Core Viewpoint - Doosan Bobcat's North American unit has initiated patent infringement lawsuits against Caterpillar and Holt Texas, alleging that Caterpillar's equipment infringes on its patented technologies related to machine control and maneuverability [1][3]. Group 1: Company Background - Bobcat, originally established as Melroe Manufacturing Company in 1947 in North Dakota, was acquired by South Korea's Doosan in 2007 [2]. - The company specializes in compact equipment manufacturing and has played a significant role in the adoption of small-format machines across various industries, including construction, landscaping, forestry, and agriculture [2]. Group 2: Legal Actions - A lawsuit filed in the Texas Eastern District Court involves five patents related to equipment technology, particularly focusing on skid-steer loaders [3]. - Bobcat claims that Caterpillar entered the skid-steer loader market late, beginning production in 1999, approximately 40 years after Bobcat pioneered the market [3]. - The lawsuit accuses Caterpillar of unfair competition by allegedly copying Bobcat's innovations rather than developing its own [3]. - Bobcat is seeking monetary damages and an order to block imports of the infringing equipment [3]. Group 3: International Complaints - In addition to actions in the US, Bobcat has filed related complaints against Caterpillar in a German district court and at the EU's Unified Patent Court [4]. - A spokesperson for Bobcat emphasized that these legal actions aim to protect patented technologies, ensure fair competition, and uphold the innovation that has characterized the company for over 65 years [4].

November 25, 2025 08:34 AM GMT Sany Heavy Industry Co., Ltd. | Asia Pacific Focusing on Overseas Markets in 2026 We hosted a call with Sany, and management expects accelerated overseas sales growth in 2026, especially in Europe, North America and Africa. In China, non excavator sales will likely outgrow excavator in 2026, with more demand from mega infra projects in 2027-28. Key Takeaways We expect Sany to maintain its leadership in the domestic upcycle and achieve sustained overseas market share gains in t ...

Financial Reporting Schedule - KH Group Plc will publish its financial reports in 2026, with all reports available in Finnish and English around 8 o'clock on the company's website immediately after publication [1] - The financial reporting schedule includes the Financial Statements Release for 2025 on March 20, 2026, the Annual Report for 2025 in week 13, the Interim Report for January-March 2026 on May 5, 2026, the Half-Year Report for January-June 2026 on August 14, 2026, and the Interim Report for January-September 2026 on October 30, 2026 [3] Annual General Meeting - The Annual General Meeting of KH Group is scheduled for May 5, 2026, with the Board of Directors to issue an invitation at a later date [2] Company Overview - KH Group Plc operates in two business areas: KH-Koneet, which supplies construction and earth-moving machinery, and Nordic Rescue Group, a manufacturer of rescue vehicles [2] - The company is listed on Nasdaq Helsinki and focuses on supporting sustainable construction and critical societal functions [2]

Core Insights - The AI trade is gaining momentum, with Nvidia reporting a record quarter revenue increase of 60% year-over-year, indicating strong demand in the data center sector [2][3] - The overall tech sector, particularly companies like Google and Nvidia, is expected to maintain strong margins despite increasing competition [4][9] - Continued capital expenditure (capex) is essential for companies to sustain growth in the AI space, with no signs of a slowdown in spending [6][9] Company-Specific Insights - Nvidia is highlighted as a bellwether for the AI revolution, with its data center business becoming the core engine of growth [9][10] - Google remains a dominant player in the tech sector, leveraging its vast user base for advertising revenue and analytics [11][12] - NextEra Energy is projected to have significant upside potential, with a target price of around 105, indicating a 20% increase from current trading levels [14][15] - Caterpillar is positioned as a key player in the infrastructure buildout necessary for the digital economy, with a target price range of 550 to 650 [16][17]

Core Insights - Gencor Industries, Inc. (GENC) was upgraded to a 'Buy' rating following the release of its Q3 financial results in late August [1] Company Summary - Gencor Industries operates in the highway construction manufacturing sector, focusing on producing equipment for this industry [1] - The company is characterized by a strong balance sheet and minimal debt, making it an attractive investment opportunity for income-seeking investors [1] Investment Strategy - The investment approach involves purchasing undervalued profitable stocks and, when possible, writing calls against these positions to generate additional income [1] - Risk management is emphasized through position sizing and the use of trailing stop losses over time [1]

