October 21, 2025 12:52 PM GMT China Jushi | Asia Pacific 3Q25 Earnings Beat Reaction to earnings Unchanged Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Jushi reported a 68% YoY increase in 9M25 net profit to Rmb2.6bn: The implied 3Q25 earnings came in at Rmb881mn, up 54% YoY but down 8% QoQ, better than our estimate of Rmb803mn. Excluding one-offs, recurring ne ...

Key Takeaways Apogee will report 2Q26 results on Oct. 9, before market open.Earnings are estimated at $0.86 per share, suggesting a 40.3% y/y fall.Gains in Architectural Services and Glass are likely to have offset inflation and supply challenges.Apogee Enterprises, Inc. (APOG) is slated to release second-quarter fiscal 2026 results on Oct.9, after the opening bell.The Zacks Consensus Estimate for APOG’s fiscal second-quarter earnings is pegged at 86 cents per share. The Zacks Consensus Estimate for Apogee' ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Phillips 66 (PSX) : This diversified and integrated energy company which operates 13 refineries, primarily in the United States, with a total refining capacity of 2.2 million barrels per day, has seen the Zacks Consensus Estimate for its current year earnings increasing 12.9% over the last 60 days.ScanSource (SCSC) : This company which serves North America as a value-added distributor of specialty technologies, including automatic ident ...

Core Viewpoint - The presentation focuses on the value creation model and management capital of the company, highlighting its diverse business segments and global reach [1][2]. Business Segments Overview - The company's business segments include architectural glass (45% of sales), electronics (approximately 20%), chemicals (25%), and life sciences and ceramics (about 10% each) [2]. - The glass business constitutes about half of the total sales, indicating its significance in the overall portfolio [2]. Global Presence - The company operates in over 30 countries and regions, emphasizing its global business operations [3].

Business Overview - AGC Group's business spans over 30 countries and regions [8] - In FY2024, AGC Group reported net sales of ¥2,067.6 billion and operating income of ¥125.8 billion, with approximately 53,700 employees [9] - Regional net sales: Japan & Asia ¥1,318.1 billion, Europe & Americas ¥492.6 billion, Americas operating income: ¥8.9 billion, Europe & Americas operating income: -¥13.8 billion [9] Value Creation Model - AGC aims for an ROE of 10% or higher through the creation of social value [18, 35] - The company has identified 10 key risks and opportunities as long-term social issues (materiality) [23] - AGC focuses on three social values: Blue planet (sustainable global environment), Innovation (innovative future society), and Well-being (safe and secure living) [18, 29, 30] Intellectual Capital & R&D - AGC's core technology is cultivated over more than 115 years [44] - The company has selected "Seven Key Technology Fields" and 21 corresponding "Focus Areas" through the Business and Technology Outlook (BTOL) initiative [53, 54] - AGC is investing more than ¥80 billion from 2024 to 2026 to address climate change [140] Human Capital - AGC is promoting human capital management through "AGC People: Driving our Growth!" to realize its purpose and achieve sustainable growth [107, 108] - The company aims to cultivate "dual-skilled talent" who combine business knowledge with digital skills to enhance competitiveness through accelerated DX [126, 127] - 30% of members in the Technology Division hold a Ph D [125] Sustainability - AGC aims for net-zero carbon emissions by 2050, with a 50% reduction in GHG emissions by 2030 compared to 2019 [137] - In 2024, Scope 1 and Scope 2 GHG emissions decreased by 15% and 39%, respectively, compared to 2019 [138] - AGC does not manufacture or use PFAS substances listed as Persistent Organic Pollutants under the Stockholm Convention [148]

Summary of the Conference Call on Float Glass Industry Industry Overview - **Industry**: Float Glass - **Key Players**: Xinyi Glass, Kibing Glass, and other producers in the Shahe region [1][2] Core Insights - **Meeting Details**: The Ministry of Industry and Information Technology (MIIT) held a meeting with 12 float glass companies to address low price competition and discuss potential price increases of Rmb10-20 per weight case, equating to Rmb100-200 per ton [1] - **Price Increases**: Some float glass producers have already implemented a price increase of Rmb100 per ton effective immediately [1] - **Coal to Gas Conversion**: The meeting also covered the transition from coal to gas in the Shahe region, which may affect 2000-3000 tons per day of capacity that currently relies on coal and lacks gas transportation infrastructure. This transition could lead to production suspensions in the second half of 2025 and increase production costs by approximately Rmb100 per ton [1][2] Market Implications - **Supply Disruption**: The potential supply disruption from the coal to gas conversion, along with rising costs, could support float glass prices in the near term. Higher prices may encourage spot and futures traders to restock, despite weak demand from downstream property developers [2] - **Margin Improvement**: Increased prices could lead to improved margins for float glass manufacturers, positively impacting the share prices of Xinyi Glass and Kibing Glass [2] Additional Considerations - **Demand Dynamics**: There is currently weak demand from downstream property developers, which may affect the overall market for float glass [2] - **Investment Outlook**: The Greater China Materials sector is viewed as attractive, indicating potential investment opportunities within this industry [4] Risks and Valuation - **Valuation Methodology**: Xinyi Glass is evaluated using a residual income model with a cost of equity at 12.8% and a steady-state growth rate of 2% [7] - **Risks**: - Upside risks include improved downstream demand and faster-than-expected capacity expansion [10] - Downside risks involve worse-than-expected demand from the property market and potential margin squeezes from rising costs [11][10] This summary encapsulates the key points from the conference call regarding the float glass industry, highlighting the current market dynamics, potential price adjustments, and the implications for major players in the sector.

