Smartkarma Daily Briefs

Key points (machine generated)

ATRenew’s market capitalization has dropped 79% since its IPO in mid-2021 due to factors like the pandemic and economic slowdown.
The company’s shift to direct retailing of refurbished devices has led to skepticism about profitability and minimal analyst coverage.
Despite challenges, ATRenew shows potential for growth with an expected CAGR of 23.4% over the next four years.

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.

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

Builders Firstsource (BLDR) – Friday, Jul 11, 2025

Key points (machine generated)

Builders FirstSource is the largest U.S. supplier of structural building materials and services, with 2024 net sales of $16.4 billion.
Revenue is primarily generated from new single-family construction (71%), with diverse product offerings including lumber, windows, and manufactured products.
Analysts consider BLDR undervalued due to expected housing starts and operational efficiencies, with chairman Paul Levy recently investing $55 million in the company.

(CLMT) Montana Renewables CEO on First-Mover Advantages and Coming SAF Supply Squeeze

On the latest WTR Small-Cap Spotlight, we were joined by Bruce Fleming, Chief Executive Officer of Montana Renewables and our host, Tim Gerdeman, WTR’s Vice- Chair & Co-Founder, and Chief Marketing Officer.
Montana Renewables (MR) is an unrestricted subsidiary (private JV) of Calumet (NASDAQ: CLMT) and the first large-scale sustainable aviation fuel (SAF) producer in the US.
Fleming described MR as Montana’s largest agricultural investment.

DWTX: Licenses SP16 for Treatment of Cancer Related Pain

On September 29, 2025, Dogwood Therapeutics, Inc. announced it had secured a worldwide, royalty free license to develop SP16 for the treatment of cancer related pain and chemotherapy induced neuropathy symptoms from Serpin Pharma.
A Phase 1b study of SP16 in Chemotherapy Induced Peripheral Neuropathy (CIPN) that is fully funded by the National Cancer Institute is scheduled to begin patient enrollment in the first half of 2026.
This deal expands Dogwood’s research pipeline and complements the ongoing development of Halneuron , which is currently in a Phase 2b clinical trial for Chemotherapy Induced Neuropathic Pain (CINP).

Evolution Petroleum Corp: Free Cash Flow Supports Dividend

Evolution’s business strategy is built upon three key pillars, including growing the asset base through accretive producing property acquisitions and low-risk organic development, distributing cash to shareholders through common stock dividends, and maintaining a conservative balance sheet.
Our FY26 free cash flow estimate implies a dividend coverage ratio of 1.3x.
On September 30, 2025, Evolution paid its 48th consecutive quarterly dividend in the amount of $0.12 per share.

Gci Liberty Inc. (GLIBA) – Friday, Jul 11, 2025

Key points (machine generated)

GCI Liberty, Inc. began trading at $32.50 per share after its spin-off from Liberty Broadband, allowing it to operate independently and unlock value.
As Alaska’s largest telecommunications provider, GCI serves 80% of homes with high-speed services and generated over $1 billion in revenue, primarily from business customers.
Despite initial selling pressure, GCI’s favorable EBITDA multiple and strong financial position suggest potential for significant growth and returns in the coming years.

National Energy Services Reunited Corp: Tender Tailwinds Set Up Growth in 2026

Tender tailwinds are beginning to push NESR toward its goal of reaching an annual revenue threshold of $2 billion.
The tailwinds include recent awards and a backlog of new business opportunities. For reference, our current FY25 revenue estimate is ~$1.3 billion.
Since April 2025, NESR has announced contract awards totaling more than $600 million.

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

Why Veru’s Enobosarm Can Fan the Flames of the Hot GLP-1 Weight Loss Market

On our latest WTR Healthcare Happenings podcast, we welcomed back Mitch Steiner, CEO of Veru, Inc. (NASDAQ: VERU) to fill us in on the company’s latest significant developments and progress made since his previous appearance on our podcast in February 2025.
Having divested its sexual health business for $18 million last year, Veru has pivoted toward the burgeoning obesity market with its lead drug candidate enobosarm, which selectively causes fat loss, while preserving lean mass in patients taking GLP-1 for weight loss.
The state of the GLP-1 market for obesity. Steiner offered his take on the latest trends in the rapidly evolving GLP-1 market for weight loss.

