Core Viewpoint - Honeywell International Inc. is positioned to benefit from megatrends in automation, aviation, and energy transition, with a market cap of $131.7 billion [1] Financial Performance - Analysts expect Honeywell to report a profit of $2.57 per share for Q4 2025, reflecting a 4.1% increase from $2.47 per share in the same quarter last year [2] - For the full year, EPS is projected to be $9.75, a decrease of 1.4% from $9.89 in fiscal 2024, but expected to rise to $10.60 in fiscal 2026, marking an 8.7% year-over-year increase [3] Stock Performance - Honeywell's stock has underperformed the S&P 500 Index, which gained 17.7% over the past 52 weeks, with Honeywell shares down slightly during this period [4] - The underperformance is attributed to margin declines due to cost inflation, tariffs, and challenges in the Aerospace and Industrial Automation segments [5] Analyst Ratings - The consensus opinion on Honeywell stock is moderately bullish, with a "Moderate Buy" rating from analysts; 10 recommend "Strong Buy," 1 "Moderate Buy," 12 "Hold," and 1 "Moderate Sell" [6] - The average analyst price target for Honeywell is $235.04, indicating a potential upside of 13.3% from current levels [6]

Core Insights - The company achieved solid operational performance in 2025, driven by growth in Data, Digital & Energy Transition, while completing the restructuring of Sensing & Monitoring [2] - The company generated over $130 million in cash, which was allocated to debt repayment, enhancing its financial position as it enters 2026 [2] - The focus remains on delivering outstanding products and services with operational excellence to support sustainable cash generation and ongoing debt reduction [2] Financial Performance - Segment revenue is expected to exceed $1,150 million, with Geoscience revenue exceeding $440 million (a 10% year-on-year increase) and Earth Data revenue exceeding $400 million [6] - Solid cash flow generation above $130 million resulted in a Net Cash Flow for 2025 exceeding $100 million after repaying a $28 million asset-backed facility related to the Group's HPC infrastructure [6] - Bond repayments totaled $97 million, fully utilizing the 10% annual optional redemption clause included in the bond documentation [6] - Net debt (pre-IFRS 16) is expected to be around $750 million at year-end [6] Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on resolving complex challenges in natural resources, digital, energy transition, and infrastructure [4] - The company employs approximately 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA [4]

Performance Summary - The TCW Transform Systems ETF (PWRD) ranked in the top percentile of all funds in the large blend category in 2025, following strong performance in 2024 [1] Investment Philosophy - The financial market is viewed as efficient, with most stocks reflecting their real current value, suggesting that the best profit opportunities arise from less-followed stocks or those that do not accurately reflect market opportunities [1]

Core Viewpoint - The copper market has experienced significant growth recently, driven by expectations of increased infrastructure spending and demand related to energy transition [1] Industry Summary - Producers and miners in the copper sector have reported double-digit gains, indicating a strong market response to anticipated investments [1]

Core Insights - Eni S.p.A is expected to make a final decision on the development of the Cronos natural gas field off the coast of Cyprus, which is part of six discovered deposits in the region [1][9] - The gas from Cronos could potentially be exported to European markets by late 2027 or early 2028, contingent on the timely completion of necessary documentation [2][9] - Cronos is estimated to contain approximately 3.4 trillion cubic feet of gas, contributing to Europe's efforts to find alternatives to Russian energy supplies [3][9] Industry Context - The Cronos gas deposit is significant for Europe as it seeks to diversify its energy sources amid geopolitical tensions [3][4] - The gas from Cronos is planned to be transported via pipelines to Damietta, Egypt, for processing and liquefaction before being shipped to Europe, enhancing the region's energy security [4] - The development of Cronos marks the first field being developed from Cyprus' exclusive economic zone, expected to positively impact the country's economy [4]

Core Insights - The primary issue facing utilities is not hardware but a talent shortage, as they struggle to compete with hyperscale data centers for skilled workers [1][3] - The demand for hands-on technical skills is increasing, necessitating a shift in perception to elevate site-based work to the same prestige as traditional desk jobs [2] Group 1: Workforce Challenges - Utilities are experiencing workforce shortages that hinder routine maintenance and outage restoration, increasing the risk of cascading failures [4] - The engineering workforce is critical for the energy transition, with a growing need for skilled engineers and technicians to support new generation facilities and infrastructure [4] Group 2: Competition with Data Centers - Hyperscale data centers, operated by companies like Amazon, Google, and Microsoft, are attracting talent with higher salaries and the opportunity to work on advanced technology [3] - As electricity demand rises across various sectors, if utilities cannot secure enough skilled workers, data centers may begin to develop their own generation capacity, further draining expertise from the grid ecosystem [3] Group 3: Future of the Energy Sector - The integration of AI and automation in engineering roles is reshaping the industry, emphasizing the need for technical expertise and digital fluency [4] - The reliability of the power grid is heavily dependent on human expertise, and a lack of skilled workers can lead to prolonged outages and stalled infrastructure projects [4]

