🚀 Wall Street Hits Records as AI Trade Powers Markets

US:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
US:DGT:Dow Jones Industrial Average

The S&P 500 surged 0.32% to a record 6,501.86, while the Nasdaq Composite climbed 0.53% to 21,705.16. The Dow Jones Industrial Average added 71.67 points, or 0.16%, to close at a record 45,636.90.

US:NVDA:Nvidia

Nvidia posted second-quarter revenue growth of 56%, beating estimates but guiding Q3 revenue only slightly above expectations at $54 billion. Shares slipped 0.8% as concerns over China sales lingered, though Wall Street firms JPMorgan, Citi, and Bernstein raised price targets, reinforcing the AI boom narrative.

US:AVGO:Broadcom
US:MU:Micron Technology

Other chipmakers rebounded: Broadcom gained 2.8%, and Micron Technology rose 3.6%, as investors took Nvidia’s results as a greenlight for further AI momentum.

US:SNOW:Snowflake

Snowflake shares jumped 20% after quarterly earnings surpassed expectations, bolstering AI-driven optimism.

US:ULTA:Ulta Beauty

Ulta Beauty surged 6% after raising its full-year outlook, projecting revenue of $12–$12.1 billion, above analyst estimates.

US:ADSK:Autodesk

Autodesk rallied 11% following stronger-than-expected guidance, with projected full-year revenue between $7.03–$7.08 billion, topping forecasts.

US:DELL:Dell Technologies

Dell Technologies slid 4% after weak forward guidance overshadowed better-than-expected Q2 results.

US:AMBA:Ambarella

Ambarella soared 19% after issuing upbeat Q3 revenue guidance of $100–$108 million, well above analyst expectations.

US:AFRM:Affirm Holdings

Affirm Holdings rose 9% as Q4 earnings beat consensus, reporting revenue of $876 million against $837 million expected.

US:MRVL:Marvell Technology

Marvell Technology dropped more than 8% after guiding Q3 revenue below analyst forecasts at $2.06 billion.

US:S:SentinelOne

SentinelOne popped 8% on a strong revenue forecast, with Q3 estimates at $256 million, above expectations.

US:GPS:Gap

Gap fell 5% after Q2 revenue of $3.73 billion missed slightly versus the $3.74 billion expected.

US:ESTC:Elastic

Elastic jumped over 20% as Q1 results beat forecasts, posting $415 million in revenue versus $397 million estimated.

HK:Huawei (private, no stock symbol) & US:AAPL:Apple

Analyst Dan Niles warned of longer-term risks for Nvidia, citing China’s push for independence from U.S. chips. He pointed to Huawei’s comeback in smartphones without U.S. components, suggesting China could gain market share even against Apple in its home market.

🚨 Singapore & Asia Corporate Earnings Roundup: Property, Shipping, Coffee & Construction in Focus

Tai Sin Electric Limited FY2025 Results: Revenue Grows 20%, Final Dividend of 1.60 Cents Per Share Declared 4, 34, 35

GuocoLand FY2025 Results: Revenue Up 5% to $1.92B, Profit at $107.1M, Proposes 7 Cents Final Dividend per Share 227

Civmec FY25 Full Year Results: Strong Financial Performance, Robust Order Book, and 6.0c Total Dividend Declared

Micro-Mechanics FY2025 Results: Record Revenue, 6.0 Cents Dividend, Over 3,000% TSR Since Listing 1624

Zhongxin Fruit and Juice Limited FY2025 Results: 76% Revenue Surge, No Dividend Declared for FY2025

SGX:F17.SI:GuocoLand

GuocoLand posted higher FY2025 revenue with property development at $1.56 billion (+3% y-o-y) and investment properties at $281 million (+22% y-o-y). However, net earnings fell 17% to $107 million due to allowances for China projects. Despite the decline, a final dividend of 7 cents was declared, higher than the past five years of 6 cents. Shares closed at $1.88, up 30.56% year-to-date.