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Oct 11

Daily Brief Japan: ABC Mart, Fast Retailing, Yoshinoya Holdings, TSE Tokyo Price Index TOPIX, Relo Group, Shin Pro Maint, Tokai Holdings, Creek & River, EJ Holdings Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

ABC Mart (2670 JP) Vs. Fast Retailing (9983 JP): Quant-Driven Japan Retail Pair Trade
Uniqlo Breaks Through ¥1 Trillion Milestone at Home but Group ¥10 Trillion Target Remains Elusive
Yoshinoya Holdings (9861 JP): 1H FY2/26 flash update
The Key Is when the Next Move Will Come that Steers Away from Increasing Cash on Hand
(10 Oct 2025) Relo Group(8876 JP) — Fisco Company Research
Shin Pro Maint (6086 JP): 1H FY02/26 flash update
(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research
Creek & River (4763 JP): 1H FY02/26 flash update
EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update

ABC Mart (2670 JP) Vs. Fast Retailing (9983 JP): Quant-Driven Japan Retail Pair Trade

By Gaudenz Schneider

Context: The ABC Mart (2670 JP) vs. Fast Retailing (9983 JP) price-ratio has deviated more than three standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long ABC Mart (2670 JP) and short Fast Retailing (9983 JP) targets an 11% return. Both companies reported very recently.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Uniqlo Breaks Through ¥1 Trillion Milestone at Home but Group ¥10 Trillion Target Remains Elusive

By Michael Causton

Tadashi Yanai has finally achieved one of his many long-term ambitions: surpassing ¥1 trillion in sales in the home market.
This, after exceeding ¥3 trillion globally for the first time but his goal of ¥10 trillion remains outstanding. Whether a mostly single-brand company can achieve such volume is debatable.
Yanai is rebuilding GU in the hopes of creating a second brand – while at last admitting failure with his old French acquisitions.

Yoshinoya Holdings (9861 JP): 1H FY2/26 flash update

FY02/26 forecast revised upward: revenue JPY225.0bn (+9.8% YoY), operating profit JPY8.2bn (+12.2% YoY), net income JPY4.8bn (+26.2% YoY).
1H sales rose 11.3% YoY, driven by product initiatives, new stores, and price revisions; profit margin improved.
Overseas sales declined 1.7% YoY due to exchange rates; segment profit fell 4.8% YoY from higher labor costs.

The Key Is when the Next Move Will Come that Steers Away from Increasing Cash on Hand

By Aki Matsumoto

Even as more companies shifted to cash flow-focused management, their cash reserves remained stubbornly high, and few announced cash allocation policies. Finally, cash reserves began to decline—driven by TSE’s request.
ROE and P/B of companies that disclosed in response to TSE’s request haven’t improved. Consequently, the strategic intent behind share buybacks appears weak and isn’t being well received by investors.
The decision to veer away from increasing cash reserves is the first step. How long will it take before the next move emerges to improve capital profitability and generate value?

(10 Oct 2025) Relo Group(8876 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

Relo Group aims for an operating profit of 50 billion yen by March 2029 under its ‘Fourth Olympic Strategy’.
The company supports non-core business operations for SMEs and large corporations, focusing on employee benefits.
Relo Group’s business model includes BtoB outsourcing services and BtoC rental management in major cities.

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

Shin Pro Maint (6086 JP): 1H FY02/26 flash update

Revenue increased 17.0% YoY to JPY15.4bn, driven by strong Emergency and Preventive Maintenance Services performance.
Operating profit rose 25.6% YoY to JPY1.2bn, with an OPM increase of 0.5pp YoY to 7.5%.
Shin Maint Holdings expanded market share by acquiring new customers and projects from competitors, enhancing sales activities.

(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

TOKAI Holdings Corporation reported record Q1 FY3/26 results with net sales of ¥58,128 million and operating profit of ¥3,941 million.
Growth was driven by the energy business, supported by a customer base of approximately 3.44 million and favorable market conditions.
For FY3/26, the company projects net sales of ¥253,000 million and operating profit of ¥17,500 million, with a focus on a 40-50% dividend payout ratio.

