Category: 3. Business

Good morning. Donald Trump said Prime Minister Narendra Modi has pledged that India would stop buying Russian oil. India responded with a measured statement, making no such promises but offering to expand procurement from the US. Does this mean a trade deal is nowhere near? Tell me what you think.

The festival season is in full swing, with gift laden cars causing traffic snarls in all big cities. I am running away to quiet(er) Kerala to celebrate with my family. We will not have an edition of this newsletter on Tuesday, October 21. Wishing you love and light and all things sweet this Deepavali. 

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Alphabet AI

Google will invest $15bn over the next five years to build an AI data centre in India. Set up in Visakhapatnam, the 1GW unit is built in partnership with India’s Adani Group and Airtel. The choice of the southern port city as a location, while unusual, is strategic as the data centre will connect to 15 countries across the world — including Australia, Singapore and Malaysia — via subsea cable.

This unit is expected to create more than 6,000 direct jobs, and follows other US tech giants such as Amazon and Microsoft, who are investing $6.8bn and $3bn in Indian data centres. 

The investment is a big win for Andhra Pradesh, which has a target of developing 6GW of data centre capacity in the next four years. Thus far, the states of Maharashtra, Tamil Nadu and Telangana had cornered most of the business, with the local governments offering duty waivers on electricity consumption and generous land subsidies. For Google, the Andhra Pradesh government lobbied heavily to iron out regulatory issues, especially to avoid applying Indian laws to the data being processed offshore. Google was also, understandably, wary of India’s proclivity for retrospective taxation. 

Corporations, as well as the administration, are betting big on data centres. While India generated about 20 per cent of global data, it has only 3 per cent of data centre capacity. Multinational companies have been the biggest investors so far, but large Indian companies are also now beginning to show up with big cheques. Last week, Tata Consultancy Services chief executive K Krithivasan said the company plans to invest $6.5bn over the next six years to build 1GW in data centre capacity. 

However, even as states fall over themselves to attract investments, what is lacking is a clear policy on how to mitigate the environmental damage these large centres are capable of. Although the new centres are pivoting towards renewables for energy generation, they still place significant strain on the grid. Water is an even more serious problem. Data centres use more water than they replenish, even if alternatives such as aircooled chillers are used to stop equipment from overheating. States like Andhra Pradesh are already prone to droughts and a massive data centre will only make this situation worse.

I’m not arguing that India shouldn’t be allowing these investments, but that it is imperative that a national policy on resource usage be drawn up at this early stage, so that problems can be mitigated before they become catastrophes. Neither the central government nor the regional states have prioritised this. A man versus technology conflict is inevitable — but without any safeguards, it will arrive sooner rather than later. 

Do you think India should have an environment and resource policy ready for data centre investments? Hit reply or email me at indiabrief@ft.com

For more on AI, sign up for The AI Shift: John Burn-Murdoch and Sarah O’Connor explore how the technology is transforming the world of work in our new weekly newsletter.

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4. Morgan Stanley has overtaken rival Goldman Sachs in equities trading.

5. How high-end restaurants went global.

Silver bullet

All that glitters is not gold — because it’s silver. The sudden escalation in demand has resulted in a strange phenomenon in the Indian markets, where silver funds are quoting at a massive premium to the already record high prices as they struggle to acquire physical stocks of the asset.

On Wednesday, Tata Mutual Fund became the fifth fund house to temporarily suspend new investments into their silver-backed exchange traded fund, joining HDFC, ICICI and others. Even in the domestic metal market, silver is trading at a premium of about 10 per cent over its global rate. In London, silver touched a record high of $53 per ounce this week, an 85 per cent gain this year.

The surge in demand for silver is driven by two factors. One, it is seen as a proxy for gold, which is also trading at a record high of $4,179 an ounce. This month, the wedding season in India is also a contributor to global prices, as customers switch to wearing silver since gold is so prohibitively expensive now. Two, its use has significantly increased in industries such as electronics and solar panels.

Despite this sharp run up, most analysts are bullish about silver prices in the medium term. Brokerage house Motilal Oswal has a target of $75 an ounce for 2026, even though they think prices will consolidate around $50-55 in the near term. Industrial use accounts for almost 60 per cent of silver output and this is unlikely to ease off in a hurry, even if the more price-sensitive segment — jewellery consumption — softens. 

