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Smartkarma Daily Briefs

Oct 21
0

Daily Brief United States: Levi Strauss & Co, Gitlab , Domino’s Pizza, VEON, Delta Air Lines, Carnival Corp, Gold, Quanta Services, Csx Corp, Central Bancompany and more

By | Daily Briefs, United States

In today’s briefing:

  • Levi Strauss & Co.: Product Innovation & Expansion
  • GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!
  • Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!
  • VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding
  • Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Did Trump Just Tank the Meat Markets?
  • Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company

Levi Strauss & Co.: Product Innovation & Expansion

By Baptista Research

  • Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
  • The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
  • A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!

By Baptista Research

  • GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
  • The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
  • The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!

By Baptista Research

  • Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
  • The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
  • The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

By Vincent Fernando, CFA

  • Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
  • Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
  • We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

By Baptista Research

  • Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
  • The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
  • This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Did Trump Just Tank the Meat Markets?

By The Commodity Report

  • Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down – as panic selling hit the complex.
  • The reason for the panic selling: president Trump.
  • In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.

Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!

By Baptista Research

  • The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
  • In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
  • These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Central Bancompany, Inc. (CBC): Peeking at the IPO Prospectus of a Bank Holding Company

By IPO Boutique

  • They are a bank holding company headquartered in Jefferson City, Missouri. As of June 30, 2025, they had total balance sheet assets of $19.1 billion.
  • Net income totaled $186.2 million, an increase of $14.9 million, or 8.7%, compared to $171.3 million for the six months ended June 30, 2024.
  • Hile regional bank IPOs have generally been well-received in recent years, recent market sentiment toward the sector has turned more cautious, suggesting a more measured investor response this time around.

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Oct 21
0

Daily Brief Industrials: Sany Heavy Industry, Delta Air Lines, Quanta Services, Csx Corp, Grupo Aeromexico, Snap On Inc, Alinco Inc, United Airlines Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations
  • Sany Heavy Industry IPO in Hong Kong
  • Sany Heavy Industry IPO: Valuation Assessment
  • Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!
  • Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO
  • Snap-on Incorporated: How Are They Dealing With Market Saturation in Diagnostic & Repair Systems & Other Critical Challenges!
  • Alinco Inc (5933 JP): 1H FY03/26 flash update
  • United Airlines’ Premium Push: Can Luxury Cabins Be the Key to Sky-High Profits?

Sany Heavy Industries A/H IPO Pricing – Thoughts on Valuations

By Sumeet Singh

  • Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
  • Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
  • We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Sany Heavy Industry IPO in Hong Kong

By Douglas Kim

  • Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
  • The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
  • Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment. 

Sany Heavy Industry IPO: Valuation Assessment

By Osbert Tang, CFA

  • Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
  • Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
  • Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

By Baptista Research

  • Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
  • The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
  • This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!

By Baptista Research

  • The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
  • In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
  • These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

By IPO Boutique

  • The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
  • AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
  • The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 

Snap-on Incorporated: How Are They Dealing With Market Saturation in Diagnostic & Repair Systems & Other Critical Challenges!

By Baptista Research

  • Snap-on Inc. reported its third-quarter results, revealing a 3.8% increase in net sales to $1.19 billion compared to the previous year, with organic sales growth of 3%.
  • Adjustments for favorable foreign currency translation were noted.
  • Operating margins, before Financial Services, stood at 23.4% due to a 190 basis point gain from a legal settlement.

Alinco Inc (5933 JP): 1H FY03/26 flash update

By Shared Research

  • Revenue increased by 3.0% YoY to JPY31.7bn, achieving 50.0% of the full-year forecast, while operating profit fell 4.4% YoY.
  • Segment revenue for scaffolding equipment rose 3.7% YoY to JPY13.0bn, but segment profit decreased 24.0% YoY.
  • Revenue from digital firefighter radios grew 12.3% YoY to JPY2.7bn, narrowing the segment loss compared to 1H FY03/25.

