WIth today's candle (so far) this chart is giving me the impression that IPG is consolidating here to prepare at least a swing low rally? That is, a low on a daily or weekly scale, not necessarily a major low, but a candidate for such. All subjective obviously.
Another snippet from Greg Canavan's analysis first referencing the lagging CMI acquisition then discussing Addelec, the electrical vehicle charging installation business:
"... We’ll get a closer look at the integration of CMI when the company hands down its full-year results in August.
The
Addelec business is the other area weighing on profits. This is the EV charging infrastructure business. It’s facing project delays on its contract to upgrade EV charging infrastructure at the Kinsgrove bus depot in Sydney. The depot is undergoing a significant transformation to support a fleet of approximately 155 battery electric buses.
At the half-yearly result, management stated that Transport New South Wales expected to deliver the bus depot in August, ‘which means that if it stays on track and it stays to that time line, there will be a significant amount of revenue in the second half of the year attached to Kingsgrove Bus Depot’. But delays to the project have pushed that revenue recognition out. Hence the expected 12% decline in revenues from the Addelec business. Again, that is a short-term timing issue. Longer term, the Addelec business appears to have strong growth prospects.
In NSW alone, the government’s broader Zero Emission Buses Program aims to transition over 8,000 buses to zero-emission technology by 2035 in Greater Sydney, with further targets set for outer metro regions and regional NSW. The program includes converting 11 diesel and natural gas bus depots in Greater Sydney to support battery electric buses, with the first stage expected to be complete by 2028."
DAILY