Even though gold grabbed the headlines, inflows into silver funds have also been strong, with investments in Indian ETFs growing 60 per cent this year. Silver’s popularity as the au courant asset is best illustrated by the fact that in the last couple of months, even “finfluencers” have been extolling their followers to get into this game. By stopping new inflows, fund houses have stopped new investors from participating in this rally — but also protected them from paying an inflated value for the metal. These funds will reopen only when the availability of physical silver becomes easier. But the situation is unlikely to improve, with India just one of several countries in the global race for precious metals and minerals. It will be difficult to get a piece of this action anytime soon, no matter what our favourite influencer tells us. 

Go figure

Vehicle sales were the biggest beneficiary of the cuts in India’s goods and services tax. The new taxes took effect on September 22, after Modi promised households a $28bn bounty from what he dubbed the “GST Savings Festival”.

Read, hear, watch

It’s been (yet another) busy week and I haven’t been able to read or watch very much. However, I did enjoy this episode of The Daily, an interview with three puzzle editors from the New York Times. I do the mini crossword, aim for genius on the Spelling Bee most days, and solve the main crossword four or five times a week, with diminishing success. I abandoned Wordle after losing my streak. But Connections really makes me want to hurl my phone at a wall.

Do you have a favourite? Write to me. And thank you for the show recommendations last week.

Buzzer round

The global popularity of which product has sent Japanese farmers into a tizzy as they struggle to keep up with demand?

Send your answer to indiabrief@ft.com and check Tuesday’s newsletter to see if you were the first one to get it right.

Quick answer

On Tuesday, we asked if India was right in pursuing diplomatic engagement with the Taliban. Here are the results. Some 62 per cent of you think it is. I was betting on a more even split!

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Thank you for reading. India Business Briefing is edited by Tee Zhuo. Please send feedback, suggestions (and gossip) to indiabrief@ft.com.

• At the 2025 OCP Global Summit, NVIDIA announced a collaboration with Power Integrations to accelerate the adoption of 800 VDC architectures for next-generation AI data centers, highlighting the role of Power Integrations’ PowiGaN gallium-nitride technology.

• This partnership positions Power Integrations as a key supplier of industry-first high-voltage GaN chips designed to enable greater efficiency and power density in rapidly growing AI and electric vehicle infrastructure markets.

• We’ll explore how Power Integrations’ new collaboration with NVIDIA to supply high-voltage GaN power devices could affect its investment outlook.

The end of cancer? These 28 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer’s.

To be a shareholder in Power Integrations, you need to believe that advanced power conversion technologies like high-voltage GaN can unlock meaningful long-term growth by enabling the shift toward higher-efficiency AI data centers and electric vehicles. The new partnership with NVIDIA could accelerate customer adoption in these promising markets and, in the short term, has boosted sentiment, but ongoing exposure to trade risks and tariffs still represents the most immediate challenge for the business.

Of the company’s recent announcements, the published white paper detailing PowiGaN technology for 800 VDC AI data centers stands out. This is directly relevant to the NVIDIA collaboration and highlights how Power Integrations is positioning itself in emerging, higher-margin growth markets, which could influence both near-term demand and the longer-term outlook for revenue diversification.

However, unlike the optimism prompted by this breakthrough, investors should also be aware that…

Read the full narrative on Power Integrations (it’s free!)

Power Integrations’ narrative projects $634.3 million revenue and $96.7 million earnings by 2028. This requires 12.8% yearly revenue growth and a $63.1 million earnings increase from $33.6 million today.

Uncover how Power Integrations’ forecasts yield a $60.80 fair value, a 29% upside to its current price.

Fair value estimates from the Simply Wall St Community range widely, from US$23.59 to US$60.80, based on three distinct analyses. Despite this diversity, the most important near-term issue remains the company’s sensitivity to global tariffs, which could affect future sales momentum and profitability in key markets.