United Airlines’ Premium Push: Can Luxury Cabins Be the Key to Sky-High Profits?

By Baptista Research

  • United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.
  • The company demonstrated strong results despite identified macroeconomic challenges.
  • United’s ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.

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Oct 21
0

Daily Brief Consumer: Digital Holdings Inc, Levi Strauss & Co, Domino’s Pizza, Geely Auto, TSE Tokyo Price Index TOPIX, Carnival Corp, Bama Tea, Kering, JNBY Design Ltd and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [Japan M&A/Activism] Digital HD (2389 JP) Gets a Counter + 20% – Tough But Not Impossible
  • Digital Holdings (2389 JP): SilverCape Counters with a Hostile Preconditional Offer
  • Levi Strauss & Co.: Product Innovation & Expansion
  • Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!
  • Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries
  • Companies Unable to Escape the Curse of the Unfortunate History of Misunderstanding “Cost of Equity”
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins
  • Kering – Beauty Sale to L’Oréal: Deleveraging Catalyst in a Strategic Reset
  • HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

[Japan M&A/Activism] Digital HD (2389 JP) Gets a Counter + 20% – Tough But Not Impossible

By Travis Lundy

  • Today, in something of a surprise but not a complete surprise, Silvercape came out with its own bid for Digital Holdings Inc (2389 JP) at +20% from the Hakuhodo bid.
  • They make it clear that the original bid does not protect minority shareholders or give them sufficient value. This one would. Which means that is Hakuhodo’s bogey.
  • It would not be impossible for Silvercape to get to its minimum hurdle, but despite being lower than Hakuhodo’s it’s not a gimme. 

Digital Holdings (2389 JP): SilverCape Counters with a Hostile Preconditional Offer

By Arun George

  • SilverCape has launched a hostile preconditional tender offer for Digital Holdings Inc (2389 JP) at JPY2,380, a 20.8% premium to the Hakuhodo Dy Holdings (2433 JP) JPY1,970 offer. 
  • The Board stonewalled SilverCape’s attempts to negotiate a friendly offer. SilverCape’s offer is based on EV/EBITDA multiples and will commence in late November.
  • The situation shares similarities with Soft99’s contested offer. The Board is likely to oppose the SilverCape offer. Hakuhodo’s likely move will be to extend the close and disclose current acceptances. 

Levi Strauss & Co.: Product Innovation & Expansion

By Baptista Research

  • Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
  • The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
  • A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!

By Baptista Research

  • Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
  • The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
  • The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

By Ming Lu

  • BYD is still the largest sedan maker in China, but its deliveries began to decline.
  • Geely is the second largest car maker, but its deliveries surged dramatically.
  • We believe Geely is the most promising company when the sedan market gets concentrated.

Companies Unable to Escape the Curse of the Unfortunate History of Misunderstanding “Cost of Equity”

By Aki Matsumoto

  • In the past, dividends paid out of net income were often mistakenly regarded as “equity costs.” Consequently, many companies have adopted the concept of payout ratio as their dividend policy.
  • The increasing number of companies adopting dividend policy based on DOE may help curb the expansion of shareholders’ equity, but it hasn’t yet led to active use to raise ROE.
  • Few managers still understand that entire FCF belongs to shareholders. Due to the unfortunate history of dividends mistakenly viewed as “equity costs,” few companies clearly articulate their cash allocation strategies.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Bama Tea (BAMA HK) IPO: Franchise Driven Branded Volume Play Model Will Compensate Foregone Margins

By Tina Banerjee

  • Bama Tea (BAMA HK) launched its Hongkong IPO aiming to raise up to HK$368M. The company plans to sell 9M shares at HK$45-$50 per share.
  • Bama Tea is a provider of tea leaf products in China, covering all six major types of tea leaves in China and non-tea-leaf products such as tea-ware and tea snacks.
  • Amidst the highly fragmented tea consumption market Bama Tea relies on a volume play model with its branded offerings. We would recommend the investors to subscribe to the issue.

