daily Brief Industrials: Stanley Black & Decker, Plug Power Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Stanley Black & Decker Unleashes $500 Million Supply Chain Overhaul to Battle Tariff Headwinds; Will It Work?
Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

Stanley Black & Decker Unleashes $500 Million Supply Chain Overhaul to Battle Tariff Headwinds; Will It Work?

Stanley Black & Decker’s first quarter earnings for 2025 reflected continued progress in line with its transformation strategy, demonstrating both positive outcomes and ongoing challenges.
The company reported organic revenue growth of 1%, driven by strong performance in its outdoor products segment and key contributions from the DEWALT brand, which showed mid-single-digit revenue growth.
The execution of strategic initiatives seems to have resulted in improved supply chain efficiencies, helping to drive a year-over-year gross margin expansion of 140 basis points to 30.4%.

Plug Power: Hydrogen Production Facilities in the U.S. & Critical Factors Powering Our Optimism!

Plug Power’s latest financial disclosure illustrates a period of strategic maneuvers and infrastructural advancements, while simultaneously highlighting ongoing challenges that the company must navigate.
For the first quarter of 2025, Plug Power reported revenue of $134 million, aligned with their expectations.
This consistency in revenue generation marks a position of stability but not rapid growth, indicative of the volatile macroeconomic environment affecting many industries.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 21

Daily Brief Industrials: Oswal Pumps, Towa Corp, Wesco International, HEICO Corp, Matson Inc, Boeing Co, Parsons Corp, Sensata Technologies Holding P, Nippon Aqua, Fluor Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
Towa (6315): Buy for Orders Rebound
WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!
HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!
Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!
Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?
Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?
Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!
Nippon Aqua (1429 JP) – Innovator in Living Environments
Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand

By Akshat Shah

Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Towa (6315): Buy for Orders Rebound

By Scott Foster

After nearly two years of decline, TOWA’s new orders appear to have hit bottom this quarter and should start to recover in the three months to September.
Sales and profits should follow a similar trajectory with management expecting nearly 60% of FY Mar-26 sales and more than 80% of operating profit to be recorded in 2H.
Rising demand for AI-related high-bandwidth memory (HBM) and GPU packaging should drive growth for the next 2-3 years, bringing the projected P/E ratio for FY Mar-28 down to 12X.

WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!

Wesco International, Inc. presented its first quarter 2025 financial results and outlook and reported a 6% organic sales growth for the first quarter, primarily fueled by a 70% increase in its data center business, along with notable surpluses in their OEM and Broadband segments.
These results exceeded initial forecasts and reflect the company’s ability to capitalize on high-demand areas within technology infrastructure.
The firm achieved a stable gross margin sequentially, a strategic play given potential global tariff impacts.

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.
The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.
The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.

Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!

Matson Inc.’s recent financial earnings for the first quarter of 2025 provided a nuanced view of the company’s current standing and its challenges ahead.
The report reflects a mixed performance across various metrics and presents a cautious outlook for the remainder of the year.
The positives from the call include a significant year-over-year increase in consolidated operating income for the first quarter, driven largely by continued elevated freight rates from China and robust demand post-Lunar New Year.

Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?

The crash of Air India Flight AI171 has jolted the global aviation industry and once again cast a long shadow over Boeing’s safety record.
The Dreamliner, once heralded as a revolutionary leap in aviation technology with a flawless fatality record, now lies at the center of a growing storm.
The flight, a Boeing 787-8 en route to the U.K., crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 onboard.

Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?

Parsons Corporation’s latest financial results for the first quarter of 2025 showcased both strong performance and certain challenges.
The company achieved record highs in several key financial metrics, including total revenue of $1.6 billion, net income, earnings per share, and adjusted EBITDA.
This indicates strong underlying business performance amidst a challenging environment, particularly involving a confidential federal contract that continues to operate at a lower volume due to external political factors.

Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!

Sensata Technologies reported a robust first quarter for 2025, with earnings exceeding their initial guidance, despite facing a challenging tariff environment.
The company achieved a revenue of $911 million, slightly down from $1.007 billion in Q1 2024, but this was largely due to the divestment of lower-margin products, and sales were flat year-over-year when adjusted.
Adjusted operating income stood at $167 million, representing an 18.3% margin.

Nippon Aqua (1429 JP) – Innovator in Living Environments

By Sessa Investment Research

Nippon Aqua Co., Ltd. (hereinafter, “the Company”) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
Guided by its management philosophy—“Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes , Buildings, and Waterproofing.

Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Fluor Corporation’s recent quarterly financial performance offers a nuanced perspective showcasing both strengths and areas requiring attention.
The company’s revenue for the first quarter was $4 billion, with a strong inflow of new awards amounting to $5.8 billion.
The book-to-burn ratio of 1.5 indicates a healthy intake of new projects relative to the services rendered, pointing towards sustained future revenue streams.