Explore 3 other fair value estimates on Power Integrations – why the stock might be worth as much as 29% more than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

Every day counts. These free picks are already gaining attention. See them before the crowd does:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include POWI.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

LaSalle LOGIPORT REIT (TSE:3466) has just wrapped up a buyback of its investment units, aiming to streamline its capital structure and boost shareholder value. The company intends to cancel these repurchased units in the coming months.

See our latest analysis for LaSalle LOGIPORT REIT.

After a steady string of buyback announcements and the recent completion of its investment unit repurchase, LaSalle LOGIPORT REIT’s share price has climbed 5% over the past three months, with its 1-year total shareholder return reaching 5.3%. This gradual momentum suggests renewed investor confidence as the company reinforces its capital structure and focuses on longer-term value creation.

If you’re inspired by this strategic move, it might be the perfect moment to expand your search and discover fast growing stocks with high insider ownership

With shares trading nearly 29% below estimated intrinsic value while maintaining steady returns, investors are left to wonder if LaSalle LOGIPORT REIT is undervalued and presenting a compelling entry point, or if future growth is already priced in.

LaSalle LOGIPORT REIT is trading at a price-to-earnings (P/E) ratio of 20.9x, which positions its valuation above the Asian Industrial REITs sector average of 18.9x. Compared to its peers, the market appears to be assigning a premium to LaSalle LOGIPORT REIT’s earnings at the last close price of ¥145,800 per unit.

The price-to-earnings ratio measures how much investors are willing to pay for each yen of a company’s earnings. For real estate investment trusts, this metric helps assess whether the current market price accurately reflects future earning potential and sector trends.

Despite being pricier than the sector average, this P/E ratio remains beneath the peer group’s preferred average of 25.8x. This suggests the market sees moderate upside yet remains cautious. Additionally, the fair P/E for LaSalle LOGIPORT REIT is estimated at 22.4x, signaling that the current multiple could move higher if confidence in future earnings picks up.

Explore the SWS fair ratio for LaSalle LOGIPORT REIT

Result: Price-to-Earnings of 20.9x (ABOUT RIGHT)

However, weaker annual revenue and net income growth may weigh on LaSalle LOGIPORT REIT’s future returns and challenge the current bullish outlook.

Find out about the key risks to this LaSalle LOGIPORT REIT narrative.

While the price-to-earnings approach sees LaSalle LOGIPORT REIT as fairly valued, the SWS DCF model offers a contrasting perspective. This methodology puts fair value at ¥204,455 per unit, almost 29% above the recent price. Could the market be missing an opportunity, or does this signal caution?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out LaSalle LOGIPORT REIT for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Keep in mind, you can always dig deeper into the data and build your own perspective on LaSalle LOGIPORT REIT’s outlook in just a few minutes. Take the opportunity to Do it your way.

A great starting point for your LaSalle LOGIPORT REIT research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

Broaden your investment horizons today and stay steps ahead of the market by tapping into innovative, sector-defining opportunities just a click away.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include 3466.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Samsung C&T and Samsung Electronics Will Make an Equity Investment of $110 Million Into GRAIL, Subject to Closing Conditions

Samsung C&T Will Drive Commercialization of Galleri in South Korea With Possible Expansion to Japan and Singapore

Samsung Electronics and GRAIL Will Also Explore Potential Strategic and Operational Collaborations

Samsung C&T (SCT), Samsung Electronics (SEC), and GRAIL, Inc. (Nasdaq: GRAL), today announced they have signed a binding Letter of Intent for a strategic collaboration to bring GRAIL’s Galleri^Ⓡ multi-cancer early detection (MCED) test to key Asian markets. SCT and SEC have also agreed to invest $110 million into GRAIL, a healthcare company whose mission is to detect cancer early when it can be cured, at a price of $70.05 per share of common stock.¹

 

“Guided by its commitment to advancing next-generation bio-technologies and improving quality of life, Samsung C&T has continuously invested in innovative companies. The collaboration with GRAIL represents a significant new step—moving beyond investment to a strategic business partnership that provides Samsung with a strong foothold for expanding into the cancer screening field and delivering one of these promising technologies to customers in South Korea and across Asia.” said Jaywoo Kim, Executive Vice President of Life Science Business at Samsung C&T.

