INDUSTRIALS Archives | Page 13 of 295 | Smartkarma

• Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.
• Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.
• KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• We see four M&A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
• Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.

• Pentair reported its third quarter 2025 results, demonstrating a mix of growth and strategic shifts.
• The company achieved record figures in several financial metrics, including adjusted operating income, return on sales (ROS), and adjusted earnings per share (EPS).
• The sales growth of 3% was mainly driven by the Pool and Flow segments.

• RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.
• The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.
• Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.

• Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.
• The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.
• However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• General Electric Company (GE) reported its third-quarter results for 2025, reflecting a robust financial performance driven by the strength of its aerospace operations.
• The company’s revenue increased by 26% year-over-year, reaching $11.3 billion, while the operating profit grew by the same percentage to $2.3 billion.
• Earnings per share (EPS) improved significantly, rising 44% to $1.66, supported by a strong free cash flow conversion of over 130%.

• Gov’t likely to ease CVC rules; street chatter sees high odds. Tied to KRW150tn Growth Fund push, with corporates lobbying—cleanest path to juice capital flow.
• Holdcos at center of CVC‑easing; scrapping disclosure rule unlocks external capital. Street read: fast flip from control towers to re‑rating plays as real investment shops with growth portfolios.
• KFTC flags 177 holdcos, 14 with CVCs (13 listed). Street sees momentum flows hitting these 13 names; play via basket/overweight, with Doosan, Hyosung, LX as preferred plays.

• Danaher Corporation’s third-quarter 2025 earnings showcased a balanced performance underpinned by solid demand in certain sectors, yet offset by ongoing challenges in others.
• The company reported total sales of $6.1 billion, achieving a core revenue growth of 3%.
• The quarter reflected Danaher’s resilience amid varied market conditions, leveraging its strong execution capabilities and strategic investments in innovation.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• We see four M&A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
• Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.

• Lockheed Martin’s third-quarter 2025 earnings presentation reflected a robust operational and financial performance across its various business sectors, showcasing both its ability to secure substantial contract wins and drive sales growth.
• The aerospace and defense contractor reported a record backlog of $179 billion, fueled by significant awards from marquee programs like PAC-3, JASSM/LRASM, and the CH-53K helicopter, promising production rate visibility well into the next decade.
• Furthermore, Lockheed Martin finalized a significant F-35 contract, which further enhances its position in the fighter aircraft market.

• Pentair reported its third quarter 2025 results, demonstrating a mix of growth and strategic shifts.
• The company achieved record figures in several financial metrics, including adjusted operating income, return on sales (ROS), and adjusted earnings per share (EPS).
• The sales growth of 3% was mainly driven by the Pool and Flow segments.

• RTX Corporation, formerly known as Raytheon Technologies, announced its third-quarter 2025 financial results, highlighting strong performance across its business segments.
• The company reported a 13% organic sales growth year-over-year, with notable contributions from both the commercial and defense sectors.
• Commercial Original Equipment (OE) sales surged due to robust demand from narrowbody platforms, and commercial aftermarket sales increased substantially, supported by a significant rise in maintenance, repair, and overhaul (MRO) activities.

• Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.
• The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.
• However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.

• Equifax Inc.’s results for the third quarter of 2025 reflect a period of robust revenue growth intertwined with complex operational adjustments.
• The company reported a revenue of $1.54 billion, marking a growth of over 7% in both constant currency and reported dollars.
• This performance surpassed the guidance provided in July by $25 million, primarily courtesy of strong performance in U.S. mortgage, Employment & Income Verification (EWS), and U.S. Information Solutions (USIS) non-mortgage sectors.

• General Electric Company (GE) reported its third-quarter results for 2025, reflecting a robust financial performance driven by the strength of its aerospace operations.
• The company’s revenue increased by 26% year-over-year, reaching $11.3 billion, while the operating profit grew by the same percentage to $2.3 billion.
• Earnings per share (EPS) improved significantly, rising 44% to $1.66, supported by a strong free cash flow conversion of over 130%.

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
• The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
• Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
• The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
• Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
• It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
• The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
• However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.

