$阿里巴巴-W(09988)$ $阿里巴巴(BABA)$ E-commerce is still soft, but cloud is clearly accelerating. Cloud +36%, profits -57%.
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Alibaba: profits down, cloud picking up
Alibaba: profits down, cloud picking up
Yangzijiang Shipbuilding: record order backlog
$扬子江船业(BS6.SI)$ Shipbuilding is quietly entering another cycle. Yangzijiang now has an order backlog of US$22.4bn, with shipyards fully booked until 2029. The order mix is also changing. About 80% of the orderbook now comes from clean-energy vessels such as LNG and dual-fuel ships. The investment story is quite simple: visibility of earnings + 5–6% dividend yield. Among SGX industrial companies, few have this level of order visibility.
Yangzijiang Shipbuilding: record order backlog
NIO research note: first profitable quarter
$蔚来(NIO)$ $蔚来-SW(09866)$ $蔚来(NIO.SI)$ the profit was mainly driven by lower expenses, not a structural improvement in demand.
NIO research note: first profitable quarter
Is travel demand really cooling?
$携程网(TCOM)$ Trip.com’s latest numbers don’t show a slowdown. Revenue grew over 20%, with double-digit growth across hotels and tickets. International revenue is still up more than 60%.
Is travel demand really cooling?
Salesforce’s next move hinges on AgentForce
$赛富时(CRM)$ The quarter was largely inline. Growth is still around 10%, and SaaS multiples remain compressed. The interesting part is AgentForce. ARR is up nearly 170%, with expansion mostly from existing customers.
Salesforce’s next move hinges on AgentForce
Has China’s property market really recovered?
$贝壳(BEKE)$ If you want a read on housing activity, watch Ke Holdings. Transactions look more stable, but not rebounding.
Has China’s property market really recovered?
Amazon AWS is back in the driver’s seat
$亚马逊(AMZN)$ This quarter wasn’t about retail. AWS growth re-accelerated above 23%, with backlog rising alongside it. Retail supports margins, but AWS is driving growth again.
Amazon AWS is back in the driver’s seat
Google is changing how search makes money
$谷歌(GOOG)$ This quarter wasn’t about the beat. AI is turning single searches into longer, decision-driven conversations. That’s what’s changing: the value of each search.
Google is changing how search makes money
Is LMS Compliance (SGX: LMS) the Hidden Gem of SGX?
$LMS Compliance(LMS.SI)$ Latest institutional research highlights LMS Compliance (LMS.SI) as a high-value growth play. Key takeaways: Sticky Revenue: 85%+ recurring income with strong cash flow. ESG Catalyst: Primary beneficiary of mandatory ESG reporting in SG & MY starting 2025. Digital Edge: AI-driven platform creating a massive operational moat. @LMS SGX
Meta isn’t waiting for ads to recover anymore
$Meta Platforms, Inc.(META)$ This quarter wasn’t about macro tailwinds. Ad volume and pricing both improved, but the real change is AI lifting engagement, conversion, and ad products at the same time. This isn’t an ad rebound. It’s an ad engine upgrade.
Meta isn’t waiting for ads to recover anymore
Microsoft’s target price was cut
$微软(MSFT)$ This wasn’t a “one-quarter surprise” story. Azure and Copilot demand stayed strong, supply is the real constraint. The target price was trimmed for one reason: AI capex is higher than expected. But the conclusion didn’t change — more spending doesn’t mean weaker business, it means AI is moving deeper into the core.
Microsoft’s target price was cut
This could be one of the most undervalued stocks in SG this half year
$LMS Compliance(LMS.SI)$ The base case is simple: compliance demand is mandatory, not cyclical. What stands out in this initiation note: Testing is the base: high repeat business (85%+), lab testing dominates revenue (FY24: 93.6%) ESG is the growth layer: Singapore’s mandatory climate disclosures (from FY2025) and Malaysia’s phased rollout expand third-party assurance demand Financials are clean: FY24 net margin 20.5%, EBITDA ma
This could be one of the most undervalued stocks in SG this half year
Gold & Silver Are Soaring – New Bull or Fool’s Rally? 🐂🤔 Precious metals have been on a tear lately. Gold hit a multi-year high and silver isn’t far behind. Some folks are calling this the start of a shiny new bull market💫, while others warn it’s just a flash in the pan. As an investor, it’s that classic FOMO vs. caution dilemma: jump on the bandwagon or wait and see? One minute I’m ready to pile in, the next I remember how many times I’ve been burned chasing hype 😅. It’s exciting but also nerve-wracking – nobody wants to be left holding fool’s gold if things turn south.
After last year’s episode…..
This report does something different. It barely revisits the noise, and keeps running the numbers on Kling’s AI video business. $快手-W(01024)$
After last year’s episode…..
Netflix’s next variable isn’t subscribers
The quarter itself was clean. Growth, margins and cash flow stayed on track. The real variable now is the WBD acquisition — not growth, but whether the deal reshapes the structure.$奈飞(NFLX)$
Netflix’s next variable isn’t subscribers
Tencent is fixing the base, not chasing a new story
$腾讯控股(00700)$ $腾讯控股ADR(TCEHY)$ This earnings preview isn’t about valuation. Games and ads keep the base steady. AI shows up mainly as efficiency inside WeChat and ads. No sudden catalyst — just gradual margin work.
Tencent is fixing the base, not chasing a new story
Zhipu AI just IPO’d, and compute is still the bottleneck
$智谱(02513)$ Zhipu AI has just gone public. Discussion focuses on models and tech. At this stage, the picture is pretty clear: revenue is growing, usage is expanding, but compute costs remain heavy.
Zhipu AI just IPO’d, and compute is still the bottleneck
XPeng is entering its execution phase
$小鹏汽车-W(09868)$ $小鹏汽车(XPEV)$ XPeng securing L3 road-testing approval, crossing a 20% gross margin, and doubling annual volume all point to one thing — technology is starting to translate into scale.
XPeng is entering its execution phase
This HKEX report is really about liquidity
$香港交易所(00388)$ HKEX earnings move with turnover, and market liquidity in Hong Kong has clearly shifted into a higher range. IPO activity is back, southbound flows are strong, and derivatives volumes remain supportive. The real question isn’t what drove 2025 — it’s how long this high-liquidity regime can last.
This HKEX report is really about liquidity
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