 

Subject to final execution of definitive agreements, GRAIL and SCT will work as exclusive partners to commercialize the Galleri test in South Korea, with a possible extension into other Asian geographies, including Japan and Singapore. SCT will undertake key activities to drive adoption of Galleri . Initially, tests will be performed in GRAIL’s clinical laboratory in Research Triangle Park, North Carolina.

 

“We look forward to partnering with Samsung to bring multi-cancer early detection to Asia, beginning in South Korea,” said Sir Harpal Kumar, President, International Business & Biopharma, at GRAIL. “Samsung’s significant equity investment strengthens our balance sheet and provides further cash runway as we advance through key milestones to secure reimbursement for Galleri in the U.S. and key international markets.”

 

In addition, SEC and GRAIL intend to explore potential strategic and operational collaborations such as supporting longitudinal genomic-lifestyle clinical research, and the integration of SEC’s health data platform with GRAIL’s technologies and data.

 

“Our investment in and strategic cooperation with GRAIL is part of our vision to improve the health of billions of people. A potential collaboration with GRAIL could allow for the integration of our AI, our digital care platform, and device ecosystem with GRAIL’s clinical genetic data and technology, which could allow us to provide a level of personalization for our users to help them better understand their health,” said Hon Pak, Senior Vice President and Head of Digital Health Team, Mobile eXperience Business, at Samsung Electronics.

 

The terms of the collaborations are set forth in the term sheets between the parties. Definitive agreements will be negotiated in good faith pursuant to the term sheet and are intended to be entered into in early 2026. Commercial operations will begin soon after execution. Within South Korea, and potentially Japan and Singapore, GRAIL will partner with SCT as its sole distributor, subject to certain requirements, and GRAIL’s Galleri test will be the exclusive MCED test distributed by SCT.

 

The investment is subject to execution of the definitive collaboration agreements between the parties, as well as customary closing conditions and regulatory approvals. The investment is expected to close in early 2026.

 

Latham & Watkins served as legal advisor and Morgan Stanley & Co. LLC served as financial advisor to GRAIL. Samsung was advised by Covington & Burling, BKL, and E&Y Han Young (Korea).

 

 

¹ Representing a 10% premium to the 15 day VWAP.

 

 

About Samsung C&T Corporation

Samsung C&T Corporation, a dynamic player in industries ranging from construction, trading, fashion and resorts, is actively expanding its portfolio with strategic investments in the fields of biopharmaceutical and life sciences. Since its investment in Samsung Biologics and Samsung Bioepis, Samsung C&T continues to invest in innovative technologies and businesses within the bio and healthcare sectors, with the goal of contributing to improving the quality of human life.

 

About GRAIL

GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL’s targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom.

For more information, visit grail.com.

 

About Galleri^®
The Galleri multi-cancer early detection test is a proactive tool to screen for cancer. With a simple blood draw, Galleri can detect more than 50 types of cancer before symptoms appear — when they can be easier to treat and are potentially curable². Galleri is the only available MCED test with demonstrated performance in patients screened for cancer^2,*. The Galleri test doubles the number of cancers detected when added to standard of care cancer screening, and has the lowest false positive rate of any MCED test^1,2,3,4,**. When a cancer signal is found, Galleri provides a cancer signal of origin with high accuracy to help guide an efficient diagnostic work-up^4,5,6. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.

For more information, visit galleri.com.

 

* The Galleri test performance metrics were derived from the outcomes of an interventional clinical study of patients presenting for screening without clinical suspicion of cancer, a study population that reflects the intended use population.

** Test performance metrics do not represent results of a head-to-head comparative study. Separate studies have different designs, objectives, and participant populations, which limits the ability to draw conclusions about comparative performance.

 

Important Galleri Safety Information
The Galleri test is recommended for use in adults with an elevated risk for cancer, such as those age 50 or older. The test does not detect all cancers and should be used in addition to routine cancer screening tests recommended by a healthcare provider. The Galleri test is intended to detect cancer signals and predict where in the body the cancer signal is located. Use of the test is not recommended in individuals who are pregnant, 21 years old or younger, or undergoing active cancer treatment.
Results should be interpreted by a healthcare provider in the context of medical history, clinical signs, and symptoms. A test result of No Cancer Signal Detected does not rule out cancer. A test result of Cancer Signal Detected requires confirmatory diagnostic evaluation by medically established procedures (e.g., imaging) to confirm cancer.

