The Sensex traded 56.76 points higher at 84,957.47 in afternoon deals on Tuesday, while the Nifty added 23.20 points to 25,982.70, as markets held modest gains despite continued foreign institutional investor selling and caution ahead of the day’s futures and options expiry. Bharat Electronics led the Nifty gainers, rising 1.71 per cent to ₹410.70, followed by Dr Reddy’s Laboratories, which climbed 1.58 per cent to ₹1,245.60. State Bank of India advanced 1.34 per cent to ₹983.65, JSW Steel gained 1.18 per c ...

Financial Data and Key Metrics Changes - The company reported a revenue of $2.812 billion for fiscal 2025, representing a 54% increase year-over-year, with 8.4% from organic growth and 45.6% from acquisitions [16][17] - Adjusted EBITDA for fiscal 2025 was $423.7 million, a 92% increase compared to the previous year, with an adjusted EBITDA margin of 15% [17][19] - Net income reached $101.8 million, up 48% from last year, while adjusted net income increased by 73% to $122 million [17][19] - The company ended fiscal 2025 with a record project backlog of $3 billion [5][21] Business Line Data and Key Metrics Changes - The fourth quarter revenue was $900 million, a 67% increase year-over-year, with 10.4% attributed to organic growth [16] - General and administrative expenses as a percentage of total revenue decreased to 7.1% from 8.1% in the previous year [17] Market Data and Key Metrics Changes - The company noted strong public contract bidding across its eight states, expecting contract awards in FY 2026 to increase approximately 15% over FY 2025 [12][14] - The company highlighted the ongoing migration to the Sunbelt, which is driving demand for private construction projects [11][12] Company Strategy and Development Direction - The company has initiated a five-year strategic plan called Road 2030, aiming to double revenue to over $6 billion by 2030 and expand EBITDA margins to 17% [10] - The strategy includes focusing on acquisitions in the right markets with the right partners, particularly in the fragmented local market [26][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth driven by macro trends such as migration to the Sunbelt, reshoring of manufacturing, and increased infrastructure funding [11][12] - The company anticipates a strong construction season in the second half of FY 2026, contributing 58%-60% of annual revenue [21] Other Important Information - The company expects to convert 75%-85% of EBITDA to cash flow from operations in FY 2026 [19] - Capital expenditures for FY 2026 are projected to be in the range of $165 million-$185 million, with a focus on high-return growth initiatives [19] Q&A Session Summary Question: Integration of recent acquisitions - Management discussed the smooth integration of acquisitions, emphasizing the importance of cultural fit and involving employees in the process [26][28] Question: Impact of government shutdown - Management confirmed that the government shutdown did not significantly impact revenue or bidding due to the funding structure through the Highway Trust Fund [32] Question: Confidence in reauthorization bill - Management indicated that there is momentum for the reauthorization bill, with expectations for a vote by spring [40][42] Question: M&A strategy for 2026 - Management clarified that 2026 will focus on bolt-on acquisitions while also aiming to reduce leverage to approximately 2.5x by late 2026 [58] Question: Pricing and cost inflation - Management noted that inflation in 2025 was benign, with stable construction material costs and labor costs increasing at a typical rate of 3%-4% [61][63] Question: Private construction demand - Management reported consistent demand in private construction, particularly in the Sunbelt region, with a healthy backlog split between public and private projects [72]

Financial Data and Key Metrics Changes - Construction Partners reported a revenue of $2.812 billion for fiscal 2025, representing a 54% increase compared to the previous year, with 8.4% organic growth and 45.6% acquisitive growth [15][16] - Adjusted EBITDA for fiscal 2025 was $423.7 million, a 92% increase year-over-year, with an adjusted EBITDA margin of 15% compared to 12.1% in fiscal 2024 [16] - Net income reached $101.8 million, up 48% from the previous year, while adjusted net income increased by 73% to $122 million [16] Business Line Data and Key Metrics Changes - The fourth quarter of fiscal 2025 saw revenue of $900 million, a 67% increase year-over-year, with 10.4% of that being organic revenue growth [15] - General and administrative expenses as a percentage of total revenue decreased to 7.1% from 8.1% in the previous year [16] Market Data and Key Metrics Changes - The company ended fiscal 2025 with a record project backlog of $3 billion, covering approximately 80%-85% of the next 12 months' contract revenue [19] - The company expects contract awards in FY2026 to increase approximately 15% over FY2025, driven by strong public contract bidding across its operational states [11][12] Company Strategy and Development Direction - The company has initiated a five-year strategic plan called Road 2030, aiming to double its revenue to over $6 billion by 2030, with a target of expanding EBITDA margins to 17% by the end of the period [9] - The growth strategy focuses on acquisitions in the Sunbelt region, leveraging the ongoing generational transition in the industry to identify potential acquisition targets [12][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted four macro trends driving growth: migration to the Sunbelt, reshoring of manufacturing, increased infrastructure funding, and a fragmented industry ripe for consolidation [10][11] - The company remains focused on attracting and retaining talent, emphasizing the importance of its workforce in driving business growth and shareholder value [14] Other Important Information - The company expects total capital expenditures for fiscal 2026 to be in the range of $165 million-$185 million, with a focus on high-return growth initiatives [18] - Cash flow from operations for fiscal 2025 was $291 million, up from $209 million in fiscal 2024, with expectations to convert 75%-85% of EBITDA to cash flow from operations in fiscal 2026 [17][18] Q&A Session Summary Question: Integration of recent acquisitions and differences from five years ago - Management noted that the integration process has improved significantly, with a focus on cultural fit and involving employees from across the company in the integration teams [24][26] Question: Impact of government shutdown on business - Management confirmed that the government shutdown did not significantly impact revenue or bidding due to the funding structure through the Highway Trust Fund [30] Question: Confidence in reauthorization bill voting timeline - Management expressed optimism about the reauthorization bill, indicating that both chambers are working on it and aiming for a vote by spring [38] Question: Expected rollover M&A revenue and its impact on margins - Management projected that 2025 acquisitions would contribute approximately $240 million-$250 million in revenue, with a neutral impact on margins [40] Question: Pricing and inflation outlook for fiscal 2026 - Management indicated that inflation was benign in 2025, with stable construction material costs, and they expect to pass through any increased costs in their pricing [56][57] Question: Demand for private construction and data center projects - Management reported healthy demand for private construction, particularly in the Sunbelt, and confirmed participation in large data center projects [66][68]

