Key TakeawaysJapan's Trade Ministry detailed $36 billion in joint US investment projects, led by a massive $33.3 billion gas-fired power initiative and $2.1 billion in crude oil.The New Zealand Dollar (NZD) dropped 0.76% to $0.6004 after RBNZ Governor Anna Breman confirmed the central bank will continue shrinking its balance sheet.President Volodymyr Zelensky criticized Donald Trump’s peace demands as "not fair," rejecting pressure to cede territory while Washington pushes for a rapid resolution.Chinese and ...

Market Overview - US equity futures resumed their selloff after a brief bounce, with S&P 500 futures down 0.5% and Nasdaq 100 contracts falling 1.0%, driven by concerns over AI disruption [1] - All major tech stocks in the "Magnificent 7" are lower, with notable declines in Nvidia (-0.9%) and Alphabet (-1.5%) [3] - Energy, financials, industrials, and defensive sectors showed pockets of outperformance amid the broader market decline [1] Corporate News - Activist investor Elliott has built a significant stake in Norwegian Cruise Line, leading to a rise of over 7% in its shares [4] - Apple is set to hold a product launch on March 4, which may impact its stock performance [3] - ImmunityBio shares rose 6% after receiving encouragement from the Saudi Food and Drug Authority to submit a regulatory package for its bladder cancer therapy [4] - Masimo shares surged 34% following reports of a nearly $10 billion acquisition deal by Danaher [4] AI and Technology Sector - Investors are cautious about the profitability of AI spending, with concerns about competition and potential disruptions to various industries [6][7] - A record number of investors believe companies are overspending on AI, with 25% citing an "AI bubble" as a top market risk [10] - Despite selloff concerns, two-year forward earnings estimates for software stocks have risen, indicating resilience in the sector [11] Economic Indicators - Upcoming economic data includes the ADP employment change, Empire State manufacturing survey, and NAHB housing market index for February, which could influence market sentiment [1][22] - The UK unemployment rate rose to 5.2%, leading to increased expectations for a Bank of England rate cut [16] Commodities and Geopolitical Factors - Oil prices rose due to geopolitical tensions, particularly military drills by Iran in the Strait of Hormuz, impacting Brent crude prices [13][48] - Gold prices have declined, with spot gold dropping toward $4,900 an ounce amid a risk-off sentiment [1][48]

HOUSTON, TX / ACCESS Newswire / February 16, 2026 / ASC Global Inc. is a wholly-owned subsidiary of Token Communities (OTCID:TKCM), its APOZ Project (Asia Pacific Opportunity Zone) is now nominated for the 2026 Pinnacle Award along with other nominees such as Hitachi, Hyundai, Genesis and others. According to Mr. ...

Core Insights - The United States aims to significantly expand its nuclear energy capabilities, targeting a quadrupling of nuclear energy capacity by 2050 and plans to have 10 large reactors under construction by 2030 [1][2] - The U.S. government is increasing funding for nuclear energy, with $3.1 billion allocated for small modular reactors (SMRs) and advanced reactor demonstration programs [1][5] - NuScale Power is positioned as a key player in the SMR market, being the only company with an NRC standard design approval, which enhances its competitiveness for federal funding [6][7] Funding and Government Support - The U.S. government allocated $800 million last year for Generation III+ light water SMRs, with funding awarded to first movers like Tennessee Valley Authority (TVA) and Holtec, although NuScale was not selected [3] - TVA is advancing with GE Vernova's Hitachi BWRX-300 and has signed an agreement to develop up to six gigawatts of nuclear power using NuScale's power modules [4] Market Position and Opportunities - The substantial government investment indicates a bullish outlook for the nuclear industry, which is expected to benefit SMR companies like NuScale Power [7] - The advanced reactor demonstration program aims to transition reactors from theoretical concepts to operational performance, which includes various reactor types such as SMRs [5]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].

Core Viewpoint - Japan's stock market has reached all-time highs in 2026 due to significant regulatory changes and improvements in corporate governance [1][3]. Group 1: Market Performance - The Nikkei 225 index achieved a new all-time high in January 2026, recovering from the "lost decades" post-1989 crash [2]. - Over the past five years, the TOPIX index has increased by 93.3%, while the Nikkei 225 index has risen by 84.3%, both outperforming the S&P 500 index, which is up 79.2% [2]. Group 2: Corporate Governance Changes - Recent reforms in Japan's corporate governance have been pivotal in driving stock market performance [4][7]. - The traditional keiretsu system, characterized by interlinked partnerships and cross shareholdings, has been criticized for inefficiency and lack of competition [5][6]. - The Financial Supervision Agency (FSA) and the Tokyo Stock Exchange have implemented reforms to discourage cross shareholdings, leading to a trend of companies selling off these holdings since fiscal year 2020 [7]. Group 3: Investment Opportunities - The new corporate governance reforms are fostering a more competitive and dynamic economy in Japan, encouraging companies to focus on shareholder value [8]. - American investors can consider the iShares MSCI Japan ETF (EWJ) as a means to invest in Japan, which has outperformed the S&P 500 index with a 25.9% increase compared to the S&P 500's 13.7% [9]. - The iShares MSCI Japan ETF includes 181 holdings in top Japanese companies, such as Toyota, Sony, Hitachi, and major financial firms, with an expense ratio of 0.49% [10].

