Industrials

• The June 2025 index review results for China’s CSI 1000 index were announced after market close on Friday 30th May 2025.
• There will be 100 ADDs/DELs for CSI 1000 in the June 2025 rebalance.
• The CSI 1000 index rebal event could trigger US$2.2bn in one-way flow.

• Aegis Vopak Terminals Ltd (1902844D IN) raised about US$328m in its upcoming India IPO.
• It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
• In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.

• Deere & Company’s latest earnings report highlights both accomplishments and challenges in a complex market environment marked by global uncertainties and macroeconomic pressures.
• The company’s second quarter performance exceeded expectations, with a commendable 18.8% margin for equipment operations amidst significant headwinds, including heightened tariff impacts and global trade volatility.
• 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.

• Elbit Systems’ financial results for the first quarter of 2025 displayed strong growth and stable operational performance, continuing a trend from the past few quarters.
• The company reported revenues of $1.896 billion, marking a significant increase from $1.554 billion for the same quarter in 2024.
• This growth reflects a substantial demand across key markets, with Europe, North America, Asia Pacific, and Israel contributing 24%, 21%, 18%, and 32% of revenues, respectively.

• There is one constituent change for the STAR&CHINEXT 50 Index in June with AVIC Chengdu Aircraft Co (302132 CH) replacing Suzhou Maxwell Technologies (300751 CH).
• Passive trackers will need to buy 0.15x ADV in AVIC Chengdu Aircraft Co (302132 CH) and sell 0.4x ADV in Suzhou Maxwell Technologies (300751 CH). 
• AVIC Chengdu Aircraft Co (302132 CH) is a CSI 500 Index to CSI 300 Index migration in June, so there will be more buying in the stock.

• The June 2025 index review results for China’s SSE 50 and SSE 180 indices were announced after market close on Friday 30th May 2025.
• There will be 4 ADDs/DELs for SSE 50 and 18 ADDs/DELs for SSE 180.
• The SSE 50 and SSE 180 index rebal events could trigger US$1.3bn and US$210mn in one-way flows, respectively.

• Nifty had limited movement this week with the rally off the April low stalling out.
• Elevated volatility metrics contrast with an otherwise quiet tape over the past week. We recommend taking some chips off the table, taking advantage of vol levels. 
• Nifty has given up about 1/2 its outperformance vs the SP500 over the past couple of weeks. 

• MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
• Given the share price decline, Nufarm (NUF AU)‘s board is under pressure to do “something”. Nufarm would be better off selling its entire operations, as opposed to offloading divisions.
• Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.

• 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: Foshan Haitian Flavouring & Food (603288 CH) has filed its PHIP for an H Share listing to raise US$1 billion.
• Event-Driven developments: Makino Milling Machine Co (6135 JP), SBI Sumishin Net Bank (7163 JP), Taiyo Holdings (4626 JP), ENN Energy (2688 HK), HKBN Ltd (1310 HK). 

• Lyft Inc.’s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.
• The company’s marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.
• The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.

• The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April
• Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker
• All signs point to sluggish US demand, which is unlikely to recover any time soon

• Trex Company, Inc. recently shared its financial results for the first quarter of 2025, highlighting both strengths and challenges in its performance.
• The company’s net sales amounted to $340 million, reflecting a 9% decrease from the previous year where sales reached $374 million, but exceeded expectations due to robust demand for its premium products.
• Despite a slow start due to adverse weather conditions early in the year, demand surged in March.

• There is one constituent change for the STAR&CHINEXT 50 Index in June with AVIC Chengdu Aircraft Co (302132 CH) replacing Suzhou Maxwell Technologies (300751 CH).
• Passive trackers will need to buy 0.15x ADV in AVIC Chengdu Aircraft Co (302132 CH) and sell 0.4x ADV in Suzhou Maxwell Technologies (300751 CH). 
• AVIC Chengdu Aircraft Co (302132 CH) is a CSI 500 Index to CSI 300 Index migration in June, so there will be more buying in the stock.

• The June 2025 index review results for China’s SSE 50 and SSE 180 indices were announced after market close on Friday 30th May 2025.
• There will be 4 ADDs/DELs for SSE 50 and 18 ADDs/DELs for SSE 180.
• The SSE 50 and SSE 180 index rebal events could trigger US$1.3bn and US$210mn in one-way flows, respectively.

