Weekly Update #31: $PPIH Lands a Sovereign JV, $IEHC's Backlog Triples, $SIF Gets a Read-Through

PPIH(Partnership): Signed an MOU with $7.2B Welspun Corp and Jordan's government for a pipe-manufacturing JV. A multibillion-dollar player co-signing with tiny PPIH speaks to its reputation. IEHC(Contracts/Awards): $6.5M in new APKWS connector orders lifted backlog past $45M, nearly triple a year ago, and none of the FY2027 missile surge has even started flowing yet. PDEX(Quarterly Results): Uneventful quarterly results with the real catalyst still ahead in the Zimmer mBôs robot launch. GETB.L(Quarterly Results): H1 revenue +9% to £11.96M and adjusted EBITDA +40% to £593K, but the story is SmartVault (ARR +22%), openly being marketed for a sale worth more than the whole company. SIF(Other): GE Aerospace just paid 26x EBITDA for a casting maker, a read-through for SIF, one of the last independent aerospace hot-metal suppliers, trading at 7.8x run-rate EBITDA. The following covers stocks in ourmicrocap quality indices(MSMqi)or in ourresearch journal(stocks that don't quite qualify for the MSMqi but might be close). PPIH and Welspun Corp signed a non-binding MOU with Jordan's government and the developers of Jordan's National Water Carrier Project to form ajoint venturethat wouldbuild pipe manufacturing and coating facilities in the country. The plants would supply the water carrier project, a pipeline carrying desalinated water inland from Aqaba, and potentially other regional infrastructure work. Who is Welspun Corp?Welspun Corp Limited is an Indian multinational (US$7.2B market cap) and one of the world's largest manufacturers of large-diameter welded steel line pipes. What's outstanding is that this huge multibillion-dollar company is co-signing an MOU with a tiny company to work for asovereign government.It probably helps to display the level of reputation PPIH has achieved. As we previously mentioned, PPIH's new global credit facility providing up to $139 million was a clear indication of the level of business the company was pursuing. However, I'm gonna mention the same caveat I mentioned last time: … we are still a little cautious about the upcoming Q2 2026 results, since last quarter PPIH stated,'Geopolitical Situation in the Middle East Causes Near-Term Project Timing Delays'… Note:Stock is in our Microcap Quality Index IEHC announced $6.5 millionworth of orders for its Hyperboloid connectors in support of theAPKWSprogram, raising its backlog to over$45 million, nearly triple the level at this time last year. To give you a little context, in IEHC's latest quarter, their backlog stood at $38.56, so this is still a very significant sequential jump. As a heads-up,APKWS (Advanced Precision Kill Weapon System)is a cheap add-on kit that turns a plain, unguided 70mm rocket into a laser-guided precision one. Instead of building a whole new expensive missile, the military bolts a small guidance section between the rocket's motor and its warhead, and it steers to wherever a laser is pointed. To be honest, I did not really have APKWS on my radar as a revenue driver. Interestingly, my research suggests that APKWS demand has surged as it became thelow-cost counter-drone weapon of choice (proven against Shaheds in Ukraine and Houthi drones in the Red Sea).