Core Insights - Alphabet has shown significant growth since its IPO in 2004, becoming a key player in the tech industry and earning a place among the "Magnificent Seven" [1] - Many investors may be surprised by the extent of Alphabet's growth over the past 21 years due to infrequent examination of the stock [1] Growth Overview - An initial investment of $5,000 at a pre-split price of $85 per share would have resulted in 2,320 shares today, valued at approximately $410,000 [3] - The stock began paying dividends in mid-2024, adding over $2,300 to the total value, bringing it to around $412,300 [4] Revenue Breakdown - Alphabet's primary growth driver has been the digital advertising market, with advertising accounting for about 74% of the company's revenue as of Q1 2025 [4] - Google Cloud now contributes 14% to the company's revenue, indicating diversification beyond advertising [5] Future Growth Potential - Waymo, Alphabet's autonomous driving business, is valued at $45 billion and has the potential to become a significant revenue contributor as self-driving technology gains traction [5] - The continued rise of digital ad revenue at double-digit rates suggests that Alphabet's growth story is likely to persist [6]

Core View - Viewbix Inc. has received approval for its shares to be listed on the Nasdaq Capital Market, with trading expected to commence on or about June 5, 2025 under the symbol "VBIX" [1][2][3] Company Overview - Viewbix operates in the digital advertising sector through its subsidiaries Gix Media Ltd. and Cortex Media Group Ltd., focusing on search and digital content [4] - The company develops technological software solutions for automating, optimizing, and monetizing internet campaigns, aimed at acquiring and routing user traffic to clients [4] - Viewbix also creates and edits content in various languages to generate revenue from major advertising platforms like Google, Facebook, Yahoo, and Apple [4] Strategic Implications - The Nasdaq listing is viewed as a significant milestone for Viewbix, expected to enhance the company's visibility and accelerate its growth trajectory in one of the largest capital markets globally [3]

Core Insights - Walmart has shown significant stock performance, surging 75% last year and adding another 7% in 2025, positioning itself prominently in the S&P 500 [1] - The company's growth is driven by strong in-store execution, thriving e-commerce, and efficient Walmart+ delivery services [1] Valuation Concerns - Walmart is trading at 41 times earnings and 21 times free cash flow, resulting in a low cash flow yield of 4.7% [2] - Compared to Amazon, which has a lower multiple and faster revenue growth, Walmart's high valuation raises concerns about its growth narrative [2] Growth Drivers - Management is focusing on high-growth areas such as e-commerce, advertising, memberships, and marketplace growth, with global e-commerce sales increasing by 22% and ad revenues growing by 31% in Q1 [3] - Walmart reported a profit in e-commerce for Q1'26, marking a significant achievement [3] Slowing Momentum - Despite a 1.6% increase in customer transactions in Q1, this marks the fourth consecutive quarter of slowing momentum [4] - Gross margins improved only slightly by 12 basis points, indicating limited improvement in profitability [4] Future Projections - For FY 2026, management projects only 4% revenue growth, 4.5% operating income growth, and under 2% EPS growth, which is modest for a company with a high valuation [5] Tariff Risks - New U.S. tariffs on imports from several countries could lead to higher prices, with Walmart reducing purchase quantities on sensitive products [6] - With one-third of its U.S. merchandise sourced from imports, the company faces significant exposure to tariff risks [6] Competitive Advantages - Walmart's leadership in groceries ensures steady customer traffic, contributing to a 4.5% increase in U.S. same-store sales in Q1 [7] - The company continues to expand in high-margin sectors, positioning itself for long-term resilience despite valuation pressures [8]

