Company Overview - TAT Technologies Ltd. (NASDAQ:TATT) designs aerospace parts including heat exchangers, cooling systems, and jet engine components for military and commercial aviation sectors [2] - The company operates in four niche categories: thermal solutions (~41% of revenues), auxiliary power units (~27%), landing gear (~5%), and leasing & trading (~14%) [2] Financial Performance - TAT Technologies was the top contributor in the long book during Q3 2025, with Q2 2025 revenues increasing 18% year-on-year [2] - The company's backlog increased by $85 million to reach $524 million, approximately three times current yearly sales [2] - Gross margins have improved sequentially for four consecutive quarters, with EBITDA margins reaching 14% in Q2 [2] Market Position and Growth Potential - The landing gear segment is entering a major MRO cycle, with strategic agreements in place with Embraer and Gulfstream [2] - The auxiliary power units (APUs) segment has a Total Addressable Market (TAM) of approximately $2.5 billion, with TAT Technologies currently holding less than 1% market share and aiming for 5-10% [2] - The company has a license agreement with Honeywell, becoming an approved provider of aftermarket service and support for APUs [2] Valuation and Future Outlook - The market is believed to underestimate TAT's multi-year growth potential, with a conservative estimate of $39 million for FY27 EBITDA [2] - At a reasonable 15x multiple, the fair value is projected to be in the low $50s per share [2] - TAT Technologies is expected to leverage its platform for further business wins and acquisitions, adding more value to the stock [2]

Core Viewpoint - Modine Manufacturing is spinning off its Performance Technologies segment and merging it with Gentherm in a transaction valued at approximately $1 billion, aimed at transforming Modine into a high-growth, pure-play Climate Solutions company [1][3][5]. Transaction Details - The deal values Performance Technologies at about $1 billion, equating to 6.8 times trailing twelve-month Adjusted EBITDA as of September 30, 2025 [1][6]. - Modine is expected to receive $210 million in cash and shareholders will receive approximately $790 million in Gentherm stock, resulting in Modine shareholders owning 40% of the combined Gentherm/PT company [1][6]. - The transaction is structured as a Reverse Morris Trust, intended to be tax-free for Modine and its shareholders [2][6]. Financial and Growth Outlook - The Climate Solutions segment generated approximately $1.6 billion in revenue with a 19.6% adjusted EBITDA margin, and management anticipates revenue growth of 35-40% to nearly $2 billion [4][10]. - Data centers are identified as a core growth driver, with a projected 50-70% annual growth over the next two years [4][13]. - Modine plans to invest $125-150 million in capital expenditures to support revenue capacity of $2-3 billion [4][14]. Strategic Outcome - The transaction will create two focused companies: a larger thermal management platform (Gentherm + PT) and a streamlined Climate Solutions Modine focused on data centers and commercial HVAC&R [5][9]. - Modine's management has been shifting towards higher-growth, higher-margin businesses, completing six divestitures and six acquisitions over the past five years [8][9]. Reporting Structure Changes - Post-transaction, Modine will operate through two primary business segments: data centers and commercial HVAC&R, with a new reporting structure expected to begin in the first quarter of fiscal 2027 [12][17]. Market Position and Future Outlook - Modine expects to replace approximately $1 billion of PT revenue with revenue from the data center market within the next 12 to 24 months [14]. - The company anticipates continued demand for thermal cooling solutions in data centers for the next 5 to 10 years, driven by evolving chip technology [15].

Core Insights - Crane reported exceptional fourth-quarter results for 2025, with adjusted EPS of $1.53, a 21% increase year-over-year, and full-year adjusted EPS growth of 24% compared to 2024, driven by strong performance in aerospace and advanced technologies [2][3][5] Financial Performance - The company achieved a 5.4% growth in core sales for Q4 and a 16% increase in adjusted operating profit, attributed to higher productivity and favorable pricing net of inflation [1][2] - Adjusted free cash conversion reached 102% for the year, indicating strong cash performance [1] - The adjusted operating margin for Process Flow Technologies expanded by 170 basis points to 22%, despite flat sales and softer chemical orders [5][7] Segment Highlights - Aerospace and Advanced Technologies (AAT) saw a 15% increase in Q4 sales to $272 million, with a record backlog exceeding $1 billion, up 25% year-over-year [6][8] - Process Flow Technologies (PFT) reported flat sales of $309 million in Q4, with core sales down 1.5%, but still managed to expand margins due to productivity and pricing [7][8] Acquisitions and Integration - Crane completed multiple acquisitions at the start of 2026, including Reuter-Stokes, Panametrics, Druck, and Optek-Danulat, which are expected to be slightly accretive to earnings in 2026 [4][9][10] - The integration of these businesses is progressing well, with expected cost and growth synergies [10] Leadership Transition - Alex Alcala will become CEO on April 27, 2026, with Max Mitchell transitioning to Executive Chairman [11] 2026 Guidance - Crane provided initial adjusted EPS guidance for 2026 of $6.55 to $6.75, reflecting a change in non-GAAP presentation to exclude acquisition-related intangible amortization [12] - The company anticipates Q1 2026 to be seasonally soft, with earnings weighted 45% to the first half and 55% to the second half of the year [13] Market Outlook - AAT is expected to achieve core sales growth at the high end of the long-term growth assumption of 7% to 9% in 2026, while PFT is projected to have flat to low single-digit core growth due to sluggish orders [16][17] - The nuclear sector is viewed as an increasingly attractive area for growth, particularly following the acquisition of Reuter-Stokes [18]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Ningbo Deye Technology Corporation 寧波德業科技股份有限公司 (the "Company") (A joint stock company incorporated in the People's ...

