Industrials

• Post-Demerger, Siemens Ltd (SIEM IN) continues with Digital Industries, Smart Infrastructure, and Mobility, focusing on core segments like automation, electrification, and rail transport.
• The company is getting significant orders in each segment with strong tailwind across all segment.
• Siemens Limited’s remaining business is projected to grow at a 15% CAGR, supported by strong order backlogs and improved margins.

• Siemens is demerging its Energy business into SEIL, focusing on energy solutions and doubling transmission capacity with a INR 3.6 billion investment over 2–3 years.
• SEIL’s energy transition initiatives drive growth, with a 29.9% YoY increase in orders. Siemens Ltd.’s Digital Industries faced headwinds but remains optimistic about turnover.
• The demerger creates two independent growth engines, with Siemens Ltd. investing ₹4 billion in Smart Infrastructure, positioning both entities for strong future growth.

• Zacks Small-Cap Research Note for CoreCivic, Inc. (CXW)

• Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
• The company has released its quarterly 4C cash-flow statement and a Q1FY25 financial and operating update (December year-end).
• The Q1 result showed a continuation of momentum from Q4FY24 and sets the company up for the remainder of the year.

• Maersk’s Q125 results slightly beat expectations, but earnings momentum continues to wane
• Financial guidance for FY25 unchanged, but there are notable tweaks to key assumptions
• Q125 likely carriers’ best financial period of FY25 (by far), profits set to erode rest of year

• Revenue increased by 3.7% YoY to JPY243.4bn, with operating profit rising 25.8% YoY to JPY15.6bn.
• New housing complex market revenue grew 10.7% YoY, driven by urban demand and price hikes.
• Medium-term management plan targets remain unchanged, with a focus on achieving an 8% ROE by FY03/27.

• The company reported record-high sales of JPY243.5bn (+5.2% YoY) and operating profit of JPY16.8bn (+8.6% YoY).
• Segment sales and operating profits increased YoY, with notable growth in LP gas, construction, and Aqua services.
• The company forecasts FY03/26 sales of JPY253.0bn (+3.9% YoY) and net income of JPY10.0bn (+8.5% YoY).

• The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
• For the moment, that leads me to believe we get ONE ADD and ONE DELETE though up to three of each is possible. 
• Even with only one name replacement, there are some big side trades and US$3.2bn a side to trade for now.

• Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
• While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
• The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

• Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, has filed its PHIP for an H-Share listing to raise US$5 billion.     
• I previously discussed the H Share listing in CATL H Share Listing: The Investment Case and CATL H Share Listing: AH Discount Views. 
• In this note, I examine the latest results and developments outlined in the PHIP. Overall, the PHIP reinforces my positive view. 

• Reports continue to indicate a US$5bn raise for CATL H-shares with a discount of up to 10% to CATL (300750 CH) and with cornerstone investors taking up half the deal.
• The company is currently gauging investor demand. The IPO could open next week and the H-shares could list later this month.
• Index Fast Entry largely depends on the cornerstone investor allocation. Float higher than 50%/60% is required for Fast Entry to global indices.

• Siemens Ltd (SIEM IN) is spinning off its Energy Business into Siemens Energy India Limited (SEIL), creating two independent entities for focused growth and unlocking shareholder value.    
• Post-Demerger, SEIL is well-positioned in the Indian energy sector, benefiting from decarbonization initiatives, capital investments, and strong export potential in the coming years.
• The remaining Siemens Limited will concentrate on technology sectors like Industry, Infrastructure, and Mobility, maintaining its strong business profile and order backlog, ensuring continued growth post-demerger.

• Waste Management, Inc. has reported its first quarter 2025 earnings, revealing a strong start to the year with results exceeding expectations on multiple fronts.
• The company’s total operating EBITDA increased by over 12% compared to Q1 2024, driven by solid performances in its collection and disposal business, meaningful contributions from WM Healthcare Solutions, and growth in its sustainability initiatives.
• This robust performance underscores Waste Management’s operational capabilities and highlights effective execution in a challenging economic environment.

• FTI Consulting delivered a mixed set of results for the first quarter of 2025 with both positive highlights and some areas of concern.
• The company’s revenues stood at $898.3 million, representing a 3.3% decrease compared to the same quarter last year.
• On a sequential basis compared to the previous quarter, revenues saw a marginal increase.

• The company achieved YoY revenue and profit growth, with operating profit up 18.7% and net income up 23.1%.
• The Special Purpose Truck business anticipates YoY profit growth, driven by selling price hikes and normalized production activity.
• The Aircraft business expects increased orders and production volumes for Boeing components, despite a temporary lull in production.

• HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. 
• The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. 
• While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.

• Consolidated revenue grew 23% YoY to Rs9,999 crore; PBT margin at 13.6%; order backlog rose 66%, supported by broad-based growth across key segments.
• Capacity expansions in transformers and semiconductors, export growth initiatives, and investments in consumer products and railway systems are key strategic priorities over FY26–FY28.
• Trading at 73–77x FY26E P/E; management targets sustained growth, high ROCE, and diversification, supporting a long-term compounding opportunity.

• The March 2025 Nikkei 225 review came out with a sparse set of changes. That gives us hints for the September 2025 review.
• For the moment, that leads me to believe we get ONE ADD and ONE DELETE though up to three of each is possible. 
• Even with only one name replacement, there are some big side trades and US$3.2bn a side to trade for now.

• Geely Auto (175 HK), the controlling shareholder, disclosed a cash or scrip non-binding proposal for ZEEKR (ZK US) at US$25.66 per ADS or 12.3 newly issued Geely shares.
• While the offer is 22.2% above the IPO price, it is unattractive compared to historical trading ranges, peer multiples and average sell-side price targets. 
• The shareholder vote is a formality as Geely and concert parties exceed the two-thirds voting threshold. The key risk is the timing of a binding proposal. 

• Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, has filed its PHIP for an H-Share listing to raise US$5 billion.     
• I previously discussed the H Share listing in CATL H Share Listing: The Investment Case and CATL H Share Listing: AH Discount Views. 
• In this note, I examine the latest results and developments outlined in the PHIP. Overall, the PHIP reinforces my positive view. 

• Reports continue to indicate a US$5bn raise for CATL H-shares with a discount of up to 10% to CATL (300750 CH) and with cornerstone investors taking up half the deal.
• The company is currently gauging investor demand. The IPO could open next week and the H-shares could list later this month.
• Index Fast Entry largely depends on the cornerstone investor allocation. Float higher than 50%/60% is required for Fast Entry to global indices.

• Siemens Ltd (SIEM IN) is spinning off its Energy Business into Siemens Energy India Limited (SEIL), creating two independent entities for focused growth and unlocking shareholder value.    
• Post-Demerger, SEIL is well-positioned in the Indian energy sector, benefiting from decarbonization initiatives, capital investments, and strong export potential in the coming years.
• The remaining Siemens Limited will concentrate on technology sectors like Industry, Infrastructure, and Mobility, maintaining its strong business profile and order backlog, ensuring continued growth post-demerger.

• Waste Management, Inc. has reported its first quarter 2025 earnings, revealing a strong start to the year with results exceeding expectations on multiple fronts.
• The company’s total operating EBITDA increased by over 12% compared to Q1 2024, driven by solid performances in its collection and disposal business, meaningful contributions from WM Healthcare Solutions, and growth in its sustainability initiatives.
• This robust performance underscores Waste Management’s operational capabilities and highlights effective execution in a challenging economic environment.

• FTI Consulting delivered a mixed set of results for the first quarter of 2025 with both positive highlights and some areas of concern.
• The company’s revenues stood at $898.3 million, representing a 3.3% decrease compared to the same quarter last year.
• On a sequential basis compared to the previous quarter, revenues saw a marginal increase.

• The company achieved YoY revenue and profit growth, with operating profit up 18.7% and net income up 23.1%.
• The Special Purpose Truck business anticipates YoY profit growth, driven by selling price hikes and normalized production activity.
• The Aircraft business expects increased orders and production volumes for Boeing components, despite a temporary lull in production.

• HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. 
• The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. 
• While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.

• Consolidated revenue grew 23% YoY to Rs9,999 crore; PBT margin at 13.6%; order backlog rose 66%, supported by broad-based growth across key segments.
• Capacity expansions in transformers and semiconductors, export growth initiatives, and investments in consumer products and railway systems are key strategic priorities over FY26–FY28.
• Trading at 73–77x FY26E P/E; management targets sustained growth, high ROCE, and diversification, supporting a long-term compounding opportunity.

• There could be 8 changes at the June rebalance with the Industrials and Information Technology sectors gaining 3 index spots each and the Materials sector losing 4 spots.
• Estimated one-way turnover is 1.44% at the rebalance leading to a round-trip trade of CNY 32.55bn (US$4.5bn). There are 13 stocks with over 2x ADV to trade.
• The forecast adds have outperformed the forecast deletes over the last 6 weeks even though there have been large ETF creations. There could be more outperformance coming up.