• Nifty had limited movement this week with the rally off the April low stalling out.
• Elevated volatility metrics contrast with an otherwise quiet tape over the past week. We recommend taking some chips off the table, taking advantage of vol levels. 
• Nifty has given up about 1/2 its outperformance vs the SP500 over the past couple of weeks. 

• MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
• Given the share price decline, Nufarm (NUF AU)‘s board is under pressure to do “something”. Nufarm would be better off selling its entire operations, as opposed to offloading divisions.
• Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.

• 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: Foshan Haitian Flavouring & Food (603288 CH) has filed its PHIP for an H Share listing to raise US$1 billion.
• Event-Driven developments: Makino Milling Machine Co (6135 JP), SBI Sumishin Net Bank (7163 JP), Taiyo Holdings (4626 JP), ENN Energy (2688 HK), HKBN Ltd (1310 HK). 

• Lyft Inc.’s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.
• The company’s marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.
• The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.

• The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April
• Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker
• All signs point to sluggish US demand, which is unlikely to recover any time soon

• Trex Company, Inc. recently shared its financial results for the first quarter of 2025, highlighting both strengths and challenges in its performance.
• The company’s net sales amounted to $340 million, reflecting a 9% decrease from the previous year where sales reached $374 million, but exceeded expectations due to robust demand for its premium products.
• Despite a slow start due to adverse weather conditions early in the year, demand surged in March.

• Operating Business did well with filing revenues marginally declining and food ware business growing
• One off write off investment in associate and intangible asset
• Maintain the view that Risk Reward are asymmetrical as the company trades below cash

• Shanghai Zhida Technology Development (SZTD) is looking to raise about US$128m in its upcoming Hong Kong IPO.
• SZTD presents a compelling leadership position in the EV home charging market, both in China and globally, underpinned by strong industry tailwinds and a diversified product-service offering.
• However, recent declines in revenue and margins driven by pricing pressures and high customer concentration raise concerns about the sustainability of its growth and profitability.

• SharkNinja’s first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for potential investors.
• The company demonstrated resilience in sales growth and strategic adaptability amidst an uncertain macroeconomic backdrop.
• Let’s explore both the positive and negative aspects of the financial results and strategic directions highlighted in the call.

• The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI’s 2.9%.
• Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.
• Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

• Rockwell Automation’s recent quarterly results provided a mixed yet insightful view into the company’s current performance and future outlook.
• The company exhibited resilience in a challenging economic environment characterized by policy uncertainty and tariff implementation.
• Rockwell’s initiatives to diversify its supply chain locations and secure alternative sourcing have positioned it to navigate these complexities more adeptly.

• What you need to know: • BQE reported Q1 financial results that largely smashed our estimates across the board due to rapid growth in its technical services segment.
• • Q1 proportional revenue came in at $7.9M (+133% YoY), beating our estimate of $3.9M.
• Adjusted EBITDA was $1.9M (24% margin) compared to our estimate of breakeven (0% margin).

• US treasuries climbed yesterday, on the back of a strong auction of 7Y notes and amid a soft GDP data release.
• The yield on the 2Y UST fell 5 bps to 3.94%, while that on the 10Y UST declined 6 bps to 4.42%.
• Equities climbed on the back of solid results from Nvidia Corp, albeit the extent of gains was pared later in the day on slowing economic data and legal uncertainties over tariffs.

• Operating Business did well with filing revenues marginally declining and food ware business growing
• One off write off investment in associate and intangible asset
• Maintain the view that Risk Reward are asymmetrical as the company trades below cash

• Shanghai Zhida Technology Development (SZTD) is looking to raise about US$128m in its upcoming Hong Kong IPO.
• SZTD presents a compelling leadership position in the EV home charging market, both in China and globally, underpinned by strong industry tailwinds and a diversified product-service offering.
• However, recent declines in revenue and margins driven by pricing pressures and high customer concentration raise concerns about the sustainability of its growth and profitability.

• SharkNinja’s first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for potential investors.
• The company demonstrated resilience in sales growth and strategic adaptability amidst an uncertain macroeconomic backdrop.
• Let’s explore both the positive and negative aspects of the financial results and strategic directions highlighted in the call.

