In today’s briefing:
- Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025
- Resonac Holdings – Improving Mix, Expanding Margins, and a Clear Case for Re-Rating
- Louisiana-Pacific: How Far Can Its ExpertFinish Capacity Surge Push the Stock?
Hong Kong: IPO SPOTLIGHT – OVERVIEW 2025
- Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this year.
- Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings. With nearly 300 listings in the pipeline, 2026 should be another banner year.
- Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.
Resonac Holdings – Improving Mix, Expanding Margins, and a Clear Case for Re-Rating
- Semiconductor segment drives structural margin expansion, now contributing over 100% of core profit with record Q3 performance.
- Legacy Chemicals and Graphite remain weak, but consolidated EBITDA outlook for FY2026–27 strengthens on improving mix.
- Forward valuation supports ¥8,000 target; Resonac trades at a discount to global semiconductor-materials peers despite rising semis exposure.
Louisiana-Pacific: How Far Can Its ExpertFinish Capacity Surge Push the Stock?
- The third quarter of 2025 earnings report for Louisiana-Pacific Corporation (LP) presents a mixed picture, reflecting both strategic advancements and ongoing challenges.
- On the positive side, LP’s Siding business showed resilience in a soft market, with a 5% increase in sales revenue driven primarily by pricing and a favorable mix.
- Notably, the ExpertFinish prefinished siding product, with a 17% increase in sales volume, has contributed significantly, buoyed by the successful launch of a new line of nature-inspired colors.
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