Group 1 - UBS report indicates AIA Group's (01299) new business value (VNB) is expected to grow by 15% at constant exchange rates and 17% at actual exchange rates to reach USD 5.516 billion, aligning with market consensus [1] - Annualized new premiums (ANP) increased by 9%, with profit margins expanding by 3.6 percentage points to 58.5%, driven by product mix changes in Thailand and Hong Kong, as well as repricing in China [1] - VNB in Hong Kong business grew by 28%, reaching a record high, with independent financial advisors, bank insurance channels, and agency channels growing by 49%, 41%, and 26% respectively [1] Group 2 - AIA's VNB in China grew by 2%, with new expansion areas contributing a 45% increase, accounting for over 9% of the VNB in China [1] - Embedded value increased by 8.4% half-year on half-year, exceeding market expectations of 6% [1] - Operating profit after tax (OPAT) rose by 7% to 8%, slightly above market expectations, mainly due to a decrease in effective tax rate and accelerated release of contract service margins (CSM) [1] Group 3 - AIA announced a share buyback plan totaling USD 1.7 billion, slightly better than some investor expectations, including a USD 700 million regular buyback based on 75% of net free earnings and an additional USD 1 billion buyback after annual review [2] - Estimated shareholder return rate is 3.9%, comprising a 2.3% dividend and a 1.6% buyback [2]

Share Buyback Program - On 26 February 2026, Bekaert announced the initiation of the next tranche of its share buyback program [1] - The program aims to enhance shareholder value and reflects the company's commitment to returning capital to shareholders [1] Liquidity Agreement - The liquidity agreement period has been extended from 26 February 2026 to 4 March 2026 [1] - This extension is part of the company's strategy to ensure sufficient liquidity and financial stability during the buyback process [1]

Group 1 - HSBC Holdings (0005.HK) has seen a nearly 3% increase in stock price, reaching a historical high of 138.4 HKD, with a market capitalization of 2.38 trillion HKD, and a cumulative increase of nearly 13% in January [1] - Hang Seng Bank officially delisted after 53 years, with HSBC's CEO expressing confidence in Hong Kong's future and emphasizing the continued independent operation of Hang Seng Bank [1] - The combination of HSBC's global network and Hang Seng's local advantages is expected to create new opportunities for families, SMEs, entrepreneurs, investors, and corporations [1] Group 2 - HSBC's net interest income (NII) increased by 4% year-on-year, with a return on tangible equity (RoTE) of 18.2% excluding notable items for the first three quarters [4] - The expansion of wealth management in Asia is projected to be the main growth driver for revenue and profit in 2026, with the IWPB business achieving a capital return rate of 16%, significantly higher than the group average [5] - HSBC plans to resume share buybacks in 2026, with a total buyback amount expected to be between 5 to 10 billion USD, and a stable dividend policy with a yield projected at 5-6% [5] - A targeted annual cost saving of 1.5 billion USD by the end of 2026 is expected to enhance profitability and offset some pressure on net interest income [5]

Core Viewpoint - New Oriental Education Technology (Group) Co., Ltd. reported a 9.4% year-over-year increase in revenue for the fourth quarter of fiscal year 2025, reaching $1.243 billion, while net revenue excluding certain business segments rose by 18.7% [1][3] Financial Performance - For the fourth quarter of fiscal year 2025, New Oriental's net revenue was $1.243 billion, up from $1.137 billion in the same quarter last year, marking a 9.4% increase [1][2] - The company reported an operating loss of $8.674 million for the quarter, compared to an operating profit of $1.050 million in the previous year [2] - Net profit attributable to New Oriental shareholders was $7.1 million, a decrease of 73.7% year-over-year [3] Business Segments - Revenue from overseas exam preparation and consulting services grew by approximately 14.6% and 8.2% respectively [3] - Domestic exam preparation services for adults and college students recorded a year-over-year growth of about 17.0% [3] - New educational businesses maintained strong growth, with a revenue increase of 32.5% [3] Shareholder Returns - The board approved an extension of the share repurchase program, increasing the total authorized repurchase value from $400 million to $700 million [3][4] - As of May 31, 2025, the company repurchased approximately 14.5 million American Depositary Shares (ADS) for a total value of about $700 million [4] Deferred Revenue and Cash Position - As of May 31, 2025, New Oriental's deferred revenue balance was $1.955 billion, an increase of 9.8% from $1.78 billion a year earlier [5] - The company reported cash and cash equivalents of $1.612 billion, with additional short-term investments totaling $1.874 billion [5] Future Guidance - For the first quarter of fiscal year 2026, the company expects net revenue to be between $1.464 billion and $1.507 billion, representing a year-over-year growth rate of 2% to 5% [6] - For the full fiscal year 2026, net revenue is projected to be between $5.145 billion and $5.39 billion, indicating a growth rate of 5% to 10% [7] Market Position - As of the latest closing, New Oriental's stock price was HKD 36.5, with a market capitalization of HKD 59.688 billion [8]

Core Insights - Trump Media Technology Group's share buyback plan will be funded separately from its Bitcoin treasury, indicating a strategic separation of funding sources [1] Group 1 - The share buyback plan will not alter the strategy regarding the Bitcoin treasury [1]