Kering – Beauty Sale to L’Oréal: Deleveraging Catalyst in a Strategic Reset

By Jesus Rodriguez Aguilar

  • €4 bn divestiture cuts Kering’s net debt to ~2× EBITDA, marking a decisive deleveraging under new CEO Luca de Meo.
  • Balance-Sheet reset buys time for Gucci’s creative relaunch; early fashion-week feedback encouraging.
  • We see moderate upside to €333–€350/share if execution sustains cost control and brand momentum.

HK-Listed Apparel & Footwear Screener Oct 2025: HK Meetings With JNBY, Leverstyle, and Nameson

By Sameer Taneja

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Oct 21
0

Daily Brief TMT/Internet: Softbank Group, Gitlab , VEON, JST Group, Hutchison Telecommunications Hong Kong Holdings, Robot Payment Inc, Telesat , 1Spatial Plc, Weave Communications Inc, PAR Technology and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Softbank Group (9984 JP): Breaks Through the 10% Nikkei225 Cap
  • GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!
  • VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding
  • JST Group IPO Trading: Strong Insti and Retail Demand
  • Primer: Hutchison Telecommunications Hong Kong Holdings (215 HK) – Oct 2025
  • (20 Oct 2025) Robot Payment Inc(4374 JP) — Fisco Company Research
  • Telesat Corp (TSAT) – Monday, Jul 21, 2025
  • Hybridan Small Cap Feast: 13/10/2025
  • Weave Communicati Inc (WEAV) – Sunday, Jul 20, 2025
  • Primer: PAR Technology (PAR US) – Oct 2025

Softbank Group (9984 JP): Breaks Through the 10% Nikkei225 Cap

By Brian Freitas

  • Softbank Group (9984 JP)‘s weight in the Nikkei 225 (NKY INDEX) has broken through 10% and staying there will lead to capping at the March rebalance.
  • Nearly half of Softbank Group‘s float is held by passive trackers, and the real float is much lower. Capping will increase the real float by a few percentage points.
  • Softbank Group has outperformed the Nikkei 225 (NKY INDEX) significantly over the last 6 months and cumulative excess volume has started to increase sharply. Watch out for pullbacks.

GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!

By Baptista Research

  • GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
  • The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
  • The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

By Vincent Fernando, CFA

  • Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
  • Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
  • We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

JST Group IPO Trading: Strong Insti and Retail Demand

By Nicholas Tan

  • JST Group (6687 HK) raised around US$270m in its HK IPO.
  • It is China’s largest and most popular e-commerce SaaS ERP provider.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Primer: Hutchison Telecommunications Hong Kong Holdings (215 HK) – Oct 2025

By αSK

  • Hutchison Telecommunications Hong Kong Holdings (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau markets, operating under the ‘3’ brand.
  • The company is focused on leveraging its 5G network to drive growth in mobile data services and explore new revenue streams in areas like FinTech, telemedicine, and gaming.
  • HTHKH exhibits a strong financial position with a significant net cash balance and a high dividend yield, positioning it as a defensive investment. However, it faces challenges from intense competition and declining revenues in a mature market.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

(20 Oct 2025) Robot Payment Inc(4374 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • ROBOT PAYMENT, listed on the Tokyo Stock Exchange under ticker 4374, is growing rapidly due to its subscription-based services.
  • Approximately 98% of the company’s revenue comes from recurring sources, indicating strong customer retention and expansion.
  • In the first half of the fiscal year ending December 2025, ROBOT PAYMENT reported significant revenue growth, maintaining double-digit increases in revenue and profit since its 2021 listing.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Telesat Corp (TSAT) – Monday, Jul 21, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Telesat has fully funded its Lightspeed satellite constellation and secured multiple customer contracts.
  • The geopolitical landscape has increased demand for alternative satellite service providers, benefiting Telesat.
  • With a 56-year history, Telesat is recognized as a competitively priced and well-positioned satellite operator.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Hybridan Small Cap Feast: 13/10/2025

By Hybridan

  • 1Spatial Holdings 53.0p £60.87m (SPA.L) The global Location Master Data Management software and solutions provider reports Interims to July.
  • Revenue increased 9% to £17.7m with a 50% increase in SaaS Term licenses to £0.8m and ARR grew 11.9% to £19.1m.
  • The is EBITDA improved to £2.1m from £2m, while the LBT increased to £0.3m from £0.2m. 

