25 February 2026 | 4:05PM CST Equity Research CHINA INDUSTRIAL TECH: DATA CENTER ELECTRICALS Asia investor feedback: Eyes on export visibility and execution; Fine-tuning estimates on commodities cost trends/pre-announced results; Buy Kstar We talked with 50+ investors from Hong Kong, Singapore, and Mainland China since our deep-dive reports in mid-January (Kstar, Megmeet, Kehua). While the sector backdrop remains robust, supported by strong 2026E capex guidance from US tech giants as well as order growth an ...

Schneider Electric reported record quarterly sales and strong 2026 guidance, boosted by surging demand from AI data centers. ...

Company Overview - Powell Industries, Inc. (NASDAQ:POWL) manufactures custom electrical systems, including power control rooms and circuit breakers for industrial markets, and also provides support services [3]. Stock Performance - Since Jim Cramer's positive comments about Powell Industries, the stock has increased by over 116% [4]. - A caller reported a 214% upside after investing in the stock nine months ago at $172, indicating significant appreciation in value [1]. Analyst Commentary - Jim Cramer expressed strong support for Powell Industries, referring to it as a "great industrial energy infrastructure stock" and suggesting that it is a desirable addition to an investment portfolio [3]. - Cramer advised the caller to sell one-third of their position to secure profits while allowing the remaining shares to be played with "the house's money" [1].

Core Insights - Revenue for 2025 increased by 8.9% on an organic basis, reaching €40.15 billion, indicating strong growth potential for the company [1] - Free cash flow saw a 10% increase, reflecting improved financial health and operational efficiency [1]

（文/观察者网 张志峰） 当AI大模型进入周度迭代周期，算力需求呈指数级爆发，AIDC（人工智能数据中心）正从"算力底 座"升级为数字经济核心基建。 政策驱动、需求牵引、技术革新三重力量共振下，国内AIDC建设迎来规模化爆发期，而智能配电作为 保障算力稳定运行的核心环节，正在成为国产厂商与施耐德、ABB等传统国际品牌展开竞争的重要战 场。 国内AIDC行业的爆发并非偶然，而是政策、需求、技术三大因素协同作用的必然结果，其中智能配电 环节的国产化替代需求尤为突出。 随着"东数西算"工程持续深化，京津冀、长三角等八大算力枢纽节点加速落地，带动数据中心集群化建 设。 同时，工信部等部门印发的《数据中心绿色低碳发展专项行动计划》明确提出，2025年新建大型AIDC 的PUE（能源使用效率）需控制在1.25以下，超大型AIDC PUE控制在1.2以下。这一刚性约束倒逼数据 中心供配电系统向高效化、节能化升级，为国内智能配电企业提供了政策窗口期。 AI大模型的快速迭代成为AIDC行业增长的核心引擎。 GPT系列、Gemini等大模型的训练的过程需要海量算力支撑，直接推动AIDC单机柜功率从传统的20- 50kW跃升至10 ...

Financial Data and Key Metrics Changes - BXSL reported a net investment income (NII) of $0.80 per share, representing an 11.8% annualized return on equity, primarily from interest income [7] - The distribution of $0.77 per share was 104% covered by NII, yielding an 11.4% annualized distribution yield on NAV [7] - The net return for the year was 9.6%, outperforming the leveraged loan market by 360 basis points [7] - The net asset value (NAV) per share decreased to $26.92 from $27.15 in the previous quarter, impacted by net unrealized losses [20][21] Business Line Data and Key Metrics Changes - BXSL's portfolio increased to 316 companies across 40 industries, with 13 new credits funded and 15 add-ons completed [8] - The average loan-to-value (LTV) at underwriting was 41%, with an average spread near 500 basis points [8] - Non-accruals in the fourth quarter were 0.6% at cost and 0.5% at fair market value, up from 0.3% and 0.2% respectively in the previous year [22] Market Data and Key Metrics Changes - The U.S. leveraged finance market is approximately $5 trillion, with the institutional non-BDC channel being about $1.5 trillion [30] - BXSL's board approved a discretionary share repurchase plan for up to $250 million, indicating confidence in the market despite trading below NAV [24] Company Strategy and Development Direction - The company is focused on capitalizing on the AI and digital infrastructure investment cycle, which is expected to support growth across multiple sectors [6] - BXSL aims to maintain a defensive investment strategy by focusing on first lien, larger, private equity-owned businesses [17] - The company is exploring various capital allocation options, including new loans, share buybacks, and deleveraging [35][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic backdrop, citing resilient corporate earnings growth and strong consumer demand [5] - The company anticipates continued robust capital inflows into private credit strategies, particularly from institutional channels [6] - Management noted that the credit quality of deals remains stable, with no significant signs of spread widening [41] Other Important Information - BXSL's total portfolio investments at fair value were over $14.2 billion, with outstanding debt of $8.1 billion [20] - The company has a diverse liability profile, with an all-in cost of debt for the fourth quarter at 4.93%, down from 5.24% [26] Q&A Session Summary Question: Impact of potential slowdown in non-traded channel - Management acknowledged the importance of institutional capital and expressed confidence in remaining active in the market despite potential headwinds [30][32] Question: Considerations for share repurchase versus new investments - Management indicated that they are evaluating all options, including share buybacks and new loans, based on market conditions and liquidity [35][54] Question: Recovery rates for software companies - Management stated that software businesses in their portfolio are performing well, with strong coverage despite public market markdowns [61] Question: Strategic decisions in a discount environment - Management emphasized a preference for new primary loans over secondary market purchases, focusing on deep underwriting processes [84]

