INDUSTRIALS Archives | Page 23 of 295 | Smartkarma

• Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable & System is pushing forward with an EB worth 400 billion won. 
• The target stock to be used in the EB is LS Cable’s shares in its subsidiary LS Marine Solution. 
• LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.

• On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder (17.62%), was supportive.
• Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.
• The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says “fair & reasonable“.

• The Johns Lyng (JLG AU) IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.
• The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  
• The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. 

Key points (machine generated)

• Air Lease is trading at 0.9 times its book value and is expected to double its earnings in three years.
• Factors contributing to earnings growth include new aircraft deliveries, increased yields from extended leases, and the end of lower-rate COVID-era leases.
• A potential stock buyback announcement is anticipated due to the company’s excess capital position.

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.

• Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
• The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• In this edition: • ABN Amro | launches a neobank alternative aimed at youngsters • Aegon / a.s.r. Nederland | Aegon reduced its stake in ASR; ASR absorbs EUR 105m itself • InPost | post earnings call comment: investment case remains intact • Dutch CPI | consumer prices rose 2.8% YoY in August

Key points (machine generated)

• Herc Holdings (HRI) is the third-largest equipment rental company, recently acquiring H&E to strengthen its market position.
• HRI has improved its operations since separating from Hertz, adopting successful strategies from industry leaders.
• Despite a narrower competitive advantage, HRI is seen as undervalued with resilient earnings expected even during recessions.

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.

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• The company has announced new revenue guidance for FY26 in the range of A$30-35m with a 40/60 split to H1/H2.
• The revenue guidance was given during a webinar following the announcement of a five-year exclusive supplier and development agreement with Titomic (ASX:TTT) for refractory and titanium alloy spherical powders.

• Major major local media including Maekyung Business Daily and Chosun Daily have reported that LS Cable & System is pushing forward with an EB worth 400 billion won. 
• The target stock to be used in the EB is LS Cable’s shares in its subsidiary LS Marine Solution. 
• LS Marine Solution is one of the largest marine engineering companies in Korea, specializing in the installation and maintenance of submarine cables, offshore wind infrastructure, and marine energy systems.

• On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder (17.62%), was supportive.
• Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.
• The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says “fair & reasonable“.

• The Johns Lyng (JLG AU) IE considers PEP’s A$4.00 offer fair and reasonable as it is within its A$3.72-4.42 valuation range.
• The offer requires regulatory (FIRB and US) and shareholder approvals. The scheme vote should pass as no disinterested shareholder comes close to holding a blocking stake.  
• The offer is reasonable as the timing of an earnings recovery is highly uncertain. At the last close and for a 23 October payment, the gross/annualised spread is 1.5%/11.0%. 

Key points (machine generated)

• Air Lease is trading at 0.9 times its book value and is expected to double its earnings in three years.
• Factors contributing to earnings growth include new aircraft deliveries, increased yields from extended leases, and the end of lower-rate COVID-era leases.
• A potential stock buyback announcement is anticipated due to the company’s excess capital position.

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.

• Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
• The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• In this edition: • ABN Amro | launches a neobank alternative aimed at youngsters • Aegon / a.s.r. Nederland | Aegon reduced its stake in ASR; ASR absorbs EUR 105m itself • InPost | post earnings call comment: investment case remains intact • Dutch CPI | consumer prices rose 2.8% YoY in August

Key points (machine generated)

• Herc Holdings (HRI) is the third-largest equipment rental company, recently acquiring H&E to strengthen its market position.
• HRI has improved its operations since separating from Hertz, adopting successful strategies from industry leaders.
• Despite a narrower competitive advantage, HRI is seen as undervalued with resilient earnings expected even during recessions.

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.

• Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
• The company has announced new revenue guidance for FY26 in the range of A$30-35m with a 40/60 split to H1/H2.
• The revenue guidance was given during a webinar following the announcement of a five-year exclusive supplier and development agreement with Titomic (ASX:TTT) for refractory and titanium alloy spherical powders.

