Core Viewpoint - The article discusses the potential decline of major companies like Alphabet (Google) and compares it to the historical collapses of companies such as Nokia, Blackberry, Teva, and Intel, suggesting that Alphabet may face similar challenges in the future [1]. Group 1: Company Analysis - Alphabet is being scrutinized for its market position and the sustainability of its business model, raising concerns about its future performance [1]. - The article highlights the importance of innovation, scalability, and market disruptiveness as key factors for growth stocks, which are essential for Alphabet to maintain its competitive edge [1]. Group 2: Industry Context - The technology sector is characterized by rapid changes and the need for companies to adapt quickly to avoid decline, as evidenced by the historical examples of failed companies [1]. - The focus on macroeconomic trends and their impact on tech stocks is emphasized, indicating that external economic factors play a significant role in the performance of companies like Alphabet [1].

Group 1 - TQP Research is led by a Certified Public Accountant (CPA) with experience in structured finance and banking [1] - The investment approach is value-oriented, focusing on businesses that align with long-term success criteria established by notable investors like Warren Buffett and Charlie Munger [1] - Investment topics include market analysis, macroeconomic trends, large-cap blue chip companies, and undervalued micro-cap and small-cap stocks [1] Group 2 - TQP Research actively engages with the community and encourages questions and ideas from members [1]

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The investment approach focuses on high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]. - A balanced portfolio that includes a mix of growth and income-generating assets can lead to efficient investment income and total returns that align with the S&P 500 [1].

Company Performance - Sands China reported 2Q25 net revenue of US$1.8 billion, reflecting a 3% year-over-year increase and a 5% quarter-over-quarter increase, with luck-adjusted property EBITDA of $559 million, down 1% year-over-year but up 3% quarter-over-quarter, recovering to 73% of 2019 levels, which was lower than expectations due to the underperformance of Parisian [1] - The company has lowered its 2025E EPS forecast from US$0.20 to US$0.13, 2026E forecast from US$0.22 to US$0.16, and 2027E forecast from US$0.23 to US$0.19, while also reducing the target price from HK$25 to HK$22.6, maintaining a Buy rating with a 21% upside potential [1][3] Industry Insights - Macau's gross gaming revenue (GGR) grew 8% year-over-year in Q2, recovering to 83% of 2019 levels, with VIP GGR rising 23% year-over-year, reaching 47% of 2019 levels, and mass GGR increasing 4% year-over-year, up 16% compared to 2019, contributing 73% of total revenue [1] - The resilient gaming revenue in Q2 is attributed to constrained supply, a busy events calendar, and strong demand from VIP and premium mass segments [1] Operational Details - Sands China's mass GGR grew 1% year-over-year, with premium mass GGR flat year-over-year (49% of mass revenue, up 6% compared to 2019) and base mass up 2% year-over-year (93% of 2019 levels), while VIP rolling chip volume declined 22% year-over-year [1] - Hotel occupancy stood at 96%, with an average daily rate (ADR) of US$226 [1] Renovation Impact - The company implemented aggressive customer reinvestment programs since late April, which supported improved performance in May and June, with all 2,405 renovated rooms and suites at the Londoner opened by late April [2] - The Londoner's annualized EBITDA target is US$1.0 billion, with 2Q25 annualized EBITDA reaching $626 million [2]