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from a personal blog to a value investing-oriented YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Production & Supply Chain - Corning将在美国肯塔基州Harrodsburg生产iPhone和Apple Watch的全部保护玻璃 [1] - Corning成为美国创新的引擎 [1] Products - iPhone和Apple Watch将使用Corning生产的保护玻璃 [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Greater China Materials sector, particularly the glass fiber industry and related materials [1][5][6]. Core Insights - **Glass Fiber Industry**: The China Fiber Glass Industry Association has initiated measures to curb irrational competition within the industry [8]. - **Price Trends**: - The average price for glass fiber (2400tex) remained stable at Rmb3,850/ton, while float glass prices increased by 0.3% WoW to Rmb1,246/ton. Solar glass (3.2mm tempered) prices rose by 8.1% WoW to Rmb20.0/m² [4][10]. - **Production Impact**: A recent parade affected approximately 122.3kt of daily molten iron production and 80.7mt of coal production capacity in Shanxi, along with 40kt of alumina output near Beijing [8]. Price and Inventory Movements - **Base Metals**: - Shanghai copper prices increased by 0.8% WoW, while inventories rose by 2.6% WoW. - Aluminum prices decreased by 0.3% WoW, with inventories down by 1.2% WoW [2]. - **Steel Prices**: - Shanghai HRC price dropped by 1.5% WoW, CRC price decreased by 0.8% WoW, and rebar prices fell by 4.2% WoW [3]. - **Cement and Coal**: - Cement prices dipped by 0.9% WoW to Rmb327/ton, while coal prices increased slightly by 0.4% WoW to Rmb677/ton [3]. Regulatory Environment - The State Administration for Market Regulation (SAMR) is taking steps to rectify market orders and prevent irrational competition in the materials sector [8]. Additional Observations - The report indicates a cautious outlook on the overall market dynamics, emphasizing the need for companies to adapt to regulatory changes and market conditions [6][8]. - The report also highlights potential investment opportunities within the sector, particularly for companies that can navigate the regulatory landscape effectively [6]. Conclusion - The Greater China Materials sector, particularly the glass fiber industry, is experiencing price stability amidst regulatory changes aimed at curbing competition. Investors should monitor these developments closely for potential opportunities and risks [1][6][8].

Summary of Key Points from the Conference Call Industry Overview Basic Materials - China - **Copper and Gold Prices**: LME copper price increased by 1.1% WoW to US$9,822/t, while the China price rose by 0.6% WoW to RMB79,450/t, driven by expectations of a rate cut [1][33]. - **Aluminum Prices**: LME aluminum price decreased by 0.3% WoW to US$2,618/t, with the China price slightly increasing by 0.1% WoW to RMB20,730/t [1][44]. - **Gold Prices**: COMEX gold spot price rose by 1% WoW to US$3,407/oz [1][52]. - **Lithium Prices**: Average price of domestic battery-grade lithium carbonate fell by 5.1% WoW to RMB79.7k/t, while lithium hydroxide decreased by 0.8% WoW to RMB76.9k/t [1][56]. Steel Industry - **Steel Prices and Margins**: Rebar price decreased by 0.1% WoW to RMB3,266/t, while HRC price increased by 0.3% WoW to RMB3,466/t. Iron ore price rose by 3% WoW due to expectations of a lower Fed rate [2][64]. - **Cash Margins**: Spot rebar cash margin shrank by RMB55/t WoW to -RMB34/t, and HRC cash margin decreased by RMB28/t WoW to -RMB125/t [2][75]. - **Inventory and Consumption**: Finished steel products inventory increased by 1.9% WoW to 14.7 million tons, and apparent consumption rose by 0.6% WoW to 8.6 million tons [2][85]. Cement Industry - **Cement Prices**: Average national cement price increased by 0.35% WoW to RMB327/t, with a notable increase in Ningxia by RMB30/t [3][88]. - **Demand and Inventory**: Nationwide shipment ratio decreased by 0.6ppt WoW to 41.6%, while inventory ratio was at 60.5%, down 1.1ppt WoW [3][21]. Glass and Paper Industries - **Glass Prices**: National average float glass price decreased by 1.34% WoW to RMB1,189/t due to weak demand [3][99]. - **Paper Prices**: Paper price increased by 0.7% WoW to RMB3,481/t, supported by price hikes from paper mills [3][100]. Solar Materials - **Polysilicon Prices**: N-type polysilicon and granular silicon prices increased by RMB1/kg WoW to RMB51/kg and RMB47/kg, respectively [3][110]. - **Solar Glass Prices**: Prices for coated solar glass remained stable at RMB18.8/sqm and RMB11.0/sqm [3][122]. Additional Insights - **Inventory Trends**: Lithium carbonate inventory at smelters decreased by 11% to 52kt, while downstream inventory increased by 13% to 46kt, leading to a total sample lithium carbonate inventory increase of 3.6% MoM to 142kt [1][60]. - **Market Dynamics**: The steel industry is facing pressure from rising iron ore prices, while the cement market shows signs of recovery despite regional demand declines due to environmental inspections [2][88]. This summary encapsulates the key points from the conference call, highlighting the performance and trends across various sectors within the basic materials industry in China.