Core Viewpoint - KH Group Plc has successfully sold its 58.3% stake in Indoor Group, achieving its strategic goal to exit this investment in 2025, while also establishing financing arrangements related to the sale [1][2][5]. Group 1: Transaction Details - The transaction involved a nominal purchase price for the shares sold to a company controlled by Indoor Group's CEO, Kati Kivimäki [1][2]. - Indoor Group has been valued at an enterprise value of EUR 26 million, factoring in its interest-bearing net debt, excluding lease liabilities [2]. - KH Group repaid EUR 2.0 million of Indoor Group's debt to the financing bank and forgave receivables totaling EUR 3.5 million, which included a prior write-down of EUR 2.4 million [2]. Group 2: Financial Impact - KH Group will incur a total loss of EUR 3.3 million in its financial results for 2025 after accounting for transaction-related costs [4]. - The transaction does not affect KH Group's profit guidance for 2025 regarding its continuing operations [4]. Group 3: Strategic Implications - The sale allows KH Group to focus on its core businesses, specifically in earth-moving machinery and rescue vehicles, thereby opening new opportunities for development [5]. - The company's negotiating position for future financing has significantly improved, enabling better resource allocation towards core business development [6]. - Indoor Group's operational continuity is expected to be supported by its new ownership structure, with the CEO being a significant stakeholder [6].

Summary of China Industrials Update Industry Overview - **Industry**: China Industrials - **Current Cycle**: The industry is in an upcycle driven by industrial upgrades and replacement cycles [6][4][3] Key Long-term Drivers - **AI Technology**: Diffusion of AI technology into intelligent manufacturing and equipment [6][4] - **Advanced Equipment Localization**: Focus on localizing advanced equipment production [6][4] - **Global Expansion**: Companies are increasingly going global [6][4] Robotics Sector - **Booming Era**: The robotics sector is entering a new booming era, with significant growth expected [6][4] - **Market Growth**: The robot industry in China is projected to double by 2028, with drones, mobile robots, and collaborative robots (cobots) leading the growth [57][66] - **Localization**: High localization rates are expected, with the ranking from high to low being drones, service robots, mobile robots, cobots, and traditional industrial robots [72][66] Subsector Insights - **Automation and Robotics**: - **Outperforming Stocks**: Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve are recommended as outperformers [6][4] - **Market Performance**: The automation market is in a mild recovery stage, with flat sales year-on-year in 9M25 compared to a decline in 2024 [26][32] - **Future Outlook**: Positive outlook for 2026-27 recovery driven by replacement demand and AI applications [27][32] - **Construction Machinery**: - **Growth Factors**: Domestic and overseas growth supported by large-scale infrastructure projects and electrification [142][138] - **Sales Performance**: Heavy-duty truck sales increased by 22% year-on-year in 10M25, but a decline is anticipated in 2026 due to front-loaded demand [143][144] - **Lithium Battery Equipment**: - **Demand Growth**: Expected growth of 54% in 2025, driven by capacity expansions and the first major replacement cycle starting in 2025 [174][181] - **Market Dynamics**: Global demand for lithium battery equipment is projected to grow at approximately 30% in 2026-27 [176][181] - **Solar Equipment**: - **Cyclical Low**: The solar equipment sector is expected to remain at a cyclical low in 2026 due to global overcapacity and single-digit growth in installations [182][186] - **Shift to Semi Equipment**: Companies are diversifying into non-solar lineups to mitigate downturns in solar demand [183][186] Financial Metrics - **Return on Equity (ROE)**: Mixed trends across subsectors, with improvements expected in automation and lithium battery equipment, while solar equipment shows erosion [19][21] - **Price-to-Earnings (P/E) Multiples**: Most subsector valuations are above the five-year median, particularly in automation and solar equipment [13][12] Conclusion - **Investment Opportunities**: The China Industrials sector presents various investment opportunities, particularly in automation, robotics, and lithium battery equipment, while caution is advised in solar equipment due to expected downturns [6][4][182]

Core Viewpoint - Deere & Company is set to hold its fourth quarter 2025 earnings call on November 26, 2025, at 9:00 a.m. central time, where financial and operational performance will be discussed with analysts and investors [1]. Group 1 - The earnings call will be accessible via the company's website, and a recorded version will be available for a limited time afterward [2]. - Deere & Company emphasizes its long-standing role in supporting global food, fiber, fuel, and infrastructure production, highlighting its historical roots and ongoing innovation across various sectors [3]. Group 2 - The company has announced key leadership changes as part of its Smart Industrial Strategy aimed at delivering intelligent solutions [5].