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

Creek & River (4763 JP): 1H FY02/26 flash update

Sales increased by JPY2.3bn (+8.7% YoY), with growth in Creative (Japan) and Medical Staffing segments, despite operating profit decline.
Progress toward FY02/26 forecast: 46.8% sales, 42.8% operating profit, 42.2% recurring profit, 69.2% net income achieved.
CRES segment sales were JPY411mn (20x YoY), with an operating loss of JPY467mn, reflecting new subsidiary performance.

EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update

E-J Holdings reported Q1 FY05/26 revenue of JPY4.3bn, a 39.1% YoY increase, with operating loss of JPY1.5bn.
Orders received totaled JPY11.8bn, a 31.5% YoY increase, due to Tokyo Soil Research Co., Ltd. consolidation.
Losses at all profit levels due to government-related revenue concentration in Q4 and consistent fixed costs.

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Oct 11

Most Read: Hang Seng Bank, Vingroup Jsc, Soft99 Corp, FineToday Holdings, BeiGene , iFAST, Yum China Holdings , Maynilad Water Services and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

HSBC (5 HK)’s Clean Offer for Hang Seng (11 HK)’s Minorities
Vietnam: Global Index Inclusion & Passive Flows
[Japan M&A/Activism] Soft99 Board Rebuts Effissimo’s Rebuttal. Still An Awful “Fiduciary” Response
FineToday Holdings (420A JP) IPO: The Investment Case
Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Privatisation Is a Done Deal
Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises
Asian Equities: A Few Singapore Small and Mid-Cap Jewels
Quiddity Leaderboard HSCEI Dec25: Final Ranks; Three ADDs/DELs Likely
UK: Poor Productivity Paradigms
Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation

HSBC (5 HK)’s Clean Offer for Hang Seng (11 HK)’s Minorities

By David Blennerhassett

Hang Seng Bank (11 HK) has announced an Offer from controlling parent (63.3551%), HSBC Holdings (5 HK), by way of a Scheme, in a HK$106bn (US$13.6bn) deal.
The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A “third interim dividend” will be added. Optically, the price is bang on.
The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months.

Vietnam: Global Index Inclusion & Passive Flows

By Brian Freitas

After years of being on the watchlist, Vietnam will be added to a global index in September 2026 as long as progress is made on one key issue.
The final decision will be made in March 2026, and the implementation of the inclusion will take place in phases.
We currently see 21 stocks meeting the inclusion criteria. There are others that are close to the inclusion thresholds, and the list will change over the next few months.

[Japan M&A/Activism] Soft99 Board Rebuts Effissimo’s Rebuttal. Still An Awful “Fiduciary” Response

By Travis Lundy

Today after the close, Soft99 Corp (4464 JP)‘s Board issued a statement on “Our View” of Effissimo’s “Our View” Press Release. It’s bad.
But it points out the “weaknesses” that Effissimo’s Tender Offer Press Release had as it concerns a counterbid. And that tells you how Effissimo should amend their Tender Offer docs.
Soft99 Board’s response is interesting. It asks Effissimo to not be coercive (i.e. bid for 50%+) in response to the MBO Bid’s coerciveness. Not a winning argument but not impossible.

FineToday Holdings (420A JP) IPO: The Investment Case

By Arun George

FineToday Holdings Co Ltd (289A JP), a Japanese personal care business, is seeking to raise US$286 million. It previously pulled an IPO to raise US$500 million in December 2024.
FineToday has four product categories: Hair care, Skin care, Body care and others. Hair care is the largest category, accounting for 49.0% of 1H25 revenue.
The investment case rests on top-tier revenue growth, top-quartile profitability, peer-leading FCF generation and manageable leverage.

Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Privatisation Is a Done Deal

By Arun George

Hang Seng Bank (11 HK) announced a scheme privatisation offer from HSBC Holdings (5 HK) at HK$155, a 30.3% premium to the undisturbed price.
Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.
The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.

Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises

By Janaghan Jeyakumar, CFA

The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2025.
The index changes are expected to be confirmed on 21st November 2025.

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

By Manishi Raychaudhuri

Singapore’s stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS’s S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG<1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.

Quiddity Leaderboard HSCEI Dec25: Final Ranks; Three ADDs/DELs Likely

By Janaghan Jeyakumar, CFA

The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in December 2025.
We expect three ADDs and three DELs for December 2025. We also estimate there to be US$303mn in one-way flows.