Core Insights - NuScale Power and GE Vernova are key players in the nuclear energy sector, focusing on small modular reactors (SMRs) and power solutions respectively [1][2] - The global small modular reactor market is projected to grow from $5.96 billion in 2025 to $8.77 billion by 2032, with a CAGR of approximately 4.59% [2] NuScale Power Overview - NuScale Power is the only SMR vendor with U.S. Nuclear Regulatory Commission (NRC) design approval, providing a competitive edge [4] - The company has a significant project with ENTRA1 and Tennessee Valley Authority (TVA) for a 6-GW SMR program, which includes 72 modules across multiple plants [5] - Despite its advantages, NuScale Power's revenues are currently low, reporting $8.2 million for Q3 2025, and it faces substantial milestone payments [6] - The TVA agreement is not yet a binding Power Purchase Agreement (PPA), which poses risks for future revenue generation [7] GE Vernova Overview - GE Vernova is advancing in the SMR market with the BWRX-300, designed to produce around 300 megawatts per unit [8] - The partnership with Samsung C&T enhances GE Vernova's market prospects, particularly in Europe, with plans for deploying five BWRX-300 units in Sweden [9] - GE Vernova is progressing through the U.K. regulatory process and has active projects in Canada and the U.S., indicating strong project development [10][12] Earnings Estimates Comparison - NuScale Power's 2026 earnings estimate is a loss of $0.62 per share, improving from a projected loss of $2.23 per share in 2025 [13] - In contrast, GE Vernova's 2026 earnings estimate is $13.27 per share, up from $12.77, showing a significant improvement from 2025's projected earnings of $7.29 per share [14] Price Performance and Valuation - Over the past six months, GE Vernova shares have increased by 6.5%, while NuScale Power shares have decreased by 58.2% [16] - NuScale Power has a forward sales multiple of 43.12X, significantly higher than GE Vernova's 4.36X, making GE Vernova more attractive for value-seeking investors [18] Conclusion - Both companies are positioned to benefit from the nuclear energy sector's growth, but NuScale Power faces challenges with small revenues and long project timelines [21] - GE Vernova's partnerships and regulatory progress provide a more stable investment outlook, making it a preferable choice for investors [22][24]

Core Insights - Japan's stock market, represented by the Nikkei 225 index, has significantly outperformed the S&P 500 and global markets, rising 38.6% since January 2025, compared to 15.7% for the S&P 500 and 21.3% for the Vanguard Total World Stock Market Index ETF [2] - The iShares MSCI Japan ETF, which tracks large and mid-sized Japanese companies, has also seen a substantial increase of 29.2% over the past year, indicating strong investor interest in Japanese equities [3] Economic and Political Factors - The election of Japan's new prime minister, Sanae Takaichi, who has committed to increased government spending to stimulate the economy, is a key driver of optimism among investors [5] - Takaichi's strong approval rating of 64% as of December 2025 may provide her with the political capital necessary to implement significant reforms [5] - Improvements in corporate governance in Japan, driven by regulatory changes, have made Japanese companies more attractive to investors [5] Trade Relations and Market Impact - The U.S. remains a crucial trading partner for Japan, accounting for 21% of Japan's exports as of 2024, with expected GDP growth of 2.1% in the U.S. for 2026, which bodes well for Japanese companies that export to the U.S. market [5] - The top holdings in the iShares MSCI Japan ETF include major companies such as Toyota Motor (4.59%), Mitsubishi UFJ Financial Group (4.43%), Hitachi (3.20%), Sony Group (3.13%), and Sumitomo Mitsui Financial Group (2.71%), reflecting a diverse representation of Japan's economic sectors [5]

