Daily Brief Industrials: FuelCell Energy , Wilmar International, Kerry Express Thailand, 3M Co, DroneShield Ltd, Plug Power Inc, CoreCivic , Intuitive Machines , Acuren Corporation, MillerKnoll and more

• FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.
• The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.
• This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

• Institutions were net buyers of Singapore stocks with S$275 million inflow, led by DBS Group and CapitaLand Integrated Commercial Trust.
• Oversea-Chinese Banking Corporation led share buybacks with 1.25 million shares; Hongkong Land increased buyback mandate to US$193 million.
• Wilmar International’s chairman increased his stake to 14.39%; Centurion Corporation expanded Malaysian portfolio by 25% with Harum Megah acquisition.

• H125 results from KEX, J&T Global (SE Asia) tell two very different stories
• KEX shrunk under pressure from J&T and Flash, a private express “unicorn”
• SE Asia still promises X-border growth; impact on SF Holding limited

• 3M is weighing a significant portfolio shake-up, with Bloomberg reporting that the industrials conglomerate is exploring the sale of billions of dollars in assets from its Safety & Industrial segment.
• Working with Goldman Sachs, 3M is reviewing which lower-growth industrial units to potentially divest as it pivots toward leaner operations and higher-growth end markets.
• The industrials business—responsible for $11 billion in 2024 revenue—houses units like aftermarket automotive, adhesives, tapes, and personal safety equipment.

• DroneShield is a rapidly growing, pure-play specialist in the counter-unmanned aerial system (C-UAS) market, uniquely positioned to capitalize on escalating global defense and security spending.
• The company’s proprietary AI-driven software and comprehensive product suite, ranging from handheld to fixed-site solutions, provide a significant technological advantage, leading to substantial contract wins with military and government clients worldwide.
• While exhibiting explosive revenue growth and achieving recent profitability, the company faces risks associated with lumpy government contract cycles, intense competition from larger defense contractors, and the need for continuous innovation to maintain its technological edge.

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• Plug Power’s share price has soared in recent weeks, surging 24% in a single session to $3.52 and nearly doubling over the past month.
• This sharp rally comes as optimism builds around improving hydrogen economics, strengthened policy tailwinds, and an upgraded long-term growth outlook.
• Investor sentiment has shifted following the company’s delivery of its first 10-megawatt GenEco electrolyzer array to a European customer and a positive re-rating of its revenue potential for 2035.

• With $130.5m of cash at the end of 2Q25 and $216.4m available under its revolver, for liquidity of about $346.9m, CXW has a strong balance sheet and liquidity to support operations during the government shutdown.
• Moreover, the company expects to receive full payment and interest payments once the shutdown ends under the 1982 Prompt Payment Act.

• Intuitive Machines showcased a blend of strategic advancements and fiscal challenges in its second-quarter earnings of 2025.
• The company is committed to enhancing its status as a primary contractor in space exploration, fueled by its valuable contributions to NASA’s Near Space Network services contract.
• This signifies their transition from managing annual lunar surface missions to establishing a sustainable deep space infrastructure service.

Key points (machine generated)

• Acuren is the second-largest provider of non-destructive testing and rope-access inspection services in North America, with significant exposure to the oil and gas sector.
• The company’s stock is undervalued at 9-10x forward EV/EBITDA, despite potential for mid-teens incremental margins and a path to over 17% EBITDA margins.
• A re-rating to a peer-average of 12x could increase the stock price to $17 per share within 12-18 months, supported by strong contracted revenue and growth prospects.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• MLKN reported 1QFY26 adjusted EPS of $0.45 versus $0.36 in 1QFY25, up 25.2%, and well ahead of FactSet consensus of $0.34, which was also our forecast, and management’s expectations for $0.32-0.38.
• The adverse net tariff impact on EPS was ~$0.08, slightly better than the $0.09- 0.11 expected, which was offset by a $0.01-0.02 adverse impact on EPS from a higher-than-expected tax rate.
• Sales in the quarter increased 10.9% to $955.7MM, better than consensus of 5.7% and our estimate for 5.2% growth.