If cancer is not confirmed with further testing, it could mean that cancer is not present or testing was insufficient to detect cancer, including due to the cancer being located in a different part of the body. False positive (a cancer signal detected when cancer is not present) and false negative (a cancer signal not detected when cancer is present) test results do occur. Rx only.

 

Laboratory/Test Information
The GRAIL clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988

(CLIA) and accredited by the College of American Pathologists. The Galleri test was developed — and its performance characteristics were determined — by GRAIL. The Galleri test has not been cleared or approved by the Food and Drug Administration. The GRAIL clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.

 

GRAIL Forward Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” “would,” or “will,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include expectations and projections of our ability to negotiate definitive agreements, the closing of the investment, the terms under which we will conduct our collaborations, future potential additional collaborations, our ability to commercialize Galleri in other geographies, success of our collaboration with counterparties, sufficiency of cash on hand to finance our business and anticipated trends in our business.

These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2024 and in our Quarterly Report on [Form 10-Q for the period ended June 30, 2025] (the “Form 10-Q”). Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.

Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results, financial condition and success in our business strategies and operations may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.

 

References:

1.         Nabavizadeh N, et al. Safety and Performance of a Multi-Cancer Early Detection (MCED) Test in an Intended-Use Population: Initial Results from the Registrational PATHFINDER 2 Study. Proffered Presentation Presented at: European Society for Medical Oncology (ESMO) Annual Meeting; October 17-21, 2025; Berlin, Germany.
2.         Klein EA, Richards D, Cohn A, et al. Clinical validation of a targeted methylation-based multi-cancer early detection test using an independent validation set. Ann Oncol. 2021 Sep;32(9):1167-77. doi: 10.1016/j.annonc.2021.05.806
3.         GRAIL, Inc. False positive rate. [Data on file: GR-2025-0256]
4. Schrag D, Beer TM, McDonnell CH, et al. Blood-based tests for multi-cancer early detection (PATHFINDER): a prospective cohort study. Lancet. 2023;402:1251-1260. doi: 10.1016/S0140-6736(23)01700-2
5. GRAIL, Inc. Enhanced Cancer Signal Origin prediction. [Data on file: VV-TMF-59592]
6. Hackshaw A, et al. Cancer Cell. 2022;40(2):109-13.

If you’re looking for a multi-bagger, there’s a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it’s a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don’t think Yew Lee Pacific Group Berhad (KLSE:YEWLEE) has the makings of a multi-bagger going forward, but let’s have a look at why that may be.

AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

For those that aren’t sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Yew Lee Pacific Group Berhad:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.011 = RM832k ÷ (RM81m – RM2.8m) (Based on the trailing twelve months to June 2025).

Thus, Yew Lee Pacific Group Berhad has an ROCE of 1.1%. Ultimately, that’s a low return and it under-performs the Building industry average of 8.9%.

Check out our latest analysis for Yew Lee Pacific Group Berhad

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you’re interested in investigating Yew Lee Pacific Group Berhad’s past further, check out this free graph covering Yew Lee Pacific Group Berhad’s past earnings, revenue and cash flow.

On the surface, the trend of ROCE at Yew Lee Pacific Group Berhad doesn’t inspire confidence. Around five years ago the returns on capital were 28%, but since then they’ve fallen to 1.1%. And considering revenue has dropped while employing more capital, we’d be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven’t increased.

On a related note, Yew Lee Pacific Group Berhad has decreased its current liabilities to 3.5% of total assets. That could partly explain why the ROCE has dropped. What’s more, this can reduce some aspects of risk to the business because now the company’s suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business’ efficiency at generating ROCE since it is now funding more of the operations with its own money.

We’re a bit apprehensive about Yew Lee Pacific Group Berhad because despite more capital being deployed in the business, returns on that capital and sales have both fallen. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 43% return. Regardless, we don’t feel too comfortable with the fundamentals so we’d be steering clear of this stock for now.

