Industrials

• Tokyo Metro (TKYMETRO JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.   
• Tokyo Metro is held 53.42% by the Minister of Finance and 46.58% by the Tokyo Metropolitan Government. 
• The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend payout. 

• August parcel volume growth moderated, but easing price pressure matters more
• In July & August, Chinese X-border parcel volume growth re-accelerated
• We believe easing price pressure should lead to express margin expansion

• Chart Industries, Inc. reported its 2024 second quarter results, showcasing robust financial performance, marked by several all-time highs across various metrics.
• The company, renowned for its industrial and energy equipment, posted record earnings in sales, operating income, and EBITDA margins, among others, signifying superior operational execution and strategic growth initiatives.
• 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.

• Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational optimizations, as evidenced in the second quarter 2024 earnings discussion.
• The company has expanded its geographical footprint to 10 states, which underscores an aggressive growth strategy through acquisitions that align with Casella’s core operational focus.
• During the quarter, Casella added to its portfolio with the acquisition of LMR Disposal and Whitetail Disposal, marking significant strides in extending service offerings in the Mid-Atlantic region.

• Federal Signal Corporation has reported another strong quarter, solidifying its position with a series of financial records that underscore its robust operational and strategic execution.
• The company achieved record consolidated net sales of $490 million for the second quarter, indicating an impressive 11% year-over-year increase.
• This performance is highly commendable, particularly considering this growth was entirely organic, reflecting robust internal capabilities and market acceptance of Federal Signal’s offerings.

• Kirby Corporation recently disclosed its financial results for the second quarter of 2024, revealing a notable increase in earnings per share to $1.43 compared to $0.95 for the same period in the previous year.
• The company, managed by CEO David Grzebinski and a competent executive team, harbored a positive tone regarding the steady market fundamentals underpinning its Marine Transportation and Distribution and Services segments despite some navigational and supply challenges.
• 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.

• Leonardo DRS’s performance during the second quarter of 2024 demonstrates a robust trajectory, backed by growth across several segments and strategic advancements, despite facing some industry-wide challenges.
• The company’s revenue growth of 20% year-over-year is entirely organic, driven primarily by demand in sectors related to advanced infrared sensing, electric power and propulsion, along with network computing and ground system integration.
• Moreover, Leonardo DRS’s adjusted EBITDA increased by 32%, showing a meaningful margin expansion of 100 basis points over the previous year, alongside improvements in adjusted net earnings and adjusted diluted earnings per share, which rose by 21% and 20% respectively.

• Valmont Industries presented their second quarter 2024 earnings, reflecting both progress and challenges.
• CEO Avner Applbaum emphasized robust operational improvements and strategic adjustments that have uplifted their profitability considerably during difficult market dynamics.
• Notable was the increase in operating margins to 14.2%, marking a significant improvement.

• Allison Transmission has recently communicated its second quarter 2024 results, underscoring some significant growth and robust performance, particularly in its North American On-Highway end market primarily driven by heightened demand for Class 8 vocational vehicles.
• The company reported a record quarterly revenue of $816 million, a 4% increase over the same period last year.
• This surge was also supported by notable growth in the defense sector and markets outside North America.

• Pre-Pandemic, Wizz Air traded on an equity value or market cap €43m-€44m per aircraft. However, it currently trades on only €9m per aircraft using its March 2025 fleet. 
• ​Key issues need to addressed to convince on the “right” to more than double fleet to 500 aircraft.
• ​We do not share equity issuance concerns – proper inspection illustrates leverage as a margin challenge not a balance sheet challenge.

• Tokyo Metro (TKYMETRO JP), a mass transit operator, is seeking to raise up to US$2.3 billion. Pricing is on 15 October, and the listing is on 23 October.   
• Tokyo Metro is held 53.42% by the Minister of Finance and 46.58% by the Tokyo Metropolitan Government. 
• The bull case rests on a core high-quality asset, future growth drivers, top-quartile profitability, high FCF generation, and peer-leading dividend payout. 

• August parcel volume growth moderated, but easing price pressure matters more
• In July & August, Chinese X-border parcel volume growth re-accelerated
• We believe easing price pressure should lead to express margin expansion

• Chart Industries, Inc. reported its 2024 second quarter results, showcasing robust financial performance, marked by several all-time highs across various metrics.
• The company, renowned for its industrial and energy equipment, posted record earnings in sales, operating income, and EBITDA margins, among others, signifying superior operational execution and strategic growth initiatives.
• 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.