Blackstone Secured Lending Fund (NYSE:BXSL) Q4 2025 Earnings call February 25, 2026 09:30 AM ET Company ParticipantsBrad Marshall - Global Head of Private Credit Strategies, Chairman, and Co-CEOEthan Kay - VP of Equity ResearchKenneth Lee - VPRobert Dodd - Director of Specialty FinanceStacy Wang - Managing Director and Head of Stakeholder RelationsTeddy Desloge - Senior Managing DirectorConference Call ParticipantsAaren Cyganovich - Senior Analyst of Specialty FinanceDoug Carter - AnalystFinian O'Shea - Dir ...

Financial Data and Key Metrics Changes - BXSL reported a net investment income (NII) of $0.80 per share, representing an 11.8% annualized return on equity, primarily from interest income [6][18] - The distribution of $0.77 per share was 104% covered by NII, yielding an 11.4% annualized distribution yield on NAV [6][18] - The net return for the year was 9.6%, outperforming the leveraged loan market by 360 basis points [6] - Net asset value (NAV) per share decreased to $26.92 from $27.15 in the previous quarter, impacted by net unrealized losses [19][25] Business Line Data and Key Metrics Changes - BXSL's portfolio increased to 316 companies across 40 industries, with 13 new credits funded and 15 add-ons completed [7][10] - The average loan-to-value (LTV) at underwriting was 41%, with an average spread near 500 basis points [7] - Non-accruals rose to 0.6% at cost and 0.5% at fair market value, up from 0.3% and 0.2% respectively in the previous year [20] Market Data and Key Metrics Changes - The U.S. leveraged finance market is approximately $5 trillion, with private credit in the institutional non-BDC channel around $1.5 trillion [29] - BXSL's credit business totals $520 billion, with investments in about 5,000 companies globally [30] Company Strategy and Development Direction - The company is focused on capital expenditure build-out in AI and digital infrastructure, which is expected to support growth across multiple sectors [5] - BXSL aims to maintain a defensive investment strategy by focusing on first lien, larger, private equity-owned businesses [16] - The company is actively evaluating capital allocation decisions between new opportunities and share repurchases [23][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a fundamentally healthy economic backdrop, with resilient corporate earnings growth and strong consumer demand [4] - The company anticipates continued robust capital inflows into private credit strategies, particularly from institutional channels [5] - Management noted that the credit quality of deals remains stable, with high single-digit EBITDA growth across the portfolio [20][68] Other Important Information - BXSL's board approved a discretionary share repurchase plan for up to $250 million of outstanding common shares [23] - The company has $2.5 billion in total liquidity, including unrestricted cash and undrawn debt [25] Q&A Session Summary Question: Impact of potential slowdown in non-traded channel - Management indicated that the U.S. leveraged finance market remains institutional-driven, and they expect to remain active in corporate lending despite potential headwinds [29][32] Question: Consideration of share repurchase versus special dividends - Management highlighted that they have options to reinvest in new loans, buy back shares, or deleverage, with a focus on maximizing returns for investors [34] Question: Sponsor conversations and market activity - Management noted that sponsors are cautious and observing market conditions before bringing assets to market, but they expect continued M&A activity due to economic growth [48] Question: Recovery rates for software companies - Management expressed confidence in the coverage of their software business, noting that it is performing well despite public market re-ratings [60] Question: Evaluation of share repurchase program - Management stated they will be opportunistic with share repurchases, considering the discount to NAV and the potential for capital allocation decisions [63]

Core Viewpoint - nVent Electric plc has rescheduled its 2026 Investor Day to March 18, 2026, due to a state of emergency in the New York City metropolitan area caused by a major winter storm [1] Group 1: Event Details - The updated Investor Day will feature presentations from Beth Wozniak, nVent chair and CEO, along with senior leadership discussing updated medium-term financial objectives and the next phase of the company's growth strategy [2] - The event will take place from 9:30 a.m. ET to approximately 12:00 p.m. ET, with live and on-demand webcasts available through the investor relations section of the company's website [3] - A refreshed invitation and registration details for in-person attendance will be issued separately [3] Group 2: Company Overview - nVent is a leading global provider of electrical connection and protection solutions, focusing on enabling safer systems and ensuring a more secure world [4] - The company designs, manufactures, markets, installs, and services high-performance products that connect and protect sensitive equipment, buildings, and critical processes [4] - nVent's portfolio includes well-known brands such as nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF, and TRACHTE, with a history spanning over 100 years [5]

In the current session, the stock is trading at $194.20, after a 2.05% increase. Over the past month, Vicor Inc. (NASDAQ:VICR) stock increased by 14.29%, and in the past year, by 208.53%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.How Does Vicor P/E Compare to Other Companies?The P/E ratio is used by long-term shareholders to assess the company's market performance against aggre ...