Company Overview - Chart Industries manufactures engineered equipment for the energy and industrial gas industries, including cryogenic storage tanks, heat exchangers, LNG equipment, and specialty products for hydrogen, CO2 capture, and biogas [9] - The company generates revenue through the sale of capital equipment, aftermarket services, and leasing solutions across four operating segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing [9] - Chart Industries serves a global customer base in energy, industrial gas, power, food and beverage, aerospace, and specialty end-markets, targeting both large-scale industrial clients and niche applications [9] Recent Developments - On January 23, Iridian Asset Management disclosed a sale of 23,051 shares of Chart Industries, with an estimated transaction value of $4.67 million based on quarterly average pricing [2][3] - The fund reduced its holding in Chart Industries by 23,051 shares during the fourth quarter, ending with 6,326 shares worth $1.30 million [3][7] - The reported quarter-end position value dropped by $4.58 million, reflecting both trading activity and stock price movement [3][7] Financial Metrics - As of January 22, Chart Industries shares were priced at $207.49, down 4% over the past year, underperforming the S&P 500's roughly 14% gain in the same period [4] - The market capitalization of Chart Industries is $9.33 billion, with a revenue of $4.29 billion and a net income of $66.70 million for the trailing twelve months (TTM) [5]

Group 1 - Syquant Capital initiated a new position in Chart Industries by acquiring 350,458 shares in the fourth quarter, with an estimated transaction value of $72.28 million based on average quarterly pricing [2][3][7] - The new position represents 8.84% of Syquant Capital's reportable 13F assets under management [4][7] - As of January 12, 2026, Chart Industries shares were priced at $206.71, reflecting a 3.81% increase over the past year, although underperforming the S&P 500 by 13.79 percentage points [4][5] Group 2 - Chart Industries, Inc. specializes in engineered equipment, including cryogenic storage tanks, heat exchangers, and process technology, primarily serving the energy and industrial gas sectors [9][10] - The company generates revenue through the design, manufacture, and sale of highly engineered equipment and aftermarket services, with a diversified product portfolio supporting LNG, hydrogen, CO2 capture, and industrial gases [9][10] - Key customers include participants in various industries such as energy, industrial gas, aerospace, food and beverage, and water treatment, highlighting the company's broad market presence [10]

Company Overview - Chart Industries, Inc. is a large-scale manufacturer specializing in highly engineered equipment for critical applications in energy, industrial gas, and specialty markets [6] - The company has a diversified product portfolio and global service network, addressing complex customer needs in growing sectors such as LNG, hydrogen, and carbon capture [6] - As of the latest report, Chart Industries has a market capitalization of $9.26 billion, with a revenue of $4.29 billion and a net income of $66.70 million for the trailing twelve months (TTM) [4] Recent Developments - Decagon Asset Management initiated a new stake in Chart Industries, purchasing 137,732 shares valued at approximately $27.57 million, which represents about 13.92% of the fund's reportable U.S. equity holdings [2][3] - The company reported third-quarter orders of $1.68 billion, reflecting a year-over-year increase of approximately 44%, resulting in a backlog of about $6.05 billion, the highest in its history [10] - Adjusted operating income for the quarter reached $251.5 million, with adjusted EBITDA of $277.1 million, representing roughly 25% of revenue, indicating strong profitability in the core business [10] Market Performance - Shares of Chart Industries were priced at $205.96, showing an increase of about 7% over the past year, although this performance has underperformed compared to the S&P 500, which is up about 15% [3] - The fund's portfolio is skewed towards capital-intensive infrastructure and industrial assets, with Chart Industries presenting a favorable risk-reward profile due to strong standalone demand [11]