One more thing: We’ve identified 3 warning signs with Yew Lee Pacific Group Berhad (at least 1 which is a bit unpleasant) , and understanding these would certainly be useful.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Australia Post incorrectly collected tariffs from customers returning items to the US after retail parcel services to the country resumed last week, the government-owned postal service has admitted.

Australia Post said it had identified an error with a third-party provider where “a number of customers” were incorrectly charged a tariff for postal returns of US-manufactured items, which should not be subject to import duties.

“The error was quickly fixed, and we are reaching out to impacted customers,” a spokesperson said in a statement.

Parcel services were halted in August when the US suspended the “de minimis” exemption, which allowed parcels worth less than US$800 to enter the country duty-free. Business services resumed on 22 September, followed by retail on 7 October.

US Customs and Border Protection (CBP) has advised Australia Post that Donald Trump’s new tariff regime also applies to online returns to the US, with the tariff calculated according to the goods’ country of origin.

That means a postal return for an item originally ordered from the US, but made in China, could be subject to tariffs imposed on Chinese goods if declared correctly. CBP was not immediately available for comment.

_{Sign up: AU Breaking News email}

Guardian Australia shared images with Australia Post of a post office terminal showing an item with the US as its country of origin incurring an import duty of $57.17 on an item worth $357.30 – a rate of about 16%.

This was in addition to postage and a small handling fee divided between Australia Post and a third party which pays the tariff to US customs.

It is understood Australia Post was not aware of the error until then.

Under Donald Trump’s so-called “liberation day” duties, which came into effect in April, Australian goods imported into the US should attract a baseline 10% tariff. The tariffs do not apply to gifts worth less than $US100, or about $A150.

In July, Trump signed an executive order to end the “de minimis” exemption on 29 August. Australia Post suspended several postal services to the US and Puerto Rico, as did other international carriers.

At the time, the federal communications minister, Annika Wells, who oversees the postal service, distanced the government from what she described as an “operational decision”, urging Australia Post to seek a workaround.

A spokesperson for Australia Post said it had “worked at pace” to find a solution that complied with new rules.

On the day it suspended postage, the mail carrier informed its business customers it had partnered with the American company Zonos – one of only two companies then rubber-stamped to facilitate the payment of tariffs, although more have been approved since.

Guardian Australia understands the recent error for retail customers resulted from an incorrectly applied code by another third-party company based overseas.

Wells was contacted for comment.

• Gold prices recently surged past US$4,000 per ounce, reaching record highs and fueling significant earnings growth for Wheaton Precious Metals due to its unique streaming model.

• Wheaton Precious Metals’ ability to secure long-term streaming agreements at discounted prices has positioned it to benefit more than traditional miners when gold and silver prices spike.

• We’ll examine how Wheaton Precious Metals’ earnings momentum and streaming model bolster its investment narrative amid record gold prices.

We’ve found 20 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

To be a shareholder in Wheaton Precious Metals, you need to believe that gold and silver prices will remain elevated and that the company’s long-term streaming agreements will continue to deliver outsized returns relative to traditional mining peers. The recent record run in gold prices is a powerful short-term catalyst, driving strong earnings momentum, but the biggest risk remains Wheaton’s ability to secure large, accretive new streams in a market that’s becoming more competitive. For now, this gold price surge materially strengthens the company’s near-term growth story.

The surge in quarterly earnings, up 138% year over year, is arguably the most relevant announcement, as it directly reflects Wheaton’s leverage to higher commodity prices and the effectiveness of its streaming model. When prices spike, Wheaton’s margins can expand more rapidly than traditional miners, translating into both higher profits and recent dividend increases. Despite this momentum, investors should remember that these record results are heavily dependent on continued strength in precious metal prices…

Read the full narrative on Wheaton Precious Metals (it’s free!)

Wheaton Precious Metals is expected to achieve $2.2 billion in revenue and $1.1 billion in earnings by 2028. This outlook is based on an assumed annual revenue growth rate of 9.2% and an earnings increase of $311 million from the current level of $789 million.

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MSD’s investigational two-drug HIV combination has been proven safe, efficacious and non-inferior to current standard of care (SoC) in two Phase III trials.