SGX:BQM.SI:Tiong Woon Corporation Holding

Tiong Woon Corporation reported FY2025 earnings of $19.2 million (+6% y-o-y) on revenue of $163.5 million (+14%). Growth came from heavy lift and haulage projects in Singapore, Thailand, Malaysia, the Middle East and Indonesia. Gross profit margin narrowed to 37.6%. Net asset value per share stood at $1.39.

SGX:F03.SI:Food Empire Holdings

Food Empire received a fair value estimate of $2.35–$3.01 per share from DBS Research, citing strong performance in East Europe instant coffee, Vietnam, Malaysia, and South Asia food ingredient businesses. Year-to-date, shares surged 130%. Analysts highlighted its expansion into Vietnam and India and a $40 million convertible note investment from Ikhlas Capital, tied to a partnership with AirAsia to launch ready-to-drink products.

SGX:BFX.SI:Tiong Seng Holdings

Tiong Seng Holdings signed an MOU with Rock Africa to develop precast construction capacity in Ghana, with a pilot project to build student hostels at the University of Ghana. Its subsidiary RVD will provide design and training for precast technologies.

SGX:G50.SI:Grand Banks Yachts

Grand Banks Yachts posted FY2025 earnings of $18.2 million (-14.8% y-o-y) despite a 21.4% revenue increase to $162.3 million. Margins fell due to higher trade-in boat sales and costs. The board declared a final dividend of 1 cent, maintaining 1.5 cents total. Order book stood at $156.6 million with 33 new boats on order.

HK:Chery Automobile (Planned IPO)

Chery Automobile is planning a Hong Kong IPO to raise about US$1.5 billion. China’s securities regulator approved issuance of 698.9 million shares. Chery, China’s biggest car exporter with revenue of 182 billion yuan in the first nine months of 2024, assembles Jaguar and Land Rover vehicles in China.

SGX:P9D.SI:Civmec

Civmec reported FY2025 earnings of A$42.5 million (-34% y-o-y), with revenue falling to A$810.6 million due to completion of major contracts. Order book remains strong at over A$1.25 billion post-acquisition of Luerssen Australia. Dividend declared at 6.0 Australian cents.

SGX:VC2.SI:Olam Group

Olam Group shut down its digital platform Jiva Ag, impacting 600 jobs, as part of a restructuring to conserve cash. The closure will result in one-off costs of US$9 million in 2H2025. The company had earlier reported a $13.2 million impairment linked to Jiva Ag.

SGX:ZHF.SI:Zhongxin Fruit

Zhongxin Fruit earnings surged to RMB29.7 million in FY2025 from RMB2.3 million, on revenue of RMB238.7 million (+76.4% y-o-y). Profitability improved with margins at 17.2%. However, the firm warned of headwinds including tariffs, trade tensions, shipping costs and climate impacts. No dividend was declared.

SGX:1R2.SI:Avi-Tech Electronics

Avi-Tech earnings plunged 76.4% to $663,000 on weaker engineering services revenue, despite growth in its PCBA segment. Gross profit margin fell to 18.5%. A final dividend of 0.25 cents per share was proposed.

SGX:YF8.SI:Yangzijiang Financial Holding
SGX:BS6.SI:Yangzijiang Shipbuilding

Yangzijiang Financial will spin off its maritime unit Yangzijiang Maritime Development to list separately on SGX. Shareholders will receive one Yangzijiang Maritime share for each Yangzijiang Financial share. The spin-off aims to unlock value by separating maritime investments from its China real estate-linked business.

Meanwhile, Yangzijiang Shipbuilding faces headwinds from U.S. tariffs under Section 301 but continues to lead in green vessels, which form nearly three-quarters of its US$23.2 billion order book. Analysts from DBS ($3.80 target) and UOB Kay Hian ($3.45 target) remain bullish on the shipbuilder.

