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Smartkarma Daily Briefs

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 ESG: Companies Unable to Escape the Curse of the Unfortunate History of Misunderstanding “Cost of Equity” and more

By | Daily Briefs, ESG

In today’s briefing:

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

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.

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Oct 21
0

Daily Brief South Korea: Kakaopay , SK Innovation and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Dec KS200 Review: Kakao Pay Poised for Breakout
  • SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey’s Divorce Payment

Dec KS200 Review: Kakao Pay Poised for Breakout

By Sanghyun Park

  • Names with the biggest float bumps relative to their old float saw the sharpest moves — Hanwha Ocean and Ecopro Materials were the standout examples.
  • Kakao Pay looks set for Dec review spotlight: float likely jumping from 21% to 34% (+13ppt, 60%+ surge), even bigger than Hanwha Ocean/Ecopro last round.
  • Kakao Pay’s 13ppt float hike implies ~0.7–1.0x DTV passive inflows; with little pre‑positioning, flows may hit raw and drive outsized intraday impact.

SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey’s Divorce Payment

By Douglas Kim

  • SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. 
  • SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. 
  • A consensus has been forming in the local media regarding Chairman Chey’s expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.

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Oct 21
0

Daily Brief Energy/Materials: SK Innovation, Zijin Gold, Larvotto Resources, Gold, CleanMax Enviro Energy Solutions Ltd, Fresnillo PLC, Commercial Metals Co, DuPont, Axalta Coating Systems and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey’s Divorce Payment
  • Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind
  • Larvotto Resources (LRV AU): USAC’s Unattractive NBIO
  • Did Trump Just Tank the Meat Markets?
  • CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position
  • Fresnillo PLC – Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?
  • Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?
  • DuPont Spins Off Qnity Electronics In $4 Billion Shake-Up — What Investors Must Know!
  • Axalta Coating Systems Ltd (AXTA) – Monday, Jul 21, 2025

SK: Restructuring of Renewable Energy Business of Nearly 1 Trillion Won & Chey’s Divorce Payment

By Douglas Kim

  • SK Group plans to restructure its renewable energy businesses that could result in asset sales of more than 1 trillion won. 
  • SK Group is taking on a major restructuring of its renewable energy businesses, including  including fuel cells, energy storage systems (ESS), and solar/wind power generation facilities. 
  • A consensus has been forming in the local media regarding Chairman Chey’s expected divorce payment to his wife Roh So-young to be about 400 billion won to 700 billion won.

Zijin Gold (2259 HK) 25Q3 – Updates on Forecast/Valuation and Potential Risks Behind

By Xinyao (Criss) Wang

  • Zijin Gold showed strong growth momentum in 25Q1-Q3, mainly driven by high gold prices and the two major acquisitions of the Ghana Akyem Gold Mine and Kazakhstan Raygorodok Gold Mine.
  • Based on 25Q1-Q3 results, we updated our forecast of Zijin Gold, with net profit to reach US$1.5 billion/US$2.3 billion/US$3.5 billion in 2025/2026/2027, respectively.Theoretically speaking, valuation still has positive upside potential.
  • However, our greatest concern is not the fundamental factors but the selling caused by liquidity crisis, which may lead to a synchronous correction of Zijin when the global market declines.

Larvotto Resources (LRV AU): USAC’s Unattractive NBIO

By Arun George

  • Larvotto Resources (LRV AU) has disclosed a non-binding proposal from United States Antimony (UAMY US) (USAC) at 6 USAC shares for every 100 Larvotto shares.
  • The offer is unattractive as the current implied offer value is 20% below the last close price and undervalues the core Hillgrove Mine based on the DFS’s NPV analysis.
  • USAC’s share price meteoric rise YTD amplifies the risk of the all-scrip offer. The Board should push for better terms or outright reject the NBIO. 

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.

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.

Fresnillo PLC – Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

By Baptista Research

  • Commercial Metals Company is expanding beyond rebar and into concrete.
  • In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.
  • The acquisition, along with the earlier announced acquisition of CP&P, marks the company’s formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

Commercial Metals Goes All-In on Infrastructure—Will This $1.8 Billion Deal Pay Off?

By Baptista Research

  • Commercial Metals Company is expanding beyond rebar and into concrete.
  • In a pivotal move announced on October 16, 2025, CMC revealed a definitive agreement to acquire Foley Products, a leading supplier of precast concrete infrastructure solutions in the Southeastern U.S., for $1.84 billion in cash.
  • The acquisition, along with the earlier announced acquisition of CP&P, marks the company’s formal entry into the precast concrete space and positions it to become the third-largest precast platform in the United States.

DuPont Spins Off Qnity Electronics In $4 Billion Shake-Up — What Investors Must Know!

By Baptista Research

  • DuPont de Nemours has officially approved the spin-off of its electronics business into a new publicly traded entity, Qnity Electronics.
  • This strategic separation, effective November 1, 2025, marks a major milestone in DuPont’s multi-year transformation focused on streamlining its portfolio around core industrial and specialty materials.
  • The move comes as Qnity positions itself as a pure-play technology solutions provider in the semiconductor and electronics value chain, targeting booming AI and advanced computing markets.

Axalta Coating Systems Ltd (AXTA) – Monday, Jul 21, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Axalta’s stock has dropped 28% despite strong growth from a new management team in the coatings industry.
  • Concerns about volume weakness in the key refinish business may be cyclical rather than secular, with potential improvement expected by late 2025.
  • With a 25% market share in refinish coatings and high barriers to entry, Axalta could see its stock rise to $41 if it reverts to historical valuation multiples.

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.

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Oct 21
0

Daily Brief Australia: Larvotto Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Larvotto Resources (LRV AU): USAC’s Unattractive NBIO

Larvotto Resources (LRV AU): USAC’s Unattractive NBIO

By Arun George

  • Larvotto Resources (LRV AU) has disclosed a non-binding proposal from United States Antimony (UAMY US) (USAC) at 6 USAC shares for every 100 Larvotto shares.
  • The offer is unattractive as the current implied offer value is 20% below the last close price and undervalues the core Hillgrove Mine based on the DFS’s NPV analysis.
  • USAC’s share price meteoric rise YTD amplifies the risk of the all-scrip offer. The Board should push for better terms or outright reject the NBIO. 

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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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