During the MK-8591A-052 study (NCT05630755), patients treated with DOR/ISL, a combination of MSD’s marketed antiretroviral, Pifeltro (doravirine) plus investigational medication islatravir, maintained vital suppression and demonstrated non-inferiority to SoC of bictegravir/emtricitabine/tenofovir alafenamide (BIC/FTC/TAF).

There was also negligible impacts on both weight and body composition at week 48, with a mean weight drop of 0.03kg compared with baseline, while those who continued on BIC/FTC/TAF experienced a 0.28kg weight gain. Throughout the study period, 14.6% of those given DOR/ISL experienced a ≥5% weight gain, while 16.0% experienced this in the SoC group from baseline.

Meanwhile, in both the MK-8591A-051 (NCT05631093) and MK-8591A-052 trials, patients who switched to DOR/ISL from Biktarvy experienced no clinically meaningful changes in fasting lipids. This includes total cholesterol, as well as low- and high-density lipoprotein (HDL, LDL) and triglyceride levels.

Mean blood glucose and fasting insulin level changes were also minimal across treatment groups in both studies.

These findings are notable as chronic antiretroviral use can often cause weight gain or changes to body composition, as well as dyslipidaemia – all of which can contribute to a patient’s risk of developing comorbid cardiovascular conditions.

According to Dr Chloe Orkin, dean for healthcare transformation, Queen Mary University of London, the Phase III findings are “important to consider,” as many patients with HIV face weight-related issues such as obesity.

HIV landscape undergoes another shift

These results follow MSD’s previous positive Phase III readouts for Pifeltro-islatravir, which prompted the New Jersey pharma to file a new drug application (NDA) for the combination to the US Food and Drug Administration (FDA). The target action date for the application is the 28 April 2026.

If approved, the combination would become the first two-drug regimen without an integrase inhibitor to get the regulatory green light in HIV.

Anaelle Tannen, infectious disease analyst at GlobalData, noted that this could be a “particularly important development for older patients with comorbid conditions,” as a two-drug regimen is associated with lower toxicities relative to the three-drug alternative.

However, Tannen caveated that Biktarvy will likely remain the SoC due to “physician familiarity and the drug’s strong efficacy and safety profile”.

“DOR/ISL is an oral daily drug, so it doesn’t have a benefit in terms of less frequent dosing, and islatravir itself has been associated with lymphocytopenia toxicity in previous trials,” Tannen said. “However, Biktarvy has been connected with weight gain and if DOR/ISL doesn’t have this side-effect, patients may prefer this option.”

However, penetrating Biktarvy’s market share could be a tough nut to crack for MSD, known as Merck in the US, as the drug currently holds the market-leading spot in the first-line HIV setting. Analysts at GlobalData also forecast that Biktarvy will remain in the top spot over the forecast period, with sales exceeding $11.6bn in the US alone by 2033.

GlobalData is the parent company of Clinical Trials Arena.

Meanwhile, Pifeltro-islatravir will reach blockbuster status by 2030, with the combination estimated to pull in $1.7bn by 2033, as per a patient-based forecast from analysts at GlobalData.

However, islatravir could have another shot at glory on the HIV market, as two Phase III trials are currently assessing islatravir plus Gilead’s HIV drug, Sunlenca (lenacapavir). The combination was recently found to maintain viral suppression for two years when administered orally once-weekly in a Phase II trial.

If approved, the Sunlenca-islatravir duo could become the first weekly oral treatment option for patients with HIV, which could boost medication adherence and administration convenience.

By Annabel Kartal Allen

 

New data presented at the 2025 European AIDS Clinical Society (EACS) Congress suggest that a once-weekly oral regimen combining islatravir and lenacapavir could mark a major advance in HIV treatment convenience. Findings from a Phase 2 trial (NCT05052996) showed that people with HIV-1 who switched from daily antiretroviral therapy to this weekly two-drug regimen maintained full viral suppression through 96 weeks, with no cases of virologic failure or drug resistance.

The study enrolled adults who were already virologically suppressed on a standard daily combination of bictegravir, emtricitabine, and tenofovir alafenamide. Participants were randomised to continue daily therapy or to switch to once-weekly islatravir 2 mg plus lenacapavir 300 mg. Of the 52 participants who began the once-weekly regimen, 47 continued into the 48-week extension phase, completing nearly 2 years of follow-up.

