YB new stock pitches (Mon, Oct 5)

Ampco-Pittsburgh’s improved order intake, particularly a massive increase at FCEP, confirmed that the favorable environment is translating into orders and prompted a significant position increase. The stake had previously been trimmed because the share price appeared ahead of fundamentals while the company was relatively quiet on order intake. Its Sidoti appearance reinforced the view that all four business units are growing and margins are poised to expand; the three-year growth target for the Air and Liquid Processing segment was raised from 8-10% to 10-12%, driven by Aerofin and Buffalo Pumps. Management is also evaluating the sale of at least one segment. A full divestiture of the cyclical steel division could allow balance-sheet deleveraging and investment in higher-margin, asset-light Air and Liquid opportunities, but that interpretation remains a stretch rather than a stated plan and any move appears one to three quarters away. Q3 is seasonally weak, keeping attention on backlog and year-over-year gains, while Q4 is shaping up strongly.

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Perimeter Medical Imaging AI’s commercial rollout has begun, with the company hiring clinical sales specialists in Philadelphia, Houston, Chicago and New York, market-development managers in Dallas and Atlanta, and an assistant controller. A review of the competitive field found that no meaningful direct competitor will reach the U.S. market before 2028. We expect Claire to receive Medicare coverage effective January 1. CMS publishes the final OPPS rule in early November. The anticipated coverage and expected initial sales ramp should result in a stock-price rerating. Perimeter is also pursuing its own dedicated Category III code rather than billing under generic OCT-breast codes; this route is slower but builds a claims record attributable to Claire alone. Shares closed September at C$0.27, down 34.1% from the C$0.41 entry on March 30, 2026

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IEH supplies qualified military-grade hyperboloid connectors to missile and other defense programs, with the latest quarter showing that operating leverage has begun as revenue grows faster than SG&A. Factory utilization is only about 50%, and funded backlog is expanding even before the proposed FY27 missile quantity increases receive approval; if funded, those programs could secure demand well into the 2030s. Backlog does not map directly to near-term revenue, and quick-turn orders may never appear in it, making continued order replenishment the critical evidence to watch. International demand, depleted US and allied inventories, and licensed production in Germany and Ukraine offer additional potential. Although licensing could create alternative supply, displacement appears unlikely because only IEH and Smiths Interconnect produce these connectors at scale and IEH is already qualified for the relevant programs; this still warrants monitoring. Other exposure includes the F-35, APKWS, commercial aerospace, space and a meaningful $3.6 million medical order. The shares look cheap against projected earnings, but the biggest risk is an overpriced medical acquisition funded with equity despite $9.36 million of cash and no debt.

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