As our China Industrial Tech analyst Jacqueline Du has noted (related report), post-Chinese New Year demand trends are clearly polarizing between companies maintaining favorable yoy momentum and those that are not. We believe the two factors determining the divergence in momentum are: (1) whether or not a company is involved in the semiconductor sector, and (2) whether or not a company has AI-related demand as a driver. The strength and bright outlook of the former is evident, and we conducted a China resea ...

Oshkosh Corporation (NYSE:OSK) is one of the Best Mid Cap Value Stocks to Buy in 2026. On March 17, Bernstein reiterated a Hold rating on Oshkosh Corporation (NYSE:OSK) with a $140 price target. ​The firm released a research note stating that it is bullish on US machinery stocks, believing the sector is primed for gains from the reshoring trend. The firm noted that S&P 500 manufacturers plan $205 billion in capital expenditure for 2026, which is a significant increase from $30 billion in 2025. Moreover, t ...

Oceaneering Schedules First Quarter 2026 Earnings Release and Conference Call Mar 25, 2026 5:01 PM Eastern Daylight Time Oceaneering Schedules First Quarter 2026 Earnings Release and Conference Call Share HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering†) (NYSE:OII) will report its first quarter 2026 financial results on Wednesday, April 22, 2026, after the close of trading on the New York Stock Exchange. Oceaneering will host a conference call and webcast to discuss the results on ...

Key Takeaways GNRC stock jumped 50.7% in three months, driven by data center demand and 2026 recovery expectations.GNRC's C&I segment gains from data center growth, with backlog hitting $400M and sales set to rise strongly.GNRC faces risks from residential demand volatility, margin pressure and exposure to data center cycles.Generac Holdings Inc. (GNRC) has staged an impressive rally, with the stock having risen 50.9% in the past three months, outpacing the Machinery General Industrial and the broader Indus ...

A replay of the webcast will be available on the website following the event. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients' project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Te ...

Core Viewpoint - Lindsay Corporation is set to release its fiscal 2026 second quarter financial results on April 2, 2026, before market opening, followed by a conference call to discuss the results [1]. Company Overview - Lindsay Corporation (NYSE: LNN) is a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, established in 1955 [4]. - The company focuses on innovative solutions to meet the needs of the growing global population in food, fuel, fiber, and transportation [4]. - Key products include Zimmatic™ irrigation systems, FieldNET™ remote management technology, and transportation safety equipment under brands like Barrier Systems™ and Road Zipper™ [4]. Financial Events - The conference call for the second quarter results will be hosted by Randy Wood, President and CEO, and Sam Hinrichsen, Senior VP and CFO, at 11:00 a.m. ET on April 2, 2026 [1]. - Interested investors can pre-register for the teleconference or access it via the company's website [2][3]. Dividend Announcement - The Board of Directors declared a regular quarterly cash dividend of $0.37 per share, payable on February 27, 2026, to shareholders of record as of February 13, 2026 [6]. - As of January 5, 2026, Lindsay Corporation had approximately 10.5 million shares outstanding [6]. Recent Performance - The company reported improved irrigation operating margins despite lower revenues in North America and international markets, with a 17% increase in infrastructure revenues driven by higher sales of road safety products [7].

