Perma-Pipe Posts 24.4% Sales Growth, $142.3 Million Backlog

Badger Meter launched OneNetwork, a real-time monitoring and analytics platform designed to unify fragmented water and wastewater system data, at the WEFTEC conference in New Orleans. The company's share price has fallen 27.6% year to date, with a 1 year total shareholder return down 28.6%, though the 5 year total shareholder return of 26.6% still points to longer term gains. The most followed narrative places Badger Meter's fair value at $169, above the last close of $127.77, framing OneNetwork as part of a wider digital push alongside the BlueEdge platform and expansion beyond the meter. That narrative cites intensifying water scarcity, mounting regulatory pressure, and mandates for real-time monitoring as drivers of shorter replacement cycles and pricing power. Supply chain and tariff pressures, along with any slowdown in core utility water projects, could weaken that upbeat case.

Essential Utilities subsidiary Aqua Pennsylvania has acquired the water system assets of the Ulster Municipal Authority in Bradford County for $0.5 million, adding 180 customers to its existing water customer base. Aqua Pennsylvania plans to invest $2 million over the next five years to upgrade the acquired assets, modernizing facilities and replacing aging lines to provide safe, high-quality water for Ulster residents. Essential Utilities has added more than 138,000 customers or equivalent dwelling units and about $570 million of rate base through acquisitions since 2015, and its proposed merger with American Water Works remains targeted for the first quarter of 2027. Signed purchase agreements represent more than 200,000 customers and about $282 million in purchase price, while the active municipal acquisition pipeline is about 400,000 customers. Separately, California Water Service Group has agreed to acquire Nexus Water Group's Nevada and Oregon water and wastewater systems for $218 million, and Select Water Solutions has agreed to acquire Pilot Water Solutions for $700 million plus up to $15 million in contingent consideration.

Research by Asia Plus Securities assesses that a water management megaproject with a combined value of 165,000 million baht will support the growth of the construction contracting sector over the medium to long term. The project aims to cut flood damage by about 16,930 million baht per year and reduce flooded area by 3.48 million rai. Construction is expected to begin in 2027 and take eight years. Among the stocks expected to benefit, Asia Plus names CK as its top pick with a target price of 24 baht on the prospect of winning work directly, while STECON carries a target price of 23 baht on expectations it will benefit from large project contracts. Also in the frame are UNIQ, which has opportunities from large project work, and ITD, which is involved in earthworks and drainage systems. In the construction materials group, SCC, SCCC and TPIPL stand to benefit from project demand for materials. Factors to watch include the project's funding sources, land expropriation, the timing of bidding, and contract signing, all of which will affect progress and the chances that construction companies win work from the project.

The Cabinet has approved the Chai Nat–Pa Sak–Gulf of Thailand flood diversion canal project, with total investment of approximately 165 billion baht, one of Thailand's largest megaprojects in years. The project aims to create a new water diversion route from the upper Chao Phraya basin directly to the Gulf of Thailand, improving drainage efficiency and reducing flood risk in the central region, Bangkok, and surrounding provinces. The government estimates that once completed, it will reduce flooded area by about 3.48 million rai, add roughly 1.555 billion cubic metres of water storage capacity, and cut economic damage from flooding by about 16.93 billion baht per year. Under the implementation timeline, feasibility studies and design are set for 2026, with construction of phase one beginning in 2027. From 2028 to 2030, the drainage canal, sluice gates, and land acquisition will be carried out. From 2031 to 2033, main structures will be built and systems tested, before full operation in 2034. Asia Plus Securities said the construction contracting group will be the first direct beneficiary, with CK, STECON, and UNIQ standing out as stocks with strong potential to win contracts, while ITD is likely to benefit from its expertise in earthworks and drainage systems. The construction materials group, including SCC, SCCC, and TPIPL, will see support later in the materials usage cycle. Factors to watch are clarity on funding sources, the land acquisition or expropriation process, and the timetable for opening bidding on each contract, with delays in these steps posing a key risk that could push the transmission of benefits later than planned.