INDUSTRIALS Archives | Page 20 of 295 | Smartkarma

• ANE Cayman (9956 HK), a road freight transportation play, is suspended pursuant to the Takeovers Code.
• PE outfit Centurium Partners, a pre-IPO investor, holds 24.6%. Two senior management – past & present – hold a further 20.2%. 
• ANE’s share price is up 29% YTD, but 27% adrift of its November 2021 IPO price. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn in its H-share listing.
• LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
• I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.

• ZIM Integrated Shipping Services reported its second quarter 2025 financial results during a period characterized by severe market disruptions primarily due to tariff changes in the U.S.
• Despite these challenges, the company leveraged its modernized fleet and improved cost structure to generate revenue of $1.6 billion, a net income of $24 million, and an adjusted EBITDA of $472 million.
• The adjusted EBITDA margin stood at 29%, while the adjusted EBIT margin came in at 9%.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

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.

• What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.
• • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.
• • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.

• Engineer dispatching company aiming to become a technician support platform company COPRO-HOLDINGS. Co., Ltd. (hereafter, the Company) has achieved sales growth for the past 19 years since its establishment, with its construction and plant technician dispatching business accounting for 89.1% of total sales.
• It has been growing its business by supporting diverse work styles and career development for engineers.
• The Company focuses on highly efficient technician hiring by operating its own recruiting websites and implementing a rigorous hiring process. 

• Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).
• Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.
• On the other hand, investments in human capital and capital expenditures led to a rise in SG&A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. 

• Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.
• This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.
• However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.

• ANE Cayman (9956 HK), a road freight transportation play, is suspended pursuant to the Takeovers Code.
• PE outfit Centurium Partners, a pre-IPO investor, holds 24.6%. Two senior management – past & present – hold a further 20.2%. 
• ANE’s share price is up 29% YTD, but 27% adrift of its November 2021 IPO price. 

• Luxshare Precision Industry (002475 CH) (LP), a precision intelligent manufacturer, aims to raise around US$2bn in its H-share listing.
• LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
• I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.

• ZIM Integrated Shipping Services reported its second quarter 2025 financial results during a period characterized by severe market disruptions primarily due to tariff changes in the U.S.
• Despite these challenges, the company leveraged its modernized fleet and improved cost structure to generate revenue of $1.6 billion, a net income of $24 million, and an adjusted EBITDA of $472 million.
• The adjusted EBITDA margin stood at 29%, while the adjusted EBIT margin came in at 9%.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

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.

• What you need to know: • BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.
• • The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.
• • BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.

• Engineer dispatching company aiming to become a technician support platform company COPRO-HOLDINGS. Co., Ltd. (hereafter, the Company) has achieved sales growth for the past 19 years since its establishment, with its construction and plant technician dispatching business accounting for 89.1% of total sales.
• It has been growing its business by supporting diverse work styles and career development for engineers.
• The Company focuses on highly efficient technician hiring by operating its own recruiting websites and implementing a rigorous hiring process. 

• Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).
• Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.
• On the other hand, investments in human capital and capital expenditures led to a rise in SG&A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. 

• Core & Main reported a nearly 7% growth in net sales for Q2 2025, largely comprising approximately 5% organic growth.
• This positive sales performance was driven by robust municipal demand, attributed to repair and replacement activities, advanced metering infrastructure projects, and the construction of new water and wastewater treatment facilities.
• However, the residential sector, accounting for around 20% of sales, experienced a slowdown due to high interest rates and affordability concerns, inducing Core & Main to lower its residential market outlook for the remainder of the year.

• Down 18% in the past month, fundamentals for AviChina Industry & Technology H (2357 HK), one of China’s leading aviation/defense plays, still appear demanding.
• Preceding my comments on AviChina are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Dongfang Electric (1072 HK) is looking to raise around US$141m from a primary placement.
• The deal is a small one, representing 3.2 days of the stock’s three month ADV, and 1.5% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework

• On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
• Its two largest shareholders (Korea Development Bank – KDB and Korea Ocean Business Corp – KOBC) both participated in the tender offer.
• With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 

• SRM Contractors (SRM IN)‘s strategic focus on high-margin projects like tunnels and slope stabilization,  positions it to benefit from the government’s infrastructure push.
• Company has given guidance of INR 900Cr of revenue and 500bps margin improvement in the coming year.
• Order book reached a record INR 1,476 crore as of Aug-25,  giving strong revenue visibility for the next two to three years, equivalent to approximately 2.8 times its FY25 revenue.

• In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.
• UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.
• Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

• Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
• Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
• FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.

• Sojitz is a mid-tier sōgō shōsha with, shifting its earnings base from coal and resources toward Chemicals, Energy Solutions, and Healthcare.
• FY25 profit is guided flat at ¥115bn, with Metals weakness offset by non-resource growth; by FY27, ~80% of profits are expected from non-resource segments.
• Shares trade at 7.8x P/E (30–40% discount to peers) with a 4.2% yield, but cash flow volatility, coal exposure, and smaller scale remain key overhangs.