• Korean equities are stalled; macro catalysts are absent. Street focus shifts from treasury share cancellations to next year’s mandatory tender offers, now seen as the top policy driver.
• Pre-MTO trades focus on holding companies with wide NAV discounts or low controlling stakes, front-running policy-driven re-ratings before minority shareholders capture control premiums.
• Focus on 32 Korean holding companies >KRW 500B; those with wide NAV discounts and lighter controlling stakes—SK’s holding companies, Samsung C&T, Hanwha, LG, LS—are prime re-rating plays.

• Number 1 service provider in inspection and technical testing services in Singapore
• Very high net profit margin of 20% and 20%+ ROE
• Consistently makes free cash flow but earnings growth is limited

• Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
• On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
• The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.

• What does a company do when its original business is producing good profitability, strong cashflow and return on equity (“ROE”), but no growth?

• VICOM Ltd. (“VICOM”) is one such company.

• It is a pioneer in Singapore’s Vehicle Inspection industry and has close to 73% market share, in an industry whose demand is guaranteed by government regulation that all vehicles have to be inspected at regular intervals.

• Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
• The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. 
• From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.

• ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% yoy to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% yoy to S$5.1m (29.2% below forecast).
• The weaker performance was primarily driven by delayed project commencements in Repairs & Redecoration (–42.9% yoy) and Coating & Painting (–14.4%) segments, partially offset by strong growth in Addition & Alteration (25.0% yoy) and Others (10.4% yoy) segments.
• Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate.

• Last week in its June quarter earnings release Alibaba “demoted” CaiNiao’s status
• It’s become clear that boosting eComm logistics simply isn’t a priority for Alibaba
• For firms that took investment from Alibaba & CaiNiao, implications are -Ive

• In this edition: • InPost | solid set of 1H25 numbers; reiterates FY25 guidance • TKH Group | awarded 140km inter-array cable contract for Gennaker offshore wind farm • Dutch retail sales | up 5% YoY in value terms in July; volume up 3.2%

• Titan International Inc.(TWI) Company Sponsored Research Report

• Korean equities are stalled; macro catalysts are absent. Street focus shifts from treasury share cancellations to next year’s mandatory tender offers, now seen as the top policy driver.
• Pre-MTO trades focus on holding companies with wide NAV discounts or low controlling stakes, front-running policy-driven re-ratings before minority shareholders capture control premiums.
• Focus on 32 Korean holding companies >KRW 500B; those with wide NAV discounts and lighter controlling stakes—SK’s holding companies, Samsung C&T, Hanwha, LG, LS—are prime re-rating plays.

• Number 1 service provider in inspection and technical testing services in Singapore
• Very high net profit margin of 20% and 20%+ ROE
• Consistently makes free cash flow but earnings growth is limited

• Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
• On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
• The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.

• What does a company do when its original business is producing good profitability, strong cashflow and return on equity (“ROE”), but no growth?

• VICOM Ltd. (“VICOM”) is one such company.

• It is a pioneer in Singapore’s Vehicle Inspection industry and has close to 73% market share, in an industry whose demand is guaranteed by government regulation that all vehicles have to be inspected at regular intervals.

• Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
• The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025. 
• From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.

• ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% yoy to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% yoy to S$5.1m (29.2% below forecast).
• The weaker performance was primarily driven by delayed project commencements in Repairs & Redecoration (–42.9% yoy) and Coating & Painting (–14.4%) segments, partially offset by strong growth in Addition & Alteration (25.0% yoy) and Others (10.4% yoy) segments.
• Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate.

• Last week in its June quarter earnings release Alibaba “demoted” CaiNiao’s status
• It’s become clear that boosting eComm logistics simply isn’t a priority for Alibaba
• For firms that took investment from Alibaba & CaiNiao, implications are -Ive

• In this edition: • InPost | solid set of 1H25 numbers; reiterates FY25 guidance • TKH Group | awarded 140km inter-array cable contract for Gennaker offshore wind farm • Dutch retail sales | up 5% YoY in value terms in July; volume up 3.2%

• Titan International Inc.(TWI) Company Sponsored Research Report

• Aux Electric (2580 HK)  raised around US$532m in its Hong Kong IPO.
• It is one of the global top five air conditioner providers. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• ¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
• Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
• Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.

• Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.
• Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.
• Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.

• Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

• Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.

• An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.

• Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
• United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
• iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.

• In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39

• Aux Electric (2580 HK)  raised around US$532m in its Hong Kong IPO.
• It is one of the global top five air conditioner providers. 
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• ¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
• Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
• Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.

• Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.
• Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.
• Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.

• Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

• Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.

• An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.

• Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
• United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
• iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.

• In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39

• Short-Term, pinpointing exact tickers off this NPS/cumulative voting narrative is tough—activism risk is real, but predicting moves in governance-sensitive names is still premature.
• NPS may go aggressive, potentially sparking a market-wide narrative. If limited activism unwinds, Korean stocks could see a broad re-rate, beyond just individual governance names.
• Tactically, consider enhanced setups in these names under a passive framework, while closely monitoring governance developments and NPS-driven activism for actionable alpha in individual tickers.

• The AFR reports that Caterpillar Inc (CAT US) and four other bidders are considering a privatisation bid for RPMGlobal Holdings Limited (RUL AU) at around A$5.00 per share.
• In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”  
• RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).
• Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. 
• Top 10 picks in this bi-weekly include KCC Corp, KT&G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. 

• Schibsted/Vend Marketplaces (VENDB NO) is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.
• The main forecasted additions are Zegona Communications (ZEG LN) and Nordex SE (NDX1 GR) following price rallies.
• The main forecasted deletions are Verallia (VRLA FP) and Banca Popolare Di Sondrio Scar (BPSO IM) following tender offers that significantly reduced their free float.

• BAE ownership jumped from 29.4% to 36.7% of UK funds, reaching its strongest level in two years.
• Despite gains, BAE remains the sixth-largest underweight versus the FTSE All-Share.
• BAE dominates UK aerospace and defence peers, but underweights may be harder to defend amid Europe’s rearmament and geopolitical tensions.

Key points (machine generated)

• WEIR Group plc is a mining equipment OEM with 80% of sales from aftermarket services and a strong market position.
• The company is undervalued at 12x EV/Adj. EBITA based on 2026 estimates, with potential growth from increased mining capital expenditures.
• WEIR operates in four equipment categories, generating £2.5 billion in revenue with an 18.8% adjusted operating margin, while investing in growth and innovation.

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.

• Short-Term, pinpointing exact tickers off this NPS/cumulative voting narrative is tough—activism risk is real, but predicting moves in governance-sensitive names is still premature.
• NPS may go aggressive, potentially sparking a market-wide narrative. If limited activism unwinds, Korean stocks could see a broad re-rate, beyond just individual governance names.
• Tactically, consider enhanced setups in these names under a passive framework, while closely monitoring governance developments and NPS-driven activism for actionable alpha in individual tickers.

• The AFR reports that Caterpillar Inc (CAT US) and four other bidders are considering a privatisation bid for RPMGlobal Holdings Limited (RUL AU) at around A$5.00 per share.
• In response to the article, RPM entered a trading halt the same day regarding “an indicative proposal from a third party regarding a potential acquisition.”  
• RPM’s shareholder structure facilitates an offer. The rumoured offer is reasonable but is far from a knockout bid, suggesting the potential of a bidding war.  

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (29 August to 12 September 2025).
• Shipbuilding remained the best performing sector in the past two weeks. Rechargeable battery was the worst performing sector. 
• Top 10 picks in this bi-weekly include KCC Corp, KT&G, LG Uplus, Samsung Life Insurance, Paradise, Nongshim, LG Chem, HD Hyundai Mipo, SK Inc, and CJ Corp. 

• Schibsted/Vend Marketplaces (VENDB NO) is the highest ranked non-constituent. However, its addition is uncertain due to share class liquidity.
• The main forecasted additions are Zegona Communications (ZEG LN) and Nordex SE (NDX1 GR) following price rallies.
• The main forecasted deletions are Verallia (VRLA FP) and Banca Popolare Di Sondrio Scar (BPSO IM) following tender offers that significantly reduced their free float.