📈 Singapore & Global Market Movers: Earnings, Risks, and Bold Bets

SGX:5DD.SI:Micro-Mechanics
Micro-Mechanics posted FY2025 earnings of $12.4 million, a 54.2% y-o-y rise from $8.04 million. Revenue grew 12.6% to $65.2 million, led by consumable tools (+5.7%) and wafer fabrication equipment (+45.5%). The group declared a final dividend of 3.0 cents, bringing the FY2025 total to 6.0 cents. On a quarterly basis, 4QFY2025 earnings rose 52.9% to $3.18 million. CEO Kyle Borch, newly appointed in July, pledged to advance its “Five-Star Factory initiative.”

US:WMT:Walmart
US:COST:Costco Wholesale
Bloomberg Opinion warned that retail giants Walmart and Costco could face corrections despite being seen as “safe” investments. Both trade at unusually high valuations — Walmart at 34.3x forward P/E and Costco at 47x — richer than Nvidia. Since end-2019, Costco has returned 250% and Walmart 163%, but analysts suggest their premium multiples leave them vulnerable to even modest growth slowdowns.

SGX:P40U.SI:Starhill Global REIT
RHB’s Vijay Natarajan maintained a “buy” rating on Starhill Global REIT, calling it undervalued and raising the target price to $0.60. The REIT benefits from falling rates and asset enhancements, including a new office space at Wisma Atria and a 12-year master lease with Toshin at Ngee Ann City. Rental reversion for Singapore assets is expected in the low to mid single digits.

SGX:558.SI:UMS Holdings
UMS CEO Andy Luong said U.S.-China chip tensions could benefit the company, positioning it as a premium supplier. UMS expanded its Penang hub, reporting Malaysia sales up 270% in 2QFY2025. Group revenue rose 20% to $67.3 million, with earnings up 10% to $10.3 million. DBS, UOB Kay Hian, and CGS International all raised target prices, citing UMS’s position in the AI-driven semiconductor rebound. Shares are up 28.57% YTD.

SGX:5E9.SI:Seatrium
Seatrium faces arbitration from Keppel over Operation Car Wash liabilities. The company insists its indemnity obligations expired in February. Meanwhile, it secured over $300 million in new contracts in August, including powership integration for Turkey’s Karpowership and an FLNG upgrade for Golar LNG. Analysts remain positive, with UOB Kay Hian’s target at $2.96 and Citi’s at $2.65, citing a robust $18.6 billion order book.

SGX:1H5.SI:Ever Glory United Holdings
Just two years after its Catalist debut, Ever Glory United is eyeing a Mainboard transfer. Market cap now stands at $229.4 million, nearly triple its IPO level. The firm expanded with acquisitions of Guthrie Engineering and Fire-Guard Engineering, boosting its M&E capabilities. CGS International projects strong growth, pointing to an order book driven by projects like Changi Airport T5 and hospital developments.

SGX:U13.SI:United Overseas Insurance (UOI)
UOI, 58% owned by UOB, is undergoing digital transformation under CEO Andrew Lim. The group plans a 50% increase in tech investments by 2029 and 60% more talent hires. For 1HFY2025, insurance revenue rose 12.2% to $57.2 million, but profit fell 39% to $8.64 million on higher expenses. Despite this, shares have gained over 11% YTD, closing at $7.80 on Aug 27.

US:GOOGL:Alphabet (Google)
Singapore’s GovTech expanded its AI collaboration with Google Cloud, granting agencies access to Gemini 2.5 Flash, Vertex AI, and a pilot of Agentspace. Google will also deploy Gemini on Google Distributed Cloud air-gapped for CSIT and HTX, enhancing security and sovereignty. NUS will use Vertex AI Search for healthcare and life sciences research.

