23 November 2025 | 11:24PM HKT Economics Research CHINA DATA INSIGHTS Our Revamped Investment Tracker Shows Recent Plunge in Fixed Asset Investment Overstated The China Economics Team Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Chelsea Song +852-2978-0106 | chelsea.song@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966- ...

Dover Corporation (DOV) is a diversified global industrial manufacturer headquartered in Downers Grove, Illinois. With a market cap of around $25.1 billion, Dover operates across five major segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies, offering equipment, consumables, software, and services for customers in markets including aerospace, industrial, fueling, refrigeration, and more. Dover has significant ...

Customers are planning large increases in production at their chip factories, stoking the need for the company's equipment, services and solutions, said CEO Gary Dickerson. ...

Core Points - Snap-on Incorporated announced a 14% increase in its quarterly common stock dividend, raising it from $2.14 to $2.44 per share [1][10] - The increased dividend is set to be payable on December 10, 2025, to shareholders of record as of November 21, 2025 [1] - This marks the 16th consecutive annual dividend increase, reflecting the company's commitment to long-term shareholder value [2] Financial Performance - Snap-on generated sales of $4.7 billion in 2024 [3] - The company has maintained uninterrupted quarterly cash dividends since 1939, showcasing its financial resilience [1][2] Company Overview - Snap-on is a leading global innovator and manufacturer of tools, equipment, diagnostics, and repair information for professional users in various industries, including vehicle repair and aerospace [3] - The company operates through a network of franchisee vans and direct sales channels, and it also provides financing programs to support its franchise business [3] - Snap-on is headquartered in Kenosha, Wisconsin, and is part of the S&P 500 [3]

Core Insights - Halliburton Company (HAL) is one of the largest oilfield service providers globally, with a market cap of $22.9 billion, offering a range of services to the energy sector [1] Financial Performance - HAL's stock has underperformed the broader market, with a year-to-date decline of 1.4% and a 52-week drop of 4.7%, while the S&P 500 Index gained 15.1% in 2025 and 18.5% over the past year [2] - The company also lagged behind the iShares U.S. Oil Equipment & Services ETF, which saw a 2.2% increase in 2025 and a 2.9% rise over the past year [3] - Following the release of better-than-expected Q3 results on October 21, HAL's stock surged 11.6%. The company's Q3 revenue decreased 1.7% year-over-year to $5.6 billion but exceeded expectations by 4%. Adjusted net income fell 22.6% year-over-year to $496 million, while adjusted EPS of $0.58 surpassed consensus estimates by 16% [4] Future Outlook - For the full fiscal year 2025, analysts project HAL to deliver an adjusted EPS of $2.16, reflecting a 27.8% year-over-year decline. However, the company has a strong earnings surprise history, exceeding bottom-line projections in the last four quarters. The consensus rating among 24 analysts is a "Moderate Buy," with 13 "Strong Buys," three "Moderate Buys," and eight "Holds" [5] - A month ago, the stock had a "Strong Sell" rating, indicating a more optimistic outlook now [6] - On November 3, Rothschild & Co analyst initiated coverage on HAL with a "Buy" rating and set a price target of $35. The mean price target of $29.59 suggests a 10.4% premium, while the highest target of $41.50 indicates a potential upside of 54.8% from current levels [7]

Company Overview - Avantor is a global provider of mission-critical products and services supporting the life sciences and advanced technology industries, with a broad international footprint and diverse customer base [7] - The company generates revenue through the sale of consumables, equipment, and value-added services to clients in biopharma, healthcare, education, government, and advanced technology sectors [8] - Avantor's primary customers include biopharmaceutical manufacturers, research institutions, healthcare providers, and organizations requiring specialized laboratory and production solutions worldwide [9] Financial Performance - For the trailing twelve months (TTM), Avantor reported revenue of $6.67 billion and net income of $687.40 million [6] - In Q3 2025, Avantor's sales were $1.62 billion, a decrease of 5% compared to 2024 [10] - The company incurred a substantial goodwill impairment charge of $785 million in Q3, leading to a net loss of $711.8 million compared to net income of $57.8 million in the previous year [11] Recent Developments - Gregory L. Summe, a board member, purchased 100,000 shares of Avantor on October 30, 2025, for a transaction value of approximately $1.13 million [1][2] - Following this transaction, Summe's direct and indirect ownership totaled 358,111 shares, with 300,000 held in a trust [3] - This purchase coincided with a significant drop in share price, which had decreased by 50.78% over the trailing 12 months [5][6] Leadership Changes - Emmanuel Ligner took over as CEO in August 2025, following the previous CEO's resignation [11] - The impact of Ligner's leadership on the company's performance will be assessed after the Q4 earnings release, which will be the first full quarter under his management [12]