• Honeywell is a diversified industrial leader poised to unlock shareholder value through the strategic spin-off of its high-margin Advanced Materials business, Solstice, in late 2025.
• The remaining company will be more focused on its core, high-performing segments—Aerospace, Building Automation, and Industrial Automation—which are aligned with powerful secular megatrends like energy transition and digitalization.
• While the company faces execution risks with the portfolio transformation and is exposed to macroeconomic cycles, its strong market positions, technological leadership, and consistent capital return program present a compelling long-term investment case.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Beijer Ref AB has reported its second quarter results for 2025, showcasing robust growth and financial stability in challenging market conditions.
• The company’s performance is underscored by notable increases in sales, EBITDA, and EPS, reflecting effective strategic initiatives and operational efficiency.
• Beijer Ref AB achieved a 12% sales increase, excluding currency effects, with a 2% organic growth despite one less working day, illustrating resilience in core operations.

• Cardinal Infrastructure Group Inc. is an infrastructure investment company focused on acquiring, owning and operating core infrastructure assets across sectors such as transportation, energy, utilities and data-centers.
• Their revenue was $153.9 million and $187.9 million and their net income was $16.7 million and $16.1 million in the first half of 2024 and 2025, respectively.
• Today, they primarily operate in North Carolina, specifically the greater Charlotte, Raleigh, and Greensboro areas of North Carolina.

• Oshidori International Holdings, formerly Enerchina Holdings, has transitioned from a clean energy focus to an investment holding company primarily engaged in financial services in Hong Kong. Its core operations include securities brokerage, tactical investments, and credit and lending services.
• The company’s financial performance has been volatile, heavily influenced by gains and losses on its investment portfolio. While the first half of 2025 showed a return to profitability, the full year 2024 resulted in a significant net loss, highlighting the inherent risks in its business model.
• Recent strategic moves, such as the disposal of its entire stake in Shengjing Bank, indicate a dynamic approach to its investment portfolio. However, the lack of dividend payments since 2019 and reliance on market-sensitive income streams present key considerations for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Ningbo Joyson Electronic (600699 CH), a Chinese intelligent automotive technology provider, aims to raise up to US$500m in its H-share listing.
• It is an intelligent automotive technology solution provider, offering advanced products and solutions across the auto part industry’s key areas including automotive electronics and automotive safety.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• The Volvo Group’s third-quarter performance revealed a mixed set of results impacted by a blend of global economic conditions and strategic adjustments.
• The group reported a 1% year-over-year increase in net sales when adjusted for currency, primarily driven by service sales growth across all business areas.
• However, vehicle sales experienced a slight decline, with trucks particularly underperforming in North and South America.

• Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
• Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
• Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.   
• Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
• With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x. 

• Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
• Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
• The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

Key points (machine generated)

• Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
• The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
• Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
• Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
• Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Perak Corp is a state-linked, diversified investment holding company with core operations in Property Development, Port & Logistics, and Hospitality, but faces significant financial challenges evidenced by its PN17 status.
• The company is undergoing a crucial financial restructuring via a proposed regularisation plan involving capital reduction, asset sales, and debt settlement, which is critical for its survival and future viability.
• While recent financial data shows a return to marginal profitability, the company has a history of losses, negative free cash flow, and has not paid dividends, indicating a high-risk investment profile dependent on the successful execution of its turnaround strategy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM

• Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
• Trade setup: screen >₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
• Screening >₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.

• Fluor Corporation shares have surged following reports that activist investor Starboard Value has taken a nearly 5% stake in the engineering and construction giant.
• The rally comes amid growing expectations that Starboard, led by Jeff Smith, will push Fluor to unlock value by exploring strategic alternatives for its 40% stake in NuScale Power, a small modular nuclear reactor (SMR) company that has seen its own stock skyrocket amid AI-driven power demand.
• With Fluor’s core business lagging and NuScale’s valuation surging, Starboard’s campaign centers on the market’s apparent mispricing of Fluor’s sum-of-the-parts.