UK: Poor Productivity Paradigms

By Phil Rush

The OBR looks likely to trim its productivity trend assumption to 1%, which would still be a bullish break from the current stagnation. Trends rarely break outside recessions.
High taxes are squeezing the most productive and being transferred to the inactive. It should not be surprising that the UK’s political choices have stalled productivity.
We see no reason to think the UK will pull off an internationally exceptional jobs-light boom from here. Ongoing stagnation would extend the UK’s rule for fiscal slippage.

Maynilad Water Services IPO – Recent Updates, Peer Comparison and Thoughts on Valuation

By Sumeet Singh

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise around US$450m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing

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Oct 11

Daily Brief Utilities: Orsted AS and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Ørsted: New Shares 10 Oct | Single-Line Supply/Digestion

Ørsted: New Shares 10 Oct | Single-Line Supply/Digestion

By Jesus Rodriguez Aguilar

Rights done; allocations set; new shares list 10 Oct under DK0060094928; temp ISIN DK0064307755 subscription-only; ISIN merge 13 Oct 17:59 CEST.
Tape orderly into listing; shares 106.5→119 since ex-rights; rights basis tightened to ±~2% versus parity; expect single-line supply/digestion as subscribed stock meets the tape.
Trade stance: fade the listing flush; buy 103–106, add 108–110 reclaim; target 114–118 (stretch 121–124); hard stop <101; confirm ≥DKK 1.0–1.5bn day-one value.

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Oct 11

Daily Brief Energy/Materials: Iron Ore, SGX Rubber Future TSR20, Calumet Specialty Products Par, Evolution Petroleum, National Energy Services Reuni, Wee Hur Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

[IO Technicals] Near-Term Rally Fuelled by Restocking and Planned Output Cuts
Tariffs, EUDR Delay, Weather, Weak Demand Weigh On Thailand’s Rubber Outlook
(CLMT) Montana Renewables CEO on First-Mover Advantages and Coming SAF Supply Squeeze
Evolution Petroleum Corp: Free Cash Flow Supports Dividend
National Energy Services Reunited Corp: Tender Tailwinds Set Up Growth in 2026
Institutions Chalk Up S$480M in Net Buying in Early October

[IO Technicals] Near-Term Rally Fuelled by Restocking and Planned Output Cuts

By Umang Agrawal

Iron ore futures rallied as Chinese steel mills restocked post-Golden Week holiday, despite weak margins and persisting trade policy uncertainty.
Managed money participants expanded net long positions, signalling sustained bullish conviction.
The 65%-62% spread fell sharply while the 62%-58% spread surged, marking pronounced divergence in grade spreads following the post-holiday sessions.

Tariffs, EUDR Delay, Weather, Weak Demand Weigh On Thailand’s Rubber Outlook

By Vinod Nedumudy

Exports plunge 43% from February peak, hitting mid-year lows
Trump tariffs, weak Chinese demand deepen pressure on shipments
Thailand players, well-prepared for EUDR, upset over the recent update from the EU

(CLMT) Montana Renewables CEO on First-Mover Advantages and Coming SAF Supply Squeeze

On the latest WTR Small-Cap Spotlight, we were joined by Bruce Fleming, Chief Executive Officer of Montana Renewables and our host, Tim Gerdeman, WTR’s Vice- Chair & Co-Founder, and Chief Marketing Officer.
Montana Renewables (MR) is an unrestricted subsidiary (private JV) of Calumet (NASDAQ: CLMT) and the first large-scale sustainable aviation fuel (SAF) producer in the US.
Fleming described MR as Montana’s largest agricultural investment.

Evolution Petroleum Corp: Free Cash Flow Supports Dividend

Evolution’s business strategy is built upon three key pillars, including growing the asset base through accretive producing property acquisitions and low-risk organic development, distributing cash to shareholders through common stock dividends, and maintaining a conservative balance sheet.
Our FY26 free cash flow estimate implies a dividend coverage ratio of 1.3x.
On September 30, 2025, Evolution paid its 48th consecutive quarterly dividend in the amount of $0.12 per share.

