Industrials

• Emerson Electric Manufacturing Company concluded its fiscal year 2025 with a mixed performance, marked by both achievements and challenges.
• Financially, Emerson reported $1.62 in adjusted earnings per share for the fourth quarter, aligning with its expectations.
• For the full year, adjusted earnings per share increased by 9% to $6, while free cash flow rose 12% year-over-year, reaching $3.24 billion.

• Dominant Market Leader with a Wide Moat: Fanuc is a global leader in factory automation, holding significant market share in CNC systems (estimated at 65%) and industrial robots. Its competitive advantages are rooted in technological prowess, a reputation for reliability, high switching costs for customers, and an extensive global service network.
• Poised to Capitalize on Secular Growth in Automation: The company is well-positioned to benefit from long-term structural tailwinds, including rising labor costs, skilled labor shortages, reshoring of manufacturing, and increased demand for automation in emerging sectors like electric vehicle (EV) production and electronics.
• Cyclical Headwinds and Competitive Intensity Present Risks: Fanuc’s financial performance is closely tied to global capital expenditure cycles, making it susceptible to economic downturns. The factory automation market is also highly competitive, with major players like ABB, Yaskawa, and Siemens vying for market share, which can pressure pricing and margins.

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

• Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range. 
• Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.
• A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.

• Watts Water Technologies reported strong results for the third quarter of 2025, surpassing expectations with reported sales reaching a record $612 million.
• This performance was supported by a notable 9% increase in organic sales, driven largely by favorable pricing, robust demand in the Americas, and strategic acquisitions like I-CON and EasyWater.
• These acquisitions, along with advantageous foreign exchange movements, compensated for a decline in Europe and stagnant performance in the Asia-Pacific, Middle East, and Africa (APMEA) regions.

• Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.
• Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.
• Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

• I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares.
• The total return if you took advantage of the odd lot provision was +1.9% / + $235 less than the expected return of +6.4% / $772.
• The driver of the underperformance? MRP sold off in mi- November given market weakness and hasn’t fully recovered.

• MTT Shipping and Logistics (1994098D MK) is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.
• MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.
• Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.

• Emerson Electric Manufacturing Company concluded its fiscal year 2025 with a mixed performance, marked by both achievements and challenges.
• Financially, Emerson reported $1.62 in adjusted earnings per share for the fourth quarter, aligning with its expectations.
• For the full year, adjusted earnings per share increased by 9% to $6, while free cash flow rose 12% year-over-year, reaching $3.24 billion.

• Dominant Market Leader with a Wide Moat: Fanuc is a global leader in factory automation, holding significant market share in CNC systems (estimated at 65%) and industrial robots. Its competitive advantages are rooted in technological prowess, a reputation for reliability, high switching costs for customers, and an extensive global service network.
• Poised to Capitalize on Secular Growth in Automation: The company is well-positioned to benefit from long-term structural tailwinds, including rising labor costs, skilled labor shortages, reshoring of manufacturing, and increased demand for automation in emerging sectors like electric vehicle (EV) production and electronics.
• Cyclical Headwinds and Competitive Intensity Present Risks: Fanuc’s financial performance is closely tied to global capital expenditure cycles, making it susceptible to economic downturns. The factory automation market is also highly competitive, with major players like ABB, Yaskawa, and Siemens vying for market share, which can pressure pricing and margins.

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

• Cardinal Infrastructure sets terms for its IPO and could raise up to $253 million if priced at the high end of the range. 
• Cardinal Infrastructure offers full-service, in-house wet utility and site work solutions in fast-growing Southeastern markets, benefiting from strong demand, population growth, and reduced outsourcing needs.
• A proven acquisition-led expansion strategy, deep customer relationships, and high repeat revenue underpin robust growth, a strong backlog, and successful market penetration in new geographies.

