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United Tractors (PUTKY) Equity Research Report
Research on PT United Tractors Tbk highlights resilient revenue in machinery and contracting, alongside a nearly A$1B HPAL smelting investment.
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More research
Equity researchPDF · 9 pp
Credo Technology (CRDO): SpaceX’s Worst-Kept Secret Is Now 51% Off, Initiating at Overweight
Initiating at Overweight with a Dec-27 price target of $187. The purple cables in a still from SpaceX’s earnings call are Credo’s active electrical cables, and they are not hidden. What is new is the price: Credo closed at $147.29, 51% below its June high and ~20x our NTM non-GAAP EPS.
K2 Research TeamOct 27, 2026
Equity researchPDF · 9 pp
Société BIC (BB.PA): Shaodong Makes the Lighters, BIC Makes the Money, Initiating at Overweight
Initiating at Overweight with a Dec-27 price target of €72. Shaodong makes about 70% of the world’s lighters at a profit of one fen each; BIC’s lighter division earned €216M of adj. EBIT in 2025, at least €0.10 a lighter. The moat is the rulebook, not the factory.
K2 Research TeamOct 24, 2026
Equity researchPDF · 9 pp
CoreWeave (CRWV): Cisco Had Customers Like This, Initiating at Underweight
Initiating at Underweight with a Dec-27 price target of $44. CoreWeave’s backlog is real; the problem is the spread. We estimate a new megawatt earns a ~5% unlevered return, below the ~9% CoreWeave now pays on secured project debt.
K2 Research TeamOct 23, 2026