Financial Performance - Consolidated revenues decreased by 5% year-over-year to $4.4 billion[11] - Industrial Activities net sales decreased by 7% year-over-year to $3.7 billion[11] - Industrial Activities adjusted EBIT decreased by 69% year-over-year to $104 million[11] - Net income decreased by 78% year-over-year to $67 million[11] - Adjusted diluted EPS decreased by $0.16 to $0.08[11] Segment Results - Agriculture net sales decreased by 10% year-over-year to $2.963 billion[28] - Agriculture adjusted EBIT decreased by $200 million to $136 million[28] - Construction net sales increased by 8% year-over-year to $739 million[30] - Construction adjusted EBIT decreased by $26 million to $14 million[31] - Financial Services Q3 retail originations decreased by $0.2 billion year-over-year to $2.7 billion[34] - Financial Services managed portfolio decreased by $0.5 billion year-over-year to $28.5 billion[34] Outlook - Agriculture industry retail demand forecast is expected to decrease by 13%-11% year-over-year[39] - Agriculture net sales are expected to be $14.0 billion[39] - Construction industry retail demand forecast is expected to decrease by 5%-3% year-over-year[41] - Construction net sales are expected to be $3.1 billion[41]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $27.1 million, an increase of $9.7 million or 55.7% from Q3 2024 [4] - Adjusted EBITDA margins increased to 7.7%, a gain of 170 basis points [4] - Adjusted earnings per share reached $0.47, reflecting a year-over-year increase of 30.6% [4][16] - Net sales increased by 20.1% in Q3 2025, driven by strong demand for asphalt and concrete plants and the inclusion of PeraSource [15][16] Business Line Data and Key Metrics Changes - Infrastructure solutions segment saw a 17.1% increase in net sales compared to Q3 2024, with strong demand for asphalt and concrete plants [16][17] - Material solutions segment, now including PeraSource, reported a net sales increase of $30.5 million or 24.1% [17] - Part sales for the infrastructure solutions segment increased by 14.8% quarter-over-quarter [5] Market Data and Key Metrics Changes - Backlog at quarter end was $449.5 million, a sequential increase of $68.7 million, with $64.1 million attributed to PeraSource [5] - Approximately $230 billion, or 66%, of Infrastructure Investment and Jobs Act funds have been committed as of August 30, 2025 [9] - Federal transportation leaders remain optimistic about passing a new transportation bill next year, which is promising for the company [10] Company Strategy and Development Direction - The company is focused on inorganic growth, as demonstrated by the acquisition of PeraSource [8] - Ongoing infrastructure upgrades are expected to fuel stable, long-term demand for capital equipment, aftermarket parts, and digital solutions [10][22] - The company is actively managing tariff impacts through procurement strategies and pricing measures [11] Management's Comments on Operating Environment and Future Outlook - Management raised the lower end of full-year guidance from $123 million to $132 million, maintaining the upper range at $142 million [7] - Improved customer sentiment is noted due to recent interest rate movements [6] - The company anticipates growing demand for material solutions products in upcoming quarters [14] Other Important Information - The company maintains a strong balance sheet with $67.3 million in cash and cash equivalents and $244.8 million in available credit, totaling $312.1 million in liquidity [18] - Adjusted ROIC for the quarter was reported at 12.3% [6] Q&A Session Summary Question: What led to the raising of the lower end of guidance? - Management noted that gaps in capacity to fill were filled nicely, allowing for confidence in Q4 sales [23] Question: Was there a change in order rates compared to previous years? - Management observed a different booking process from customers, with a reduction in uncertainty around tariffs contributing to decision-making [24] Question: Were PeraSource margins accretive in Q3? - Management confirmed that PeraSource margins were accretive and expressed optimism about future synergy realization [25][26] Question: What is the current percentage of parts revenue per segment? - The parts sales mix increased by 670 basis points, with overall company parts revenue now around 32% [28] Question: How is the company managing tariff uncertainties? - Management stated that proactive pricing and alternative sourcing strategies have positioned the company well to mitigate tariff impacts [29] Question: Can you provide insights on parts growth within the infrastructure segment? - Management highlighted that efforts to drive parts business have started to pay off, contributing significantly to growth [30] Question: What is the status of dealer inventory for the material solutions segment? - Management indicated that dealer inventory levels are healthy, with some dealer stocking observed [32] Question: How are fill rates for PeraSource expected to improve? - Management expects PeraSource fill rates to improve significantly within the next 12 months, aligning closer to core Astec levels [35] Question: Have there been any orders related to rare earth mining? - Management confirmed receiving orders related to rare earth mining, indicating real demand and ongoing investments [37]