• Watts Water Technologies reported strong results for the third quarter of 2025, surpassing expectations with reported sales reaching a record $612 million.
• This performance was supported by a notable 9% increase in organic sales, driven largely by favorable pricing, robust demand in the Americas, and strategic acquisitions like I-CON and EasyWater.
• These acquisitions, along with advantageous foreign exchange movements, compensated for a decline in Europe and stagnant performance in the Asia-Pacific, Middle East, and Africa (APMEA) regions.

• Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.
• Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.
• Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

• I’m closing out my LEN/MRP odd lot trade recommendation and will be selling my MRP shares.
• The total return if you took advantage of the odd lot provision was +1.9% / + $235 less than the expected return of +6.4% / $772.
• The driver of the underperformance? MRP sold off in mi- November given market weakness and hasn’t fully recovered.

• MTT Shipping and Logistics (1994098D MK) is looking to raise about US$200m in its upcoming Malaysia IPO. The deal will be run by CIMB and CLSA.
• MTT Shipping and Logistics (MTT) is a Malaysian company engaged in the provision of container liner shipping, vessel chartering, container depot operations, and related logistics services.
• Through its subsidiaries, the Group operates an integrated shipping and logistics ecosystem that connects Peninsular Malaysia, East Malaysia, Brunei, and selected regional markets including China, India, Indonesia, Thailand, and Singapore.

• There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
• Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
• The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.

• The precondition for the consortium’s privatisation offer for ANE Cayman Inc (9956 HK) has been satisfied. The right to increase the share alternative cap was also satisfied. 
• The consortium has until 12 December to decide whether to increase the share cap. The option helps the consortium gain support from shareholders who would not accept the cash offer. 
• The scheme vote remains low risk, as the offer is attractive relative to historical ranges and peer multiples. The de-rating of peers is also helpful. 

• Low Keng Huat Singapore (LKH SP) has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. 
• While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. 
• The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.

• Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) (“LKH”) announced a voluntary conditional Offer from Dato’ Marco Low Peng Kiat, LKH’s controlling shareholder (54.13%).
• Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
• The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn’t been declared final, possibly leading to a bump in the home stretch. 

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
• The consortium offered HK$12.18/share (best & final) via a Scheme, a 48.54% premium to undisturbed. A scrip alternative (mix & match) was also afforded. Plus a special dividend bolted on.
• Pre-Cons included SAMR signing off. With JPM as the FA, I previously concluded, given JPM’s recent track record, the reg process should be straightforward. Those pre-cons have now been satisfied.

• For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
• The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• Wuhu Conch Profiles and Science Co., Ltd. is a leading manufacturer of plastic profiles and other building materials in China, facing a challenging domestic construction market. The company has diversified its product portfolio to include energy-saving and environmentally friendly materials, which presents a potential growth avenue.
• The financial performance has been under pressure, with the company reporting net losses in recent years. This is largely attributable to the downturn in the Chinese real estate sector, which is a key end-market for its products.
• Despite the current headwinds, the company’s strong brand recognition, extensive distribution network, and focus on technological innovation provide a solid foundation for future recovery and growth as the construction market stabilizes and demand for higher-value, specialized products increases.

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

• One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry.
• Enviri Corporation (NVRI) announced on November 21, 2025, that it had reached a definitive agreement to sell its Clean Earth specialty-waste business to Veolia for $3 billion while simultaneously preparing to spin off its remaining Harsco Environmental and Harsco Rail divisions into a new standalone public company called New Enviri.

• NVRI reacted positively to the news.

Key points (machine generated)

• Aiphone Co., Ltd. aims for a 10% or higher return on equity by 2032 through its 8th Medium-Term Management Plan.
• The company projects net sales of ¥65,400 million and operating income of ¥4,500 million for the fiscal year ending March 2026, despite a temporary profit decline.
• Aiphone holds a 61% share of the domestic intercom market and is expanding its product offerings while maintaining a strong financial position and stable dividends.

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

• There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
• Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
• The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.