Let's bring in Kevin Green, senior markets correspondent right away to help set up the action today. All right, KG. So markets are ready for the marquee event today and I wonder if that can shift direction when you think about the tech trade recently.Nvidia, >> I mean it potentially could. I mean we are expecting around a 7% move either to the upside or downside when it comes to Nvidia and I think the conference call is really going to drive the market. Where do they actually still see growth.Where are they ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 November 12, 2025 01:54 AM GMT Hong Kong/China Transportation | Asia Pacific M Idea Market Feedback: Airlines, Tanker Shipping, and Logistics We discussed our bullish view on airlines and tanker shipping, and the consolidation outlook for express delivery, with over 100 investors during the past week. Airlines: Investors who are more familiar with the global aerospace supply chain disruptions think our call on the supply-driven airlines' up-cycle is valid, but some came back wit ...

Market Dynamics & Investment Thesis - Bitcoin's current consolidation phase mirrors TradFi IPO dynamics, where early investors realize gains after the asset's success [1] - Early BTC adopters are taking profits, transitioning ownership from concentrated holdings to a more distributed model without market crashes [1][2] - This transition, termed "The Great Rotation," involves a shift from a few thousand wallets controlling most of the supply to millions of investors via ETFs, institutions, and retail [2] - The increased distribution of ownership leads to reduced volatility as selling pressure is absorbed across time and venues [2] Bitcoin's Maturation - Bitcoin's consolidation is not due to a bear market or fear, but rather the market digesting its success and increased maturity [3] - Early holders are selling patiently while new institutional buyers accumulate BTC [3] - The exit of early holders is a bullish sign, indicating Bitcoin's scale where large exits no longer destabilize the market [4] - The longer Bitcoin consolidates, the more distributed and resilient it becomes, solidifying its position as a store of value [4]

Must read explanation why BTC lags gold and equities in a risk-on environment.It's no surprise that clarity comes from a TradFi guy, while CT is lost: What's happening to BTC HAS NEVER happened in crypto but happens often in TradFi world: the winning. An IPO moment.Early BTC believers are realizing gains after Bitcoin won.They mined, held through FUD, and now finally have exit liquidity without crashing the market.This is not panic selling but the natural transition from concentrated to distributed ownershi ...