• Casella Waste Systems has demonstrated a trajectory of strategic execution and growth, marked by recent acquisitions and operational optimizations, as evidenced in the second quarter 2024 earnings discussion.
• The company has expanded its geographical footprint to 10 states, which underscores an aggressive growth strategy through acquisitions that align with Casella’s core operational focus.
• During the quarter, Casella added to its portfolio with the acquisition of LMR Disposal and Whitetail Disposal, marking significant strides in extending service offerings in the Mid-Atlantic region.

• Federal Signal Corporation has reported another strong quarter, solidifying its position with a series of financial records that underscore its robust operational and strategic execution.
• The company achieved record consolidated net sales of $490 million for the second quarter, indicating an impressive 11% year-over-year increase.
• This performance is highly commendable, particularly considering this growth was entirely organic, reflecting robust internal capabilities and market acceptance of Federal Signal’s offerings.

• Kirby Corporation recently disclosed its financial results for the second quarter of 2024, revealing a notable increase in earnings per share to $1.43 compared to $0.95 for the same period in the previous year.
• The company, managed by CEO David Grzebinski and a competent executive team, harbored a positive tone regarding the steady market fundamentals underpinning its Marine Transportation and Distribution and Services segments despite some navigational and supply challenges.
• 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.

• Leonardo DRS’s performance during the second quarter of 2024 demonstrates a robust trajectory, backed by growth across several segments and strategic advancements, despite facing some industry-wide challenges.
• The company’s revenue growth of 20% year-over-year is entirely organic, driven primarily by demand in sectors related to advanced infrared sensing, electric power and propulsion, along with network computing and ground system integration.
• Moreover, Leonardo DRS’s adjusted EBITDA increased by 32%, showing a meaningful margin expansion of 100 basis points over the previous year, alongside improvements in adjusted net earnings and adjusted diluted earnings per share, which rose by 21% and 20% respectively.

• Valmont Industries presented their second quarter 2024 earnings, reflecting both progress and challenges.
• CEO Avner Applbaum emphasized robust operational improvements and strategic adjustments that have uplifted their profitability considerably during difficult market dynamics.
• Notable was the increase in operating margins to 14.2%, marking a significant improvement.

• Allison Transmission has recently communicated its second quarter 2024 results, underscoring some significant growth and robust performance, particularly in its North American On-Highway end market primarily driven by heightened demand for Class 8 vocational vehicles.
• The company reported a record quarterly revenue of $816 million, a 4% increase over the same period last year.
• This surge was also supported by notable growth in the defense sector and markets outside North America.

• Pre-Pandemic, Wizz Air traded on an equity value or market cap €43m-€44m per aircraft. However, it currently trades on only €9m per aircraft using its March 2025 fleet. 
• ​Key issues need to addressed to convince on the “right” to more than double fleet to 500 aircraft.
• ​We do not share equity issuance concerns – proper inspection illustrates leverage as a margin challenge not a balance sheet challenge.

• Kokusai has dropped 44% from its July peak, offering a long-term opportunity at reasonably attractive valuations. Management’s guidance looks conservative.
• KKR has reduced its stake from 43.4% to 23.2%, increasing the float while indicating that it still sees a long-term opportunity. Applied Materials has bought 14.7% of the company.
• The completion of a new factory in Japan should double production capacity to meet demand from makers of AI processors, high-bandwidth memory, 3D NAND and power devices.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN) hogged much of the limelight this week as well.
• On the placements front, there were a few large US$400m+ placements across the region this week.

• Kokusai has dropped 44% from its July peak, offering a long-term opportunity at reasonably attractive valuations. Management’s guidance looks conservative.
• KKR has reduced its stake from 43.4% to 23.2%, increasing the float while indicating that it still sees a long-term opportunity. Applied Materials has bought 14.7% of the company.
• The completion of a new factory in Japan should double production capacity to meet demand from makers of AI processors, high-bandwidth memory, 3D NAND and power devices.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN) hogged much of the limelight this week as well.
• On the placements front, there were a few large US$400m+ placements across the region this week.

• Price momentum in August eased slightly vs July, the first M/M dip since March
• In the next two months, seasonality will moderate and Y/Y comps will get tougher
• If Q4 momentum wanes, we feel continued strong share performance less likely

• The Timken Company, a diversified leader in the industrial sector, recently presented its financial results for the second quarter of 2024.
• In terms of financial performance, The Timken Company reported a revenue decline of 7% from the previous year, attributed primarily to a significant decrease in demand within the renewable energy sector, specifically from China Wind.
• Nevertheless, areas like rail, aerospace, and industrial distribution showed organic growth that helped offset the downturn from the renewable energy market.