• The precondition for the consortium’s privatisation offer for ANE Cayman Inc (9956 HK) has been satisfied. The right to increase the share alternative cap was also satisfied. 
• The consortium has until 12 December to decide whether to increase the share cap. The option helps the consortium gain support from shareholders who would not accept the cash offer. 
• The scheme vote remains low risk, as the offer is attractive relative to historical ranges and peer multiples. The de-rating of peers is also helpful. 

• Low Keng Huat Singapore (LKH SP) has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. 
• While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. 
• The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.

• Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) (“LKH”) announced a voluntary conditional Offer from Dato’ Marco Low Peng Kiat, LKH’s controlling shareholder (54.13%).
• Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
• The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn’t been declared final, possibly leading to a bump in the home stretch. 

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
• The consortium offered HK$12.18/share (best & final) via a Scheme, a 48.54% premium to undisturbed. A scrip alternative (mix & match) was also afforded. Plus a special dividend bolted on.
• Pre-Cons included SAMR signing off. With JPM as the FA, I previously concluded, given JPM’s recent track record, the reg process should be straightforward. Those pre-cons have now been satisfied.

• For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
• The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• Wuhu Conch Profiles and Science Co., Ltd. is a leading manufacturer of plastic profiles and other building materials in China, facing a challenging domestic construction market. The company has diversified its product portfolio to include energy-saving and environmentally friendly materials, which presents a potential growth avenue.
• The financial performance has been under pressure, with the company reporting net losses in recent years. This is largely attributable to the downturn in the Chinese real estate sector, which is a key end-market for its products.
• Despite the current headwinds, the company’s strong brand recognition, extensive distribution network, and focus on technological innovation provide a solid foundation for future recovery and growth as the construction market stabilizes and demand for higher-value, specialized products increases.

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

• One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry.
• Enviri Corporation (NVRI) announced on November 21, 2025, that it had reached a definitive agreement to sell its Clean Earth specialty-waste business to Veolia for $3 billion while simultaneously preparing to spin off its remaining Harsco Environmental and Harsco Rail divisions into a new standalone public company called New Enviri.

• NVRI reacted positively to the news.

Key points (machine generated)

• Aiphone Co., Ltd. aims for a 10% or higher return on equity by 2032 through its 8th Medium-Term Management Plan.
• The company projects net sales of ¥65,400 million and operating income of ¥4,500 million for the fiscal year ending March 2026, despite a temporary profit decline.
• Aiphone holds a 61% share of the domestic intercom market and is expanding its product offerings while maintaining a strong financial position and stable dividends.

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

• Revenues for 9 months up 7% while profits are up 7.5%
• Margins improved across both divisions, Healthcare and Consumer. Working capital marginally increased.
• 4th quarter is the best quarter for the company due to the festive season.

• This deal for Qube Holdings (QUB AU) from Macquarie should really get competitive. Scarce and strategic assets  – and nothing else like it that’s listed. 
• As Digital Holdings (2389 JP) goes higher, “This is Japan” risk increases; but those who didn’t sign up say “wait a minute, that’s real money” also goes up.
• Wynn Resorts (WYNN US) is at extreme levels vs. Wynn Macau Ltd (1128 HK); yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.

• Leading Market Position with Diversifying Business: China Boqi is a leading independent flue gas treatment provider in China, primarily serving the coal-fired power sector. The company is strategically diversifying into adjacent environmental sectors, including water treatment, hazardous and solid waste treatment, and dual-carbon energy-saving businesses, to capture broader market opportunities driven by China’s stringent environmental policies.
• Attractive Valuation and Strong Dividend Yield: The company trades at a significant discount to the broader market, with a P/E ratio of approximately 3.75x and a P/B ratio of 0.28x. This is complemented by a consistent and growing dividend, yielding approximately 4.8%, making it an attractive proposition for value and income-oriented investors.
• Regulatory Tailwinds vs. Transitional Risks: China’s national commitment to environmental protection and carbon neutrality provides a strong, long-term tailwind for the industry. However, the company faces risks associated with its legacy dependence on the coal power industry, intense market competition, and the execution of its diversification strategy into new, competitive fields.

