Smartkarma Daily Briefs

• Lotus released a scope and study for the Little Cane project in Botswana
• The project hosts a low grade resource with 71% inferred
• The study includes three scenarios for production and focuses on reducing the need for drill and blast operations, potentially using drag lines for waste removal.

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• Ola Electric (OLAELEC IN) reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.
• The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.
• Meanwhile, Maruti Suzuki India (MSIL IN)  is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.

• Asian ETF flows have been subdued during September as markets start to react positively to Fed rate cuts.
• Sands China (1928 HK) parent Las Vegas Sands (LVS US) continued to increase its stake as Macau tourists rise.  Shenzhou Intl Group Holdings (2313 HK) is seeing increased China sales.
• Metallurgical Corporation of China Ltd (1618 HK) reported a decrease in new contracts for 1H24. Kuaishou Technology (1024 HK) early investor sold most of its remaining stake in the company.

• Japan System Techniques Co., Ltd. (hereafter, JAST or the Company) is an independent system integrator that celebrated its 50th anniversary in March 2023.
• The Company develops systems for customers across a wide range of industries in a variety of fields, including finance, manufacturing, distribution, services, public services, telecommunications, transportation, and science and technology.
• It also offers four in-house JAST branded services, including the GAKUEN series of strategic university management systems for the education industry as well as the BankNeo integrated information system for financial institutions. 

• The Middleby Corporation, during their Second Quarter 2024 earnings call, presented a mixed scenario reflecting both strengths in strategic growth areas and the overarching pressure from macroeconomic conditions.
• The discussion, led by CEO Timothy FitzGerald and supported by executives including CFO Bryan Mittelman and Chief Technology and Operations Officer James Pool, provided insights into various segments of the company’s operations.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• SanBio Co Ltd (4592 JP) received conditional and time-limited marketing approval for Akuugo suspension for intracranial implantation in Japan, for improving chronic motor paralysis resulting from traumatic brain injury.
• The company will run two or so rounds of commercial production to accumulate inventories in preparation for launch. The earliest possible timing for shipment is assumed to be Q1FY26.
• SanBio has a cash runway through H1FY26. However, operating expenses will decrease and Akuugo will start generating revenue by H1FY26, thereby providing some more cushion to cash runway.

• Tetra Tech’s third quarter earnings for fiscal year 2024 presented a robust picture of the company’s financial health and operational achievements.
• The company reported a significant increase in net revenue, up 12% reaching $1.11 billion, setting a record for any quarter in the company’s history.
• Additionally, Tetra Tech marked a substantial EBITDA growth of 32% to $129 million, evidencing a stronger margin improvement relative to revenue growth.

• Robert Half, a global provider of specialized staffing and consulting services, reported its second quarter 2024 earnings, showcasing a blend of strengths and challenges within its business operations.
• The company reported consolidated revenues of $1.473 billion, reflecting a 10% decrease from the previous year on both reported and adjusted bases.
• This decline aligns with broader industry trends, where client and candidate caution is being observed amid macroeconomic uncertainties and interest rate concerns.

• Q1 FY3/25 earnings look negative at first glance, with both sales and operating profit falling. However, the details show strong demand for GEO HOLDINGS’ core second-hand fashion business and smartphone sales, helping gross profit increase.
• The key earnings drivers were a fall in sales (-6.2% YoY to ¥100.15bn) due to difficult annual comps from new games sales.
• However, GEO HOLDINGS’ core second-hand fashion business and smartphones enjoyed robust demand, thanks to new store openings at home and overseas.

• FTI Consulting’s latest earnings for the second quarter of 2024 reflect a period of robust performance and expansion.
• The company reported an impressive revenue growth of 12%, predominantly attributed to organic sources, and a notable increase in adjusted EBITDA by 27% year-over-year.
• While the quarter saw certain one time factors influencing the results, such as a lower-than-expected tax rate, the company’s management highlighted a strong operational performance across most of its operating segments and geographies.