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Jun 21

Daily Brief Industrials: Oswal Pumps, Towa Corp, Wesco International, HEICO Corp, Matson Inc, Boeing Co, Parsons Corp, Sensata Technologies Holding P, Nippon Aqua, Fluor Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
Towa (6315): Buy for Orders Rebound
WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!
HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!
Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!
Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?
Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?
Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!
Nippon Aqua (1429 JP) – Innovator in Living Environments
Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand

By Akshat Shah

Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Towa (6315): Buy for Orders Rebound

By Scott Foster

After nearly two years of decline, TOWA’s new orders appear to have hit bottom this quarter and should start to recover in the three months to September.
Sales and profits should follow a similar trajectory with management expecting nearly 60% of FY Mar-26 sales and more than 80% of operating profit to be recorded in 2H.
Rising demand for AI-related high-bandwidth memory (HBM) and GPU packaging should drive growth for the next 2-3 years, bringing the projected P/E ratio for FY Mar-28 down to 12X.

WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!

Wesco International, Inc. presented its first quarter 2025 financial results and outlook and reported a 6% organic sales growth for the first quarter, primarily fueled by a 70% increase in its data center business, along with notable surpluses in their OEM and Broadband segments.
These results exceeded initial forecasts and reflect the company’s ability to capitalize on high-demand areas within technology infrastructure.
The firm achieved a stable gross margin sequentially, a strategic play given potential global tariff impacts.

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.
The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.
The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.

Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!

Matson Inc.’s recent financial earnings for the first quarter of 2025 provided a nuanced view of the company’s current standing and its challenges ahead.
The report reflects a mixed performance across various metrics and presents a cautious outlook for the remainder of the year.
The positives from the call include a significant year-over-year increase in consolidated operating income for the first quarter, driven largely by continued elevated freight rates from China and robust demand post-Lunar New Year.

Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?

The crash of Air India Flight AI171 has jolted the global aviation industry and once again cast a long shadow over Boeing’s safety record.
The Dreamliner, once heralded as a revolutionary leap in aviation technology with a flawless fatality record, now lies at the center of a growing storm.
The flight, a Boeing 787-8 en route to the U.K., crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 onboard.

Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?

Parsons Corporation’s latest financial results for the first quarter of 2025 showcased both strong performance and certain challenges.
The company achieved record highs in several key financial metrics, including total revenue of $1.6 billion, net income, earnings per share, and adjusted EBITDA.
This indicates strong underlying business performance amidst a challenging environment, particularly involving a confidential federal contract that continues to operate at a lower volume due to external political factors.

Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!

Sensata Technologies reported a robust first quarter for 2025, with earnings exceeding their initial guidance, despite facing a challenging tariff environment.
The company achieved a revenue of $911 million, slightly down from $1.007 billion in Q1 2024, but this was largely due to the divestment of lower-margin products, and sales were flat year-over-year when adjusted.
Adjusted operating income stood at $167 million, representing an 18.3% margin.

Nippon Aqua (1429 JP) – Innovator in Living Environments

By Sessa Investment Research

Nippon Aqua Co., Ltd. (hereinafter, “the Company”) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
Guided by its management philosophy—“Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes , Buildings, and Waterproofing.

Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Fluor Corporation’s recent quarterly financial performance offers a nuanced perspective showcasing both strengths and areas requiring attention.
The company’s revenue for the first quarter was $4 billion, with a strong inflow of new awards amounting to $5.8 billion.
The book-to-burn ratio of 1.5 indicates a healthy intake of new projects relative to the services rendered, pointing towards sustained future revenue streams.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 20

Daily Brief Industrials: Ningbo Port, Samyang Comtech, Beijer Ref , Sweco , Moog Inc Class A, Braille Energy Systems, Manpowergroup Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard CSI 300/500 Dec25: US$5bn+ One Way Flows; Emphasis Should Be on NET Flows
Samyang Comtech IPO Preview
Beijer Ref: Initiation of Coverage- Strategic Acquisitions & Green Tech Disruption Drive Explosive Growth Potential!
Sweco AB – Will Operational Cuts & Efficiency Moves Drive a Turnaround?
Moog Inc.: Advancements in Space & Defense to Solidify Its Position Within The Defense Industry!
BES: Progressing with Enercare Agreement
ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!

Quiddity Leaderboard CSI 300/500 Dec25: US$5bn+ One Way Flows; Emphasis Should Be on NET Flows

By Janaghan Jeyakumar, CFA

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 41 ADDs/DELs for the CSI 500 index.

Samyang Comtech IPO Preview

By Douglas Kim

Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.

Beijer Ref: Initiation of Coverage- Strategic Acquisitions & Green Tech Disruption Drive Explosive Growth Potential!

Beijer Ref AB (Beijer Ref) recently announced its financial performance for the first quarter of 2025, providing a mixed set of results amid varying global economic conditions.
The company reported a robust total sales growth of 16%, driven by both organic expansion and strategic acquisitions.
Organic growth stood at 4%, suggesting steady underlying business momentum, while acquisition-driven expansion played a significant role in overall sales achievement.