Core Insights - Artisan Small Cap Fund reported strong absolute returns in Q4 2025, outperforming both the Russell 2000® Growth Index and the Russell 2000® Index despite elevated volatility and shifting market sentiment influenced by various political and economic factors [1] Group 1: Fund Performance - The Fund seeks to invest in companies with franchise characteristics, strong earnings trajectories, and trading at a discount to estimated private market value [1] - In Q4 2025, the market leadership shifted back to companies with durable profit cycles, while the Fund's full-year performance trailed both indexes [1] Group 2: Stevanato Group S.p.A. Analysis - Stevanato Group S.p.A. (NYSE:STVN) is highlighted as a key holding, providing specialty glass and plastic packaging to the healthcare industry [2][3] - As of March 16, 2026, Stevanato Group's stock closed at $15.35 per share, with a one-month return of -3.82% and a 12-month return of 29.46% [2] - The stock faced challenges due to market concerns regarding Eli Lilly's pending launch of an oral GLP-1, impacting Stevanato's profit cycle related to vial and syringe production [3] - Despite the challenges, the company remains a focus for investment due to anticipated growth in liquid-based biological drugs and increased drug volume from Medicare and Medicaid coverage of GLP-1s [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Renewable Energy, specifically Solar and Storage - **Key Companies Mentioned**: PWR (Power), PRIM (Primoris Services Corp), MTZ (MasTec) Core Insights and Arguments - **Growth Forecast**: - PWR anticipates approximately **10% growth** in renewables until **2030** with a strong backlog in solar and storage as of **3Q25** [1] - PRIM's battery storage revenue exceeded **$250 million** in **2025**, with expectations of growth resuming at **$200-400 million** annually post-2026 [1] - **Utility Solar Installations**: - Expected to grow **17%** in **2026** and **7%** in **2027**, driven by a substantial increase in the solar development pipeline [2] - **Utility Solar Capacity Additions**: - **36 GWdc** added in **2025**, with projections of **42 GWdc** in **2026** and **45-46 GWdc** in **2027-2028** [4] - **Utility Storage Growth**: - Expected to outpace solar growth with a **12% 5-year CAGR** from **2025-2030** [4] - **Battery Capacity Pipeline**: - As of **October 2025**, the US had **24 GW** of battery capacity approved or under construction, primarily in Texas (**11.5 GW**), Arizona, and California [4] - **Project Size Trends**: - **60%** of US solar installations from **2026-2030** are expected to be **200 MW** or larger, with average project size increasing **5x** from **2014-2024** to approximately **110 MW** [4] - **Electricity Generation**: - Renewables are the fastest-growing source of electricity in the US, with utility-scale solar generation increasing **35% YoY** for the year-to-date through **October 2025** [4] - **Data Center Demand**: - Approximately **3.5x** solar capacity is needed to match each **GW** of data center demand, with an estimated **29 GW** of data centers under construction requiring over **100 GW** of solar to meet annual targets [4] Additional Important Insights - **Market Sentiment**: - Positive sentiment for PWR, PRIM, and MTZ due to their strong positions in the renewable energy sector [1] - **Investment Opportunities**: - The growth in solar and storage presents significant investment opportunities, particularly for companies with established backlogs and growth trajectories in these sectors [1][2] - **Risks**: - Potential project delays due to oil price volatility and market conditions could impact growth forecasts and investor confidence [23] This summary encapsulates the key points discussed in the conference call, highlighting the growth potential and challenges within the renewable energy sector, particularly focusing on solar and storage solutions.