Group 1: Nike's Turnaround Strategy - Nike is reversing its previous strategy by returning to sell products on Amazon after a five-year absence, indicating a shift in focus back to retail partnerships [3][4][5] - The company's CEO, Elliott Hill, is attempting to appeal to retailers again, moving away from a direct sales approach that had previously been emphasized [3][4] - Nike has experienced a significant decline in value, shedding almost two-thirds of its worth over the past four years, raising questions about the effectiveness of its turnaround efforts [4][10] Group 2: Pricing and Market Environment - Nike plans to increase prices starting June 1, which may reflect broader trends among retailers facing rising costs [5][7] - The challenge for Nike lies in transitioning from a discount brand back to full-price sales, as consumer behavior has been conditioned to expect discounts [8][9] - The current economic environment is characterized by uncertainty, which may impact advertising and spending patterns across the retail sector [23][26] Group 3: Peloton's Turnaround Potential - Peloton is highlighted as a potential turnaround story, with new management focusing on its subscription business rather than hardware sales, which had previously led to significant losses [15][18] - The company has shown improvement in free cash flow, with projections indicating a potential increase to $250 million, suggesting a recovery trajectory [16][19] - Peloton's stock is trading at a low valuation relative to its cash flow, presenting an opportunity for investors looking for turnaround situations [18][19] Group 4: Digital Advertising Trends - PubMatic's CEO Rajeev Goel discusses the shift in advertising from traditional media to digital and streaming platforms, emphasizing the importance of programmatic spending [20][23] - The company anticipates a continued shift of advertising dollars from linear TV to streaming, driven by changing consumer behaviors [24][25] - PubMatic aims to leverage AI and advanced data targeting to enhance performance marketing, which is becoming increasingly important in the current economic climate [26][28] Group 5: Financial Projections for PubMatic - PubMatic's underlying business has shown growth, with a reported 21% increase in Q1, and the company targets sustained growth of over 15% annually [29][30] - The digital advertising market is expected to grow at 8-10%, indicating that PubMatic's growth projections imply market share gains [31][32]

Investment Rating - Xiaomi is rated as a Buy, with a target price increased to HK$62 [1] - Mitsubishi Electric is also rated as a Buy, with a target price of ¥3,600 [5] - JD Logistics is rated as a Buy, with a target price of HK$17.60 [5] - Emami is rated as a Buy, with a target price of Rs 830 [6] Core Insights - Xiaomi's strong AIoT sales are expected to drive higher profits in 1Q25, with a projected revenue CAGR of 25% from 2024 to 2027 [1][9] - The company is set to unveil significant products during its 15th anniversary event, including its first in-house SoC, the XRING O1 chip, and new premium smartphone models [1] - The easing of US/China tariff tensions has led to raised earnings forecasts across Asia, with an expected 8% USD price return over the next 12 months [2] - Hong Kong banks have revised EPS estimates for FY25-27E by -3% to +3%, reflecting updated HIBOR and income growth [2] - Mitsubishi Electric is shifting away from conservative financial discipline and will disclose ROIC by business at its upcoming IR Day [5] - JD Logistics aims for double-digit revenue growth and mid-single-digit profit growth in 2025, focusing on emerging e-commerce platforms [5] - Emami's revenue increased by 8.1% YoY in 4QFY25, with expectations for double-digit growth in FY26 [6] Summary by Sections Xiaomi - Strong operating metrics for smartphone and AIoT segments in 1Q25 [1] - Anticipated product launches include the XRING O1 chip and new EV model [1] Hong Kong Banks - EPS estimates revised by -3% to +3% for local banks [2] - HSBC remains the sole Buy rating due to its diversification [4] Mitsubishi Electric - Focus on balance sheet reforms and ROIC management [5] - Upcoming IR Day to provide details on business portfolio reforms [5] JD Logistics - Strategic balance between revenue and profit growth for 2025 [5] - Notable focus on international business contributions from Asia [5] Emami - Consistent revenue performance with potential for re-rating [6] - Core domestic revenue growth of 8% in FY25, outperforming the FMCG sector [6]

Core Viewpoint - Direct Digital Holdings, Inc. will report its financial results for Q1 2025 on May 6, 2025, after market close [1] Group 1: Financial Reporting - The financial results for the first quarter ended March 31, 2025, will be announced on May 6, 2025 [1] - A conference call and webcast will be held on the same day at 5:00 PM ET to discuss the results [2] Group 2: Company Overview - Direct Digital Holdings operates through its subsidiaries Colossus Media, LLC and Orange 142, LLC, providing advertising and marketing technology solutions [1][3] - The company offers data-driven digital media strategies that enhance reach and performance for brands, agencies, and publishers [3] - Colossus SSP provides access to premium media properties, while Orange 142 focuses on customized digital marketing solutions for mid-market and enterprise companies [3] Group 3: Business Strategy - The company emphasizes personal relationships and tailored digital marketing solutions, ensuring dedicated support for clients of all sizes [4] - Direct Digital Holdings generates billions of monthly impressions across various media channels through advanced targeting and comprehensive data insights [4]