SGX:C38U.SI:CapitaLand Integrated Commercial Trust (CICT)
DBS analysts raised CICT’s target price to $2.50, maintaining a “buy.” The REIT acquired full ownership of CapitaSpring for $1.9 billion at a 4% yield. Analysts project FY2026 DPU growth of 3%, with additional drivers from asset enhancements at IMM, Lot One, and Tampines Mall. Overseas assets in Germany and Australia contribute to diversification.

US:CYD:China Yuchai International
CGS International resumed coverage on China Yuchai with an “add” rating and a target price of US$39.50. The firm is expanding high-horsepower engine capacity via its subsidiary GYMCL and JV MTU Yuchai. Analysts expect 18% sales growth in FY2025, outpacing industry trends, supported by exports and data center demand.

HK:3690.HK:Meituan
Meituan shares fell nearly 10% after warning of significant Q3 losses due to fierce price wars with Alibaba’s Ele.me and JD.com. Net income in Q2 dropped 97% to RMB365.3 million despite 12% revenue growth. CFO Chen Shaohui said competition will continue to pressure results. Analysts warn margins may not recover to historical levels, with logistics costs rising to 39% of sales.

🛢️ Oil Prices Rebound After Trump’s Reaction to Russia-Ukraine Strikes

Oil:US:Brent Crude
Brent crude futures settled up 57 cents, or 0.8%, at US$68.62 a barrel, reversing earlier losses after the White House said US President Donald Trump was “not happy” about Russia’s overnight missile and drone attacks on Ukraine that killed at least 21 people in Kyiv.

Oil:US:WTI Crude
US West Texas Intermediate (WTI) crude rose 45 cents, or 0.7%, to US$64.60 a barrel. Both benchmarks had been down about 1% earlier but turned positive following comments from White House press secretary Karoline Leavitt, who said Trump will make a statement later.

Oil:US:Russian Supply Pressure
Ukraine retaliated with drone strikes on two Russian oil refineries, while traders watched for India’s response to US pressure to halt Russian oil purchases. Despite Trump doubling tariffs on Indian imports to as much as 50%, Russian oil exports to India are set to climb in September, dealers said.

Oil:US:OPEC+ Output
Oil prices remain under pressure from weaker demand after the US Labour Day holiday and higher supply. Opec+ plans to raise output by 547,000 barrels per day in September, which analysts at Ritterbusch and Associates said will add to inventories as petrol demand tapers off heading into fall.

Oil:US:Druzhba Pipeline
Adding to supply concerns, Russian crude flows to Hungary and Slovakia via the Druzhba pipeline resumed after an outage last week caused by a Ukrainian attack. Hungarian oil firm MOL and Slovakia’s economy minister confirmed deliveries had restarted.

🇲🇾 Malaysia Corporate Earnings Roundup: Big Swings in 2QFY2025

KL:AXIATA:Axiata Group Bhd
Axiata signalled possible delays in monetising its infrastructure assets, including edotco Group, as market conditions remain unfavourable. CEO Vivek Sood stressed that asset disposals remain a priority to cut debt but timing may slip.

KL:ARMADA:Bumi Armada Bhd
Bumi Armada’s net profit plunged 70% y-o-y to RM80.03m in 2QFY2025 from RM265.96m, hit by steeply lower charter rates for its Armada Kraken FPSO. No dividend was declared.

KL:CAPITALA:Capital A Bhd
Capital A posted RM1.45b net profit, its second consecutive profitable quarter, buoyed by RM853.3m forex gains. Aviation (to be sold to KL:AAX:AirAsia X) contributed RM1.66b profit, but continuing ops (digital, logistics, travel) widened losses to RM204.22m. Revenue rose 22.7% y-o-y to RM422.6m. No dividend declared.

KL:GENTING:Genting Bhd
Genting’s net profit inched up 1.6% to RM243.55m, supported by asset disposals and JV turnaround, but pressured by weaker EBITDA and impairments. Revenue slipped 1.1% to RM6.78b on forex translation losses. No dividend declared.