Summary of Japanese Equities Investment Strategy Industry Overview - **Industry**: Japanese Equities - **Key Indices**: TOPIX, Nikkei 225 Core Insights and Arguments 1. **Geopolitical Risks**: Anxiety over geopolitical risks, particularly related to Iran, is expected to settle down, which could positively impact Japanese equities [1][7][102] 2. **Market Dynamics**: Financial markets are experiencing a pattern where initial stories drive market movements, which later reverse as the market stabilizes. This includes the expectation of rising P/E multiples following political events and the impact of AI on SaaS stocks [1][2] 3. **Profit Growth**: A forecast of double-digit profit growth in FY26 is anticipated, supporting the case for stock market gains [2][106] 4. **Share Buybacks**: The reduction in outstanding shares due to buybacks and tender offers is expected to contribute positively to equity valuations [2][111] 5. **Economic Growth vs. Interest Rates**: The scenario of nominal economic growth exceeding nominal long-term interest rates (G > R) remains intact, which historically favors equities over bonds [2][103] Market Forecasts 1. **Index Projections**: - TOPIX is expected to reach 4,000 by the end of 2026, with further increases to 4,200 by the end of 2027 and 4,400 by the end of 2028 [2][116] - Nikkei 225 is projected to finish at 60,000 by the end of 2026, rising to 63,000 by the end of 2027 and 66,000 by the end of 2028 [2][116] 2. **Short-term Corrections**: Anticipated corrections to around 3,800 for TOPIX and 57,000 for Nikkei 225 in March and April as geopolitical tensions normalize [2][114] Sector Recommendations 1. **Preferred Sectors**: Focus on electrical appliances and machinery, with additional interest in information & communication, automobiles, and insurance [3] 2. **Avoidance**: Recommendations to avoid sectors such as steel, pharmaceuticals, and those linked to inbound tourism due to their sensitivity to crude oil prices [3] Crude Oil Price Sensitivity 1. **Impact on Earnings**: A 10% rise in crude oil prices is estimated to depress EPS at major companies by 1–1.25%, indicating a significant sensitivity of Japanese equities to oil price fluctuations [38][39] 2. **Historical Patterns**: Historical data shows that when the US economy grows post-oil price spikes, Japanese equities tend to gain, while they falter during recessions [9][10] Investor Behavior and Market Sentiment 1. **Investor Positioning**: There is a noted shift in investor focus towards supply-demand factors and positioning adjustments, with substantial inflows into Japanese equity funds despite recent market declines [58][72] 2. **Pension Fund Activity**: Selling pressure from pension funds has diminished, with increased inflows into equity investment trusts observed [72] Risks and Concerns 1. **Broader Economic Risks**: Concerns about US private credit, overinvestment in AI, and the potential decline of SaaS are highlighted as ongoing risks [78] 2. **Monetary Policy Implications**: The upcoming monetary policy meetings of central banks are expected to be influenced by the current economic climate and crude oil prices [87] Valuation Trends 1. **Valuation Adjustments**: The 12-month forward P/E for TOPIX has decreased from 18.5x to 16.8x, indicating a correction in valuations amid rising geopolitical tensions and oil prices [93] 2. **Future Valuation Outlook**: Expectations for P/E ratios to gradually decline to around 15–16x from 2027 onwards, reflecting a cautious market sentiment [115] This comprehensive analysis provides a detailed overview of the current state and future outlook of Japanese equities, emphasizing the interplay between geopolitical factors, economic growth, and market dynamics.

Core Insights - Ampco-Pittsburgh Corporation reported net sales of $108.8 million for Q4 2025 and $434.2 million for the full year, representing increases from $100.9 million and $418.3 million in the previous year, driven by higher shipment volumes in the Air and Liquid Processing segment despite challenges in the Forged and Cast Engineered Product segment due to facility shutdowns [1][2] Financial Performance - The company experienced a net loss of $57.7 million, or $2.85 per share, for Q4 2025, which included significant charges related to exiting the UK cast roll business and an asbestos revaluation charge [2][4] - For the full year 2025, the net loss attributable to Ampco was $66.1 million, or $3.28 per share, also impacted by similar charges [2][4] - Adjusted EBITDA for Q4 2025 was $3.2 million, down from $6.0 million in the prior year, while full year adjusted EBITDA was $29.2 million, up 4% from the previous year [3][4] Operational Changes - The company successfully exited the UK cast roll facility in Q4 2025, which is expected to yield an annual positive EBITDA improvement of $7 million to $8 million [4][6] - The CEO noted that approximately 50% of the volume from the UK facility is being shifted to the Sweden plant, indicating a strategic operational adjustment [5][6] Segment Performance - The Air and Liquid Processing segment showed growth, with full year revenue increasing for the fourth consecutive year and adjusted operating income reaching a record high in 2025 [5][6] - The Forged and Cast Engineered Products segment faced challenges due to the shutdown of the UK facility, impacting overall performance [1][5] Cost Management - The company reported lower selling, general, and administrative expenses, which partially offset the impact of lower overhead absorption due to reduced production days [3][4] - Interest expenses remained stable at $2.8 million for Q4 2025 and $11.4 million for the full year, comparable to the previous year [6]