What's the idea? Iridium provides satellite communications services, the market for which is expected to grow at a compound annual growth rate (CAGR) of 9.6% during 2024–2032 to reach $70.89 billion by the end of the forecast period. The enterprise segment of Internet of Things will reach $690 billion by 2030, projected to grow at a CAGR of 15%. The company expects its service revenues to reach $1 billion per year by 2030, representing growth at a CAGR of 8% from current levels. The company has launched the Iridium Certus GMDSS service, which could drive additional demand for the company's services from the maritime industry. The recent acquisition of Satelles allowed Iridium to enter a new market for GPS signal security. The company pays shareholders a dividend yielding 1.78% and repurchases shares from the market under a buyback program, the authorized amount of which is equivalent to around 18% of IRDM's market capitalization.

What's the idea? As commercial interest in space exploration grows, NASA has approved a new lunar program, Artemis, that relies on private funding. Intuitive Machines is one of NASA's key contractors in this program. The company provides services to deliver useful cargo to the Moon, which is particularly relevant in the context of the planned human landing on the Earth's natural satellite in 2026. Due to China's rapid progress in lunar exploration, the US may increase its spending on the Artemis program. In September 2024, Intuitive Machines won a major $4.82 billion contract to establish a permanent link between the Moon and Earth. The company continued to raise funds from private contractors and successfully sold all available space for cargo to be delivered to the Moon on the second IM-2 mission. Intuitive Machines is planning two flights to the Moon in 2025. If these are successful, the company's market capitalisation could increase significantly.

What's the idea? HealthEquity Inc. is the largest provider of HSAs in the US, managing approximately 9.4 million HSAs with $29.5 billion in assets, as of July 2024, alongside 6.9 million other CDB accounts. The US HSA market has grown substantially, with total assets increasing from $65.9 billion in 2019 to $123.3 billion in 2023, reflecting a compound annual growth rate (CAGR) of 17%. Projections suggest HSA assets could reach $168.3 billion by 2026, indicating further market expansion. To fuel future growth, HealthEquity has implemented several strategic initiatives, including strong sales efforts, a new mobile app, and AI-powered claims processing. The company has also enhanced its partnerships within the health benefits ecosystem and recently launched HPAs in collaboration with Paytient, offering employees an interest-free way to manage healthcare costs.

What's the idea? The consumer food service market in China is huge and estimated to equal about US$650 billion. Despite slowing growth rates, witnessed over the last couple of years, the market is highly fragmented and Yum China can increase its market share. Yum China plans to expand its restaurant network from current 15,000 to 20,000 units by 2026. It will allocate from $2.3 to $3.0 billion of capital expenditure to reach this goal. Moreover, the company will continue to experiment with menu items and store formats to drive net sales. Development of the digital ecosystem is another pillar of the company's strategy. Yum China constantly improves its technologies to increase operational efficiency of supply chains and inventory management as well as boost digital orders, which positively impacts both margins and revenue. Yum China is a growth company so its current cash returns to shareholders are relatively modest. However, the management demonstrates commitment to return excess cash to shareholders, increasing returns in the future, which is a positive signal for long-term investors.

What's the idea? Full Truck Alliance operates in the Full Truck Load (FTL) and Less Truck Load (LTL) markets, which are projected to grow at a compound annual growth rate (CAGR) of 5.9% and 6.9%, respectively, between 2024 and 2030. Weak digitalization of the Chinese market: Full Truck Alliance has an opportunity to scale the business by replacing offline players in the Chinese logistics market. A good time to enter: heavy rains in China caused Full Truck Alliance's capitalization to drop 25% from summer peaks, but the weather had only a limited impact on the company's business. In Q2 2024, the number of active average monthly shippers rose to a record 2.7 million (+32.8% y/y). Revenue from the company's relatively new transactional business increased 63.3% to nearly ¥1 billion by the end of the reporting period. In March 2024, Full Truck Alliance adopted a share buyback program with an authorized amount equivalent to $3.55% of the company's market capitalisation.