The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of COL Global Co., Ltd. 中文在線集團股份有限公司 (A joint stock company incorporated in the People's Republic of China with limite ...

Hayden Capital, an investment management firm, released its fourth-quarter 2025 investment letter. A copy of the letter can be downloaded here. 2025 proved how unpredictable markets can be in the short term. Markets displayed broad strength, highlighting their resilience. U.S. equities saw double-digit gains, while international markets performed even better. Remarkably, international stocks outpaced their U.S. counterparts for the first time since 2017. The firm had a productive 2025, especially as invest ...

Key Takeaways SE is set to report Q4 2025 results on March 3, with earnings and revenue growth expected year over year.Sea Limited faced rising credit provisions and loan growth that likely pressured Q4 profitability.SE's Shopee posted strong GMV growth, but higher costs, taxes and FX losses weighed on margins.Sea Limited (SE) is slated to report fourth-quarter 2025 results on March 3.The Zacks Consensus Estimate for SE’s fourth-quarter earnings is pegged at 90 cents per share, down by one cent over the pas ...

Group 1 - Sea Limited (NYSE:SE) is currently viewed as one of the best foreign stocks to buy, with a recent price target adjustment by Morgan Stanley from $209 to $173 while maintaining an Overweight rating [1] - BofA Securities has also lowered its 12-month price target for Sea from $182 to $150, citing expected pressure on e-commerce margins while maintaining a Buy rating [3] - Sea's e-commerce gross merchandise value (GMV) is projected to grow by over 20% in 2026, supported by operational investments and market expansions in Brazil and ASEAN [2] Group 2 - BofA expects Sea's e-commerce GMV to grow 26% year over year, with a quarterly improvement in take-rate to 13.7%, although e-commerce EBITDA margins are forecasted to decline to 0.50% from 0.6% [3] - In the fintech segment, Monee, BofA models a 55% year-over-year topline growth, but anticipates a decline in EBITDA margins due to increased sales and marketing expenses [4] - Sea operates three major digital businesses: Shopee (e-commerce), Garena (digital entertainment), and SeaMoney (digital financial services), with Shopee being one of the largest online marketplaces in Southeast Asia [5]

Group 1 - The core viewpoint is that Bank of America has lowered its price target for Sea Limited to $182 from $200 while maintaining a Buy rating, indicating confidence in the company's strategic investments for long-term growth [1][4] - Sea Limited reported total revenue of $6 billion in Q3 2025, marking a 38% year-over-year increase, with Shopee leading as Southeast Asia's top e-commerce platform [3][4] - The company, founded in 2009 and based in Singapore, is positioned as a technology conglomerate with a focus on long-term growth despite short-term profitability pressures due to elevated investment spending [4] Group 2 - Sea Limited's diverse business segments, including Garena and Monee, provide multiple avenues for monetization as digital adoption in the region increases [3] - The company's strong regional positioning and accelerating top-line growth support a compelling long-term investment case based on platform scale and operational leverage [4]

Core Viewpoint - WEBTOON Entertainment Inc. plans to report its fourth quarter and full year 2025 financial results on March 3, 2026, after market close, followed by a conference call to discuss the results [1]. Company Overview - WEBTOON Entertainment is a leading global entertainment company known for its storytelling platforms and is a pioneer in the mobile webcomic format, transforming comics and visual storytelling for fans and creators [3]. - The company has a user-generated content (UGC) platform called CANVAS, which allows anyone to become a creator, and boasts a growing roster of popular WEBTOON Originals creators and series [4]. - WEBTOON Entertainment's adaptations are available on major streaming platforms such as Netflix, Prime Video, and Crunchyroll, with partnerships including Discord, HYBE, and DC Comics [4]. User Engagement - The company has approximately 155 million monthly active users, and its IP & Creator Ecosystem includes brands and platforms like WEBTOON, Wattpad, WEBTOON Productions, and others [5].