Industry Overview - The Zacks Manufacturing - Construction and Mining industry is currently facing challenges due to a prolonged contraction in the manufacturing sector and subdued customer spending attributed to tariffs [1][4]. - The industry includes companies that manufacture and sell construction, mining, and utility equipment, supporting various sectors such as oil and gas, power generation, and infrastructure projects [3]. Current Trends - Despite ongoing weaknesses, increased infrastructure investment in the U.S. and demand from the mining sector, driven by the energy transition trend, are expected to support the industry [2][5]. - The manufacturing index has been in contraction for 10 months, with a reading of 47.9% in December, indicating a significant decline in manufacturing activity [4]. - The energy transition trend is anticipated to boost demand for mining equipment as the shift from fossil fuels to zero emissions requires more commodities [5]. Financial Performance - The Manufacturing - Construction and Mining industry has outperformed the broader market, growing 63.3% over the past year compared to the sector's 8.3% return and the S&P 500's 19.2% increase [10]. - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 17.37X, which is lower than the S&P 500's 18.87X and the Industrial Products sector's 25.7X [13]. Company Highlights - **Caterpillar Inc. (CAT)**: The company reported year-over-year revenue growth in Q3 2025, with a record-high backlog of $39.9 billion. It is expected to benefit from increased infrastructure spending and the global energy transition [17][18]. CAT shares have gained 23.8% in the past three months [17]. - **Terex Corporation (TEX)**: Recently sold its Terex Tower and Rough Terrain Cranes businesses to reduce cyclicality and drive core growth. The company is merging with REV Group, expected to create a leading specialty equipment manufacturer with $7.8 billion in combined net sales [21][23]. TEX shares have gained 16% in the past three months [23]. - **Astec Industries (ASTE)**: Completed the acquisition of CWMF, enhancing its gross margin and earnings per share. The company is focusing on cost reductions and pricing actions to offset tariff impacts [25][26]. ASTE shares have gained 7.6% in the past three months [25].

Core Insights - The article presents a 2026 outlook on deal-making in the Asia Pacific region, highlighting M&A momentum, opportunities in technology, energy transition, and regional growth [1] M&A Momentum - There is an anticipated increase in mergers and acquisitions (M&A) activity across the Asia Pacific, driven by favorable market conditions and strategic realignments [1] Opportunities in Technology - The technology sector is expected to present significant investment opportunities, particularly in areas such as digital transformation and innovation [1] Energy Transition - The energy transition is identified as a key area for investment, with a focus on sustainable practices and renewable energy sources [1] Regional Growth - Overall regional growth in Asia Pacific is projected to support deal-making activities, with various sectors poised for expansion [1]

Core Insights - Stonepeak is pursuing a stake of up to 15% in AM Green, valued at approximately $1.4 billion, marking a significant move in India's green energy sector [1][2] - The deal is expected to conclude within a month and will help AM Green repay $650 million in private credit while funding various projects [2] - Mitsui & Co. is also exploring a stake in AM Green, indicating strong interest from multiple investors in the company [3] Investment Details - AM Green plans to utilize part of the investment to repay a $650 million loan taken to acquire a 17.5% stake in Greenko Energy Holdings, which was valued at $7.5 billion [2] - The remaining funds will support AM Green's $20 billion capital expenditure strategy, focusing on bio-fuel, aluminium, and ammonia projects [2][6] - AM Green is constructing a 1 million tonnes per annum primary aluminium smelter and expanding its alumina refining and mining operations [6] Strategic Collaborations - AM Green has signed a memorandum of understanding with Mitsui for strategic collaboration on energy transition initiatives [3] - The company is also partnering with global logistics major DP World to enhance logistics and storage for green hydrogen and ammonia exports [11] Production Plans - AM Green aims to produce 5 million tonnes per annum of green ammonia, with the first project expected to be operational by 2026 [12] - The company has secured offtake agreements with major buyers, including Uniper, Yara, and Keppel, for its green ammonia production [12] Market Context - The investment landscape in India's green energy sector remains robust, with significant investments and projects underway despite challenges such as costly coal power agreements [14] - India's renewable energy sector has seen a dramatic increase in investment, totaling over $4.66 billion in the last quarter of the previous year, reflecting a 91.5% year-on-year growth [15]

Core Viewpoint - Atlas Critical Minerals Corporation has announced a public offering of 1,200,000 shares at a price of $8.00 per share, aiming to raise approximately $9.6 million for its critical minerals projects in Brazil [1][3]. Group 1: Offering Details - The company has granted underwriters a 45-day option to purchase up to 180,000 additional shares to cover over-allotments [2]. - The offering is expected to close on January 12, 2026, subject to customary closing conditions [2]. - The company received approval to list its common stock on the Nasdaq Capital Market under the ticker symbol "ATCX," with trading expected to commence on January 9, 2026 [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to advance exploration and development activities across the company's critical minerals project portfolio in Brazil [3]. - Any surplus funds will be allocated for general working capital, cash reserves, or other corporate purposes at management's discretion [3]. Group 3: Company Overview - Atlas Critical Minerals Corporation controls over 218,000 hectares of critical mineral rights in Brazil, including projects in rare earths, titanium, graphite, and uranium [6]. - The company's first iron ore project began operations in November 2025, highlighting its expansion into various mineral sectors [6].