• Fluor Corporation recently presented its second-quarter financials for 2024, displaying mixed outcomes that reflect the company’s ongoing transition and strategic realignments.
• With $4.2 billion in revenue and substantial new awards amounting to $3.1 billion, the company signaled robust demand across its diversified service portfolio.
• Noteworthy is the Urban Solutions segment, which contributed significantly to the backlog, now standing at $32.3 billion.

• GXO, a global leader in logistics and supply chain solutions, recently disclosed its financial results for the second quarter of 2024, presenting an optimistic outlook bolstered by substantial business developments.
• Despite some regional fluctuations, the company’s performance indicates robust strategic execution, with significant new business wins and advances in technology integration playing a key role in its growth trajectory.
• 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.

• Hexcel Corporation has presented its second quarter 2024 results, which showed a commendable performance in several areas, although it also came with cautious revisions for future expectations due to emerging market conditions.
• This detailed analysis seeks to outline both strengths and challenges as elucidated during the earnings call.
• 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.

• Atkore, a prominent player in the construction and electrical solutions sector, delivered a mixed fiscal third-quarter performance amidst challenging market dynamics and competitive pressures.
• During the quarter, Atkore experienced flat year-over-year organic growth, which highlighted a balance between gains from solar energy projects and its construction services against broad pricing declines across its Electrical business.
• This period did not witness the usual summer surge in construction demand, which generally bolsters performance.

• MSC Industrial Direct Co., Inc., in its fiscal third quarter 2024 earnings report, highlighted several key aspects of its current state and future strategies amid a challenging macroeconomic environment.
• The company’s focus remains on improving its web initiatives, customer engagement, and operational efficiency while dealing with unexpected gross margin pressures and delays in strategic projects.
• 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.

• Parsons Corporation’s second quarter 2024 financial results display robust performance, highlighting their successful transition into a high-value solutions provider.
• The company has integrated advanced technologies such as artificial intelligence, cloud computing, and advanced signal processing, which have contributed significantly to their growth.
• Their financial performance reflected in record revenue, adjusted EBITDA, and operating cash flow underscores the company’s strong execution capabilities and strategic focus.

• TriNet’s second quarter 2024 performance demonstrates a robust financial and operational stance amidst challenging market conditions for small and midsized businesses (SMBs).
• The company has shown resilience in retention and sales, which has been crucial in navigating the persistent uncertainties SMBs face due to high interest rates, softening end markets, and high healthcare cost inflation.
• 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.

• MasTec’s second quarter earnings for the year 2024 showcased a mix of sustained strategic maneuvers and noticeable market challenges, positioning the company for future growth while navigating ongoing sector-specific headwinds.
• Generated revenue for the quarter was reported at $3 billion with an adjusted EBITDA of $268 million and an earnings per share of $0.96.
• These figures reflected a robust operational performance, particularly noting a marginal revenue shortfall against expectations which was offset by better-than-anticipated margins, primarily driven by its Communication and Pipeline segments.

• Price momentum in August eased slightly vs July, the first M/M dip since March
• In the next two months, seasonality will moderate and Y/Y comps will get tougher
• If Q4 momentum wanes, we feel continued strong share performance less likely

• The Timken Company, a diversified leader in the industrial sector, recently presented its financial results for the second quarter of 2024.
• In terms of financial performance, The Timken Company reported a revenue decline of 7% from the previous year, attributed primarily to a significant decrease in demand within the renewable energy sector, specifically from China Wind.
• Nevertheless, areas like rail, aerospace, and industrial distribution showed organic growth that helped offset the downturn from the renewable energy market.

• Fluor Corporation recently presented its second-quarter financials for 2024, displaying mixed outcomes that reflect the company’s ongoing transition and strategic realignments.
• With $4.2 billion in revenue and substantial new awards amounting to $3.1 billion, the company signaled robust demand across its diversified service portfolio.
• Noteworthy is the Urban Solutions segment, which contributed significantly to the backlog, now standing at $32.3 billion.

• GXO, a global leader in logistics and supply chain solutions, recently disclosed its financial results for the second quarter of 2024, presenting an optimistic outlook bolstered by substantial business developments.
• Despite some regional fluctuations, the company’s performance indicates robust strategic execution, with significant new business wins and advances in technology integration playing a key role in its growth trajectory.
• 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.

