NetEase

NetEase 2Q26 First Take: Q2 results were decent, but headline profit looked like a miss, mainly due to investment losses. Alibaba and PDD fell over 20% in Q2, leading to an approx. RMB 3 bn net loss on the investment portfolio. Ex-portfolio swings, the core OP rose 33% YoY, which is solid.

Profit growth outpaced revenue as high-GPM self-developed titles took a larger mix, including self-developed PC games such as 'Where Winds Meet‌' and contribution from evergreen franchises. Further helped by tighter S&M and G&A, with lower employee incentives and controlled external UA.

A weak spot was deferred revenue. While it beat BBG consensus, estimates may have been skewed; on the data, deferred revenue fell 12% QoQ in Q2, wider than typical seasonality.

Beyond Cloud Music’s impact, this also underscores a lack of new launches. With 'Sea of Oblivion' underperforming and distribution-access tailwinds already played out, the H2 pipeline gap may continue to cap upside.

On the plus side, high-margin evergreen titles provide a firm floor, and the Apple tax cut offers some incremental benefit. On a low base, NetEase is still positioned to deliver relatively steady performance in H2. $NTES(09999.HK) $NetEase(NTES.US)

The 3 local banks have stabilised a little following the previous few days of down sessions for the whole SG market. This is good for the longer scheme of things as historical statistics show that steep rise s n share prices are more likely than not followed by steep drawbacks afterwards. Let them consolidate, though I know many are still buying either for long term or just trying to jump on bandwagon.

Yay! US has shown their intent and are telling the bond market not to have ideas as they will defend yields no matter what FUD the narratives are.

Modena stock not certain if its a pump and dump after the news and upside yesterday but generally if you want to invest in healthcare or even in the bio field can consider etf with Modena in it for long term investment. Do not all in money, DCA slowly and see if its temporary demand and expectations issues.

It was just a few days ago I mentioned the likelihood of yield curve control and that the US will not sacrifice the stock market at the expense of the bond vigilantes. There were the usual skeptics and rightly so because the textbooks teach you certain things. But the real world is not textbook and the more experienced ones out there will know what I mean. That’s why I keep stating that I am sharing my own opinions and not asking people to agree. 😎

Markets are increasingly differentiating between strong AI-related demand and funding or margin concerns. Semiconductor moves highlight shifting competitive dynamics in custom AI chips, while the Fed minutes reinforce uncertainty over the inflation path and potential policy tightening. Consumer results remain mixed, with resilient sales offset by cautious guidance. Nebius’ financing underscores the capital intensity of AI infrastructure and investors’ sensitivity to dilution and funding requirements.

During Fed chair Warsh's press conference after the Jul meeting, he repeated pointed to the elevated bond yields as a market driven tightening and hence Fed could fold their hands for the moment. However, Treasury secretary Bessent just served the tennis ball back when he announced yesterday that bond buy backs would be minimally doubled. Is Mr Bessent triggering the "test the new Fed chair" rite of passage?

177% soar… this sounds like a recipe for pullback… dyodd well