The cabinet has approved a central budget of 843.26 million baht for the Royal Irrigation Department to repair and restore irrigation systems in five southern provinces damaged by the 2025 floods. The project covers Songkhla, Satun, Yala, Pattani, and Narathiwat provinces, comprising 67 items such as repairing the R.1 drainage canal in Songkhla and repairing the right bank main canal embankment of the Pattani water delivery and maintenance project. Deputy government spokesperson Ratchada Thanadirek stated that the prime minister has urged agencies to expedite the work with emphasis on economy, value for money, and public benefit.
Galliford Try Fair Value Raised to £7.54 on Lower Risk and Margin Views
Analysts lifted their fair value estimate for Galliford Try Holdings to £7.54 per share from £6.52, citing updated views on risk around future cash flows and the company's scope to deliver on its plans. The revised model keeps the revenue growth assumption unchanged at 4.01% while raising the net profit margin assumption to 2.49% from 2.14%. The future P/E assumption moved to 18.52x from 18.93x, and the discount rate eased to 9.53% from 9.61%. Cautious analysts note the higher fair value still rests on assumptions about cash flow timing and project delivery, warning that any slip in execution could leave the stock exposed if the market has already priced in much of the revised value. The narrative also folds in expansion into energy and capital maintenance markets, particularly water and wastewater treatment, alongside a reentry into the affordable homes market using modern methods of construction.
Crane Company to Acquire Trillium Flow Technologies' U.S. Pump Business for $240 Million
Crane Company announced a definitive agreement on September 14 to acquire Trillium Flow Technologies' U.S. pump business for approximately $240 million. The operations primarily serve municipal water and wastewater customers and are expected to generate approximately $115 million in full-year revenue, with closing expected in the fourth quarter subject to regulatory approvals and customary conditions. The deal would add the Floway, Wemco, Roto-Jet and WSP brands to Crane's Process Flow Technologies segment, and Crane disclosed a price of approximately 14.6 times estimated 2026 adjusted EBITDA. The announcement did not quantify aftermarket revenue's share of the business, its margins, expected synergies, or integration costs, nor did it specify the funding mix. Process Flow Technologies' second-quarter sales rose 20.9% to $385.6 million while company-defined non-GAAP core sales declined 1.4%, and at June 30 Crane held $350.4 million of cash and $1.098 billion of debt before subsequently repaying another $90 million.
RBC Downgrades Mueller Water to Underperform on Municipal Spending Slowdown
RBC Capital downgraded Mueller Water Products to Underperform from Sector Perform and cut its price target to $21 from $30, sending shares down 3.2% in Thursday's trading. Analyst Jeffrey Reive said the consensus expectation for 4% FY 2027 revenue growth does not reflect the combined headwinds of fading federal stimulus, hydrant backlog normalization, and ongoing residential softness. Reive considers Mueller one of the most exposed stocks in RBC's coverage to a slowdown in municipal water spending, since its core valve and hydrant business is tied to municipal project activity and funding availability, and he believes it lacks the structural buffer against near-term funding shifts that peers such as Badger Meter or Veralto possess. He said his concern is not with execution but with expected pressure from a falloff in federal stimulus that is fully reflected in consensus estimates, adding that the hydrant backlog workdown supporting FY 2026 revenue growth is unlikely to repeat, which he sees as a $35M headwind with limited offsets as residential construction still tries to find a bottom.