• Hexcel Corporation has presented its second quarter 2024 results, which showed a commendable performance in several areas, although it also came with cautious revisions for future expectations due to emerging market conditions.
• This detailed analysis seeks to outline both strengths and challenges as elucidated during the earnings call.
• 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.

• Atkore, a prominent player in the construction and electrical solutions sector, delivered a mixed fiscal third-quarter performance amidst challenging market dynamics and competitive pressures.
• During the quarter, Atkore experienced flat year-over-year organic growth, which highlighted a balance between gains from solar energy projects and its construction services against broad pricing declines across its Electrical business.
• This period did not witness the usual summer surge in construction demand, which generally bolsters performance.

• MSC Industrial Direct Co., Inc., in its fiscal third quarter 2024 earnings report, highlighted several key aspects of its current state and future strategies amid a challenging macroeconomic environment.
• The company’s focus remains on improving its web initiatives, customer engagement, and operational efficiency while dealing with unexpected gross margin pressures and delays in strategic projects.
• 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.

• Parsons Corporation’s second quarter 2024 financial results display robust performance, highlighting their successful transition into a high-value solutions provider.
• The company has integrated advanced technologies such as artificial intelligence, cloud computing, and advanced signal processing, which have contributed significantly to their growth.
• Their financial performance reflected in record revenue, adjusted EBITDA, and operating cash flow underscores the company’s strong execution capabilities and strategic focus.

• TriNet’s second quarter 2024 performance demonstrates a robust financial and operational stance amidst challenging market conditions for small and midsized businesses (SMBs).
• The company has shown resilience in retention and sales, which has been crucial in navigating the persistent uncertainties SMBs face due to high interest rates, softening end markets, and high healthcare cost inflation.
• 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.

• MasTec’s second quarter earnings for the year 2024 showcased a mix of sustained strategic maneuvers and noticeable market challenges, positioning the company for future growth while navigating ongoing sector-specific headwinds.
• Generated revenue for the quarter was reported at $3 billion with an adjusted EBITDA of $268 million and an earnings per share of $0.96.
• These figures reflected a robust operational performance, particularly noting a marginal revenue shortfall against expectations which was offset by better-than-anticipated margins, primarily driven by its Communication and Pipeline segments.

• Tokyo Metro (TKYMETRO JP) is scheduled to go public on 23 October 2024 with an IPO valuation of ~$4.4bn and a float market cap of ~$2.2bn.
• Fast-Entry for the one Global Index is expected at the close of 29 October 2024 with forecasted demand of ~17.4m shares and ~$133m.
• Quarterly inclusion at the May 2025 review has a higher probability with a slight price rally or an elevated IPO offering price. Forecasted demand is ~23.2m shares and ~$177m.

• Robert Half, a global provider of specialized staffing and consulting services, reported its second quarter 2024 earnings, showcasing a blend of strengths and challenges within its business operations.
• The company reported consolidated revenues of $1.473 billion, reflecting a 10% decrease from the previous year on both reported and adjusted bases.
• This decline aligns with broader industry trends, where client and candidate caution is being observed amid macroeconomic uncertainties and interest rate concerns.

• The Middleby Corporation, during their Second Quarter 2024 earnings call, presented a mixed scenario reflecting both strengths in strategic growth areas and the overarching pressure from macroeconomic conditions.
• The discussion, led by CEO Timothy FitzGerald and supported by executives including CFO Bryan Mittelman and Chief Technology and Operations Officer James Pool, provided insights into various segments of the company’s operations.
• 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.

• Tetra Tech’s third quarter earnings for fiscal year 2024 presented a robust picture of the company’s financial health and operational achievements.
• The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company’s history.
• Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.

• FTI Consulting’s latest earnings for the second quarter of 2024 reflect a period of robust performance and expansion.
• The company reported an impressive revenue growth of 12%, predominantly attributed to organic sources, and a notable increase in adjusted EBITDA by 27% year-over-year.
• While the quarter saw certain one time factors influencing the results, such as a lower-than-expected tax rate, the company’s management highlighted a strong operational performance across most of its operating segments and geographies.

• Knight-Swift Transportation, a prominent player in the transportation and logistics industry, recently disclosed its financial outcomes for the second quarter of 2024.
• The results reveal a mixed performance characterized by both operational challenges and strategic progress.
• This analysis endeavors to unpack the nuances of the earnings, providing a balanced perspective on Knight-Swift’s current standing and future outlook.