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

• Parsons Corporation reported its third-quarter 2025 financial results, emphasizing robust performance in a challenging global environment.
• The company showcased strategic positioning and strong alignment with global priorities in national security and infrastructure.
• This quarter, the company demonstrated significant achievements in organic revenue growth, expansion in adjusted EBITDA margins, exceeded cash flow expectations, and secured pivotal contracts.

• Revenues for 9 months up 7% while profits are up 7.5%
• Margins improved across both divisions, Healthcare and Consumer. Working capital marginally increased.
• 4th quarter is the best quarter for the company due to the festive season.

• This deal for Qube Holdings (QUB AU) from Macquarie should really get competitive. Scarce and strategic assets  – and nothing else like it that’s listed. 
• As Digital Holdings (2389 JP) goes higher, “This is Japan” risk increases; but those who didn’t sign up say “wait a minute, that’s real money” also goes up.
• Wynn Resorts (WYNN US) is at extreme levels vs. Wynn Macau Ltd (1128 HK); yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.

• Leading Market Position with Diversifying Business: China Boqi is a leading independent flue gas treatment provider in China, primarily serving the coal-fired power sector. The company is strategically diversifying into adjacent environmental sectors, including water treatment, hazardous and solid waste treatment, and dual-carbon energy-saving businesses, to capture broader market opportunities driven by China’s stringent environmental policies.
• Attractive Valuation and Strong Dividend Yield: The company trades at a significant discount to the broader market, with a P/E ratio of approximately 3.75x and a P/B ratio of 0.28x. This is complemented by a consistent and growing dividend, yielding approximately 4.8%, making it an attractive proposition for value and income-oriented investors.
• Regulatory Tailwinds vs. Transitional Risks: China’s national commitment to environmental protection and carbon neutrality provides a strong, long-term tailwind for the industry. However, the company faces risks associated with its legacy dependence on the coal power industry, intense market competition, and the execution of its diversification strategy into new, competitive fields.

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

• Parsons Corporation reported its third-quarter 2025 financial results, emphasizing robust performance in a challenging global environment.
• The company showcased strategic positioning and strong alignment with global priorities in national security and infrastructure.
• This quarter, the company demonstrated significant achievements in organic revenue growth, expansion in adjusted EBITDA margins, exceeded cash flow expectations, and secured pivotal contracts.

• Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
• It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
• In this note, we provide updates on the firm’s past performance and valuation.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
• Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
• FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

• LMS Compliance Ltd. is a well-established testing, inspection, certification, and assurance (TICA) provider with a strong presence in Malaysia and a growing footprint in the broader Asian region. The company is strategically pivoting towards the high-growth Environmental, Social, and Governance (ESG) services sector, leveraging its core competencies to capitalize on increasing global demand for sustainability-related compliance.
• The company has demonstrated a solid track record of revenue growth, driven by both its traditional testing and certification services and its newer ESG-related offerings. Financial performance has been robust, with consistent profitability and positive operating cash flow, supporting its ability to invest in expansion and provide shareholder returns.
• A key element of LMS’s strategy is its focus on digitalization and the development of proprietary technologies, such as its Laboratory Information Management System (LIMS) and carbon accounting software. This technological focus aims to enhance operational efficiency, create scalable revenue streams, and provide a competitive advantage in the evolving compliance landscape.

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

• Lyft’s Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.
• On the upside, Lyft reported a record quarter with significant increases in operational metrics.
• Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.

Key points (machine generated)

• OKM Co., Ltd. holds a 90% market share in Japan and 40% globally in the valve industry.
• The company has revised its fiscal year 2026 performance forecast upwards due to strong sales in marine and LNG valves.
• OKM’s medium-term plan aims for 13.2 billion yen in sales, 1.3 billion yen in operating profit, and an ROE of 8-10% by March 2028.