• In this edition: • InPost | Allegro teams up with DPD on delivery program • PostNL | to present 2028 strategy and targets today

• On September 25, TKH will host its Capital Market Day to update its strategy and financial targets.
• Regarding its strategy, the company gave a sneak preview when presenting its FY24 results.
• It stated that in the upcoming strategic phase, the company will focus on Automation and Electrification.

• The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.
• Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.
• With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.

• Down 18% in the past month, fundamentals for AviChina Industry & Technology H (2357 HK), one of China’s leading aviation/defense plays, still appear demanding.
• Preceding my comments on AviChina are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Dongfang Electric (1072 HK) is looking to raise around US$141m from a primary placement.
• The deal is a small one, representing 3.2 days of the stock’s three month ADV, and 1.5% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework

• On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
• Its two largest shareholders (Korea Development Bank – KDB and Korea Ocean Business Corp – KOBC) both participated in the tender offer.
• With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM. 

• SRM Contractors (SRM IN)‘s strategic focus on high-margin projects like tunnels and slope stabilization,  positions it to benefit from the government’s infrastructure push.
• Company has given guidance of INR 900Cr of revenue and 500bps margin improvement in the coming year.
• Order book reached a record INR 1,476 crore as of Aug-25,  giving strong revenue visibility for the next two to three years, equivalent to approximately 2.8 times its FY25 revenue.

• In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.
• UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.
• Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

• Backlog nudged up to ~US$33.4B (~3.2× revenues) with August LNGC wins and offshore pre-work added since May; further upside hinges on large offshore FIDs.
• Q1 FY2025 showed solid YoY operating growth (+58%) but a seasonal QoQ dip; EPS conversion remains diluted by financing and FX costs.
• FY25 P/E (~45×) appears elevated, EPS growth and offshore execution are expected to compress multiples into the mid-20s by FY27, aligning with peers.

• Sojitz is a mid-tier sōgō shōsha with, shifting its earnings base from coal and resources toward Chemicals, Energy Solutions, and Healthcare.
• FY25 profit is guided flat at ¥115bn, with Metals weakness offset by non-resource growth; by FY27, ~80% of profits are expected from non-resource segments.
• Shares trade at 7.8x P/E (30–40% discount to peers) with a 4.2% yield, but cash flow volatility, coal exposure, and smaller scale remain key overhangs.

• In this edition: • InPost | Allegro teams up with DPD on delivery program • PostNL | to present 2028 strategy and targets today

• On September 25, TKH will host its Capital Market Day to update its strategy and financial targets.
• Regarding its strategy, the company gave a sneak preview when presenting its FY24 results.
• It stated that in the upcoming strategic phase, the company will focus on Automation and Electrification.

• The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.
• Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.
• With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.

• Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
• New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
• Stock trading at 30% discount to historical average and deep discount to global peers

• Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
• Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
• Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

• Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
• In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
• Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.

• Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
• New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
• Stock trading at 30% discount to historical average and deep discount to global peers

• Last week, the WTR Sustainable Index was up 2.1% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 0.3%), and the Nasdaq Index (up 1.9%).
• Energy Technology (43% of the index) was up 3.3%, while Transportation Solutions (33% of the index) was up 2.0%, Climate Tech and Clean Tech (18% of the index) was up 1.4%, and Climate Tech Mining and Processing (7% of the index) was down 1.1%.
• Top 10 Performers: SAENF, SNRG, ASYS, RAIN, SKYQ, KARX, BLNK, NEOV, LBNKF, MVST

• Q4 FY2025/5 Results | On July 10, 2025, OHBA (hereinafter, “the Company”) announced its Q4 FY2025/5 results. The full year figures saw an increase in both sales and profits.
• In the three-month period of Q4, orders recovered mainly in the design field, with a steady accumulation of orders in the core construction consulting business.
• Although the Company projects lower sales in FY2026/5 due to the absence of one-off projects from a year earlier, it plans to report its 15th consecutive year of operating profit growth, underpinned by improved profitability.

• More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
• This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end. 
• We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.

• Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years 
• New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
• Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.

• Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.  
• Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas. 
• The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high. 

• 55% market share in Singapore bus market. SBS runs 3 train lines.
• The company has only one customer which is LTA and does not have much pricing power
• The company is asset light and has lots of cash on its books.

• Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
• In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
• Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

• Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the ADS movement and trading dynamics.

• Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
• Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
• Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

• Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
• Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
• LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

• The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
• According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
• With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.