Core Viewpoint - GigaMedia Limited has appointed Mr. Ying-Chih Liao as a new non-independent non-executive director, effective January 30, 2026, enhancing its board composition with his legal and corporate finance expertise [1][2]. Group 1: Appointment Details - Mr. Ying-Chih Liao holds a Bachelor of Laws from National Taiwan University and a Master of Laws from Harvard University [1]. - He has extensive experience as a practicing attorney in international corporate finance, commercial corporate law, and mergers and acquisitions [2]. - Mr. Liao has been with Chailease Holding Co., Ltd. since 2006, currently serving as senior executive vice president and chief strategy officer [2]. Group 2: Board Composition - With Mr. Liao's appointment, GigaMedia's Board now consists of seven members, with a majority being independent directors [3]. Group 3: Company Overview - GigaMedia Limited is headquartered in Taipei, Taiwan, and is a diversified provider of digital entertainment services in Taiwan and Hong Kong [4]. - The company is recognized as an innovative leader in Asia for the development, distribution, and operation of digital entertainment, focusing on mobile and casual games [4].

Core Insights - Sea Limited has shown remarkable stock performance, nearly tripling in 2024 and gaining an additional 20% in 2025, outperforming the S&P 500 by approximately 2.5 percentage points [1][2] - The company is expected to continue its market-beating performance into 2026, driven by strong growth across its business segments [2][6] Financial Performance - In Q3 2025, Sea's revenue grew by 40% year-over-year, with adjusted EBITDA increasing by 68% [4] - E-commerce revenue rose by 35%, while the digital finance segment (Monee) saw outstanding loan balances grow by nearly 70% [4] - The digital entertainment segment experienced a 51% increase in bookings, indicating strong performance in what was previously considered a legacy business [4] Growth Opportunities - The Shopee business's ad revenue grew by over 70%, contributing significantly to high-margin growth [5] - The Monee platform is experiencing strong loan growth outside the Shopee ecosystem, representing less than 10% of total loans, suggesting substantial future growth potential [5] - Sea is still in the early stages of capturing market opportunities in e-commerce and finance, with optimistic projections for 2026 [6]

Core Viewpoint - Snail, Inc. will be participating in the Noble Capital Markets' Emerging Growth Virtual Equity Conference on February 4, 2026, where the management team will present and hold one-on-one meetings with investors [1][2]. Company Overview - Snail, Inc. is a leading global independent developer and publisher of interactive digital entertainment, offering a premier portfolio of premium games across various platforms, including consoles, PCs, and mobile devices [4]. Event Details - The management presentation is scheduled for February 4, 2026, at 2:30 p.m. Eastern time, and will be available for live webcast and replay on Channelchek and the company's investor relations website [2]. - One-on-one meetings will be available throughout the conference for interested investors [2]. Contact Information - For additional information or to schedule meetings, interested parties can contact Gateway Group at SNAL@gateway-grp.com or Giorgia Pigato at gpigato@noblecapitalmarkets.com [3]. Investor Relations - Investor contact details include John Yi and Steven Shinmachi from Gateway Group, with a phone number of 949-574-3860 and the email SNAL@gateway-grp.com [5].

Core Viewpoint - Sea Limited is identified as a strong investment opportunity for the next five years, with analysts maintaining a positive outlook following its recent earnings report and growth in key segments [1][2]. Financial Performance - Sea Limited reported record total revenue of $6 billion for Q3 2025, marking a 38% year-over-year increase [3]. - Adjusted EBITDA grew by 68% to $874 million, while net income more than doubled from $153 million to $375 million [3]. - The diluted EPS reached $0.59, reflecting strong financial performance driven by e-commerce and digital entertainment [3]. E-commerce Segment (Shopee) - Shopee achieved a record GMV of $32.2 billion and gross order volume of $3.6 billion, both showing a 28% year-over-year growth [4]. - Advertising revenue surged over 70%, with the ad take rate increasing by more than 80 basis points [4]. - The Shopee VIP membership program expanded to over 3.5 million members, a 75% increase quarter-on-quarter, with members spending approximately 40% more after joining [4]. Gaming Segment (Garena) - The Garena gaming segment experienced a resurgence, reporting its best results since 2021, contributing positively to the overall performance of Sea Limited [2][3]. Analyst Ratings - Bank of America Securities maintained a Buy rating on Sea Limited with a price target of $200 [1]. - Phillip Securities upgraded Sea Limited to Buy from Neutral, with an unchanged price target of $170, citing favorable entry points and increased revenue estimates for FY25 and FY26 [2].