Weave Communicati Inc (WEAV) – Sunday, Jul 20, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Weave Communications is a cloud-based SaaS platform aimed at improving operational efficiency for healthcare practices.
  • The company has shown significant growth, transitioning from unprofitability to high-teens CAGR while trading at about 2X NTM EV/Sales.
  • Despite strong performance and management, the market undervalues WEAV’s potential, especially in non-dental sectors.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Primer: PAR Technology (PAR US) – Oct 2025

By αSK

  • PAR Technology is aggressively transitioning from a legacy hardware provider to a unified commerce cloud platform for enterprise restaurants, a strategy spearheaded by CEO Savneet Singh since 2019. This involves integrating Point-of-Sale (POS), loyalty (Punchh), ordering (MENU), and payment solutions into a single offering.
  • The company’s strategic focus on large, multi-location enterprise clients (QSRs, fast-casual chains) provides a stickier customer base and significant cross-selling opportunities, differentiating it from competitors primarily focused on the more fragmented small-to-medium business (SMB) segment.
  • Despite strong revenue growth and an expanding software-as-a-service (SaaS) revenue stream, PAR has a history of significant net losses and negative free cash flow. The path to sustained profitability hinges on successfully scaling its platform, achieving operating leverage, and managing integration risks from recent acquisitions.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Oct 21
0

Daily Brief Thematic (Sector/Industry): Japan Morning Connection: AWS Outage and Calls for Improved Redundancy Infra Drives Tech and AI Up and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Morning Connection: AWS Outage and Calls for Improved Redundancy Infra Drives Tech and AI Up
  • Ohayo Japan | Apple Rings up Record High

Japan Morning Connection: AWS Outage and Calls for Improved Redundancy Infra Drives Tech and AI Up

By Andrew Jackson

  • Apple to ATH’s with its China iPhone17 sales tracking 14% better than the same period for the iPhone16.
  • With an LDP – Ishin pact signed, Takaichi is set to reign as PM. Space names and JSW look to have more upside as do Heavies.
  • Will a China trade deal include a big Boeing order after a 5-year hiatus? Comments from the US Ambassador and Trumps play book point to YES.

Ohayo Japan | Apple Rings up Record High

By Mark Chadwick

  • US stocks: SPX +1.1%, Nasdaq +1.4%; Apple’s 3.9% surge to ATH on strong iPhone demand
  • US government shutdown into 3rd week; President Trump optimistic ahead of meeting with President Xi Jinping; U.S. signed rare earth pact with Australia.
  • LDP+JIP coalition signed. Continued mkt focus on Takaichi-thematics: security and technology stocks.

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Oct 21
0

Daily Brief India: CleanMax Enviro Energy Solutions Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

By Akshat Shah

  • CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
  • CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
  • In this note, we talk about the positive aspects of the deal.

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Oct 21
0

Daily Brief Macro: Technically Speaking Breakouts & Breakdowns – HONG KONG (October 18) and more

By | Daily Briefs, Macro

In today’s briefing:

  • Technically Speaking Breakouts & Breakdowns – HONG KONG (October 18)
  • Credit Cockroaches Incubating
  • Did Trump Just Tank the Meat Markets?
  • Rising US-China Trade Tensions Shifts Focus to the Next Five-Year Plan

Technically Speaking Breakouts & Breakdowns – HONG KONG (October 18)

By David Mudd

  • Hong Kong has pulled back this month as the U.S. trade war intensifies, however it remains in a Secular Bull Market.
  • Materials and Healthcare sectors continue to outperform YTD, with Technology coming in a distant 3rd place.
  • Hengan International Group (1044 HK)  had multiple breakouts relative to MSCI Asian indexes and on an absolute basis.  Analysts’ recommendations are split as the shares trade at their target price.