• The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI’s 2.9%.
• Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.
• Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

• Rockwell Automation’s recent quarterly results provided a mixed yet insightful view into the company’s current performance and future outlook.
• The company exhibited resilience in a challenging economic environment characterized by policy uncertainty and tariff implementation.
• Rockwell’s initiatives to diversify its supply chain locations and secure alternative sourcing have positioned it to navigate these complexities more adeptly.

• What you need to know: • BQE reported Q1 financial results that largely smashed our estimates across the board due to rapid growth in its technical services segment.
• • Q1 proportional revenue came in at $7.9M (+133% YoY), beating our estimate of $3.9M.
• Adjusted EBITDA was $1.9M (24% margin) compared to our estimate of breakeven (0% margin).

• US treasuries climbed yesterday, on the back of a strong auction of 7Y notes and amid a soft GDP data release.
• The yield on the 2Y UST fell 5 bps to 3.94%, while that on the 10Y UST declined 6 bps to 4.42%.
• Equities climbed on the back of solid results from Nvidia Corp, albeit the extent of gains was pared later in the day on slowing economic data and legal uncertainties over tariffs.

• KRX sector indices use TMI as their universe, while KOSPI cap-tier indices use all KOSPI-listed stocks, creating a key difference in universe selection.
• KRX sector indices rebalance annually after September expiry, using September TMI (reviewed end-July) as their universe—not the June version, despite common confusion.
• Pre-Positioning is uncertain; market likely waits for August’s September TMI results before building positions. KOSPI cap indices use August review date, with similar flow patterns starting six weeks prior.

• Passenger experience is key for elevators, focusing on ride quality and safety
• Elevators should prioritize moving people quickly and efficiently
• The elevator industry is highly consolidated with few major competitors and regulations play a significant role in the industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Curtiss-Wright’s first quarter 2025 earnings results reveal a robust start to the year, driven by both increased sales and operational efficiency.
• The company reported a 13% year-over-year increase in sales to $806 million, with an 11% rise on an organic basis.
• This growth was primarily fueled by stronger-than-expected performance in the Aerospace and Defense (A&D) markets.

• The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the company’s current financial health and strategic direction.
• The quarter was extraordinary in terms of revenue and profitability, achieved despite the unexpected loss of the largest client, which marks a significant test for Tetra Tech’s client diversification strategy.
• 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.

• Verisk Analytics (Verisk) has demonstrated a positive start to 2025, with a notable performance in the first quarter.
• The company saw double-digit growth in subscription revenues, contributing to an overall organic constant currency (OCC) revenue increase of 7.9%.
• This growth was propelled by a 10.6% rise in subscription revenues, reflecting strength across multiple business units within the company.

• Watts Water Technologies reported its first quarter results for 2025, which showed a mix of positive achievements and ongoing challenges.
• The company experienced record operating income and operating margins, along with adjusted earnings per share.
• Despite these results, organic sales declined by 2%, impacted by fewer shipping days and weakness in the European market.

• Synergy Green reported robust FY25 performance with 11% revenue growth and 224bps EBITDA margin expansion, driven by direct exports and gearboxes.  
• Strong execution and margin improvement underscore operational efficiency, while a significant INR 187 crore capex addresses capacity constraints, crucial for future growth.
• Performance validates the business model, but the delayed capex execution means FY26 growth will be heavily back-ended, requiring close monitoring of ramp-up.

• KRX sector indices use TMI as their universe, while KOSPI cap-tier indices use all KOSPI-listed stocks, creating a key difference in universe selection.
• KRX sector indices rebalance annually after September expiry, using September TMI (reviewed end-July) as their universe—not the June version, despite common confusion.
• Pre-Positioning is uncertain; market likely waits for August’s September TMI results before building positions. KOSPI cap indices use August review date, with similar flow patterns starting six weeks prior.

• Passenger experience is key for elevators, focusing on ride quality and safety
• Elevators should prioritize moving people quickly and efficiently
• The elevator industry is highly consolidated with few major competitors and regulations play a significant role in the industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Curtiss-Wright’s first quarter 2025 earnings results reveal a robust start to the year, driven by both increased sales and operational efficiency.
• The company reported a 13% year-over-year increase in sales to $806 million, with an 11% rise on an organic basis.
• This growth was primarily fueled by stronger-than-expected performance in the Aerospace and Defense (A&D) markets.

