Daily Briefs

• Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
• Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
• Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

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• Lum Chang Creations Limited (LCC) is a niche urban – revitalization specialist, that covers complex conservation and restoration of heritage assets, flagship interior fit -outs for retail/hospitality/healthcare, and A&A (Additions and Alterations) works that upgrade brownfield buildings.
• The company’s service include aftercare for retail programs and selective in-house joinery to control quality on signature elements.
• The operating model is asset -light, with a focus on specialist know -how, repeatable delivery processes, and disciplined subcontractor management.

• Q3 arrived slightly soft, but currency-neutral EBIT narrows the miss; Q4 needs a steep ramp, though much of the downside risk already appears priced in.
• Longer-Term trajectory remains solid: sustained ~25% growth and a credible path to mid-teens operating margins by FY27 as AI adoption and enterprise penetration deepen.
• Cash flow softness reflects slower conversion and continued intangible investment, but growing pains not structural issue; valuation still shows 25%+ upside on DCF.

• Trane Technologies delivered robust performance in the third quarter of 2025, exhibiting significant growth in key business segments despite challenges in certain markets.
• The company reported record quarterly bookings of $6 billion, reflecting a 13% year-over-year organic growth and expanding its adjusted operating margins by 170 basis points.
• Additionally, Trane Technologies achieved a 15% growth in adjusted earnings per share (EPS) and demonstrated robust free cash flow generation.

• Acquired Entity Operating as a Key Growth Pillar: Primero Group is no longer a publicly traded entity (PGX AU), following its acquisition by NRW Holdings (ASX: NWH) in March 2021. It now operates as a key component of NRW’s Minerals, Energy & Technologies division, providing vertically integrated engineering, procurement, and construction (EPC) services.
• Vertically Integrated Business Model: The company specializes in the design, construction, and operation of global resource projects, offering a turnkey solution that spans the entire project lifecycle. This integrated model, which includes Build-Own-Operate (BOO) solutions, provides a competitive differentiation and allows for capturing value across different stages of a project.
• Strategic Positioning for Energy Transition: Primero has established a strong foothold in projects related to future-facing commodities, including lithium, vanadium, and hydrogen, positioning it to capitalize on the global shift towards sustainable energy. This aligns with NRW’s strategy to diversify and expand its capabilities in high-growth sectors.

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• Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). 
• The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. 
• If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. 

• Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
• Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
• Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

• Crocs, Inc.’s third quarter of 2025 revealed a complex performance landscape driven by strategic decisions and market conditions.
• The company, known for both the Crocs and HEYDUDE brands, demonstrated efforts to realign its operations toward long-term growth despite short-term challenges.
• On the positive side, Crocs, Inc. showcased strong profitability and cash flow in the quarter, which facilitated share repurchases and debt reduction.

• Apple Inc. reported robust financial results for the fourth quarter of fiscal year 2025, showcasing an impressive performance with total revenue reaching $102.5 billion, an 8% increase from the same period last year, marking a record for the September quarter.
• The company’s services sector set an all-time revenue record with $28.8 billion, reflecting a substantial 15% growth, largely driven by strong demand across developed and emerging markets.
• Additionally, the company saw a record earning per share (EPS) of $1.85, marking another significant achievement.

• With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  
• The #1 MCED screening test maker has guided to cash burn of <$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.
• Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.