• The market consensus is too conservative for Cosco Shipping Energy Transportation Co. (1138 HK). A better-than-expected 3Q25 result is likely to prompt an earnings upgrade.   
• Spot VLCC rate is 32.7% higher than 1H25 so far for 2H25, and average bunker price has declined 6.2% in 3Q25, both implying improved earnings prospects.
• With an average ROE for FY25-27 at over 12%, its 1.05x P/B is not stretched. During FY20-23, the average ROE of 1.6% has supported a P/B ratio of 0.56x. 

• Among Singapore’s 100 most traded stocks, 22 have a combined ADT of S$42.9 million and market cap of S$8.15 billion.
• Industrials, Technology, and Energy sectors make up nearly 80% of these stocks, reflecting global trends in infrastructure, AI, and renewables.
• The 22 stocks recorded a net institutional inflow of S$132.35 million in 2025, led by CSE Global.

Key points (machine generated)

• Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.
• The market may be overly pessimistic about the sale’s likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air’s assets.
• Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Nippecraft is navigating a challenging environment characterized by secular declines in its core stationery business, evidenced by a consistent fall in revenue over the past three years. The company’s strategy to counteract this involves diversification into pulp trading and a focus on lifestyle branding.
• Despite falling sales, the company has demonstrated an ability to grow net income and EPS over medium-to-long term horizons, suggesting successful cost control and restructuring efforts. However, recent profitability is thin and cash flow generation remains a significant concern, with negative operating and free cash flow in the latest fiscal year.
• Valuation appears attractive on a price-to-book basis, trading at a significant discount to its book value. This may appeal to value-oriented investors, but the low valuation reflects substantial risks, including the structural decline of the paper products industry and intense competitive pressure.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Perak Corp is a state-linked, diversified investment holding company with core operations in Property Development, Port & Logistics, and Hospitality, but faces significant financial challenges evidenced by its PN17 status.
• The company is undergoing a crucial financial restructuring via a proposed regularisation plan involving capital reduction, asset sales, and debt settlement, which is critical for its survival and future viability.
• While recent financial data shows a return to marginal profitability, the company has a history of losses, negative free cash flow, and has not paid dividends, indicating a high-risk investment profile dependent on the successful execution of its turnaround strategy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM

• Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
• I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case. 
• The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

• The increase in the stock price over the last 3 months could result in UBTech Robotics (9880 HK) being added to a global index in November.
• There is a fair amount to buy in the stock and cumulative excess volume has picked up since July. Short interest has dropped over the same period.
• The recent drop in the stock price provides a better entry point for a short-term trade as positioning builds up ahead of the potential passive buying.

• Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
• IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
• There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.

• BeNext-Yumeshin Group is a major player in the Japanese human resource services industry, specializing in the dispatch of engineers and technical staff across several key sectors.
• The company has demonstrated a strong growth trajectory in revenue and net income, supported by a robust dividend payout history, making it an attractive proposition for income-oriented investors.
• Key challenges include navigating the highly competitive and fragmented domestic market, managing risks associated with economic cyclicality, and adapting to evolving labor regulations in Japan.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
• The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
• Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E > 100x) that presents a risk for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Kanematsu is a diversified general trading company distinguishing itself with a strong focus on high-growth areas like ICT Solutions and Electronics & Devices, which now constitute the majority of its operating profit.
• The company exhibits a shareholder-friendly capital return policy, evidenced by a strong dividend yield and a consistent track record of increasing dividend payouts, supported by robust cash flow generation.
• Recent performance highlights a tale of two businesses: significant profit growth in technology-related segments is being partially offset by pronounced weakness in the more traditional Motor Vehicles & Aerospace and Foods, Meat & Grain segments.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• OOIL is a core subsidiary of the state-owned COSCO SHIPPING, operating as a key entity within the world’s fourth-largest container shipping group, which provides significant operational and financial backing.
• The container shipping industry is facing a challenging outlook with significant new vessel capacity entering the market, which is expected to outpace demand growth through 2026, potentially pressuring freight rates and profitability.
• Despite the cyclical downturn from the post-pandemic peak, the company maintains a strong balance sheet with a high net cash position, supporting a robust dividend payout and providing resilience against market volatility.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
• The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
• Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.