National Energy Services Reunited Corp: Tender Tailwinds Set Up Growth in 2026

Tender tailwinds are beginning to push NESR toward its goal of reaching an annual revenue threshold of $2 billion.
The tailwinds include recent awards and a backlog of new business opportunities. For reference, our current FY25 revenue estimate is ~$1.3 billion.
Since April 2025, NESR has announced contract awards totaling more than $600 million.

Institutions Chalk Up S$480M in Net Buying in Early October

By Geoff Howie

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.
Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.
Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

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Oct 11

Daily Brief Industrials: Delhivery , Creek & River, EJ Holdings Inc, Shin Pro Maint, Tokai Holdings, Vp PLC, Builders Firstsource, Wee Hur Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Delhivery: Riding the Festive Wave and the GST Boost
Creek & River (4763 JP): 1H FY02/26 flash update
EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update
Shin Pro Maint (6086 JP): 1H FY02/26 flash update
(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research
Vp PLC – Solid H1 performance, confident outlook
Builders Firstsource (BLDR) – Friday, Jul 11, 2025
Institutions Chalk Up S$480M in Net Buying in Early October

Delhivery: Riding the Festive Wave and the GST Boost

By Sudarshan Bhandari

Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.
The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.
With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.

Creek & River (4763 JP): 1H FY02/26 flash update

Sales increased by JPY2.3bn (+8.7% YoY), with growth in Creative (Japan) and Medical Staffing segments, despite operating profit decline.
Progress toward FY02/26 forecast: 46.8% sales, 42.8% operating profit, 42.2% recurring profit, 69.2% net income achieved.
CRES segment sales were JPY411mn (20x YoY), with an operating loss of JPY467mn, reflecting new subsidiary performance.

EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update

E-J Holdings reported Q1 FY05/26 revenue of JPY4.3bn, a 39.1% YoY increase, with operating loss of JPY1.5bn.
Orders received totaled JPY11.8bn, a 31.5% YoY increase, due to Tokyo Soil Research Co., Ltd. consolidation.
Losses at all profit levels due to government-related revenue concentration in Q4 and consistent fixed costs.

Shin Pro Maint (6086 JP): 1H FY02/26 flash update

Revenue increased 17.0% YoY to JPY15.4bn, driven by strong Emergency and Preventive Maintenance Services performance.
Operating profit rose 25.6% YoY to JPY1.2bn, with an OPM increase of 0.5pp YoY to 7.5%.
Shin Maint Holdings expanded market share by acquiring new customers and projects from competitors, enhancing sales activities.

(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

TOKAI Holdings Corporation reported record Q1 FY3/26 results with net sales of ¥58,128 million and operating profit of ¥3,941 million.
Growth was driven by the energy business, supported by a customer base of approximately 3.44 million and favorable market conditions.
For FY3/26, the company projects net sales of ¥253,000 million and operating profit of ¥17,500 million, with a focus on a 40-50% dividend payout ratio.

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

Vp PLC – Solid H1 performance, confident outlook

By Equity Development

Vp has delivered a resilient H1 performance against a backdrop of ongoing market challenges.
Full year expectations are reiterated, with improving prospects for Rail and Water in particular.
The Brandon Hire Station recovery plan is on course to complete by the end of the year, and the search is underway for Anna Bielby’s successor as CEO, who will inherit a business in strong shape.

Builders Firstsource (BLDR) – Friday, Jul 11, 2025

Key points (machine generated)

Builders FirstSource is the largest U.S. supplier of structural building materials and services, with 2024 net sales of $16.4 billion.
Revenue is primarily generated from new single-family construction (71%), with diverse product offerings including lumber, windows, and manufactured products.
Analysts consider BLDR undervalued due to expected housing starts and operational efficiencies, with chairman Paul Levy recently investing $55 million in the company.

Institutions Chalk Up S$480M in Net Buying in Early October

By Geoff Howie

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.
Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.
Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

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Oct 11

Daily Brief Industrials: Delhivery , Creek & River, EJ Holdings Inc, Shin Pro Maint, Tokai Holdings, Vp PLC, Builders Firstsource, Wee Hur Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Delhivery: Riding the Festive Wave and the GST Boost
Creek & River (4763 JP): 1H FY02/26 flash update
EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update
Shin Pro Maint (6086 JP): 1H FY02/26 flash update
(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research
Vp PLC – Solid H1 performance, confident outlook
Builders Firstsource (BLDR) – Friday, Jul 11, 2025
Institutions Chalk Up S$480M in Net Buying in Early October

Delhivery: Riding the Festive Wave and the GST Boost

By Sudarshan Bhandari

Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.
The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.
With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.

