Daily BriefsIndustrials

Daily Brief Industrials: InterGlobe Aviation Ltd, US Treasury (10 Yr Generic), Ametek Inc, Virgin Orbit Holdings and more

In today’s briefing:

  • Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again
  • Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?
  • AMETEK Inc: Major Drivers
  • First UK Mission’s Root Cause Was a Dislodged Fuel Filter; Space Is Hard

Interglobe Aviation (Indigo) Placement – Has Sold Before, Will Sell Again

By Sumeet Singh

  • Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company.
  • He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder. He last sold in Sep 2022.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Treasury Yields Reversing Higher; U.S. Dollar and High Yield Spreads to Follow?

By Joe Jasper

  • We continue to expect the 4165-4200 level to cap upside on the S&P 500, but cannot rule out a trip to 4300-4325 (August 2022 highs)
  • Either way, we continue to preach caution and believe that upside is limited on the market indexes.
  • Treasury yields are starting to reverse above multi-month downtrends, and we are monitoring for similar reversals on the U.S. dollar (DXY) and high yield spreads.

AMETEK Inc: Major Drivers

By Baptista Research

  • Ametek continued to deliver excellent results with strong growth in the fourth quarter as well.
  • The company delivered an all-around beat in this quarter and has seen a positive impact in the organic growth initiatives.
  • On the other hand, the organic sales growth was 9%.

First UK Mission’s Root Cause Was a Dislodged Fuel Filter; Space Is Hard

By Water Tower Research

  • Virgin Orbit’s first international launch, after four 100% successful commercial ones, failed to deliver its payload because an in-line fuel filter was dislodged, which caused a fuel pump to run in a degraded mode.
  • Thus, the engine was starved for fuel and the rocket did not deliver its payload.
  • On the January 9 attempt, Cosmic Girl released the rocket, which began accelerating to 11,000 mph.

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