• The Keepers Holdings (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This commanding position is anchored by its exclusive distribution rights for high-demand products like Alfonso Brandy.
• The company is pursuing growth through strategic acquisitions, such as the planned purchase of Booze Online Inc. to enter the beer market and a 50% stake in Bodegas William & Humbert to secure its supply of Alfonso Brandy.
• While demonstrating robust double-digit revenue and profit growth, KEEPR faces headwinds from margin compression due to foreign exchange volatility and an unfavorable product mix. However, its strong balance sheet, net cash position, and attractive valuation present a compelling investment case.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Institutions were net sellers of Singapore stocks from Oct 10 to 16, with a net outflow of S$167 million.
• United Overseas Bank led share buybacks with 500,000 shares at S$34.91, totaling S$39.3 million across 19 companies.
• Reclaims Global proposed a placement of 15,384,700 shares at S$0.39 each, raising approximately S$5.75 million.

• Sany Heavy Industry (600031 CH), the world’s third-largest construction machinery company, has launched an H Share listing to raise US$1.6 billion.
• I discussed the H Share listing in SANY Heavy Industry H Share Listing: The Investment Case. 
• The proposed AH discount of 17.2% to 13.1% (based on the 17 October A Share price) is attractive, and I would participate in the H Share listing.

• The increase in the stock price over the last 3 months could result in UBTech Robotics (9880 HK) being added to a global index in November.
• There is a fair amount to buy in the stock and cumulative excess volume has picked up since July. Short interest has dropped over the same period.
• The recent drop in the stock price provides a better entry point for a short-term trade as positioning builds up ahead of the potential passive buying.

• Our base case valuation of Sany Heavy Industry is target price of CNY21.1 per share. This represents 7.6% lower than current price of CNY22.83 per share.
• IPO price of Sany Heavy is expected to be set between HKD20.30 and HKD21.30. Our valuation analysis suggests lack of a meaningful upside for Sany Heavy Industry listing in HK.
• There are still lack of a major turnaround of the property market in China and this could continue to negatively impact the overall construction equipment market in China.

• BeNext-Yumeshin Group is a major player in the Japanese human resource services industry, specializing in the dispatch of engineers and technical staff across several key sectors.
• The company has demonstrated a strong growth trajectory in revenue and net income, supported by a robust dividend payout history, making it an attractive proposition for income-oriented investors.
• Key challenges include navigating the highly competitive and fragmented domestic market, managing risks associated with economic cyclicality, and adapting to evolving labor regulations in Japan.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Doosan Enerbility is strategically pivoting towards eco-friendly energy solutions, including gas turbines, renewables (wind, hydrogen), and small modular reactors (SMRs), positioning itself to capitalize on the global energy transition.
• The company maintains a strong, albeit cyclical, position in the global power and water plant construction market, with core competencies in nuclear reactors, turbines, and desalination technologies.
• Financial performance is characterized by revenue growth but significant volatility in profitability and cash flow, alongside a high valuation (P/E > 100x) that presents a risk for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Kanematsu is a diversified general trading company distinguishing itself with a strong focus on high-growth areas like ICT Solutions and Electronics & Devices, which now constitute the majority of its operating profit.
• The company exhibits a shareholder-friendly capital return policy, evidenced by a strong dividend yield and a consistent track record of increasing dividend payouts, supported by robust cash flow generation.
• Recent performance highlights a tale of two businesses: significant profit growth in technology-related segments is being partially offset by pronounced weakness in the more traditional Motor Vehicles & Aerospace and Foods, Meat & Grain segments.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• OOIL is a core subsidiary of the state-owned COSCO SHIPPING, operating as a key entity within the world’s fourth-largest container shipping group, which provides significant operational and financial backing.
• The container shipping industry is facing a challenging outlook with significant new vessel capacity entering the market, which is expected to outpace demand growth through 2026, potentially pressuring freight rates and profitability.
• Despite the cyclical downturn from the post-pandemic peak, the company maintains a strong balance sheet with a high net cash position, supporting a robust dividend payout and providing resilience against market volatility.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• COSCO SHIPPING International (Singapore) reported a 10.6% revenue increase in 1H 2025, driven by logistics and marine engineering growth.
• The company is constructing Jurong Island Logistics Hub Phase 2, with completion expected in Q4 2026, enhancing logistics infrastructure.
• Key risks for 2025 include potential global trade slowdown, operational disruptions, and regulatory changes affecting logistics and marine services.