Sweco AB – Will Operational Cuts & Efficiency Moves Drive a Turnaround?

Sweco AB, a prominent architecture and engineering consultancy in Europe, reported a strong start to the fiscal year with its Q1 results.
The company achieved a growth in net sales exceeding SEK 8 billion, marking a 4% organic growth increase.
EBITDA rose by 10%, and the EBITDA margin improved to 11.2%, reflecting enhanced operational efficiency through higher average fees, improved billing ratios, and effective cost control measures.

Moog Inc.: Advancements in Space & Defense to Solidify Its Position Within The Defense Industry!

Moog Inc.’s financial performance in the second quarter of fiscal year 2025 demonstrated robust sales and strategic adaptability amid potential uncertainties from evolving tariffs.
Overall, the company reported record-level sales of $935 million, which slightly surpassed last year’s second quarter figures.
The company exhibited strength in its Defense, Military Aircraft, and Commercial Aircraft segments, although Industrial sector sales declined, primarily influenced by the company’s simplification initiatives.

BES: Progressing with Enercare Agreement

By Atrium Research

What you need to know: • BES has announced several positive updates over the last few months including an agreement with Enercare to distribute and install its home backup power system.
• Braille is progressing through Enercare’s onboarding process and expects sales over the coming quarters.
• EarlyAlert is in the final stages of its product development and will begin sales in the coming months.

ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!

ManpowerGroup’s recent earnings revealed a mixed performance for the first quarter of 2025, highlighting both favorable and challenging aspects of its business environment.
The company’s global operations spanning Europe, Latin America, the Asia Pacific, and North America faced varying levels of demand due to economic and geopolitical dynamics, particularly influenced by trade policy announcements in the U.S. which have resulted in heightened uncertainty and cautious client behavior.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 20

Daily Brief Industrials: Ningbo Port, Samyang Comtech, Beijer Ref , Sweco , Moog Inc Class A, Braille Energy Systems, Manpowergroup Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Quiddity Leaderboard CSI 300/500 Dec25: US$5bn+ One Way Flows; Emphasis Should Be on NET Flows
Samyang Comtech IPO Preview
Beijer Ref: Initiation of Coverage- Strategic Acquisitions & Green Tech Disruption Drive Explosive Growth Potential!
Sweco AB – Will Operational Cuts & Efficiency Moves Drive a Turnaround?
Moog Inc.: Advancements in Space & Defense to Solidify Its Position Within The Defense Industry!
BES: Progressing with Enercare Agreement
ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!

Quiddity Leaderboard CSI 300/500 Dec25: US$5bn+ One Way Flows; Emphasis Should Be on NET Flows

By Janaghan Jeyakumar, CFA

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
Currently, we see 9 ADDs/DELs for the CSI 300 index and 41 ADDs/DELs for the CSI 500 index.

Samyang Comtech IPO Preview

By Douglas Kim

Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.

Beijer Ref: Initiation of Coverage- Strategic Acquisitions & Green Tech Disruption Drive Explosive Growth Potential!

Beijer Ref AB (Beijer Ref) recently announced its financial performance for the first quarter of 2025, providing a mixed set of results amid varying global economic conditions.
The company reported a robust total sales growth of 16%, driven by both organic expansion and strategic acquisitions.
Organic growth stood at 4%, suggesting steady underlying business momentum, while acquisition-driven expansion played a significant role in overall sales achievement.

Sweco AB – Will Operational Cuts & Efficiency Moves Drive a Turnaround?

Sweco AB, a prominent architecture and engineering consultancy in Europe, reported a strong start to the fiscal year with its Q1 results.
The company achieved a growth in net sales exceeding SEK 8 billion, marking a 4% organic growth increase.
EBITDA rose by 10%, and the EBITDA margin improved to 11.2%, reflecting enhanced operational efficiency through higher average fees, improved billing ratios, and effective cost control measures.

Moog Inc.: Advancements in Space & Defense to Solidify Its Position Within The Defense Industry!

Moog Inc.’s financial performance in the second quarter of fiscal year 2025 demonstrated robust sales and strategic adaptability amid potential uncertainties from evolving tariffs.
Overall, the company reported record-level sales of $935 million, which slightly surpassed last year’s second quarter figures.
The company exhibited strength in its Defense, Military Aircraft, and Commercial Aircraft segments, although Industrial sector sales declined, primarily influenced by the company’s simplification initiatives.

BES: Progressing with Enercare Agreement

By Atrium Research

What you need to know: • BES has announced several positive updates over the last few months including an agreement with Enercare to distribute and install its home backup power system.
• Braille is progressing through Enercare’s onboarding process and expects sales over the coming quarters.
• EarlyAlert is in the final stages of its product development and will begin sales in the coming months.

ManpowerGroup: Restructuring Initiatives in Northern Europe to Support Financial Recovery & Future Growth Plans!