• Landstar Systems, Inc.’s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market characterized by soft demand and surplus truck capacity.
• Despite these market conditions, the company managed to surpass the midpoint of its projected earnings, indicative of its robust business model and strategic operational adjustments.
• As it navigates the latter half of the year, Landstar remains committed to spurring growth through focused initiatives and capital investment in technology and fleet enhancements.

• Based on the second quarter 2024 results for Stantec, the company experienced notable growth and has shown resilience amidst various market conditions.
• Led by Gord Johnston, President and CEO, and Theresa Jang, EVP and CFO, Stantec reported strong performance across several metrics.
• Stantec’s net revenue reached $1.5 billion, marking an increase of about 17% from Q2 2023.

• WESCO International Inc. recently reported its financial results for the second quarter of 2024, showcasing a complex financial picture amidst a challenging economic environment.
• The global provider of supply chain solutions and electrical products experienced a slight decline in overall sales, which did not fully meet the company’s expectations.
• The total organic sales decreased by less than 1%, influenced by a mixed and multi speed economic background.

• WillScot, during their Second Quarter 2024 earnings call, presented mixed financial results with an array of strategic initiatives paving the way forward.
• CEO Bradley Soultz pointed out solid quarterly performance aligned with the company’s long-term targets, driven mostly by robust demand for larger-scale projects across various sectors such as industrial, manufacturing, energy, data centers, and infrastructure.
• These sectors demonstrate an anticipated continued demand for WillScot’s modular product solutions, notably the company’s innovative FLEX offerings, extending beyond 2025.

• Tokyo Metro (TKYMETRO JP) is scheduled to go public on 23 October 2024 with an IPO valuation of ~$4.4bn and a float market cap of ~$2.2bn.
• Fast-Entry for the one Global Index is expected at the close of 29 October 2024 with forecasted demand of ~17.4m shares and ~$133m.
• Quarterly inclusion at the May 2025 review has a higher probability with a slight price rally or an elevated IPO offering price. Forecasted demand is ~23.2m shares and ~$177m.

• Robert Half, a global provider of specialized staffing and consulting services, reported its second quarter 2024 earnings, showcasing a blend of strengths and challenges within its business operations.
• The company reported consolidated revenues of $1.473 billion, reflecting a 10% decrease from the previous year on both reported and adjusted bases.
• This decline aligns with broader industry trends, where client and candidate caution is being observed amid macroeconomic uncertainties and interest rate concerns.

• The Middleby Corporation, during their Second Quarter 2024 earnings call, presented a mixed scenario reflecting both strengths in strategic growth areas and the overarching pressure from macroeconomic conditions.
• The discussion, led by CEO Timothy FitzGerald and supported by executives including CFO Bryan Mittelman and Chief Technology and Operations Officer James Pool, provided insights into various segments of the company’s operations.
• 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.

• Tetra Tech’s third quarter earnings for fiscal year 2024 presented a robust picture of the company’s financial health and operational achievements.
• The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company’s history.
• Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.

• FTI Consulting’s latest earnings for the second quarter of 2024 reflect a period of robust performance and expansion.
• The company reported an impressive revenue growth of 12%, predominantly attributed to organic sources, and a notable increase in adjusted EBITDA by 27% year-over-year.
• While the quarter saw certain one time factors influencing the results, such as a lower-than-expected tax rate, the company’s management highlighted a strong operational performance across most of its operating segments and geographies.

• Knight-Swift Transportation, a prominent player in the transportation and logistics industry, recently disclosed its financial outcomes for the second quarter of 2024.
• The results reveal a mixed performance characterized by both operational challenges and strategic progress.
• This analysis endeavors to unpack the nuances of the earnings, providing a balanced perspective on Knight-Swift’s current standing and future outlook.

• Landstar Systems, Inc.’s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market characterized by soft demand and surplus truck capacity.
• Despite these market conditions, the company managed to surpass the midpoint of its projected earnings, indicative of its robust business model and strategic operational adjustments.
• As it navigates the latter half of the year, Landstar remains committed to spurring growth through focused initiatives and capital investment in technology and fleet enhancements.

• Based on the second quarter 2024 results for Stantec, the company experienced notable growth and has shown resilience amidst various market conditions.
• Led by Gord Johnston, President and CEO, and Theresa Jang, EVP and CFO, Stantec reported strong performance across several metrics.
• Stantec’s net revenue reached $1.5 billion, marking an increase of about 17% from Q2 2023.