• More than eight years have passed since Chairman Chey first filed for a divorce from this wife Roh So-young in July 2017.
• This divorce case has finally reached the Supreme Court of Korea. Although the final outcome still remains unknown, it appears that this divorce case is finally coming to an end. 
• We also provide an NAV analysis of SK Inc. Our NAV valuation of SK Inc suggests implied market cap of 24.1 trillion won which is 42% higher than current levels.

• Nisshinbo is aiming for a radical transformation from old-fashioned textile business to high-tech, aiming for 80% revenue from defense and high-end tech within 3-5 years 
• New President Yasuji Ishii promises swift decision-making and a comprehensive restructuring plan by February 2026, targeting 10% RoE, up from a 8% deficit at the trough.
• Nisshinbo trades at 70% of book value but should easily trade up to 1.5x if it achieves its Roe target.

• Reportedly, heavy earthmoving equipment play Emeco Holdings (EHL AU) is in the crosshairs.  
• Local media are indicating that Emeco has been testing the water on possible domestic suitors, and this has spurred interest from overseas. 
• The share price is up 27% YTD and 58% over the past year, and currently trading around a four-year high. 

• 55% market share in Singapore bus market. SBS runs 3 train lines.
• The company has only one customer which is LTA and does not have much pricing power
• The company is asset light and has lots of cash on its books.

• Our focus on earnings delivery continues, this time turning to ASEAN. We screen stocks with consistent EPS estimate upgrades, strong EPS growth forecasts, net debt/equity below 1 and PEG<1.3x.
• In the six ASEAN markets, 10 stocks satisfy our criteria – four from Vietnam, two each from Indonesia and Thailand and one each from Singapore and Malaysia.
• Nine of the ten stocks appreciated sharply over the past 3 and 6 months. Over the past 12 months 7 stocks appreciated and three declined.

• Hesai Group (HSAI US) raised around US$530m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note. 
• In this note, we talk about the ADS movement and trading dynamics.

• Institutions were net buyers of Singapore stocks with S$11.1 million inflow, major inflows to DBS, ST Engineering, UOL.
• Stamford Land’s Ow Chio Kiat increased interest to 46.23%, maintaining a debt-free position with S$0.5 billion cash.
• Nordic Group’s Chang Yeh Hong increased interest to 54.87%, with a strong S$184.9 million orderbook as of June 2025.

• Over 30 Singapore stocks increased their 2025 YTD ADT to above S$100K, with two-thirds seeing P/B ratio accretion.
• Seven stocks saw their YTD ADT rise above S$1 million since June, with varied valuation accretion.
• LHT Holdings recorded the highest net institutional inflow, attributed to DH Cornerstone Fund’s 18.45% stake acquisition.

• The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
• According to our sources, the deal’s order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
• With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.

• More than $1 billion to be invested in electric power equipment and railway car production, plus a new automation center, to counter tariffs and support long-term expansion in the U.S.
• The rising share of sales accounted for by smart factory and other digital technologies should lead to higher profit margins and ROIC over the next several years. 
• The share price has dropped 13% from its recent high to 26x EPS guidance for FY Mar-26. Buy on weakness for long-term growth. The main risk is a slowing economy.

• Strong industry sales of wheel loaders (+10.4% YoY) and excavators (+18.8%) in Jul-Aug suggested that the current consensus earnings forecasts are too conservative. 
• Lonking Holdings (3339 HK) will also benefit from the strength of the equities market, given it has an investment portfolio of Rmb2.4bn, or 18.6% of its market capitalisation.
• Given net cash equalling HK$2.02/share, or 66.1% of its share price, its 10.3x PER and 4.5% dividend yield for FY25F still appear undemanding. 

• India’s spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
• We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth >10%, net D/E < 1 and PEG < 1.4x.
• We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.

Key points (machine generated)

• Clarivate operates in three main segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
• Academia & Government is the largest revenue contributor at 49-52%, followed by Intellectual Property at 29-33%, and Life Sciences & Healthcare at 13-17%.
• About half of Clarivate’s revenues come from the higher education sector, including the top 50 universities worldwide.

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.

• Macro: Nuclear restarts (Tomari-3, Aug-25) and record defense budgets underpin demand for JSW’s forgings.
• Results: Q1 FY25 showed solid YoY growth (revenue +7%, OP +21%) with margins lifted by defense/nuclear.
• Valuation/Risks: Shares trade at ~26× P/E on a ¥508 bn backlog; upside rests on execution, with delays the key risk.

• HK-Listed SF Intra is a leading player in Chinese on-demand delivery
• H1 results show strong top-line growth, but thin margins, -ive OpCF
• SF Intra’s structure suggests no fat to cut in local eComm fulfillment expense

• Smurfit Westrock posted a robust performance for the second quarter of 2025, demonstrating strength in several key areas while facing challenges in others.
• The company reported adjusted EBITDA of $1.213 billion, reflecting a solid margin performance of 15.3%.
• This marks a significant improvement particularly due to more focused operations in North America, where the EBITDA margin reached 15.8%.

