desjardins research - Positive implications for both HRX and CAE. Overall, we approach the upcoming air show with a bullish view and believe there could be positive implications for both HRX and CAE. For HRX, today’s webinar reinforces our view that the Boeing 777 production rate is poised for upward revisions (see our note) and that strong European demand should support F-35 and Eurofighter Typhoon production (HRX has exposure to both fighters). For CAE, the uptick in order activity increases the breadth of training opportunities at its disposal, with a possible boost if IndiGo announces its rumoured 500-aircraft order at the air show (CAE trains about half of the pilots at the airline).