• Ahead of the 12th May shareholder to vote on Grandblue’s Offer, recent price action in Canvest (1381 HK) has been odd, with considerable selling volume.
• By all accounts, a chunk of that selling was brought about by an event desk in Singapore shutting down. Elsewhere, via numerous inquiries, I see nothing deal specific. 
• In recent positive developments, AEP (3.62% of shares out) is supportive; there are no material updates in s329 announcements; and I see nothing of note when inspecting the shareholder register. 

• Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
• CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
• We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.

• TAL Education Group’s latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.
• Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.
• In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.

• In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable

• Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y.
• Although cargo volume growth underperformed expectations, revenue rose 14% in line with projections, while the 16% EBITDA increase exceeded guidance.
• APSEZ generated slightly positive FCF, and net adjusted leverage was stable at an acceptable 2.8x.

ADS-TEC Energy has been building a strong position in battery-buffered fast charging systems. To date the company has largely operated through unit sales with some additional services. The $50m gross fund raise will enable a shift to providing a complete system and service delivery model, enabling ADS-TEC to participate in longer-term revenues than its charging infrastructure currently offers, while customers will benefit from an outsourced business model. This should generate a more stable and longer-term revenue stream for the company and shareholders.

• There could be 8 changes at the June rebalance with the Industrials and Information Technology sectors gaining 3 index spots each and the Materials sector losing 4 spots.
• Estimated one-way turnover is 1.44% at the rebalance leading to a round-trip trade of CNY 32.55bn (US$4.5bn). There are 13 stocks with over 2x ADV to trade.
• The forecast adds have outperformed the forecast deletes over the last 6 weeks even though there have been large ETF creations. There could be more outperformance coming up.

• Ahead of the 12th May shareholder to vote on Grandblue’s Offer, recent price action in Canvest (1381 HK) has been odd, with considerable selling volume.
• By all accounts, a chunk of that selling was brought about by an event desk in Singapore shutting down. Elsewhere, via numerous inquiries, I see nothing deal specific. 
• In recent positive developments, AEP (3.62% of shares out) is supportive; there are no material updates in s329 announcements; and I see nothing of note when inspecting the shareholder register. 

• Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
• CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
• We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about its recent updates and provide updated thoughts on valuations.

• TAL Education Group’s latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.
• Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.
• In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.

• In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable

• Adani Ports and Special Economic Zone (APSEZ) has released FY 2024-25 results that were largely stable y-o-y.
• Although cargo volume growth underperformed expectations, revenue rose 14% in line with projections, while the 16% EBITDA increase exceeded guidance.
• APSEZ generated slightly positive FCF, and net adjusted leverage was stable at an acceptable 2.8x.

ADS-TEC Energy has been building a strong position in battery-buffered fast charging systems. To date the company has largely operated through unit sales with some additional services. The $50m gross fund raise will enable a shift to providing a complete system and service delivery model, enabling ADS-TEC to participate in longer-term revenues than its charging infrastructure currently offers, while customers will benefit from an outsourced business model. This should generate a more stable and longer-term revenue stream for the company and shareholders.

• According to Reuters, CATL plans to launch its Hong Kong listing process including book building during the week of 12 May.
• We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025. 
• Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL’s shares are undervalued. 

• Local traders are targeting the spread between day and NXT’s after-hours, a classic arb play similar to what Japanese instos used when ATS first launched, now emerging in Korea.
• The gap persists because institutional flow on NXT is still minimal, with recent data showing instos accounting for just 1-2% of total turnover.
• NXT’s night session is seeing heavy retail flow, providing instos with the liquidity to trade. This creates a rare opportunity to capitalize on early inefficiencies before others catch on.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.
• Currently, we see one change for T50 and one change for T100.

• In this insight, we discuss a pair trade between Hanwha Aerospace (012450 KS) (go long) and Hanwha Ocean (042660 KS) (go short).
• Hanwha Ocean faces bigger overhang risk of KDB continuing to sell additional shares of the company as compared to Hanwha Aerospace’s rights offering shares dilution risk. 
• Hanwha Aerospace/Hanwha Ocean price ratio (5 year period) is near the 2 standard deviation (STD) mark which could suggest a reversion to the mean.

• Shilchar achieved full capacity utilization ahead of FY26 guidance, delivering record quarterly and annual profitability.
• The early ramp-up boosts earnings visibility, positioning Shilchar to benefit from strong domestic and export transformer demand.
• Near-Term growth outlook strengthens with a INR 750–800 crore revenue guidance for FY26, while medium-term capex plans are under evaluation. 

