Greenergy
Greenfield, Green-Steam
Transitioning from a renewable energy EPCC to asset ownership should justify a re-rating towards the ~20x PER's enjoyed by peers.
Initiation
LSH Capital
Rapid Scale-Up on High Margins
In a sector with arguably elevated valuations, we foresee LSH distinguishing itself with a combination of robust orderbook growth and sector-leading margins.
Pan Merchant
Water project wins can reverse soft debut
PMI has not put its best foot forward post-listing, touching a low of -33% vs IPO price and posting sluggish 1H25 earnings.
KJTS
Cooling is Heating Up
While valuations may appear stretched at first glance, we flag that the nature of KJTS’ business means the earnings delivery on a new project is not front-loaded.
FRONTKEN
Secular Drivers Trump Cyclical Slump
FRCB is the best positioned to weather Trump’s tariff uncertainties and potentially benefit it, if it can follow TSMC to Arizona.