Daily Brief Industrials: Samsung KODEX Semicon ETF, Otis Worldwide , Curtiss Wright, Tetra Tech Inc, Verisk Analytics, Watts Water Technologies A, Synergy Green Industries and more

• KRX sector indices use TMI as their universe, while KOSPI cap-tier indices use all KOSPI-listed stocks, creating a key difference in universe selection.
• KRX sector indices rebalance annually after September expiry, using September TMI (reviewed end-July) as their universe—not the June version, despite common confusion.
• Pre-Positioning is uncertain; market likely waits for August’s September TMI results before building positions. KOSPI cap indices use August review date, with similar flow patterns starting six weeks prior.

• Passenger experience is key for elevators, focusing on ride quality and safety
• Elevators should prioritize moving people quickly and efficiently
• The elevator industry is highly consolidated with few major competitors and regulations play a significant role in the industry

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• Curtiss-Wright’s first quarter 2025 earnings results reveal a robust start to the year, driven by both increased sales and operational efficiency.
• The company reported a 13% year-over-year increase in sales to $806 million, with an 11% rise on an organic basis.
• This growth was primarily fueled by stronger-than-expected performance in the Aerospace and Defense (A&D) markets.

• The latest earnings for Tetra Tech presented a mix of positive developments and notable challenges, providing investors with a nuanced view of the company’s current financial health and strategic direction.
• The quarter was extraordinary in terms of revenue and profitability, achieved despite the unexpected loss of the largest client, which marks a significant test for Tetra Tech’s client diversification strategy.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Verisk Analytics (Verisk) has demonstrated a positive start to 2025, with a notable performance in the first quarter.
• The company saw double-digit growth in subscription revenues, contributing to an overall organic constant currency (OCC) revenue increase of 7.9%.
• This growth was propelled by a 10.6% rise in subscription revenues, reflecting strength across multiple business units within the company.

• Watts Water Technologies reported its first quarter results for 2025, which showed a mix of positive achievements and ongoing challenges.
• The company experienced record operating income and operating margins, along with adjusted earnings per share.
• Despite these results, organic sales declined by 2%, impacted by fewer shipping days and weakness in the European market.

• Synergy Green reported robust FY25 performance with 11% revenue growth and 224bps EBITDA margin expansion, driven by direct exports and gearboxes.  
• Strong execution and margin improvement underscore operational efficiency, while a significant INR 187 crore capex addresses capacity constraints, crucial for future growth.
• Performance validates the business model, but the delayed capex execution means FY26 growth will be heavily back-ended, requiring close monitoring of ramp-up.