• The Keepers Holdings (KEEPR) is the dominant distributor of imported spirits in the Philippines, boasting a market share of 74% by volume. This commanding position is anchored by its exclusive distribution rights for high-demand products like Alfonso Brandy.
• The company is pursuing growth through strategic acquisitions, such as the planned purchase of Booze Online Inc. to enter the beer market and a 50% stake in Bodegas William & Humbert to secure its supply of Alfonso Brandy.
• While demonstrating robust double-digit revenue and profit growth, KEEPR faces headwinds from margin compression due to foreign exchange volatility and an unfavorable product mix. However, its strong balance sheet, net cash position, and attractive valuation present a compelling investment case.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Institutions were net sellers of Singapore stocks from Oct 10 to 16, with a net outflow of S$167 million.
• United Overseas Bank led share buybacks with 500,000 shares at S$34.91, totaling S$39.3 million across 19 companies.
• Reclaims Global proposed a placement of 15,384,700 shares at S$0.39 each, raising approximately S$5.75 million.

• Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
• The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
• Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment. 

• Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
• Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
• Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

• 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.

• 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’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.

• The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
• AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
• The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 

• Snap-on Inc. reported its third-quarter results, revealing a 3.8% increase in net sales to $1.19 billion compared to the previous year, with organic sales growth of 3%.
• Adjustments for favorable foreign currency translation were noted.
• Operating margins, before Financial Services, stood at 23.4% due to a 190 basis point gain from a legal settlement.

• Revenue increased by 3.0% YoY to JPY31.7bn, achieving 50.0% of the full-year forecast, while operating profit fell 4.4% YoY.
• Segment revenue for scaffolding equipment rose 3.7% YoY to JPY13.0bn, but segment profit decreased 24.0% YoY.
• Revenue from digital firefighter radios grew 12.3% YoY to JPY2.7bn, narrowing the segment loss compared to 1H FY03/25.

• United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.
• The company demonstrated strong results despite identified macroeconomic challenges.
• United’s ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.

• Sany Heavy Industry (600031 CH) aims to raise around US$1.6bn in its H-share listing.
• Sany Heavy Industry was the world’s third largest and China’s largest construction machinery company in terms of construction machinery’s cumulative revenue from 2020 to 2024, according to Frost & Sullivan.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Sany Heavy Industry is getting ready for an IPO listing in Hong Kong. It is targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in this listing.
• The IPO price of Sany Heavy is set between HK$20.30 and HK$21.30, with the final price to be determined on Friday.
• Sany Heavy is the largest construction machinery manufacturer in China and third largest globally. Its main products include excavators, concrete equipment, hoisting and piling machines, and road construction equipment. 

• Sany Heavy Industry (600031 CH)‘s IPO price range is set at HK$20.3-21.3, aiming at raising HK$11.9bn based on the mid-point IPO price.
• Key strengths are excellent growth potential globally, a leading market position, excellent R&D capability, and a solid financial track record.
• Sany Heavy’s fair valuation is a 5-10% discount to its A-share, in our view, implying an H-share price of HK$22.06-23.29, leaving limited upside from the IPO level.

• 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.

• 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’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.

• The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
• AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
• The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 

• Snap-on Inc. reported its third-quarter results, revealing a 3.8% increase in net sales to $1.19 billion compared to the previous year, with organic sales growth of 3%.
• Adjustments for favorable foreign currency translation were noted.
• Operating margins, before Financial Services, stood at 23.4% due to a 190 basis point gain from a legal settlement.

• Revenue increased by 3.0% YoY to JPY31.7bn, achieving 50.0% of the full-year forecast, while operating profit fell 4.4% YoY.
• Segment revenue for scaffolding equipment rose 3.7% YoY to JPY13.0bn, but segment profit decreased 24.0% YoY.
• Revenue from digital firefighter radios grew 12.3% YoY to JPY2.7bn, narrowing the segment loss compared to 1H FY03/25.

• United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.
• The company demonstrated strong results despite identified macroeconomic challenges.
• United’s ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.