Daily Brief Industrials: Guangdong Tianyu Semiconductor, Symbotic, Reclaims Global Limited, LMS Compliance Ltd, Lyft , Okumura Engineering, Petards Group, Resideo Technologies Inc, Alpha Purchase , Unifirst Corp/Ma and more

• Guangdong Tianyu Semiconductor (2223725D CH) is looking to raise up to US$224m in its upcoming Hong Kong IPO.
• It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024
• In this note, we provide updates on the firm’s past performance and valuation.

• Symbotic Corporation recently reported its third-quarter financial results for fiscal year 2025.
• The company demonstrated a robust performance with a 26% year-over-year increase in revenue, reaching $592 million.
• This growth was attributed largely to the expansion and continued deployment of its 46 existing systems, alongside progress in Advanced Systems and Robotics (ASR) development.

• Reclaims Global Limited (“Reclaims”) is an integrated construction services provider specialising in excavation, construction and demolition (“C&D”) waste recycling, and logistics/equipment leasing.
• Since 2009, the Group has built an established operating track record supported by a sizeable in- house fleet and an end-to-end model covering demolition, deep excavation, material recovery, and transport.
• FY2025 marked a strong recovery, revenue almost doubled to S$44.4 million, with net profit almost tripling to S$5.6 million on higher excavation volumes and improved fleet utilisation.

• LMS Compliance Ltd. is a well-established testing, inspection, certification, and assurance (TICA) provider with a strong presence in Malaysia and a growing footprint in the broader Asian region. The company is strategically pivoting towards the high-growth Environmental, Social, and Governance (ESG) services sector, leveraging its core competencies to capitalize on increasing global demand for sustainability-related compliance.
• The company has demonstrated a solid track record of revenue growth, driven by both its traditional testing and certification services and its newer ESG-related offerings. Financial performance has been robust, with consistent profitability and positive operating cash flow, supporting its ability to invest in expansion and provide shareholder returns.
• A key element of LMS’s strategy is its focus on digitalization and the development of proprietary technologies, such as its Laboratory Information Management System (LIMS) and carbon accounting software. This technological focus aims to enhance operational efficiency, create scalable revenue streams, and provide a competitive advantage in the evolving compliance landscape.

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• Lyft’s Q3 2025 performance reflects a mixed bag of positive developments and ongoing challenges as it navigates the competitive rideshare landscape.
• On the upside, Lyft reported a record quarter with significant increases in operational metrics.
• Active Riders grew by 18% year-over-year, gross bookings saw a 16% increase, and Adjusted EBITDA rose by 29%.

Key points (machine generated)

• OKM Co., Ltd. holds a 90% market share in Japan and 40% globally in the valve industry.
• The company has revised its fiscal year 2026 performance forecast upwards due to strong sales in marine and LNG valves.
• OKM’s medium-term plan aims for 13.2 billion yen in sales, 1.3 billion yen in operating profit, and an ROE of 8-10% by March 2028.

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• The developer of advanced security, communication and surveillance systems announces a contract extension.
• The extension worth £0.65m is with the Ministry of Defence for the continued support of Royal Air Force communication infrastructure.
• The three-year extension to November 2028 increases the earnings visibility and adds to the defence services order book. 

• Resideo Technologies, Inc. reported its Q3 2025 financial results, showing a blend of accomplishments alongside some challenges.
• The company delivered a solid performance in both its ADI Global Distribution and Products & Solutions segments, achieving low single-digit organic revenue growth, while also posting record high adjusted EBITDA and adjusted EPS, which exceeded expectations primarily due to terminating the Honeywell Indemnity agreement.
• However, the company faced headwinds from macroeconomic factors such as inflation and tariffs.

Key points (machine generated)

• AlphaPurchase Corporation experienced a ransomware attack on October 19, 2025, impacting shipments and procurement.
• Despite the attack, the company revised its outlook to a 6.3% increase in net sales to ¥59.5 billion and a 20.7% rise in operating profit to ¥1.5 billion.
• AlphaPurchase aims for ¥100 billion in net sales and a 3.5% operating profit margin by FY12/29, while increasing its dividend to ¥37 per share.

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• UniFirst is once again in the activist spotlight after Engine Capital publicly urged the company’s Board of Directors to explore a sale, escalating tensions that have been building since UniFirst rejected a premium all‑cash takeover offer from Cintas earlier this year.
• Engine Capital, which holds a 3.2% ownership stake, criticized the Board for prioritizing the interests of company trustees over those of ordinary shareholders—pointing specifically to the decision to turn down Cintas’ January proposal to acquire both UniFirst’s common and Class B stock for $275 per share, a premium valuation at the time.
• Engine argued that the Board’s refusal represented entrenched governance rather than strategic judgment.