Daily Brief Industrials: CiDi Inc, Diffusion Engineers, Iveco Group, GiG Works, Rocket Lab USA , APi Group, SpaceX, AST SpaceMobile Inc, Avax SA, Plug Power Inc and more

• CiDi Inc (CIDI HK) is looking to raise about US$183m in its upcoming Hong Kong IPO.
• CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

• Diffusion Engineers (DIFFNKG IN) is India’s integrated engineering solutions provider specializing in welding consumables, wear plates/parts, and heavy engineering equipment for core industrial sectors. 
• The company is targeting to double its top-line in 3 to 4 years with a sustainable EBITDA margin range of 15% to 17%. 
• The most critical growth trigger is the INR 70 crore capacity expansion at the Nimji and B33 facilities, which is designed to double production capacity and drive internal cost efficiencies.

• Iveco Group is strategically positioned to capitalize on the transition to sustainable transportation through its multi-energy powertrain offerings, including BEV, hydrogen, and natural gas, via its FPT Industrial division.
• The company exhibits a strong market presence in European light commercial vehicles and buses, but faces intense competition and margin pressure in the heavy truck segment, alongside a high geographic concentration in the cyclical European market.
• Trading at a notable valuation discount to key peers like Paccar and Cummins, Iveco presents a potential value opportunity, contingent on successful execution of its strategic plan to improve profitability and navigate the costly transition to zero-emission technologies.

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• GiG Works reported revenue of JPY22.3bn (-12.2% YoY) and net income of JPY272mn, surpassing full-year forecasts.
• The company recorded impairment losses of JPY171mn in the Web3 Services and Sharing Economy businesses for FY10/25.
• For FY10/26, GiG Works forecasts revenue of JPY22.0bn, operating profit of JPY50mn, and net income of JPY10mn.

• Rocket Lab Corporation reported a record-breaking third quarter of 2025, highlighting significant year-on-year revenue growth of 48%, reaching $155 million.
• This marks the second consecutive quarter of record growth, propelled by heightened demand for its Electron launch vehicle, which reported its highest-ever contract backlog of 49 launches.
• Positively, the company sees robust demand from international customers, indicating strong global adoption of its services.

• In a season crowded with earnings calls, margin debates, and cautious optimism, one headline stood out: APi Group has signed an agreement to acquire CertaSite, a Midwest-based fire and life safety services provider.
• The deal, expected to close in Q1 2026 pending regulatory approval, marks another strategic step in APi Group’s larger playbook—its 10/16/60+ value creation framework.
• With CertaSite projected to bring in $90 million in revenue for 2025 and described as “accretive,” APi is making it clear this isn’t a one-off.

• SpaceX has established a dominant position in the global launch services market through its revolutionary reusable rocket technology, significantly lowering launch costs and increasing launch frequency.
• The Starlink satellite internet constellation has emerged as a primary revenue and growth driver, with a rapidly expanding subscriber base and plans for further global coverage, tapping into a substantial addressable market.
• While facing technical and regulatory challenges, particularly with the ambitious Starship program, SpaceX‘s vertical integration, strong government contracts, and visionary leadership position it for continued disruption and long-term growth in the expanding space economy.

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• AST SpaceMobile’s third quarter of 2025 business update revealed significant progress across several operational and financial dimensions, indicating both growth potential and ongoing challenges.
• The company is focused on building the first global cellular broadband network in space, directly connecting with unmodified mobile devices—a venture targeting an extensive market with over 6 billion mobile phones globally, but with existing coverage gaps.
• The company reported approximately $14.7 million in revenue, a substantial increase from previous quarters, primarily due to gateway equipment sales and service milestones with U.S. government and commercial partners.

AVAX delivered a robust performance in the first nine months of 2025 (9M25), with revenue climbing 65% y-o-y to €682.2m and EBITDA up 37% to €94.5m. The results reflect accelerated execution across the group’s €2.5bn backlog, with new projects entering full build-out phase, driving both volume growth and margin expansion. Construction EBITDA margins improved to 11.3% (9M24: 9.4%), continuing the upward trajectory established through FY24 when margins reached 10.4%, up from 6.2% in FY23. Net profit improved to €42.1m versus €4.9m in FY24, due to lower provisions (Lebanon-related charges affected 9M24), reduced finance costs and operational gearing. Net debt fell to €209.2m (FY24: €237.5m), resulting in the company’s net debt/EBITDA ratio falling to 1.6x (FY24: 2.25x). Management is guiding towards FY25e revenue of over €800m and EBITDA to exceed €120m, with further commentary on the fact that, on a medium-term horizon, the company expects to continue to convert operating results into high net profitability, with the end goal of rewarding shareholders through the distribution of high dividends.

• Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core business units.
• Key drivers included a 13% year-over-year increase in its GenEco electrolyzer business, which generated $65 million in revenue, indicating strong global demand for hydrogen solutions.
• A pivotal development has been Plug’s execution in scaling hydrogen production, underscored by substantial projects like the Galp initiative in Portugal.