Core Insights - Avantor, Inc. is a global provider of mission-critical products and services in the life sciences and advanced technologies sectors, competing with major players like Thermo Fisher Scientific and Merck KGaA [1] Financial Performance - Avantor's third-quarter 2025 financial results were disappointing, with adjusted earnings per share (EPS) decreasing by 15.4% year-over-year to $0.22, missing the Zacks Consensus Estimate by 4.4% [3][6] - The company reported a GAAP loss per share of $1.04, compared to an EPS of $0.08 in the same quarter last year [3] - Revenues for the quarter totaled $1.62 billion, representing a 5.3% decline from the previous year and falling short of the Zacks Consensus Estimate by 1.6% [4][6] - Organic sales declined by 4.7%, with core segments also posting declines [4][6] Stock Performance and Guidance - Following the disappointing financial performance, Avantor's stock price plunged by 23.2% [5][6] - The company revised its full-year 2025 guidance, projecting EPS to be between $0.88 and $0.92, with organic sales expected to decrease by up to 3.5% [5] - JPMorgan Chase and Co. adjusted the price target for Avantor from $17.00 to $14.00 [5] Insider Activity - On October 30, 2025, SUMME GREGORY L, a director at Avantor, purchased 100,000 shares at $11.25 per share, increasing his total holdings to 300,000 shares [2]

Financial Performance - Net sales increased by 1% to $943.4 million compared to $931.8 million in Q3'24 [31] - Gross margin contracted by 20 bps to 50.0% [31, 52] - Operating income decreased by 40% to $67.4 million compared to $112.5 million in Q3'24 [31] - Diluted EPS decreased by 39% to $0.95 compared to $1.56 in Q3'24 [31] Regional Performance - US net sales decreased by 4% to $547 million [36] - EMEA net sales increased by 16% to $164 million [36] - LAAP net sales increased by 6% to $143 million [36] - Canada net sales increased by 6% to $89 million [36] Category and Channel Performance - Apparel, Accessories & Equipment net sales remained flat at $734 million [43] - Footwear net sales increased by 6% to $209 million [43] - Wholesale net sales increased by 5% to $634 million [48] - DTC net sales decreased by 5% to $309 million [49] Financial Outlook - The company expects net sales of $3.33 billion to $3.37 billion for 2025, representing a 1% decline to flat growth compared to 2024 [75] - The company expects diluted EPS of $2.55 to $2.85 for 2025, compared to $3.82 in 2024 [76]

Core Insights - Baker Hughes Company (NASDAQ:BKR) is recognized as one of the 13 most undervalued dividend stocks to buy according to Wall Street analysts [1][2] - Citi analyst Scott Gruber has maintained a Buy rating on Baker Hughes but has reduced the price target from $56 to $55, citing a solid third-quarter performance but disappointment over the lack of a strategic update [3] Financial Performance - In the third quarter of 2025, Baker Hughes reported revenue of $7 billion, marking a 1% year-over-year increase [4] - The company generated $929 million in operating cash flow and $699 million in free cash flow, which has supported four consecutive years of dividend growth [4] - Baker Hughes currently offers a quarterly dividend of $0.23 per share, resulting in a dividend yield of 1.90% as of October 29 [4]

Signage outside Applied Materials headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.Chip equipment manufacturer Applied Materials is laying off 4% of its workforce.The company on Thursday began notifying impacted employees around the world "across all levels and groups," it said in a filing. Applied Materials provides equipment, services and software to industries, including the semiconductor industry.Applied Materials had approximately 36,100 full-time employees, according to an Augu ...