Credit Cockroaches Incubating

By Phil Rush

  • Write-downs at two regional banks follow the cockroaches of First Brands and Tricolor bankruptcies, and should not be dismissed as isolated idiosyncratic events.
  • Overly accommodative monetary conditions are stimulating markets to incubate cockroach eggs that may spawn as private credit malinvestment in the next recession.
  • It is too early for these eggs to hatch, aided by the warm support of further Fed rate cuts. So, risk assets will probably keep on rising in the void of economic data releases.

Did Trump Just Tank the Meat Markets?

By The Commodity Report

  • Live and feeder cattle futures gapped lower on the open Friday, with some feeder cattle contracts touching even limit down – as panic selling hit the complex.
  • The reason for the panic selling: president Trump.
  • In an announcement on Thursday evening, Trump hinted that there could be a near-term deal reached to lower beef prices. How exactly such a deal would look like isn’t clear, though.

Rising US-China Trade Tensions Shifts Focus to the Next Five-Year Plan

By Said Desaque

  • US-China trade tensions have spiked again following new Chinese curbs on rare earth exports. President Trump wants a trade deal with China this year, but China will not capitulate.
  • Rising US-China trade tensions come before the fourth plenum for the Chinese Communist Party that lays the foundations of the next five-year plan. Eradicating supply chain vulnerabilities will feature prominently
  • Private capital will play a crucial role in fulfilling the next five-year plan, but the government needs to ensure there is a level playing field in competing with state-owned enterprises.

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Oct 21
0

Daily Brief Health Care: Remegen , Binhui Biopharmaceutical, MapLight Therapeutics, Oryzon Genomics, OSE Immuno, Rani Therapeutics Holdings and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Remegen (9995 HK): Index Inclusion as Sector Starts to Drop
  • Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications
  • Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead
  • Oryzon Genomics — Making headway towards Phase III in BPD
  • OSE Immunotherapeutics — Refocusing for the next phase
  • RANI: Chugai Deal Announced

Remegen (9995 HK): Index Inclusion as Sector Starts to Drop

By Brian Freitas

  • After a huge upward move earlier this year, Remegen (9995 HK)‘s stock has started to drop as the sector starts to give back some of its gains. 
  • Despite the recent correction, Remegen (9995 HK) should be added to a global index in November and that could help the stock outperform its peers.
  • There appears to be a lot of positioning in the stock, but we see a similar trend across stocks in the industry.

Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

By Ke Yan, CFA, FRM

  • Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
  • In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
  • We also look at the company’s pre-IPO investors and management team.

Maplight Therapeutics (MPLT): Clubby Biotech Deal Anticipated as IPO Market Pushes Ahead

By IPO Boutique

  • Its prospectus reveals a $40 million anchor order from T. Rowe Price and an additional $8.1 million concurrent private placement through Goldman Sachs.
  • Additionally, according to guidance, the deal is already being classified by our sources as well-oversubscribed on new and existing orders.
  • Given the company’s scientific credibility and strategic investor base, MapLight Therapeutics appears well-positioned to navigate the current market.

