Technology

Report by MAPsignals

The space economy is a major structural growth theme, expected to expand from ~$614bn in 2024 to >$1.8tn over the next decade, with opportunities extending beyond rockets into the broader infrastructure stack. MAPsignals’ edge lies in identifying institutional inflows before the narrative becomes consensus, using its “Big Money” framework to find winners early. For example, Teradyne was flagged at ~$90 last June and has since surged to ~$342 on sustained inflows, with further upside anticipated. Applying the same process, they also highlight Carpenter Technology and Palantir as beneficiaries of the space buildout, supported by persistent institutional buying - including “non-stop” inflows into Carpenter. Tomorrow’s leaders are found by following the flows, not the headlines.

Industrials

Report by Northcoast Research

Northcoast’s channel checks continue to reveal a slowing demand growth environment for nickel-based alloys. The average shipment comp reported by nickel-alloy survey participants was up 2-3% Y/Y, compared to +4-5% growth in CY2Q. Drivers behind an increasingly cautious 2H24 outlook include slowing jet engine orders, but the most surprising takeaway from recent checks was a sharp drop in medical-related demand. Contacts reported flat-to-down 1% order growth for CY3Q, which is down from the +7-9% growth range to start the year.

Industrials

Report by MYST Advisors

The stock was highlighted at MYST’s latest Industrial Ideas Forum, with the Presenter claiming that OEM’s “can NOT make planes” without CRS’ specialty metal alloys, putting it in the sweet spot of the aerospace supply chain. While he sees upside to Street estimates and ample room for multiple expansion, he believes CRS also offers substantial “discovery value”, noting that it has relatively limited long only sponsorship and is covered by just 3 Sell-side analysts with stale earnings estimates. Management’s plans to double FY19 operating income by FY27 look conservative. The stock trades at a substantial discount to peers despite having similar scarcity value. TP ~$120 (100% upside).