• BAE ownership jumped from 29.4% to 36.7% of UK funds, reaching its strongest level in two years.
• Despite gains, BAE remains the sixth-largest underweight versus the FTSE All-Share.
• BAE dominates UK aerospace and defence peers, but underweights may be harder to defend amid Europe’s rearmament and geopolitical tensions.

Key points (machine generated)

• WEIR Group plc is a mining equipment OEM with 80% of sales from aftermarket services and a strong market position.
• The company is undervalued at 12x EV/Adj. EBITA based on 2026 estimates, with potential growth from increased mining capital expenditures.
• WEIR operates in four equipment categories, generating £2.5 billion in revenue with an 18.8% adjusted operating margin, while investing in growth and innovation.

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.

• Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
• The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
• 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.

• Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
• The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
• This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

• Applied Industrial Technologies demonstrated a strong performance in the fiscal year 2025, marked by record sales, EBITDA, and earnings per share (EPS) amidst a muted demand backdrop.
• The company achieved a fullyear EPS growth of 4%, surpassing its initial guidance, and expanded its gross margins by nearly 50 basis points to exceed 30% for the first time.
• The strategic acquisition of Hydradyne, Applied’s largest in six years, contributed materially to inorganic growth, emphasizing the company’s capital deployment capacity and strategic expansion efforts.

• BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
• In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
• As things stand, there will be no index changes for the BSE SENSEX index.

• Vertiv’s second quarter of 2025 showcased mixed results, providing both opportunities and challenges in its ongoing operational strategy.
• In terms of financial performance, Vertiv reported an adjusted diluted earnings per share (EPS) of $0.95, representing a substantial 42% increase from the second quarter of 2024.
• This growth was primarily driven by higher adjusted operating profits and strong performance across regions — notably, sales growth was robust in the Americas and Asia-Pacific (APAC), with respective increases in the mid-40s and mid30s percentages.

• Elbit Systems Ltd. reported strong financial results for the second quarter of 2025, showcasing robust year-overyear growth across multiple financial metrics.
• The company’s revenues for the quarter rose to $1.973 billion, a significant increase from $1.626 billion in the same period in 2024.
• This growth was driven by heightened sales across all business segments and geographic areas, particularly in Europe.

• Operating results for filing business in line, while consumer business is showing steady growth
• Stock trades below Cash (RM 1.64) while operating business is available for free
• Besides Cash the company has property and associates which are available for free

• Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
• The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
• 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.

• Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
• The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
• This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

• Applied Industrial Technologies demonstrated a strong performance in the fiscal year 2025, marked by record sales, EBITDA, and earnings per share (EPS) amidst a muted demand backdrop.
• The company achieved a fullyear EPS growth of 4%, surpassing its initial guidance, and expanded its gross margins by nearly 50 basis points to exceed 30% for the first time.
• The strategic acquisition of Hydradyne, Applied’s largest in six years, contributed materially to inorganic growth, emphasizing the company’s capital deployment capacity and strategic expansion efforts.

• BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
• In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
• As things stand, there will be no index changes for the BSE SENSEX index.

• Vertiv’s second quarter of 2025 showcased mixed results, providing both opportunities and challenges in its ongoing operational strategy.
• In terms of financial performance, Vertiv reported an adjusted diluted earnings per share (EPS) of $0.95, representing a substantial 42% increase from the second quarter of 2024.
• This growth was primarily driven by higher adjusted operating profits and strong performance across regions — notably, sales growth was robust in the Americas and Asia-Pacific (APAC), with respective increases in the mid-40s and mid30s percentages.

• Elbit Systems Ltd. reported strong financial results for the second quarter of 2025, showcasing robust year-overyear growth across multiple financial metrics.
• The company’s revenues for the quarter rose to $1.973 billion, a significant increase from $1.626 billion in the same period in 2024.
• This growth was driven by heightened sales across all business segments and geographic areas, particularly in Europe.

• Operating results for filing business in line, while consumer business is showing steady growth
• Stock trades below Cash (RM 1.64) while operating business is available for free
• Besides Cash the company has property and associates which are available for free