Oryzon Genomics — Making headway towards Phase III in BPD

By Edison Investment Research

Oryzon Genomics has announced that it has received FDA feedback on its plans for the Phase III programme in borderline personality disorder (BPD) for its lead central nervous system (CNS) drug candidate, vafidemstat. Following the submission of the proposed protocol in June 2025, Oryzon now has written feedback regarding various components of the programme, including trial endpoints as well as non-clinical considerations. Management has communicated that this dialogue with the regulators has been constructive and will enable the company to re-submit a revised Phase III protocol in due course. We highlight that such interactions with the FDA are common in drug development, and perhaps unsurprising in this case where there is no regulatory precedent for BPD. Should the FDA clear Oryzon’s revised protocol, it should strengthen the company’s chances of bringing an effective new treatment option for patients with BPD, an indication that currently has no approved drugs.

OSE Immunotherapeutics — Refocusing for the next phase

By Edison Investment Research

OSE Immunotherapeutics’ H125 results, the first since the board restructuring, reflected normalised operations typical of a clinical-stage biotech, following H124’s exceptional licensing income. The decline in operating revenues (to €1.3m vs €82.6m in H124) was attributed to the absence of upfront payments from AbbVie and Boehringer Ingelheim (BI) recognised in H124. Operating expenses rose modestly by 6% y-o-y to €19.6m, driven by higher R&D spending (€14.8m vs €13.9m), in particular related to lead asset Tedopi’s Phase III ARTEMIA trial and increased legal costs linked to governance changes (G&A +4.7% to €4.5m). In terms of liquidity, as communicated in September 2025, the company estimates it has a cash runway to Q426 (excluding potential milestone receipts, which may extend the runway, should payments be realised). Management is assessing financing and partnership options to extend it further. We place our estimates under review pending visibility on OSE’s development plans, in particular around the lusvertikimab programme.

RANI: Chugai Deal Announced

By Zacks Small Cap Research

  • Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
  • Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
  • Both programs have completed Ph1 trials characterizing safety tolerability & pharmacokinetics.

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Oct 21
0

Daily Brief Equity Bottom-Up: Levi Strauss & Co.: Product Innovation & Expansion and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Levi Strauss & Co.: Product Innovation & Expansion
  • GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!
  • VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding
  • Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!
  • Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries
  • Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!
  • CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
  • Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

Levi Strauss & Co.: Product Innovation & Expansion

By Baptista Research

  • Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
  • The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
  • A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!

By Baptista Research

  • GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
  • The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
  • The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding

By Vincent Fernando, CFA

  • Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
  • Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
  • We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!

By Baptista Research

  • Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
  • The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
  • The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

By Ming Lu

  • BYD is still the largest sedan maker in China, but its deliveries began to decline.
  • Geely is the second largest car maker, but its deliveries surged dramatically.
  • We believe Geely is the most promising company when the sedan market gets concentrated.

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

By Baptista Research

  • Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
  • The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
  • This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!

By Baptista Research

  • The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
  • In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
  • These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.

CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?

By Baptista Research

  • CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
  • During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
  • The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications

By Ke Yan, CFA, FRM

  • Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
  • In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
  • We also look at the company’s pre-IPO investors and management team.

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Oct 21
0

Daily Brief Credit: Asian Bond Monitor: Baht Bond Bummers (“BBB”) and more

By | Credit, Daily Briefs

In today’s briefing:

  • Asian Bond Monitor: Baht Bond Bummers (“BBB”)
  • Lucror Analytics – Morning Views Asia

Asian Bond Monitor: Baht Bond Bummers (“BBB”)

By Warut Promboon

  • This report will be different as we look into the latest THB bond offerings and give our opinion to Thai retail investors. 
  • Thai rates will continue to be depressed in an attempt to spur the economy.
  • For Thai retailed investors, we believe Sermsang Power’s 2.33-year THB bonds with 4.5% are the most attractive among peers.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • UST yields rose 2-4 bps on Friday, as haven flows into treasuries eased after US President Donald Trump indicated that high tariffs on China would not be sustainable.
  • Yields on 2Y and 10Y USTs rose 3 bps to 3.46% and 4.01%, respectively. Equities ended higher, recovering from declines earlier in the day.
  • The S&P 500 and Nasdaq both increased 0.5% to 6,664 and 22,680, respectively.

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