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Laven Cao, CFA
Laven Cao, CFA
SAP 2Q26: Stronger cloud orders, but profit recovery is the next test
AI is helping SAP secure major cloud contracts and enter core business workflows, strengthening confidence in its long-term growth outlook. We maintain a BUY rating, with meaningful upside if profit growth recovers as guided.
Beyond the US AI boom: Two ways to capture China’s opportunity
China’s AI opportunity can be expressed through two complementary trades: a hardware ETF where earnings are already materialising, and a platform ETF trading at an underpriced valuation as AI monetisation gathers pace.
China's Politburo holds back on stimulus, but we stay positive on China tech
China's Politburo stopped short of announcing major stimulus, but it acknowledged the economy's growing challenges and signalled readiness to introduce incremental support as conditions evolve. For investors, the key question is where policy backing, earnings visibility, and valuation already offer selective opportunities.
Tencent: Why the sell-off looks like an overreaction
Tencent’s July sell-off appears to have been driven by an incomplete and seasonally distorted gaming data sample rather than a deterioration in fundamentals. At the same time, improving advertising monetisation and WorkBuddy’s early traction strengthen the case that AI is beginning to generate measurable value.
Riding Asia, without riding the rollercoaster
The BlackRock Systematic Asia Pacific Equity Absolute Return Fund offers a smoother way to increase Asia’s equity exposure.
Europe's heatwaves are stress-testing the grid. Here’s the opportunity most investors have missed
A single heatwave exposed how unprepared Europe's power infrastructure is for its own climate future — and the same pressure points now converging from energy security and AI demand mean this stress test won't be the last.
Rheinmetall fell 19% in a day. Here is what the market got wrong about European defence
The market treated Germany’s warship decision as a retreat from rearmament, but the broader evidence suggests Europe is still moving from defence promises into production. With US protection becoming less automatic and US weapons supply constrained, European defence makers are gaining strategic relevance at a better valuation entry point.
China has two AI trades right now. Here is why both are worth owning.
A-share hardware tech is up 47% this year while Hong Kong platform tech is down 17% — but the gap is not a verdict on which market is winning. It is a snapshot of two completely different AI stories at two completely different points in their cycle, and right now, both have meaningful upside ahead.
Prospect of further ECB rate hikes reinforces our downgrade of European equities
Synopsis: The ECB’s first rate hike since 2023 reinforces our Unattractive view on European equities, as renewed inflation pressure is forcing tighter policy just as growth weakens, although selective opportunities remain in European defence and power infrastructure.
Europe downgraded to unattractive: The energy shock is not over, and earnings are likely to show it
Synopsis: We downgrade European equities to Unattractive - 2.0 Stars as higher-for-longer energy prices raise stagflation and earnings risks, while Europe’s remaining opportunities are increasingly concentrated in selective themes such as defence, power infrastructure and electrification.
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