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

• The developer of advanced security, communication and surveillance systems announces a contract extension.
• The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.
• The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. 

• Resideo Technologies, Inc. reported its Q3 2025 financial results, showing a blend of accomplishments alongside some challenges.
• The company delivered a solid performance in both its ADI Global Distribution and Products & Solutions segments, achieving low single-digit organic revenue growth, while also posting record high adjusted EBITDA and adjusted EPS, which exceeded expectations primarily due to terminating the Honeywell Indemnity agreement.
• However, the company faced headwinds from macroeconomic factors such as inflation and tariffs.

Key points (machine generated)

• AlphaPurchase Corporation experienced a ransomware attack on October 19, 2025, impacting shipments and procurement.
• Despite the attack, the company revised its outlook to a 6.3% increase in net sales to ¥59.5 billion and a 20.7% rise in operating profit to ¥1.5 billion.
• AlphaPurchase aims for ¥100 billion in net sales and a 3.5% operating profit margin by FY12/29, while increasing its dividend to ¥37 per share.

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

• UniFirst is once again in the activist spotlight after Engine Capital publicly urged the company’s Board of Directors to explore a sale, escalating tensions that have been building since UniFirst rejected a premium all‑cash takeover offer from Cintas earlier this year.
• Engine Capital, which holds a 3.2% ownership stake, criticized the Board for prioritizing the interests of company trustees over those of ordinary shareholders—pointing specifically to the decision to turn down Cintas’ January proposal to acquire both UniFirst’s common and Class B stock for $275 per share, a premium valuation at the time.
• Engine argued that the Board’s refusal represented entrenched governance rather than strategic judgment.

• Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
• It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
• In this note, we provide updates on the firm’s past performance and valuation.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
• Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
• FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

• LMS Compliance Ltd. is a well-established testing, inspection, certification, and assurance (TICA) provider with a strong presence in Malaysia and a growing footprint in the broader Asian region. The company is strategically pivoting towards the high-growth Environmental, Social, and Governance (ESG) services sector, leveraging its core competencies to capitalize on increasing global demand for sustainability-related compliance.
• The company has demonstrated a solid track record of revenue growth, driven by both its traditional testing and certification services and its newer ESG-related offerings. Financial performance has been robust, with consistent profitability and positive operating cash flow, supporting its ability to invest in expansion and provide shareholder returns.
• A key element of LMS’s strategy is its focus on digitalization and the development of proprietary technologies, such as its Laboratory Information Management System (LIMS) and carbon accounting software. This technological focus aims to enhance operational efficiency, create scalable revenue streams, and provide a competitive advantage in the evolving compliance landscape.

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

• Lyft’s Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.
• On the upside, Lyft reported a record quarter with significant increases in operational metrics.
• Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.

Key points (machine generated)

• OKM Co., Ltd. holds a 90% market share in Japan and 40% globally in the valve industry.
• The company has revised its fiscal year 2026 performance forecast upwards due to strong sales in marine and LNG valves.
• OKM’s medium-term plan aims for 13.2 billion yen in sales, 1.3 billion yen in operating profit, and an ROE of 8-10% by March 2028.

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

• The developer of advanced security, communication and surveillance systems announces a contract extension.
• The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.
• The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. 

• Resideo Technologies, Inc. reported its Q3 2025 financial results, showing a blend of accomplishments alongside some challenges.
• The company delivered a solid performance in both its ADI Global Distribution and Products & Solutions segments, achieving low single-digit organic revenue growth, while also posting record high adjusted EBITDA and adjusted EPS, which exceeded expectations primarily due to terminating the Honeywell Indemnity agreement.
• However, the company faced headwinds from macroeconomic factors such as inflation and tariffs.