• WESCO International Inc. recently reported its financial results for the second quarter of 2024, showcasing a complex financial picture amidst a challenging economic environment.
• The global provider of supply chain solutions and electrical products experienced a slight decline in overall sales, which did not fully meet the company’s expectations.
• The total organic sales decreased by less than 1%, influenced by a mixed and multi speed economic background.

• WillScot, during their Second Quarter 2024 earnings call, presented mixed financial results with an array of strategic initiatives paving the way forward.
• CEO Bradley Soultz pointed out solid quarterly performance aligned with the company’s long-term targets, driven mostly by robust demand for larger-scale projects across various sectors such as industrial, manufacturing, energy, data centers, and infrastructure.
• These sectors demonstrate an anticipated continued demand for WillScot’s modular product solutions, notably the company’s innovative FLEX offerings, extending beyond 2025.

• Intuitive Machines is at the forefront of space exploration, specializing in lunar services and infrastructure, with a strong reliance on governmental contracts such as NASA.
• The company’s recent $4.82 billion Near Space Network contract with NASA solidifies its standing as a critical player in the burgeoning space economy.
• Intuitive Machines is uniquely positioned in the market with its lunar lander capabilities, data transmission services, and autonomous lunar operations.

• CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
• Since our last insight in August, there has been a sharp increase in reported AUMs tracking CSI 300 and CSI 500. This has caused our flow expectations to rise sharply.

• China State Shipbuilding Corp. Ltd. (CSSC) and China Shipbuilding Industry Corp. (CSIC) on Wednesday announced a stock exchange proposal in their merger deal.
• Analysts said the proposed exchange terms are not favorable for shareholders of China Shipbuilding Industry.
• The two largest state-owned shipbuilding conglomerates determined the exchange ratio at 0.1335 shares of CSSC for each share of CSIC.

• Company specializes in battery products for electric vehicles and energy storage
• Competes with itself to continuously innovate and invent new chemistries
• Relies on state support in China to quickly meet consumer needs and roll out products efficiently

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Boeing, a giant in the aerospace and defense industry, continues to find itself at the center of financial and operational turmoil.
• Recent updates on its second-quarter 2024 earnings call revealed deep-rooted challenges exacerbated by a striking workforce and continued production slowdowns.
• Yet, despite these hurdles, Boeing remains a critical player in the global aerospace market, buoyed by its extensive order backlog and future growth prospects.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view SPIE’s ESG as “Strong”, in line with its Social and Governance scores. The company has an “Adequate” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Strong”. 

SPIE was awarded a Gold rating by EcoVadis for the ninth consecutive year in 2023.

• Intuitive Machines is at the forefront of space exploration, specializing in lunar services and infrastructure, with a strong reliance on governmental contracts such as NASA.
• The company’s recent $4.82 billion Near Space Network contract with NASA solidifies its standing as a critical player in the burgeoning space economy.
• Intuitive Machines is uniquely positioned in the market with its lunar lander capabilities, data transmission services, and autonomous lunar operations.

• CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
• Since our last insight in August, there has been a sharp increase in reported AUMs tracking CSI 300 and CSI 500. This has caused our flow expectations to rise sharply.

• China State Shipbuilding Corp. Ltd. (CSSC) and China Shipbuilding Industry Corp. (CSIC) on Wednesday announced a stock exchange proposal in their merger deal.
• Analysts said the proposed exchange terms are not favorable for shareholders of China Shipbuilding Industry.
• The two largest state-owned shipbuilding conglomerates determined the exchange ratio at 0.1335 shares of CSSC for each share of CSIC.

• Company specializes in battery products for electric vehicles and energy storage
• Competes with itself to continuously innovate and invent new chemistries
• Relies on state support in China to quickly meet consumer needs and roll out products efficiently

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Boeing, a giant in the aerospace and defense industry, continues to find itself at the center of financial and operational turmoil.
• Recent updates on its second-quarter 2024 earnings call revealed deep-rooted challenges exacerbated by a striking workforce and continued production slowdowns.
• Yet, despite these hurdles, Boeing remains a critical player in the global aerospace market, buoyed by its extensive order backlog and future growth prospects.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view SPIE’s ESG as “Strong”, in line with its Social and Governance scores. The company has an “Adequate” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Strong”. 

SPIE was awarded a Gold rating by EcoVadis for the ninth consecutive year in 2023.