KL:GENM:Genting Malaysia Bhd
Genting Malaysia’s profit surged fivefold to RM416.75m, driven by RM184.6m forex gains from a stronger ringgit and improved local operations. Revenue hit a record RM2.92b, up 9.3% y-o-y. No dividend was declared.

KL:HAPSENG:Hap Seng Consolidated Bhd
Hap Seng’s 2QFY2025 net profit fell 15.5% to RM143.68m on weaker plantation, credit, auto and trading divisions. Revenue declined 8.4% to RM1.3b. No dividend declared.

KL:IJM:IJM Corp Bhd
IJM confirmed submitting a proposal for KL:PLINTAS:Prolintas Infra Business Trust’s highway assets (SUKE, DASH). Separately, IJM targets RM8b new contracts in FY2026, riding demand for data centres and infrastructure. Its order book hit RM12.9b.

KL:INARI:Inari Amertron Bhd
Inari’s net profit dropped 10% y-o-y to RM49.17m in 4QFY2025 on weaker volumes and RM15m forex losses. Revenue slipped 8% to RM306.7m. Declared 1.2 sen dividend, total FY2025 payout 5.5 sen vs 7.7 sen a year earlier.

KL:IOICORP:IOI Corporation Bhd
IOI Corp’s 4QFY2025 profit jumped 26% to RM436.5m on forex gains and stronger palm oil prices. Revenue rose 17% to RM2.96b. Declared 5.5 sen dividend, full-year payout 10.5 sen vs 9.5 sen FY2024.

KL:KPJ:KPJ Healthcare Bhd
KPJ’s profit grew 8.1% to RM82.06m as admissions rose 2% and outpatient visits 4% y-o-y. Revenue climbed 10.7% to RM1.02b. Declared 1.05 sen dividend, bringing YTD payout to 3 sen.

KL:MAHSING:Mah Sing Group Bhd
Mah Sing reported 9.6% profit growth to RM66m, aided by cost savings despite a 2.2% dip in revenue to RM565.9m. No dividend declared.

KL:MBMR:MBM Resources Bhd
MBM Resources posted 7.2% profit growth to RM72.5m, lifted by stronger auto sales. Revenue rose 5.8% to RM602.2m. Declared 22 sen dividend (15 sen special, 7 sen interim).

KL:QL:QL Resources Bhd
QL hiked egg prices by five sen after Malaysia scrapped subsidies on Aug 1, to protect margins. CEO Chia Song Kooi cited lower feed costs and a stronger ringgit as positives.

KL:RHBBANK:RHB Bank Bhd
RHB’s net profit rose 11% y-o-y to RM803.5m, supported by higher interest income and lower provisions. Declared 15 sen dividend. Its new PROGRESS27 roadmap aims to raise ROE to 12% by 2027 from 9.38% in 2QFY2025.

KL:TENAGA:Tenaga Nasional Bhd
Tenaga’s net profit fell 19.8% y-o-y to RM1.16b, hit by over-recovery in cost pass-through, weaker associates, and higher taxes. Declared 25 sen dividend, totalling RM1.5b payout.

🔔 Hong Kong Earnings Wave: Tech, Pharma, Industrials in Spotlight

HK:02015.HK:Li Auto-W

Li Auto-W reported interim revenue of RMB56.17 billion, down 2% y-o-y, with gross profit dipping 0.7% to RMB11.38 billion. Net profit rose 2.8% to RMB1.74 billion, but non-GAAP net profit fell 10.7% to RMB2.48 billion. EPS came in at RMB0.87.

HK:00020.HK:SenseTime-W

SenseTime-W narrowed its 1H loss to RMB1.48 billion from RMB2.46 billion a year ago. Adjusted net loss improved to RMB1.16 billion, while adjusted EBITDA loss shrank to RMB521 million. No dividend was declared.

