Daily Brief Industrials: DKSH Holdings Malaysia, Qube Holdings, China Boqi Environmental Hol, Parsons Corp and more

• 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.

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• 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.