Company Overview - Chart Industries manufactures engineered equipment for the energy and industrial gas sectors, including cryogenic storage tanks, heat exchangers, LNG transport systems, and specialty products for hydrogen, CO2 capture, and biogas applications [4] - The company generates revenue through the sale of capital equipment, aftermarket services, and leasing solutions, with a diversified offering across cryogenic and heat transfer technologies [4] - Chart Industries serves industrial gas producers, energy companies, LNG operators, and specialty end-markets such as aerospace, food and beverage, and water treatment globally [7] - The company leverages advanced manufacturing and process technology expertise to address complex applications in LNG, hydrogen, and specialty gas markets [8] Financial Performance - As of November 21, 2025, Chart Industries reported a revenue of $4.29 billion and a net income of $79.4 million [3] - The share price was $203.50, reflecting a one-year price change of 15.57%, outperforming the total return of the S&P 500 by 3.1 percentage points [3] Recent Developments - Penn Capital Management Company sold all its shares in Chart Industries, liquidating its entire 108,881-share position, which had a net reported value change of $17.98 million compared to the previous quarter [2][5] - The sale reduced Penn Capital's stake in Chart Industries from 1.6% of AUM last quarter to zero [3] - The exit from the position was not due to any underlying issues with Chart's business but was likely influenced by Chart's upcoming acquisition by Baker Hughes [9]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q3 2025 was $9.2 million, up 35% from the prior year, driven by strong performance in the Air and Liquid segment [4] - Adjusted earnings per share for Q3 2025 were $0.04, an increase of $0.14 from the prior year [4][25] - Net sales for Q3 2025 were $108 million, a 12% increase compared to Q3 2024 [20] Business Line Data and Key Metrics Changes - In the Forged and Cast Engineered Products (FCEP) segment, net sales were $71.5 million, $6.4 million lower than Q2 2025 but $4.3 million higher than Q3 2024 [6] - FCEP segment-adjusted EBITDA was $7.1 million, $0.3 million higher than both Q2 and Q3 2024 [6] - Air & Liquid Systems Corporation reported a 26% increase in Q3 revenue compared to the prior year, with year-to-date revenue nearly 7% above the prior year [13] Market Data and Key Metrics Changes - Tariffs on imports from Europe are expected to have a neutral impact on roll demand in North America, while negatively affecting Canadian and Mexican customers [8] - The cast roll market in North America continues to exceed domestic capacity, indicating strong long-term demand [9] - Construction spending, automotive production, and canned sheet demand are expected to grow at mid-single-digit rates over the next five years [9] Company Strategy and Development Direction - The company is accelerating its exit from the U.K. facility, which is expected to improve full-year adjusted EBITDA by $7-$8 million [5][19] - The decision to wind down the Alloys Unlimited steel distribution business is aimed at improving profitability [10] - The company is focusing on addressing underperforming assets to enhance overall profitability [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong underlying performance and the strategic actions taken to transform the company [4] - The exit from the U.K. facility is expected to position the company for improved profitability moving forward [5] - Management highlighted the positive long-term growth potential in the nuclear market and strong demand from the U.S. Navy [14][16] Other Important Information - The company recorded charges totaling $3.1 million in Q3 2025 related to the exit of the U.K. cast roll business and Alloys Unlimited [18] - The liquidity position at September 30, 2025, included cash on hand of $15 million and undrawn availability on the revolving credit facility of $28.2 million [25] Q&A Session Summary Question: Clarification on U.K. closure and debt implications - Management confirmed that the insolvency process is exclusively related to the subsidiary and does not affect other segments of the company [27] Question: Pension plan evaluation - Management indicated that an evaluation of the pension plan will be conducted annually [30] Question: Capacity expansion and demand from pharmaceutical companies - Management stated that they can significantly increase throughput and are addressing this through various improvements [31] Question: Monetization from liquidation of properties - Management expects to receive approximately $8-$9 million in net proceeds from the liquidation process, which will reduce bank debt [35][36]

Core Insights - Modine has appointed Jeremy Patten as President of the Performance Technologies segment, responsible for leading product groups that provide heat exchangers and cooling modules for various markets [1][2] - The CEO of Modine, Neil D. Brinker, expressed confidence in Patten's ability to streamline operations and drive margin targets due to his extensive industrial leadership experience [2] Company Overview - Modine has over 100 years of experience in thermal management technology, focusing on engineering solutions for mission-critical applications [3] - The company aims to create a cleaner and healthier world by evolving its technology portfolio to improve air quality, reduce energy and water consumption, and lower harmful emissions [3] - Modine operates globally with a workforce of more than 11,000 employees across North America, South America, Europe, and Asia [3]