Sieyuan Electric (002028.SZ) Conference Call Summary Company Overview - **Company**: Sieyuan Electric - **Stock Code**: 002028.SZ - **Market Cap**: Rmb159,176 million (US$22,841 million) [6][9] Key Industry Insights - **Transformer Exports**: China's transformer exports rose 36% year-on-year to US$64.6 billion in 2025, driven by strong global demand [2][11] - **US Supply Gap**: The US faces a supply gap of about 30% that may persist until 2030, presenting opportunities for Sieyuan [2][11] - **State Grid Capex**: The State Grid's capex is projected to reach Rmb4 trillion in the 15th Five-Year Plan (2026-2030), which is about 40% higher than the previous plan [14][19] Financial Performance - **2025 Results**: Sieyuan's net profit for 2025 is expected to increase by 54.4% year-on-year to Rmb3,163 million, exceeding consensus estimates by 8% [21][25] - **Revenue Growth**: Revenue is projected to grow by 37.2% year-on-year to Rmb21.2 billion in 2025 [21][24] - **Earnings Forecast**: Net profit forecasts for 2025-2027 have been raised by 8-26% due to higher revenues and margins [25][26] Product and Market Strategy - **Product Mix Upgrade**: Sieyuan has started production of 750kV GIS, winning orders for over 30 units in 2025, with an average selling price (ASP) of Rmb20 million [3][12] - **Export Growth**: Revenue from exports is expected to continue growing, with a 90% year-on-year increase to Rmb5.9 billion in 2025, accounting for 28% of total revenue [2][11] Management and Corporate Strategy - **Management Track Record**: Established in 1993, Sieyuan has a strong focus on power grid equipment and is expected to benefit from the State Grid's capex plans [4][11] - **H-Share Listing**: The forthcoming Hong Kong listing is anticipated to enhance Sieyuan's global market recognition and facilitate export business development [22][24] Competitive Positioning - **Peer Comparison**: Sieyuan's 2025E revenue is approximately 95% of HD Hyundai Electric's, but significantly lower than Hitachi and Siemens Energy [11][12] - **Margin Analysis**: Sieyuan's operating profit and net profit margins are expected to be lower than those of HD Hyundai Electric due to differences in ASP and market exposure [12][13] Financial Ratios and Projections - **Earnings Projections**: - 2025E Net Profit: Rmb3,163 million - 2026E Net Profit: Rmb4,560 million - 2027E Net Profit: Rmb6,056 million [5][24] - **Valuation Metrics**: - Target Price: Rmb260 per share, up 53% from previous estimates [6][25] - Expected Total Return: 27.5% [6] Conclusion - **Investment Recommendation**: The company is rated as a "Buy" with expectations of significant growth driven by strong demand, management effectiveness, and favorable market conditions [1][25]

Lightbridge (NasdaqCM:LTBR) FY Conference Summary Company Overview - Lightbridge is the only company globally developing a new fuel for existing and new nuclear reactors, including small modular reactors [2][3] - The company collaborates with utilities to enhance power output and safety of existing plants [2] Key Industry Insights - There is a growing demand for reliable and clean power due to industries like AI and electric arc furnaces for steel production [4] - Utilities are seeking ways to provide increased power to meet future demands [4] Core Product Development - Lightbridge has developed an advanced nuclear fuel that significantly improves the performance of existing reactors [3][5] - The new fuel design allows for higher power output while maintaining safety, operating at cooler temperatures [6][7] - The fuel's design includes a zirconium alloy cladding and a graphite displacer, which keeps the fuel rod cooler by approximately 1,000 degrees Celsius [5] Safety and Economic Advantages - The new fuel reduces the risk of hydrogen gas production during loss-of-coolant accidents, addressing safety concerns highlighted by incidents like Fukushima [7][8] - The fuel's design increases heat transfer efficiency, allowing for better power generation and reduced operational costs [9][10] - A typical reactor could see an economic benefit of about $60 million per year from a 10% power uprate using Lightbridge fuel [32] Strategic Partnerships and Collaborations - Lightbridge has established a strong partnership with Idaho National Laboratory and the U.S. Department of Energy, facilitating fuel testing and development [13][20] - Collaboration with Oklo, another nuclear technology company, is being explored for co-locating fuel fabrication facilities and sharing recycling technologies [17][18] Market Opportunities - The transition from coal to nuclear power is seen as a significant opportunity, with potential for 200 gigawatts of new power from small modular reactors on former coal sites [30][31] - The global energy demand is surging, and nuclear power is increasingly recognized as a reliable source to meet this demand [33][34] Future Projections - Lightbridge anticipates that revenue from commercial reactor fuel sales will begin in about eight years, with lead test assemblies expected in less than ten years [54] - The company is preparing to release a detailed model of its development timeline and milestones in the coming months [27] Regulatory Engagement - Lightbridge is actively engaging with the Nuclear Regulatory Commission (NRC) to ensure compliance and facilitate the licensing of its fuel for commercial use [43][44] - The company is focused on generating data under the Nuclear Quality Assurance Program to support its licensing efforts [43] Financial Position - Lightbridge reports having no debt and a strong financial position, which is advantageous for developing nuclear fuel compared to building reactors [41] Conclusion - Lightbridge is positioned to play a crucial role in the nuclear energy sector, with innovative fuel solutions that address both safety and economic challenges while meeting the growing global demand for clean energy [41][52]