Creek & River (4763 JP): 1H FY02/26 flash update

Sales increased by JPY2.3bn (+8.7% YoY), with growth in Creative (Japan) and Medical Staffing segments, despite operating profit decline.
Progress toward FY02/26 forecast: 46.8% sales, 42.8% operating profit, 42.2% recurring profit, 69.2% net income achieved.
CRES segment sales were JPY411mn (20x YoY), with an operating loss of JPY467mn, reflecting new subsidiary performance.

EJ Holdings Inc (2153 JP): Q1 FY05/26 flash update

E-J Holdings reported Q1 FY05/26 revenue of JPY4.3bn, a 39.1% YoY increase, with operating loss of JPY1.5bn.
Orders received totaled JPY11.8bn, a 31.5% YoY increase, due to Tokyo Soil Research Co., Ltd. consolidation.
Losses at all profit levels due to government-related revenue concentration in Q4 and consistent fixed costs.

Shin Pro Maint (6086 JP): 1H FY02/26 flash update

Revenue increased 17.0% YoY to JPY15.4bn, driven by strong Emergency and Preventive Maintenance Services performance.
Operating profit rose 25.6% YoY to JPY1.2bn, with an OPM increase of 0.5pp YoY to 7.5%.
Shin Maint Holdings expanded market share by acquiring new customers and projects from competitors, enhancing sales activities.

(10 Oct 2025) Tokai Holdings(3167 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

TOKAI Holdings Corporation reported record Q1 FY3/26 results with net sales of ¥58,128 million and operating profit of ¥3,941 million.
Growth was driven by the energy business, supported by a customer base of approximately 3.44 million and favorable market conditions.
For FY3/26, the company projects net sales of ¥253,000 million and operating profit of ¥17,500 million, with a focus on a 40-50% dividend payout ratio.

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

Vp PLC – Solid H1 performance, confident outlook

By Equity Development

Vp has delivered a resilient H1 performance against a backdrop of ongoing market challenges.
Full year expectations are reiterated, with improving prospects for Rail and Water in particular.
The Brandon Hire Station recovery plan is on course to complete by the end of the year, and the search is underway for Anna Bielby’s successor as CEO, who will inherit a business in strong shape.

Builders Firstsource (BLDR) – Friday, Jul 11, 2025

Key points (machine generated)

Builders FirstSource is the largest U.S. supplier of structural building materials and services, with 2024 net sales of $16.4 billion.
Revenue is primarily generated from new single-family construction (71%), with diverse product offerings including lumber, windows, and manufactured products.
Analysts consider BLDR undervalued due to expected housing starts and operational efficiencies, with chairman Paul Levy recently investing $55 million in the company.

Institutions Chalk Up S$480M in Net Buying in Early October

By Geoff Howie

Institutions net bought S$481.3 million in Singapore stocks, with Marco Polo Marine and Frencken Group leading in net buying.
Marco Polo Marine secured S$100 million in ship chartering contracts and expanded its fleet with new vessels.
Frencken Group focuses on sustainable expansion with new manufacturing facilities and aims to boost semiconductor competitiveness by 2027.

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Oct 11

Daily Brief Health Care: ImmuneOnco Biopharmaceuticals (Shanghai), Aethlon Medical , Dogwood Therapeutics and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive
Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended
Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended
DWTX: Licenses SP16 for Treatment of Cancer Related Pain

ImmuneOnco(1541 HK): No Near Term Triggers, Commercialization Still Far Away, Placement Unattractive

By Tina Banerjee

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) announced the placement of 24.2M shares for subscription at HK$14.5 per share.
The company intends to use most of the net proceeds for further research and development of drug candidates IMM01, IMM2510 and IMM27M.
The current market price of the stock makes the placement offer unattractive. Concerns remain with no drugs commercialized yet and the only possible commercialization expected to happen not before 2027.

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended

Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.

DWTX: Licenses SP16 for Treatment of Cancer Related Pain