At 96 weeks, all participants on the islatravir-lenacapavir combination maintained undetectable viral loads, and mean adherence-assessed by pill count was 99.3%. No emergent resistance to either agent was observed, and safety data remained favourable throughout the study period.

Safety and Tolerability Comparable to Standard Therapy

Treatment with the once-weekly regimen was well tolerated. Just under one in five participants (19.2%) experienced mild or moderate drug-related side effects, and no severe adverse events related to treatment were reported. Two participants discontinued the study, though neither due to drug-related effects.

CD4+ T-cell counts showed minimal changes, with a mean decrease of 33 cells/μL (95% CI: −86 to 20), while median weight and BMI remained stable over 2 years. The consistent efficacy, safety, and adherence profile suggest that weekly oral dosing could provide a simpler alternative for people living with HIV who wish to avoid daily tablets or injectable regimens.

Phase 3 Trials Now Underway

The promising Phase 2 results underpin ongoing global Phase 3 trials (ISLEND-1 and ISLEND-2) which aim to confirm the efficacy and safety of once-weekly oral islatravir plus lenacapavir as a complete regimen for HIV-1. If successful, this would represent the first fully oral, once-weekly treatment option for people living with HIV.

Researchers at EACS 2025 emphasised that such simplified dosing could improve quality of life and adherence, supporting long-term viral suppression and reducing treatment fatigue among patients.

By Ada Enesco

Reference

Colson AE et al. Oral weekly islatravir plus lenacapavir in virologically suppressed people With HIV-1: 96 week outcomes from a phase 2 study. PS15.5.LB. EACS 2025, 15-18 October, 2025.

 

Lundin Mining Pre-Announces Items Impacting the Third Quarter 2025 Results

October 16, 2025

VANCOUVER, BC, Oct. 16, 2025 /CNW/ –  (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pre-announcing certain items impacting the Company’s earnings, adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”)¹, adjusted earnings¹ and adjusted earnings per share¹ for the three months ending September 30, 2025. Unless otherwise stated, dollar amounts are presented in United States dollars.

Revenue and Provisional Pricing Adjustments

Revenue in the third quarter 2025 is expected to be positively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $11 million on a pre-tax basis. These adjustments primarily include upward adjustments in relation to prior period copper and gold sales.

Revenue in the third quarter 2025 is also expected to be impacted by a timing difference between the production and shipment dates of approximately 20,000 tonnes of copper concentrate (approximately 5,100 tonnes of contained payable copper). A shipment of copper concentrate from Caserones scheduled for September was delayed into October due to weather related issues. The related revenue and cost of goods sold are expected to be recorded in the fourth quarter 2025.

Foreign Exchange and Derivatives

Unaudited realized foreign exchange gains and unaudited realized losses on derivative contracts in the third quarter 2025 are not expected to be significant.

In the third quarter 2025 the Company is expected to recognize certain non-cash items that will impact the Company’s earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited unrealized loss of approximately $26 million on a pre-tax basis related to the mark-to-market valuation of the Company’s unexpired derivative contracts, primarily due to rising gold prices during the quarter. Unaudited unrealized foreign exchange gains are not expected to be significant.

Third Quarter 2025 Results Conference Call and Webcast Details

The Company will release its third quarter 2025 operations and financial results after market close on Wednesday, November 5, 2025, and will hold a webcast and conference call on Thursday, November 6, 2025 to present the results. Webcast and conference call details are provided below.

Webcast / Conference Call Details:

Date: Thursday, November 6, 2025

Time: 7:00 AM PT | 10:00 AM ET

Listen Only Webcast: WEBCAST LINK

Dial In for Investor & Analyst Q&A: DIAL IN LINK

To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.

A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company’s website for a limited period of time.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel.

The information was submitted for publication, through the agency of the contact persons set out below on October 16, 2025 at 16:30 Pacific Time.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s financial results, impacts thereto and the accounting therefor. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company’s common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the “Risks and Uncertainties” section of the Company’s MD&A for the three and six months ended June 30, 2025 and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corporation

For further information, please contact: Stephen Williams, Vice President, Investor Relations: +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50