HK:06160.HK:BeiGene

BeiGene swung into profit with US$95.59 million for the first half, versus a loss of US$372 million last year. Revenue surged 44.5% y-o-y to US$2.41 billion. EPS was US7 cents. No dividend was declared.

HK:00981.HK:SMIC

Semiconductor Manufacturing International Corp (SMIC) saw interim net profit climb 35.6% y-o-y to US$321 million. EPS stood at US$0.04. No dividend was declared.

HK:06331.HK:Sany International

Sany International reported a 25.3% rise in interim net profit to RMB1.29 billion.

HK:002352.SZ:SF Holding

SF Holding posted around 20% higher interim profit at RMB5.7 billion. The company declared a dividend of RMB4.6 per 10 shares.

HK:00069.HK:Shangri-La Asia

Shangri-La Asia reported net profit of US$57.91 million, down 38.7% y-o-y, but maintained an interim dividend of HK5 cents.

HK:301388.SZ:Dobot

Dobot cut its interim loss to RMB40.87 million, improving from a wider loss a year earlier.

HK:00880.HK:SJM Holdings

SJM Holdings saw its interim loss widen to HK$182 million, with adjusted EBITDA slipping 5.1%.

HK:06030.HK:China Galaxy Securities (CGS)

CGS posted a 48% jump in interim profit to about RMB6.5 billion and declared a dividend of RMB12.5 cents.

HK:01193.HK:China Resources Gas

China Resources Gas reported interim profit of HK$2.40 billion, down 30.5% y-o-y. However, it raised dividends by 20% to HK30 cents.

HK:00966.HK:China Taiping

China Taiping announced a 12.2% increase in interim profit to HK$6.76 billion.

HK:00363.HK:Shanghai Industrial Holdings

Shanghai Industrial Holdings reported interim profit of HK$1.04 billion, down 13.2%. It kept dividend steady at HK42 cents.

HK:00392.HK:Beijing Enterprises

Beijing Enterprises posted an 8.1% rise in interim profit to RMB3.40 billion and declared a dividend of HK85 cents.

HK:01199.HK:COSCO Shipping Ports

COSCO Shipping Ports reported interim profit of US$182 million, up about 30%. A dividend of US1.928 cents was declared.

📊 Hong Kong & China Markets: Earnings, IPO Buzz and Analyst Calls Drive Headlines

HK:02628.HK:China Life Insurance

China Life said it will shift more of its equity portfolio into high-dividend assets, aiming to improve shareholder returns.

US:NVDA:NVIDIA

CLSA reaffirmed its High-Conviction Outperform rating on NVIDIA, citing sustainable growth momentum in AI-driven demand.

HK:02020.HK:ANTA Sports

Goldman Sachs kept ANTA Sports on its Conviction List Buy, pointing to improved earnings visibility.
Separately, UOB Kay Hian raised its target price to HK$114.2 with a Buy rating, while HSBC Research lifted TP to HK$126.3, calling interim results “largely in line.”

HK:00688.HK:China Overseas Land & Investment

Citi raised its target price on China Overseas to HK$17.2, keeping a Buy rating.
Nomura also lifted TP to HK$14.6 (Neutral), while HSBC Research cut its TP to HK$14.1 with a cautious view on dividends.

HK:02318.HK:Ping An Insurance

UOB Kay Hian hiked its target price for Ping An to HK$69, with a Buy rating.
HSBC Research mildly raised TP to HK$65, noting results were in line.

HK:06611.HK:Jiaxin International Resources

Jiaxin International Resources surged 1.3x on debut in Hong Kong, with officials noting it highlights the city’s diverse market participation.

HK:09888.HK:Baidu-SW

Baidu announced a plan to train 10 million AI talents within the next five years, strengthening its position in China’s AI ecosystem.

