In today’s briefing:
- Levi Strauss & Co.: Product Innovation & Expansion
- GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!
- VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding
- Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!
- Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries
- Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!
- CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
- Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!
- CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
- Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications
Levi Strauss & Co.: Product Innovation & Expansion
- Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
- The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
- A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.
GitLab Rockets On M&A Chatter: What A Datadog Deal Could Mean!
- GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
- The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
- The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.
VEON (VEON US) 3Q25 Preview: Digital Revenue Mix & Margins Expanding
- Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
- Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
- We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.
Domino’s Pizza: Strategic U.S. & International Expansion to Diversify Risk While Tapping Into High-Growth Areas!
- Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
- The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
- The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.
Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries
- BYD is still the largest sedan maker in China, but its deliveries began to decline.
- Geely is the second largest car maker, but its deliveries surged dramatically.
- We believe Geely is the most promising company when the sedan market gets concentrated.
Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!
- Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.
- The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.
- This result aligns with its strategy to leverage Delta’s brand power, focusing on improving the customer experience and enhancing operational reliability.
CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
- CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
- During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
- The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.
Quanta Services Is Building The Backbone Of AI—Is Wall Street Catching On!
- The artificial intelligence revolution is reshaping the U.S. energy landscape, and Quanta Services is emerging as one of its key beneficiaries.
- In Q2 2025, Quanta posted impressive results including double-digit revenue and earnings growth, a record $35.8 billion backlog, and raised its full-year guidance for revenue, adjusted EBITDA, and EPS.
- These gains were underpinned by rising electricity demand as data centers and AI infrastructure proliferate nationwide.
CSX Corporation Doubles Down on Growth With Massive Network Expansion Projects; What Lies Ahead?
- CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
- During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
- The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.
Binhui Biopharm (滨会生物) Pre-IPO Quick Take: High Innovation but Niche Indications
- Binhui, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. Huatai, CMB, and BOCI are the joint sponsors.
- In this note, we look at the company’s core product, BS001, and key products BS006 and BR003.
- We also look at the company’s pre-IPO investors and management team.
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