Group 1: UBS Financial Performance - UBS reported a pre-tax profit increase of 47% year-over-year, reaching 2.8 billion [4][5] - Revenue also exceeded analyst expectations, with core results up nearly 20% when excluding one-off items [5] - The investment bank segment saw a 23% increase, indicating strong performance and market share gains [6] Group 2: GSK Financial Performance - GSK delivered strong Q3 results with sales of 3.4 billion pounds, driven by a 16% increase in specialty medicines [22][23] - The company upgraded its 2025 guidance, projecting turnover growth of 6-7%, up from a previous range of 3-5% [23][24] - Core operating profit growth guidance was also raised to 9-11%, previously 6-8% [23][24] Group 3: Market Trends and Federal Reserve - The AI trade is gaining momentum, contributing to record highs in Wall Street markets, particularly driven by Nvidia's recent deals [4][30] - Traders are anticipating a 25 basis point rate cut from the Federal Reserve, with a 99.9% probability priced in [30] - The Fed's decision-making is complicated by a lack of economic data due to the government shutdown, raising concerns about the labor market [31][38] Group 4: European Stock Market Integration - There are discussions about the potential for a single European stock exchange to enhance liquidity and capital access [42][43] - Euronext currently holds a significant market capitalization, approximately 6.2-6.5 trillion euros, compared to the London Stock Exchange's 3 trillion [46] - The fragmentation of liquidity in European markets is a concern, with calls for greater consolidation among exchanges [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, América Móvil reported total revenue of 233 billion pesos, up 4.2% in Mexican peso terms and 6.2% at constant exchange rates [6] - EBITDA totaled 94 billion pesos, increasing by 4.9% in nominal terms and 6.8% at constant exchange rates [9] - Net income surged to 23 billion pesos, equivalent to $0.38 per share or $0.40 per ADR, with free cash flow amounting to 53 billion pesos, a 47% increase year on year [10][11] Business Line Data and Key Metrics Changes - The postpaid client base increased by 8.1% year over year, with 3 million new postpaid clients added in the quarter [5][6] - Mobile service revenue grew by 7.1%, the fastest rate in two years, driven by a recovery in prepaid revenue, which expanded by 3.9% [7] - Fixed-line service revenue decelerated to 4.7% growth, impacted by a slowdown in corporate networks revenue, which fell from a 15% increase in Q2 to 3.5% in Q3 [8] Market Data and Key Metrics Changes - The U.S. dollar depreciated against several currencies in the region, declining 2.7% against the Mexican peso and 4.1% against the Colombian peso [4] - In Brazil, the company added 1.5 million postpaid clients, contributing significantly to overall growth [5] Company Strategy and Development Direction - The company is evaluating potential acquisitions, including a joint bid with Entel for Telefónica assets in Chile, indicating a strategy focused on market consolidation [18][19] - Investments in network modernization and customer service enhancements are ongoing, particularly in Chile, where the company has seen significant EBITDA growth [34] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery in mobile prepaid revenues in Mexico is closely tied to economic conditions, with expectations for continued improvement [14] - In Colombia, the company is optimistic about growth despite competitive pressures, with service revenue increasing by 7.8% [29] Other Important Information - The company reduced its net debt by 16 billion pesos, ending the quarter with a net debt of 454 billion pesos, equivalent to 1.55 times net debt to EBITDA after leases [11] Q&A Session Summary Question: Mobile prepaid revenues in Mexico recovery drivers - Management indicated that the recovery is closely related to economic conditions and expects continued improvement in mobile revenues [14] Question: Margin expansion in Chile, Uruguay, and Paraguay - Management confirmed that margin expansion is due to operational improvements and synergies, with no one-off accounting effects [15] Question: Potential acquisitions in Brazil and Chile - Management is evaluating opportunities in both regions, with a focus on strategic acquisitions that make sense for the company [18][19] Question: Competitive environment in Mexico - Management acknowledged strong competition but emphasized their superior network quality and customer service as key differentiators [22] Question: Performance drivers in Brazil's prepaid segment - Management noted that ARPU in Brazil's prepaid segment is growing at 7.3%, driven by increased consumption and network investments [26] Question: Competitive market update for Colombia and Chile - Management highlighted ongoing investments in fiber and network improvements, with expectations for continued growth despite competitive pressures [30][34]

Market Overview - Australian shares are expected to decline by -0.21% at the market open on Friday, following a bullish trend that led to a significant rise in the ASX 200 index [1] - The ASX experienced a +1.1% gain on Thursday, nearing the 9,000 points mark, although the increase was perceived as lacking substantial justification [2] Economic Influences - The bullish sentiment surrounding the potential U.S. government shutdown and rising gold prices contributed to the market's performance, although the overall buying activity seemed speculative [3] - Wall Street showed resilience with the S&P 500 and Dow Jones achieving slight gains despite the looming shutdown, while the Nasdaq composite rose by +0.4% [3] Company News - AGL Energy (ASX:AGL) is under focus as shareholders convene for an annual meeting to discuss a climate plan, with major investor Grok, led by Mike Cannon-Brookes, playing a significant role [5] - Telco companies, including Telstra (ASX:TLS) and TPG Telecom (ASX:TPG), will be required to provide "real-time" updates on Triple Zero outages starting next month due to government regulations [5] - DigiCo (ASX:DGT) announced an expansion of its IT capacity to 41 megawatts by mid-2026, along with an increase in guidance by $5 million [6] - Iceni Gold (ASX:ICL) received positive results from a 10,000-meter drilling campaign at its Guyer target site, attracting attention from investors [6] - Boss Energy (ASX:BOE) was downgraded to "Neutral" by brokers, with a target price set at $2.10 [6] Commodity Prices - The Australian dollar is trading at 65.9 U.S. cents [7] - Iron Ore prices decreased by -0.3% to $103.40 per tonne in Singapore [7] - Brent Crude oil fell by -1.57% to $64.32 per barrel [7] - Gold prices slightly decreased to $3,858 per ounce [7] - U.S. natural gas futures dropped by -1.9% to $3.40 per gigajoule [7]