PNG is an emerging leader in underwater robotics and subsea sensing technologies for defense and commercial markets. The company is transitioning toward a higher-margin, more predictable services model – supported by its 3D at Depth acquisition and growing Robotics-as-a-Service (RaaS) portfolio – while continuing to innovate in next-generation sonar and subsea battery solutions. With global defense budgets increasingly focused on unmanned and intelligent underwater systems, PNG is well positioned to benefit from this long-term structural demand.

Parkland Corporate (PKI) and Sunoco announced on May 5, 2025 an agreement for Sunoco to acquire all outstanding shares of PKI in a roughly U$9.1 billion transaction. Shareholders of PKI are expected to receive C$19.80 in cash and 0.295 common shares of a newly-formed entity (SUNCorp).

DIR.UN owns and manages a global portfolio of diversified industrial assets. It is widely regarded as a high-quality monthly distribution payer due to its consistent record of distributions through full economic cycles, though distribution growth has been limited. The company’s valuation remains attractive, as DIR.UN continues to trade at a meaningful discount to NAV. Management has recently raised rents across the Canadian portfolio to align with market levels, which should benefit unitholders over the next few years. Additionally, there may be near-term upside potential from declining interest rates, which tend to support real estate valuations.