Key points (machine generated)

• AlphaPurchase Corporation experienced a ransomware attack on October 19, 2025, impacting shipments and procurement.
• Despite the attack, the company revised its outlook to a 6.3% increase in net sales to ¥59.5 billion and a 20.7% rise in operating profit to ¥1.5 billion.
• AlphaPurchase aims for ¥100 billion in net sales and a 3.5% operating profit margin by FY12/29, while increasing its dividend to ¥37 per share.

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

• UniFirst is once again in the activist spotlight after Engine Capital publicly urged the company’s Board of Directors to explore a sale, escalating tensions that have been building since UniFirst rejected a premium all‑cash takeover offer from Cintas earlier this year.
• Engine Capital, which holds a 3.2% ownership stake, criticized the Board for prioritizing the interests of company trustees over those of ordinary shareholders—pointing specifically to the decision to turn down Cintas’ January proposal to acquire both UniFirst’s common and Class B stock for $275 per share, a premium valuation at the time.
• Engine argued that the Board’s refusal represented entrenched governance rather than strategic judgment.

• The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
• The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
• DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

• We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
• These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
• But the new company will still be weighed down with a substantial on-balance-sheet debt load. 

• Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
• The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
• Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

• James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
• After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
• The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

Key points (machine generated)

• OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
• The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
• The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

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

• The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
• With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
• We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

• In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

• Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model.
• Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK.
• Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers.

• The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
• The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
• DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business.

• We believe a pending combination of Canadian and U.S.-listed sister corporations BBU and BBUC into a single new entity may be designed to absorb $1.5 bln in off-balance-sheet liabilities belonging to BBUC into a larger entity to brace for potential financial problems.
• These off-balance-sheet “arrangements,” if they default, will probably not sink the newly formed company in the near term.
• But the new company will still be weighed down with a substantial on-balance-sheet debt load. 

• Ferrovial is a global infrastructure operator with a strategic focus on high-value transportation assets, particularly in North America. The company’s integrated business model, encompassing the entire project lifecycle from design and construction to financing and operation, provides a significant competitive advantage in complex public-private partnership (P3) projects.
• The company is in a strong financial position, characterized by a net cash position (excluding infrastructure project debt) and a track record of robust cash flow generation from its portfolio of mature assets. This financial strength allows for continued investment in growth projects and shareholder returns.
• Future growth is expected to be driven by a strong pipeline of infrastructure projects in North America, including managed lanes and airport expansions, as well as opportunities in the energy transition and water infrastructure sectors. The recent listing on Nasdaq is anticipated to enhance visibility and access to capital to fund these growth initiatives.

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

• James Latham is a leading UK-based independent distributor of timber, panels, and decorative surfaces with a history spanning over 265 years, demonstrating significant resilience and market understanding.
• After a period of peak earnings in FY2023, the company has seen a normalization of performance, with revenue and net income declining in FY2024 and FY2025, reflecting more challenging market conditions and stabilizing timber prices.
• The company maintains a strong balance sheet and a long-term growth focus, underscored by consistent dividend payments and strategic investments, such as a planned national distribution centre to enhance operational efficiency.

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

Key points (machine generated)

• OKM Corporation holds over 90% market share in Japan and approximately 40% globally in the valve industry.
• The company has revised its financial outlook upward for the fiscal year ending March 2026, driven by strong marine market sales and effective cost management.
• The second medium-term management plan aims for sales of 13.2 billion yen and an operating profit of 1.3 billion yen by March 2028, aligning with the long-term vision ‘Create 200.’

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

• The trading update for the six months to September covers three areas: trading, indebtedness and the Board.
• With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets.
• We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%.

• In this edition: • Aegon | rumoured to be considering divesting part or all of its non-US operations • Ferrari Group | no real surprises in 3Q25; reiterates FY25 guidance • bpostgroup | signs MoU to expand collaboration with Temu in Belgium and Canada • Black Friday | spike in online transactions on Tuesday; November MTD volumes +32% • E-commerce & Logistics | France takes legal action against AliExpress and Joom

• Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model.
• Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK.
• Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers.