大 摩 指 出 ， 航 空 航 天 板 块 的 估 值 略 高 于 其 历 史 水 平 ， 基 于 未 来 12 个 月 企 业 价 值 倍 数 (NTM EV/EBITDA)，目前交易价格相对于标普500指数的中位数溢价约为15%(相比之下，2022年以来的平均 溢价约为10%)。 航空航天板块今年以来表现稳健，NTM EV/EBITDA从年初的约16倍攀升至目前的约18倍，这得益于强 劲的空中交通(例如，感恩节后的周日是美国机场有史以来最繁忙的一天，美国运输安全管理局筛查了 310万名旅客)。尽管在四月初所谓"解放日"关税措施出台时，由于对供应链挑战和关税对飞机交付影响 的担忧，航空航天板块与大盘一起出现了一些回调，但随着这些负面影响并未成为显示，该板块的估值 迅速回升。 在大摩所覆盖的航空航天板块相关公司中，该行给予"增持"评级的美股包括：雷神技术(RTX.US)、 Howmet Aerospace(HWM.US) 、 TransDigm(TDG.US) 、 Curtiss-Wright(CW.US) 、 FTAI Aviation(FTAI.US)、RBC Bearings(RBC.US)、巴西航空工 ...

USA | Aerospace & Defense Electronics Equity Research AI-Unlocked Expert Insights: Commercial Aftermarket Pricing Outlook We leveraged Jefferies' newly gained AI tools to synthesize insights on Commercial AM pricing dynamics from expert call transcripts conducted in 2025. Key takes: 1) Maintenance costs are up 30-35% since 2021/2022 w/ MSD+ momentum going forward; 2) TATs remain elevated ~100-125 days w/ relief found in engine exchange programs; and 3) PMA and USM have clear advantages w/pricing and availab ...

Core Viewpoint - FTAI Aviation Ltd. is facing challenges in stock performance despite positive catalysts due to the overall aviation sector underperforming compared to the travel industry [1] Group 1: Company Overview - FTAI Aviation Ltd. (NASDAQ:FTAI) is involved in owning, leasing, and selling aircraft, engines, and aerospace components, along with providing repair and refurbishment services [2] Group 2: Financial Outlook and Catalysts - Tourlite Capital Management highlighted strong fundamentals and market adoption for FTAI, mentioning upcoming catalysts such as an investor day in Montreal, expected FAA approval for a third PMA part, and a potential second Strategic Capital Initiative (SCI) vehicle [2] - There is an optimistic projection for FTAI to reach a valuation of over $250 per share within the next 12 months [2] Group 3: Comparative Investment Perspective - While FTAI shows potential, certain AI stocks are perceived to offer greater upside potential with less downside risk [2]

Group 1: Company Insights - FTAI Aviation Ltd. is highlighted as a strategic investment opportunity to diversify portfolios beyond technology [1] - Palantir Technologies is expanding its artificial intelligence initiatives through a partnership with FTAI Aviation and a training program in the UK's National Health Service [1] - Eaton Corporation plc reported mixed third-quarter results, with adjusted earnings per share of $3.07, slightly above the consensus estimate of $3.05, but revenue of $6.99 billion fell short of the $7.08 billion estimate [3] Group 2: Market Performance - FTAI Aviation shares increased by 3.7%, closing at $170.11 [6] - Eaton Corporation's stock rose by 1.5%, settling at $341.69 [6] - The Pacer US Cash Cows 100 ETF gained 0.6%, while the SPDR S&P Biotech ETF rose by 1.2% during the session [6]

Core Insights - Tourlite Capital Management reported a -2.0% return for its Tourlite Fund, LP in Q3 2025, underperforming the S&P 500 and Russell 2000 Indexes which returned 8.1% and 12.4% respectively [1] - The fund has achieved annualized returns of 8.6% since inception, compared to 13.4% for the S&P 500 and 6.3% for the Russell 2000 [1] - The firm noted a rise in speculative, lower-quality stocks reminiscent of trends from late 2021 [1] Company Focus: FTAI Aviation Ltd. - FTAI Aviation Ltd. (NASDAQ:FTAI) is highlighted as a key stock, involved in owning and acquiring aviation equipment for transportation [2] - The stock experienced a one-month return of -4.16% and a 52-week loss of 3.63%, closing at $164.99 with a market capitalization of $16.924 billion on November 19, 2025 [2] - Tourlite Capital Management expressed optimism for FTAI, citing strong fundamentals and several upcoming catalysts, including an investor day and anticipated FAA approval for a new part, projecting a potential value of over $250 per share within the next 12 months [3] Hedge Fund Interest - FTAI Aviation Ltd. was held by 48 hedge fund portfolios at the end of Q2 2025, a slight decrease from 49 in the previous quarter [4] - While FTAI is recognized for its investment potential, some analysts suggest that certain AI stocks may offer greater upside with less risk [4]

Core Insights - The article highlights the importance of analyzing earnings reports to identify potential investment opportunities, particularly during the pandemic when many new investors entered the market [1]. Group 1: Investment Strategy - The investment strategy focuses on extracting key information from earnings transcripts and reports that indicate future growth potential [1]. - The author successfully identified several future winners, including OPRX, OTRK, FUBO, and PLUG, through diligent analysis of earnings reports [1].

Core Insights - FTAI Aviation has experienced subdued stock returns of 8% year-to-date in 2025, but business progress remains positive with compelling valuations [1] - A multi-year partnership with Palantir will enable FTAI to leverage AI for cost savings and disruption of the MRO model, supporting growth [2] - FTAI operates in a $22 billion addressable market for aftermarket power for CFM56 and V2500 engines, with a 32% stock increase over the last six months [3] Financial Developments - FTAI completed its inaugural Strategic Capital Vehicle fundraising with $2 billion in equity commitments, providing $6 billion in financial flexibility [4] - The company has invested $1.4 billion in acquiring 101 aircraft, with an additional $2.1 billion under contract or letter of intent, expecting full deployment of 190 aircraft by mid-2026 [5] - FTAI anticipates aviation leasing adjusted EBITDA of $525 million in FY 2026, with healthy credit metrics supported by recurring income from aircraft leasing [6] Market Performance - The maintenance solutions segment of FTAI showed robust growth in Q3 2025, indicating sustained healthy growth potential in the aerospace products market [7]

Market Trends - NASDAQ is up almost 2%, indicating a positive market movement, particularly in AI stocks [1][3] - Capital markets are opening up, suggesting a favorable environment for wealth management businesses [1] Stock Recommendations - Morgan Stanley is recommended due to the opening up of capital markets and its wealth management business [1] - Cisco Systems is highlighted for its momentum, outperforming the S&P 500 with twice the return in the last month, despite approaching earnings [2] - Aluminina is suggested based on past earnings performance and anticipated future growth [3] - FTI is considered a good opportunity for investment after a 15% correction with the market, deemed not fundamentally driven [3] Sentiment Analysis - Sentiment is clearly positive towards Cisco Systems, justifying its fundamentals [2]

Group 1 - FTAI Aviation faced significant stock volatility earlier in the year, with a 24% drop in January following a report from short-seller Muddy Waters, just after reaching an all-time high of 181.64 [2] - Despite a first-quarter earnings miss by 8%, FTAI Aviation reported a 54% year-over-year revenue growth, indicating strong underlying business performance [2] - FTAI Aviation has recently shown rising price performance, earning an upgrade to its IBD Relative Strength Rating, reflecting improved investor sentiment [3] Group 2 - The stock market has seen fluctuations, with notable performances from companies like Google and FTAI Aviation, as well as Nvidia, which are currently in focus for potential investment opportunities [5] - Aerospace and defense stocks are gaining attention, with several newcomers being added to the best stock lists, indicating a positive trend in this sector [5] - The S&P 500's Walmart is in the buy zone, leading other stocks that are near buy points, suggesting a favorable market environment for select investments [5]

Earnings Reports - Steel Dynamics, Inc. reported third-quarter revenue of $4.83 billion, exceeding analyst estimates of $4.80 billion [1] - Steel Dynamics' third-quarter earnings were $2.74 per share, surpassing estimates of $2.64 per share [1] - NextEra Energy, Inc. posted quarterly earnings of $1.13 per share, beating the analyst consensus estimate of $1.04 per share [3] Analyst Ratings and Price Targets - RBC Capital analyst Ken Herbert maintained an Outperform rating for FTAI Aviation Ltd. and raised the price target from $185 to $200 [2] Stock Performance - FTAI Aviation shares fell 3% to close at $174.00 [5] - NextEra Energy shares declined 2.2% to close at $81.76 [5] - Steel Dynamics shares gained 1.5% to close at $163.47 [5] - iShares Expanded Tech-Software Sector ETF fell 1.3% during the session [5]