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• According to Reuters, CATL plans to launch its Hong Kong listing process including book building during the week of 12 May.
• We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025. 
• Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL’s shares are undervalued. 

• Local traders are targeting the spread between day and NXT’s after-hours, a classic arb play similar to what Japanese instos used when ATS first launched, now emerging in Korea.
• The gap persists because institutional flow on NXT is still minimal, with recent data showing instos accounting for just 1-2% of total turnover.
• NXT’s night session is seeing heavy retail flow, providing instos with the liquidity to trade. This creates a rare opportunity to capitalize on early inefficiencies before others catch on.

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.
• Currently, we see one change for T50 and one change for T100.

• In this insight, we discuss a pair trade between Hanwha Aerospace (012450 KS) (go long) and Hanwha Ocean (042660 KS) (go short).
• Hanwha Ocean faces bigger overhang risk of KDB continuing to sell additional shares of the company as compared to Hanwha Aerospace’s rights offering shares dilution risk. 
• Hanwha Aerospace/Hanwha Ocean price ratio (5 year period) is near the 2 standard deviation (STD) mark which could suggest a reversion to the mean.

• Shilchar achieved full capacity utilization ahead of FY26 guidance, delivering record quarterly and annual profitability.
• The early ramp-up boosts earnings visibility, positioning Shilchar to benefit from strong domestic and export transformer demand.
• Near-Term growth outlook strengthens with a INR 750–800 crore revenue guidance for FY26, while medium-term capex plans are under evaluation. 

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
• Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
• Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Smartpay Holdings (SPY NZ), Insignia Financial (IFL AU), ENN Energy (2688 HK), Oneconnect Financial Technology (6638 HK), Seven & I Holdings (3382 JP), Smart Share Global (EM US). 
• Lowest spreads: Bright Smart Securities And (1428 HK), Shibaura Electronics (6957 JP), Abacus Storage King (ASK AU), Makino Milling Machine Co (6135 JP), Sinarmas Land (SML SP).

• AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
• AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
• AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
• On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

• Amaero Ltd (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.
• The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
• Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

• SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
• Only these two express firms reported margin expansion in Q125 — how’d they do it?
• Q125 results suggest two very different paths toward improved express profitability

• Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
• Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
• Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Smartpay Holdings (SPY NZ), Insignia Financial (IFL AU), ENN Energy (2688 HK), Oneconnect Financial Technology (6638 HK), Seven & I Holdings (3382 JP), Smart Share Global (EM US). 
• Lowest spreads: Bright Smart Securities And (1428 HK), Shibaura Electronics (6957 JP), Abacus Storage King (ASK AU), Makino Milling Machine Co (6135 JP), Sinarmas Land (SML SP).

• AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
• AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
• AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
• On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

• Amaero Ltd (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.
• The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
• Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

• SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
• Only these two express firms reported margin expansion in Q125 — how’d they do it?
• Q125 results suggest two very different paths toward improved express profitability

• Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, is set to launch an H Share listing to raise US$5 billion.
• In CATL H Share Listing: The Investment Case, a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation are highlighted.  
• In this note, I examine the likely discount CATL will offer its H Shares compared to the A Shares.

• Dover Corporation reported a positive start to 2025, showcasing a promising first quarter with notable financial performance.
• The company’s adjusted earnings per share rose by 19% compared to the previous year, and the adjusted EBITDA margin improved by 240 basis points to reach 24%.
• These results were achieved through a healthy mix of growth platforms, structural cost actions from prior periods, and successful pricing strategies.

• Even before US tariff and de minimis changes, Asian air cargo conditions had turned weaker
• Carrier load factors were up seasonally in March, but down Y/Y, and remain quite low
• Data from Taiwanese carriers suggests shift away from Transpacific to short-haul routes

• Greaves Cotton (GRV IN) reported impressive Q4 and FY25 results, marking a 93% YoY increase in EBITDA and strong revenue growth across key sectors, especially electric mobility.
• The company’s transformation through diversification into high-margin segments, including EVs and non-auto applications, has improved profitability, solidifying its position for long-term growth.
• With strong leadership, technological advancements, and a clear 2030 growth vision, Greaves Cotton is well-poised to thrive in emerging markets, especially EV and CNG segments.

• Textron’s Q1 2025 earnings report indicates a mixed performance with areas of strength and challenges.
• The company’s overall revenues increased by 5% to $3.3 billion, led notably by Bell, while segment profit decreased by $10 million from the prior year to $280 million.
• Adjusted income from continuing operations rose marginally to $1.28 per share, up from $1.20 the previous year, although the manufacturing cash flow saw a substantial use of $158 million compared to $81 million last year.