In today’s briefing:
- Intel. Crisis Mode All Over Again
- Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway
- Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?
- Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability
- Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
- Asian Dividend Gems: Korea District Heating Corp (KDHC)
- China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
- MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
- Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!
- AMETEK Builds A $5 Billion M&A War Chest But Is Inorganic Growth The Only Way?
Intel. Crisis Mode All Over Again
- President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
- The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
- That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?
Ford’s EV Division Is Bleeding Cash—And Investors Are Cheering Anyway
- Ford Motor Company’s second-quarter 2025 performance paints a picture of a company executing on its strategic ambitions while managing through significant operational headwinds.
- The automaker posted record quarterly revenue of $50.2 billion, up from $47.8 billion a year earlier, driven by solid demand across its divisions.
- Adjusted EBIT came in at $2.1 billion, topping Wall Street estimates of $1.9 billion, while adjusted earnings per share were 37 cents versus an expected 33 cents.
Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?
- Axalta Coating Systems reported their Q2 2025 financial results, showcasing a mixed picture of performance and challenges in various segments.
- The company’s record adjusted EBITDA of $292 million and adjusted diluted EPS underscore their ability to sustain profitability even in a volatile macroeconomic landscape.
- Notably, adjusted EBITDA margins remained strong at over 22%, marking the fifth consecutive quarter of hitting or exceeding their 21% target outlined in their A Plan.
Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability
- San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
- In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.
- The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.
Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
- Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
- The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
- This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.
Asian Dividend Gems: Korea District Heating Corp (KDHC)
- There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).
- The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.
- Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.
China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
- Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
- The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
- BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene.
MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
- MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
- The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
- Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.
Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!
- Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and earnings per share of $1.57, marking a 12% increase.
- This growth was fueled by robust double-digit revenue gains across several segments, particularly the iPhone, Mac, and Services.
- The iPhone generated $44.6 billion in sales, a 13% jump, largely driven by strong global demand for the iPhone 16 series.
AMETEK Builds A $5 Billion M&A War Chest But Is Inorganic Growth The Only Way?
- AMETEK Inc. delivered solid financial performance in the second quarter of 2025, with key highlights reflecting their robust operational capabilities and strategic growth plans.
- The company reported record sales and EBITDA, despite a challenging macroeconomic environment.
- The total sales reached $1.78 billion, marking a 2.5% increase compared to the same period in 2024.
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