In today’s briefing:
- IPO Rating: Applied Aerospace & Defense
- NYK (9101): Laggard but Numbers Are Better
- IPO Rating: Deep Fission, Inc.
- BQE: Looking Past the Q1 Financials; 2026 Outlook Still Strong
- Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10
- Deep Fission Targets May 29 IPO as Underground Nuclear Startup Seeks to Capitalize on AI-Driven Power Demand
- Applied Aerospace & Defense Sets Terms for IPO Ahead of One of the Busiest New-Issue Weeks of the Year
- ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as ‘Key Accounts’ Crush Margins
- Bharat Coking Coal Limited: India’s Only Prime Coking Coal Producer
- LPA Group PLC – Friday Take Away: 22 May 2026
IPO Rating: Applied Aerospace & Defense
- ✅ IPO PROPHET RATING: 8.31/10 🏦 Deal Quality & Underwriters: 8.9/10 Applied Aerospace & Defense is coming to market on the NYSE under the ticker AADX, offering approximately 32.5 million shares at $18 to $21, targeting roughly $633.75 million in proceeds.
- The company operates within aerospace and defense manufacturing, producing mission-critical systems and engineered components tied to military aviation, missile systems, launch infrastructure, defense electronics, and advanced aerospace applications.
- The syndicate is exceptionally strong for a defense-industrial IPO, led by Morgan Stanley and Jefferies.
NYK (9101): Laggard but Numbers Are Better
- The high base effect from last year caused Nippon Yusen Kk (9101 JP) earnings to drop by 55%.
- Dividend yield will jump from 3.4% to around 4-5%, providing an extra buffer for long-term investors.
- The introduction of the Peak Season Surcharges (PSS) and Emergency Fuel Surcharges during the conflict help NYK growth.
IPO Rating: Deep Fission, Inc.
- ✅ IPO PROPHET RATING: 7.64/10 🏦 Deal Quality & Underwriters: 7.5/10 Deep Fission is coming to market on Nasdaq under the ticker FISN, offering approximately 6 million shares at $24 to $26, targeting roughly $150 million in proceeds.
- The company is focused on next-generation underground nuclear fission reactor technology, positioning itself directly within the rapidly growing energy infrastructure, nuclear power, and AI-driven electricity demand theme.
- The deal is being led by William Blair, Stifel, and Canaccord Genuity.
BQE: Looking Past the Q1 Financials; 2026 Outlook Still Strong
- What you need to know: • BQE reported Q1 financials yesterday that missed our estimates with prop.
- revenue of $5.3M (-33% YoY) compared to our estimate of $7.2M.
- Adjusted EBITDA was ($1.1M) vs. our expected $0.4M.
Tourism Holdings (THL NZ/THL AU): BGH/Trouchet Consortium Return with a Revised NBIO at NZ$3.10
- Tourism Holdings (THL NZ) has disclosed a revised non-binding proposal from the BGH/Trouchet consortium at NZ$3.10, a 34.8% premium to the previously rejected NZ$2.30 offer.
- The offer warrants engagement, as it meets the Board’s previous valuation assertion that THL is worth “well north of NZ$3.00 per share” and is supported by significant shareholder backing.
- The offer is conditional on due diligence, financing and the Board’s recommendation. The offer expires on 12 June. There is a high probability of a binding proposal.
Deep Fission Targets May 29 IPO as Underground Nuclear Startup Seeks to Capitalize on AI-Driven Power Demand
- Deep Fission is seeking to raise approximately $150 million in an initial public offering expected to begin trading on May 29, 2026 .
- The company plans to list on the Nasdaq under the ticker symbol “FISN” and is offering 6.0 million shares at an indicated range of $24.00 to $26.00 per share, implying a midpoint deal size of approximately $150 million and a fully diluted valuation near $1.6 billion .
- The offering is being led by BofA Securities, Morgan Stanley, and Canaccord Genuity .
Applied Aerospace & Defense Sets Terms for IPO Ahead of One of the Busiest New-Issue Weeks of the Year
- Applied Aerospace & Defense is targeting a NYSE IPO under the ticker “ AADX,” offering 32.5 million shares at a range of $18.00 to $21.00 , implying an estimated deal size of approximately $633.8 million at the midpoint and an implied market capitalization of roughly $3.3 billion .
- The offering is being led by Morgan Stanley, Jefferies, BofA Securities, RBC Capital Markets, Guggenheim Securities, Baird, Stifel, and Wolfe | Nomura Alliance .
- The company plans to use the majority of IPO proceeds to repay outstanding debt under its revolving credit facility and term loan borrowings.
ZTO Express Q126: Volume, Revenue Accelerate, But Net Profit Lags as ‘Key Accounts’ Crush Margins
- Parcel volume in Q1 accelerated, posting growth of 13% Y/Y, and Revenue was up 22%
- But Cost of Revenue grew even faster due to an increase in Key Account (KA) customers
- With Net Income growth of just 5%, and unchanged guidance, little to excite investors
Bharat Coking Coal Limited: India’s Only Prime Coking Coal Producer
- BCCL, India’s sole prime coking coal producer with 58.5% domestic market share, is preparing for a public listing with an imminent Block-E (15 MTPA) capacity expansion tendering underway.
- India imports 90% of steel-grade coking coal, spending foreign exchange on a commodity BCCL controls domestically.
- BCCL is a structural beneficiary of India’s infrastructure decade, but washery yield improvement and quality upgrade remain the critical unlock between raw-coal miner and premium steel-sector supplier.
LPA Group PLC – Friday Take Away: 22 May 2026
- Friday Takeaway—delving a little deeper into UK small caps We invite all our readers to take part in our Hybridan Newsletters and Equity Research Survey by clicking on the link: here This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 22nd May 2026 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
- Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
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