• The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the company’s current financial health and strategic direction.
• The quarter was extraordinary in terms of revenue and profitability, achieved despite the unexpected loss of the largest client, which marks a significant test for Tetra Tech’s client diversification strategy.
• 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.

• Verisk Analytics (Verisk) has demonstrated a positive start to 2025, with a notable performance in the first quarter.
• The company saw double-digit growth in subscription revenues, contributing to an overall organic constant currency (OCC) revenue increase of 7.9%.
• This growth was propelled by a 10.6% rise in subscription revenues, reflecting strength across multiple business units within the company.

• Watts Water Technologies reported its first quarter results for 2025, which showed a mix of positive achievements and ongoing challenges.
• The company experienced record operating income and operating margins, along with adjusted earnings per share.
• Despite these results, organic sales declined by 2%, impacted by fewer shipping days and weakness in the European market.

• Synergy Green reported robust FY25 performance with 11% revenue growth and 224bps EBITDA margin expansion, driven by direct exports and gearboxes.  
• Strong execution and margin improvement underscore operational efficiency, while a significant INR 187 crore capex addresses capacity constraints, crucial for future growth.
• Performance validates the business model, but the delayed capex execution means FY26 growth will be heavily back-ended, requiring close monitoring of ramp-up.

• If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
• Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
• Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 

• AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.
• The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.
• This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

• Uber Technologies’ Q1 2025 earnings call provided insights into the company’s performance, operations, and strategic outlook.
• The results reflected robust growth across key metrics, albeit in a competitive and dynamic environment.
• Here’s a synopsis of the key points from the call, reflecting both strengths and challenges faced by the company.

• Butler National Corp is one of the larger companies we have profiled in the OTC A-Z edition. It has been public since 1995.
• Their life as a public company is just 5 years younger than me and has operated out of Kansas, US for all its life.
• Butler has 2 businesses that you wouldn’t typically see together – Aircraft modification & services, and Casino Management.

• KBR, Inc.’s latest quarterly earnings revealed several significant aspects of its current performance and future outlook, presenting an investment thesis that reflects both the company’s achievements and the challenges it faces.
• The company reported strong financial results in the first quarter of fiscal 2025, showcasing a remarkable increase in revenues and adjusted EBITDA driven primarily by its recent strategic initiatives.
• On the positive side, KBR recorded a notable 13% year-over-year increase in revenues, reaching $2.1 billion, with a corresponding 17% rise in adjusted EBITDA to $243 million.

• Germany’s defense ministry is openly flagging concerns over the use of Chinese kit in German offshore wind farms and reportedly could halt construction of the Waterkant project, which developer Luxcara is planning to build with turbines from Ming Yang.
• The policy of the defense ministry is to balance the goal of climate neutrality with the goals of military security and the operational capability of the Bundeswehr [German Army].
• Comment | At the start of 25Q2 TKH’s subsidiary TKF signed cable supply contract with Luxcara for offshore wind park Waterkant

• Emerson Electric Co. delivered a robust performance in its second quarter of 2025, underscored by underlying orders growth of 4% across all regions, including China.
• The company witnessed increased demand in its process and hybrid businesses, which grew by 6%, while its discrete businesses showed a marked improvement with a notable 8% rise in Test & Measurement orders.
• Overall, Emerson’s underlying sales came in strong, landing at the top of their guidance, and the company achieved record margin performance in the quarter.

• If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
• Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
• Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 

• AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.
• The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.
• This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

• Uber Technologies’ Q1 2025 earnings call provided insights into the company’s performance, operations, and strategic outlook.
• The results reflected robust growth across key metrics, albeit in a competitive and dynamic environment.
• Here’s a synopsis of the key points from the call, reflecting both strengths and challenges faced by the company.

• Butler National Corp is one of the larger companies we have profiled in the OTC A-Z edition. It has been public since 1995.
• Their life as a public company is just 5 years younger than me and has operated out of Kansas, US for all its life.
• Butler has 2 businesses that you wouldn’t typically see together – Aircraft modification & services, and Casino Management.

• KBR, Inc.’s latest quarterly earnings revealed several significant aspects of its current performance and future outlook, presenting an investment thesis that reflects both the company’s achievements and the challenges it faces.
• The company reported strong financial results in the first quarter of fiscal 2025, showcasing a remarkable increase in revenues and adjusted EBITDA driven primarily by its recent strategic initiatives.
• On the positive side, KBR recorded a notable 13% year-over-year increase in revenues, reaching $2.1 billion, with a corresponding 17% rise in adjusted EBITDA to $243 million.

• Germany’s defense ministry is openly flagging concerns over the use of Chinese kit in German offshore wind farms and reportedly could halt construction of the Waterkant project, which developer Luxcara is planning to build with turbines from Ming Yang.
• The policy of the defense ministry is to balance the goal of climate neutrality with the goals of military security and the operational capability of the Bundeswehr [German Army].
• Comment | At the start of 25Q2 TKH’s subsidiary TKF signed cable supply contract with Luxcara for offshore wind park Waterkant

• Emerson Electric Co. delivered a robust performance in its second quarter of 2025, underscored by underlying orders growth of 4% across all regions, including China.
• The company witnessed increased demand in its process and hybrid businesses, which grew by 6%, while its discrete businesses showed a marked improvement with a notable 8% rise in Test & Measurement orders.
• Overall, Emerson’s underlying sales came in strong, landing at the top of their guidance, and the company achieved record margin performance in the quarter.

• In December, Nidec Corp (6594 JP) made an unsolicited bid for Makino Milling Machine Co (6135 JP). Makino wanted more time. Nidec wanted to squeeze.  Makino proposed a poison pill.
• Makino appeared to act slowly but white knight bidders were mooted in the media. Nidec launched, but apparently approvals may have been hard. They withdrew. Makino cancelled the poison pill. 
• Shares fell sharply. Yesterday, they rose because it appears Effissimo owns 3%. Today, we got news post-close that MBK may be close to making an ¥11,000+ bid.

• In response to a Nikkei article, Makino Milling Machine Co (6135 JP) confirmed it had received a legally binding acquisition proposal from MBK Partners. 
• The price is expected to exceed Nidec Corp (6594 JP) JPY11,000 hostile offer. On 8 May, Nidec withdrew its offer due to the Board’s proposed countermeasures. 
• My analysis suggests that MBK’s white knight bid could be JPY11,677 per share, 13.7% higher than the last close price of JPY10,270.

• There will be 8 additions and 8 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the next rebalance to be implemented at the close on 12 June.
• The inclusion of Korea District Heating (071320 KS) is a surprise and leads to an extra deletion – all the other adds are exactly in line with forecasts.
• The list of adds has been stable for the last few months and the stocks have outperformed the deletes and the KOSPI2 INDEX since the start of the review period.

• ALS Ltd (ALQ AU)  is looking to raise up to ~US$253m, with US$227m from a primary placement and remainder, via a non-underwritten share purchase plan (SPP) to raise up to A$40m.
• The deal will be a large one to digest at 17.9 days of the stock’s three month ADV, representing 4.1% of its shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
• Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal. 
• Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
• The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June. 

• InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
• Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
• Geopolitical events like India-Pak war caused booking dips and flight delays. 

• H1 Results Overview: On April 14, 2025, Paycloud Holdings Inc. (hereafter, the Company) announced its H1 FY2025/8 results.
• The Company reported net sales of JPY 4,838 mn (+143% YoY), adjusted EBITDA of JPY 679 mn (+200% YoY), and operating profit of JPY 404 mn (+370% YoY).
• While it was substantially attributable to having consolidated Cloudpoint, a digital signage business integrated in March 2024, it was also contributed by its upward momentum of business fundamentals reflecting the fact that the Company’s ongoing cashless service and IT solutions businesses posted nearly 30% operating profit growth with improved margins.

• Salzer reported strong top-line growth in Q4 and FY25, secured significant smart meter and smart lighting orders, but faced margin pressure and wrote off investments in unviable EV ventures.
• Strong revenue growth was driven by core businesses, but higher smart meter expenses impacted profitability, while new orders and EV investment signal future strategic direction.
• Management is actively navigating challenges, focusing on high-growth areas like smart meters and EV charging, reinforcing a positive medium-term growth outlook despite near-term margin volatility.