• UFP Industries, Inc. has reported its second-quarter financial results for 2025, reflecting a continued trend of challenging market conditions.
• The company reported revenues of $1.8 billion, a decrease of 3.5% compared to the previous year.
• Declines in both unit volumes and pricing were noted across its business segments, although recent acquisitions provided some offsetting positive impacts.

• Verbrec Limited (ASX:VBC) provides engineering, asset management, operations and maintenance, and training to the energy, mining, infrastructure and defence industries in Australia, New Zealand, PNG and the Pacific Islands.
• The company operates two divisions in Engineering (~90% of FY25 revenue) and Competency Training (~10% of FY25 revenue).
• The company has announced that it has signed an agreement to sell Competency Training to RelyOn Australia Pty Ltd for a headline purchase price of $11.5m, payable full in cash on completion, but subject to adjustments for working capital and net cash/debt at completion.

• Concepcion Industrial (CIC PM — US$91 million) is an appliance company selling air conditioners and refrigerators in the Philippines.

• The business was started by the Concepcion family in 1962. One year after being formed, it received exclusive distribution rights for Carrier-branded air conditioners in the Philippines.

• In 1987, Concepcion launched its own brand, “Condura” — now one of the top five brands in the country.

• More than $1 billion to be invested in electric power equipment and railway car production, plus a new automation center, to counter tariffs and support long-term expansion in the U.S.
• The rising share of sales accounted for by smart factory and other digital technologies should lead to higher profit margins and ROIC over the next several years. 
• The share price has dropped 13% from its recent high to 26x EPS guidance for FY Mar-26. Buy on weakness for long-term growth. The main risk is a slowing economy.

• Strong industry sales of wheel loaders (+10.4% YoY) and excavators (+18.8%) in Jul-Aug suggested that the current consensus earnings forecasts are too conservative. 
• Lonking Holdings (3339 HK) will also benefit from the strength of the equities market, given it has an investment portfolio of Rmb2.4bn, or 18.6% of its market capitalisation.
• Given net cash equalling HK$2.02/share, or 66.1% of its share price, its 10.3x PER and 4.5% dividend yield for FY25F still appear undemanding. 

• India’s spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
• We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth >10%, net D/E < 1 and PEG < 1.4x.
• We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.

Key points (machine generated)

• Clarivate operates in three main segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
• Academia & Government is the largest revenue contributor at 49-52%, followed by Intellectual Property at 29-33%, and Life Sciences & Healthcare at 13-17%.
• About half of Clarivate’s revenues come from the higher education sector, including the top 50 universities worldwide.

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.

• Macro: Nuclear restarts (Tomari-3, Aug-25) and record defense budgets underpin demand for JSW’s forgings.
• Results: Q1 FY25 showed solid YoY growth (revenue +7%, OP +21%) with margins lifted by defense/nuclear.
• Valuation/Risks: Shares trade at ~26× P/E on a ¥508 bn backlog; upside rests on execution, with delays the key risk.

• HK-Listed SF Intra is a leading player in Chinese on-demand delivery
• H1 results show strong top-line growth, but thin margins, -ive OpCF
• SF Intra’s structure suggests no fat to cut in local eComm fulfillment expense

• Smurfit Westrock posted a robust performance for the second quarter of 2025, demonstrating strength in several key areas while facing challenges in others.
• The company reported adjusted EBITDA of $1.213 billion, reflecting a solid margin performance of 15.3%.
• This marks a significant improvement particularly due to more focused operations in North America, where the EBITDA margin reached 15.8%.

• UFP Industries, Inc. has reported its second-quarter financial results for 2025, reflecting a continued trend of challenging market conditions.
• The company reported revenues of $1.8 billion, a decrease of 3.5% compared to the previous year.
• Declines in both unit volumes and pricing were noted across its business segments, although recent acquisitions provided some offsetting positive impacts.

• Verbrec Limited (ASX:VBC) provides engineering, asset management, operations and maintenance, and training to the energy, mining, infrastructure and defence industries in Australia, New Zealand, PNG and the Pacific Islands.
• The company operates two divisions in Engineering (~90% of FY25 revenue) and Competency Training (~10% of FY25 revenue).
• The company has announced that it has signed an agreement to sell Competency Training to RelyOn Australia Pty Ltd for a headline purchase price of $11.5m, payable full in cash on completion, but subject to adjustments for working capital and net cash/debt at completion.

• Concepcion Industrial (CIC PM — US$91 million) is an appliance company selling air conditioners and refrigerators in the Philippines.

• The business was started by the Concepcion family in 1962. One year after being formed, it received exclusive distribution rights for Carrier-branded air conditioners in the Philippines.

• In 1987, Concepcion launched its own brand, “Condura” — now one of the top five brands in the country.