June 8, 2026 08:00 PM GMT Australia Emerging Companies | Asia Pacific More layers in the layer cake – Initiate SSM at OW, VNT at EW SSM/VNT are well positioned to capture rising domestic capex, with high earnings visibility and defensive growth characteristics underpinned by annuity-style maintenance contracts. We like VNT on an absolute basis (premium, diversified incumbent), but prefer SSM for its greater growth optionality. Key Takeaways Early innings of multi-year capex pipeline: At a high level, signif ...