HK:06098.HK:China Resources Land

BOCOMI lifted its TP for China Resources Land to HK$35.3 on long-term earnings outlook.
UOB Kay Hian raised TP to HK$34.1 (Buy), while Nomura hiked TP to HK$35.8 (Buy).
Citi went further with a TP of HK$39.62, maintaining Buy.

HK:09863.HK:Horizon Robotics-W

UOB Kay Hian raised TP for Horizon Robotics-W to HK$8.88, keeping Buy.
UBS initiated coverage with Buy and TP HK$10.5, citing AI demand growth.

HK:03690.HK:Meituan-W

Meituan faced a flurry of downgrades after weak results.

• Morgan Stanley cut TP to HK$135, highlighting short-term pain.

• UOB Kay Hian downgraded to Sell, axing TP to HK$100.

• Goldman Sachs cut TP to HK$144 on competition concerns.

• CLSA slashed TP to HK$143 citing sharp profit decline.

• UBS lowered TP to HK$148 as margins remained under pressure.

HK:00817.HK:China Jinmao

HSBC Research kept China Jinmao at Hold, citing lack of catalysts.

HK:02057.HK:Zijin Mining

HSBC Global Research raised its TP for Zijin Mining to HK$27.3, maintaining a Buy rating.

HK:02883.HK:China Oilfield Services

UBS raised TP to HK$10.8, pointing to strong drilling business momentum.

HK:01208.HK:China Resources Mixc Lifestyle

HTSC raised TP to HK$46.6, keeping Buy.
CLSA lifted TP to HK$41.2, expecting strong commercial management growth.
HSBC Research raised TP to HK$44, Buy rating intact.
Citi hiked TP to HK$48.5, also keeping Buy.

HK:02196.HK:Fosun Pharma

CLSA raised TP for Fosun Pharma to HK$29.6, citing enhanced growth visibility from its ESOP plan.

HK:02313.HK:Shenzhou International

BofA Securities cut TP to HK$71.8, expecting only slight margin improvement in 2H25.

HK:02328.HK:PICC Group

BofAS lifted TP for PICC Group to HK$7, citing steady 1H growth.

HK:02328.HK:PICC Property & Casualty

UBS raised TP for PICC P&C to HK$20.7 after 1H results beat expectations.
Earlier, BofAS raised TP to HK$18.4 but flagged high valuations.

HK:01816.HK:CGN Power

UBS upgraded CGN Power to Neutral with a raised TP of HK$3.4.

HK:00883.HK:CNOOC

Guosen Securities said CNOOC’s 2Q results beat expectations, lifting shares 2.7% in early trade.
CLSA, however, trimmed its TP to HK$22.4, noting cyclicality despite strong dividends.

🌏 Hong Kong & China Morning Wrap: Tech, Travel, Oil and Consumer Giants in Focus

HK:03690.HK:Meituan-W

Meituan-W shares tumbled nearly 10% at the open after reporting a staggering 89% drop in 2Q non-IFRS adjusted profit, well below forecasts. ADRs in the US also sank 9.7% overnight as adjusted EBITDA plunged 82%.

HK:02628.HK:China Life Insurance

China Life opened 3.77% lower despite posting a 6.9% rise in interim net profit. Shares remained volatile after the earnings release.

HK:09961.HK:Trip.com-S

Trip.com-S surged about 6% higher at the open, after reporting a 12% rise in 1H25 net profit to RMB9.12 billion. Revenue momentum boosted investor sentiment.

HK:01801.HK:Innovent Biologics

Innovent Biologics gained 4.3% at market open as it swung from a loss to a 1H25 net profit of RMB830 million, reversing year-ago deficits.

HK:00857.HK:PetroChina

PetroChina projected crude oil prices will hover around US$70 per barrel this quarter, underscoring market volatility amid geopolitical and supply shifts.

US:NVDA:NVIDIA

NVIDIA said potential H20 chip deliveries to China could generate up to US$5 billion in revenue in the current fiscal quarter, subject to geopolitical approvals.

Thank you