Core Viewpoint - ASMPT's 2Q25 earnings fell short of expectations primarily due to foreign exchange impacts on gross profit margin (GPM) and strategic research and development (R&D) investments, yet the blended book-to-bill (B/B) ratio improved to 1.11, indicating strong order gains across the semiconductor (SEMI) and surface mount technology (SMT) sectors, supporting robust revenue guidance for 3Q25 [1][2] Financial Performance - 2Q25 revenue increased by 2% year-over-year to HK$3.4 billion, aligning closely with midpoint guidance, while GPM and operating profit margin (OPM) decreased by 1.2 percentage points and 0.1 percentage points quarter-over-quarter to 39.7% and 5.0% respectively, mainly due to high operating expenses (OPEX) and strategic investments [2] - Adjusted net income (NI) decreased by 3% year-over-year to HK$131 million, reflecting the impact of OPEX and foreign exchange [2] Future Guidance - 3Q25 revenue guidance is set between US$445 million and US$505 million, exceeding market expectations by 1%, with the midpoint reflecting a 10.8% year-over-year and 8.9% quarter-over-quarter increase, driven by strong SEMI orders and SMT orders from a leading smartphone customer [3] - Management anticipates strong growth in advanced packaging (AP) and a recovery in mainstream demand, particularly from China and AI data centers, although there are concerns regarding soft near-term demand in automotive and industrial sectors [3] Advanced Packaging (AP) Insights - In 1H25, AP revenue constituted 39% of total revenue, marking a record high, with TCB orders increasing by 50% due to significant installations and shipments for HBM clients [4] - ASMPT has established the largest TCB installed base globally, surpassing 500 tools, and is expected to continue its growth trajectory in TCB and other AP tool orders in 2H25 [4] Valuation Adjustments - The revenue estimate for SMT has been increased by 3% to account for demand recovery driven by China and AI, while SEMI revenues have been reduced by 2% due to delayed TCB orders [6] - The group GPM is expected to remain above 40%, but net income forecasts have been lowered by 15%/4%/3% to reflect the impact of high OPEX [6]

Group 1 - CGN Mining is forecasted to report a net loss of approximately RMB68 million in 1H25 due to a one-off negative margin in the uranium trading business and a decrease in spot uranium prices affecting joint venture margins [1] - The earnings forecast for 2025 has been reduced by 47% to RMB260 million, reflecting the anticipated weak results in 1H25, but a recovery in margins is expected in 2H25 [1] - The new pricing mechanism for the off-take agreement with the parent company starting in 2026 is expected to significantly boost earnings growth due to a higher contract price [1] Group 2 - The fixed price for uranium in the new off-take agreement for 2026 is set at US$94.22 per pound, which is substantially higher than the US$61.78 per pound in 2023, with annual increments planned [2] - The proportion of fixed pricing in the off-take agreement will decrease from 40% to 30%, which is expected to reduce the mismatch between joint venture average selling price and off-take pricing [2] - Potential risk factors include further trading losses, a pullback in spot uranium prices, and a lack of improvement in sulphuric acid supply from Kazakhstan [2]

Core Insights - The article emphasizes the focus on growth and momentum stocks that are reasonably priced and expected to outperform the market in the long term [1] - It highlights a significant investment opportunity, noting that the S&P 500 increased by 367% and the Nasdaq by 685% from March 2009 to 2019, indicating a strong recovery and growth potential in the market [1] Investment Strategy - The investment strategy involves long-term investment in quality stocks, with the use of options to enhance returns [1] - The article suggests that investors should consider high-quality growth stocks as a means to generate wealth [1]

Core Insights - The Vanguard FTSE All-World ex-US Small-Cap Index Fund ETF Shares (VSS) has experienced a significant rally, being up 14 of the past 16 weeks, indicating strong performance in the international small-cap sector [1]. Group 1: Performance Analysis - The VSS ETF has shown resilience and upward momentum, suggesting potential investment opportunities in international small-cap equities [1]. Group 2: Market Context - The article highlights the importance of thematic investing and macro drivers affecting asset classes, which may influence the performance of funds like VSS [1].

Company Overview - JAKKS Pacific, Inc. reported concerning Q2 results, indicating significant tariff turbulence due to sourcing from China [1] - The company previously experienced strong operational momentum with content-led sales growth, but this momentum is now challenged [1] Industry Context - The toy industry is facing challenges related to tariffs and sourcing issues, particularly from China, impacting companies like JAKKS Pacific [1]

Core Viewpoint - United Rentals (NYSE: URI) has shown strong performance over the past year, with a 24% increase in share price, driven by robust free cash flow generation [1] Company Performance - The company has experienced a significant rally from its lows, attributed to solid financial results [1] Investment Strategy - The article highlights a contrarian investment approach based on macroeconomic views and stock-specific turnaround stories, aiming for outsized returns with a favorable risk/reward profile [1]