In today’s briefing:
- Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade
- Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
- CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
- New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
- General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!
- Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!
- GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!
- Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!
- AIRBUS SE – Equity Research Flash Note
Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade
- Solactive has announced the constituent changes for the Global Uranium & Nuclear Components Index with implementation at the close on 31 July.
- Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
- There are only 3 trading days to implementation of the changes and we’d watch out for big moves on stocks that have more than 2x ADV to trade.
Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
- They will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
- The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
- Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.
CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
- Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
- The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
- Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.
New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
- Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.
- Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank’s repurchase of 800,000 shares.
- Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.
General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!
- General Dynamics has recently reported its second-quarter 2025 earnings, highlighting several key aspects of its financial performance and operational activities.
- The company recorded earnings of $3.74 per share, surpassing analyst expectations by $0.19, with revenues coming in at $13 billion, marking an 8.9% increase year-over-year.
- The operational earnings also showed positive growth, rising by nearly 13% to $1.3 billion, while net earnings increased by 12%.
Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
- Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
- Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!
- Pentair’s second quarter of 2025 showed strong performance across key financial metrics, with record-breaking sales, adjusted operating income, return on sales, and adjusted EPS.
- Sales grew by 2%, driven largely by the Pool segment with a 9% increase, while adjusted operating income saw a 9% rise.
- The company’s return on sales expanded by 170 basis points to 26.4%, and adjusted EPS climbed by 14% to $1.39.
GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!
- GE Vernova’s second-quarter 2025 results reveal a strategic positioning amid soaring demand driven by an era of accelerated electrification and decarbonization.
- While leveraging expanded capabilities in gas power and grid infrastructure, the company highlighted strong order inflow and backlog across several segments, notably in its Gas Power and Electrification businesses.
- However, challenges persist, particularly within its Wind segment, and the volatility of larger project demand in Electrification raises notable concerns.
Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!
- Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges ahead.
- The revenue for the quarter was $363.2 million, reflecting a continuation of momentum, though the company did experience a slight increase in microinverter channel inventory levels.
- The company shipped 1.53 million microinverters and 190.9 MWh of batteries, coupled with a notable gross margin of 49%, although impacted by a 2% margin hit due to tariffs.
AIRBUS SE – Equity Research Flash Note
- Our estimations for FY 2025 annual revenue range at around €76,084 million and for FY 2026 at around €82,813 million.
- The company’s annual revenue reached €69,230 million in 2024 compared to €65,446 million in 2023, posting an increase by 5.78%.
- Airbus’ gross profit for FY 2024 was €10,675 million, increased by 6.28% com- pared to €10,044 million for the corresponding period of 2023.
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