Research Articles

UltraGreen.ai 1H26: ICG franchise remains strong, but US competition clouds the outlook

Strong international ICG growth and resilient margins underscore the quality of UltraGreen.ai’s franchise, but the US market faces a meaningful competitive challenge. The pace and severity of generic-driven pricing pressure will determine how much of that underlying strength translates into future earnings growth.

HKEX 2026 Interim Results: Strong Results Demonstrate Robust Resilience

As a listed company whose share price closely tracks the Hang Seng Index, HKEX's operating and financial performance has remained strong, yet its share price has not seen much upside. We believe, however, that HKEX's core growth momentum remains solid, allowing it to stand firm amid market volatility.

Pop Mart 1H2026 Results: The Star IP Effect Is Fading.

Although Pop Mart's revenue grew 24% y-o-y in 1H2026, both revenue and profit fell short of expectations, and revenue from the LABUBU (The Monsters) franchise even declined y-o-y. With the star IP effect fading and revenue growth slowing, can Pop Mart's share price find support again?

Salesforce 2Q FY27 Earnings: AI Traction Builds Despite Slower Organic Growth, Downgrade to HOLD

CSE Global 1H26: Margins bend, the thesis holds

CSE Global’s earnings fell in 1H26 despite record revenue, as project mix, start-up costs and higher financing expenses weighed on margins. We retain our BUY rating as the AWS ramp-up and expanding data centre pipeline support a recovery in earnings growth beyond 2026.

ISOTeam: Margin gains cushion a revenue miss as drone and cool coatings pipeline stay intact

ISOTeam's FY2026 results came in below our forecasts on revenue and earnings, as the timing of project completions pushed a larger share of R&R, A&A and C&P billings beyond the financial year. Gross margin nonetheless expanded to a multi-year high on dormitory-driven cost savings, and the Board raised the final dividend despite the shortfall. We maintain our HOLD rating with a lower target price of SGD 0.072.

Lam Research: AI capex and rising chip complexity drive a multi-year growth runway

As capital pours into AI infrastructure, chipmakers need advanced manufacturing equipment to turn that spending into capacity. Lam Research supplies the deposition, etch and clean technologies at the heart of that process, giving it direct exposure to the AI build-out.

Nvidia 2Q FY27: The Party Continues

Palantir Technologies: Good business; Bad price; Initiate SELL

Current price embeds a 40% revenue CAGR for a decade — 20% above consensus in 2027 and 36% above in 2028. As such, we initiate a SELL call for Palantir Technologies with a target price of US$150.

Walmart 2Q FY27 Earnings Update: Slower Comps, but the Digital Flywheel Remained Intact