Core Insights - VEON Ltd. announced that its subsidiary JazzCash has onboarded its 1 millionth Raast QR-enabled merchant, marking a significant milestone in Pakistan's transition to a cashless economy [1][3] Group 1: Digital Payment Infrastructure - Raast is Pakistan's national instant payment system launched by the State Bank of Pakistan in 2021, enabling interoperability across the financial sector and promoting digital payment tools [2] - JazzCash has established the largest digital payment acceptance network in Pakistan, facilitating digital transactions for various types of businesses, including corner shops and online retailers [3] Group 2: Economic Impact - JazzCash serves a registered customer base of 58 million and processed over PKR 15 trillion (approximately USD 53 billion) in transaction value in 2025, representing about 13% of Pakistan's GDP [8] - The onboarding of 1 million QR-enabled merchants is seen as a crucial step in integrating digital payments into the daily lives of Pakistanis, supporting small businesses and enhancing the digital economy [7] Group 3: Leadership and Vision - Kaan Terzioglu, CEO of VEON, commended the efforts of the Prime Minister and the State Bank of Pakistan in promoting digital payments and financial inclusion, emphasizing the importance of a cashless economy for national growth [6] - Murtaza Ali, CEO of JazzCash, highlighted the focus on making financial services accessible and relevant for all Pakistanis, reinforcing the commitment to support small businesses and women-led enterprises [7] Group 4: Company Overview - VEON is a digital operator providing connectivity and digital services to nearly 150 million users across five countries, aiming to transform lives through technology-driven services [11] - JazzCash operates under a Branchless Banking charter, offering a wide range of services including payments, lending, and government-to-person payments, thereby enhancing financial inclusion in Pakistan [12]

Market Overview - Wall Street ended March 19, 2026, on a weak note, with all three major U.S. indices falling below their respective 200-day moving averages, leading to accelerated equity sell-offs due to surging oil prices and a hawkish Fed signaling only one rate cut this year [1][2] Low-Leverage Stocks - Investors are likely to seek safe bets rather than high-beta growth-oriented stocks, emphasizing the importance of low-leverage stocks, which are better equipped to handle interest rate volatility and geopolitical shocks [2][6] - Low-leverage stocks are defined as companies with minimal debt relative to equity, providing a solid foothold as the market faces a potential energy-driven slowdown [2][5] Recommended Low-Leverage Stocks - Recommended low-leverage stocks include: - Nu Holdings (NU): Serves 131 million customers and is expanding through partnerships with major sports teams [10][15] - Casey's General Stores (CASY): Reported a 4% increase in same-store sales and a 49.8% surge in EPS [17][18] - Astec Industries (ASTE): Launched a rebuild and repair program for road construction equipment, with a 13% revenue improvement expected [19][20] - HNI Corp. (HNI): Achieved a 38.3% year-over-year increase in net sales [20][21] - Blue Bird (BLBD): Acquired full ownership of Micro Bird joint venture for approximately $200 million [22][23] Financial Metrics and Screening Criteria - The debt-to-equity ratio is a key metric for assessing financial risk, with a lower ratio indicating improved solvency [7][11] - Additional screening criteria for selecting low-leverage stocks include: - Debt/Equity less than industry median - Current price greater than or equal to $10 - Average 20-day volume greater than or equal to 50,000 - Percentage change in EPS greater than industry median - VGM Score of A or B combined with Zacks Rank 1 or 2 for better upside potential [12][13][14]

Company Overview - Sea Limited is a Singapore-based technology company operating in e-commerce, gaming, and digital financial services [2][4][5] - The company owns Shopee, the largest e-commerce platform in Southeast Asia, which processed 13.9 billion orders worth $127.4 billion in 2025, both record highs [4] - Sea's digital financial services platform, Monee, had 37 million active borrowers at the end of 2025, representing a 40% year-over-year growth, with total loans reaching $9.2 billion, an 80% increase [5] Financial Performance - Sea generated a record total revenue of $22.9 billion in 2025, marking a 36.4% year-over-year increase, with accelerating growth for the second consecutive year [7] - The company's revenue growth is attributed to improved monetization strategies, such as selling digital ads on Shopee and enhancing logistics for faster delivery [4] Digital Entertainment Segment - Sea's digital entertainment segment, through its Garena game development studio, served over 633 million users in Q4 2025, showing modest growth from the previous year [6]

Core Viewpoint - Streaming services and digital platforms are experiencing investor skepticism despite improvements in their fundamental business due to concerns over leverage, credit risk, and pandemic-era valuations affecting stock prices relative to forward earnings potential [1] Group 1: AMC Networks (AMCX) - AMC Networks has seen its stock decline by 89% over the past five years, with a current market cap of approximately $346 million and a trailing P/E ratio under 5x, indicating it is undervalued [1] - The company is undergoing a significant transition, with streaming now being the largest source of revenue in its domestic segment, generating $177 million in Q4 2025, a 14% increase year-over-year, while linear advertising and affiliate revenue have decreased by 10.2% and 13% respectively [1] - AMC Networks reported full-year free cash flow of $272 million for 2025, with guidance of at least $200 million for 2026, but faces a substantial debt load of $1.78 billion at interest rates between 10.25% and 10.50% [1] Group 2: Sea Limited (SE) - Sea Limited's stock has dropped 30% year-to-date, with a significant decline of over 16% following Q4 earnings due to an EPS miss, reporting $2.52 against an estimate of $3.50, a 28% shortfall [1] - The company is aggressively reinvesting, with its Monee loan book growing by 80.4% year-over-year to $9.2 billion, and provisions for credit losses reaching $1.4 billion for the full year [1] - Sea Limited's full-year revenue increased by 36.4% to $22.94 billion, with operating cash flow of $5.02 billion and net income of $1.61 billion, up 262% year-over-year, while the stock trades below the analyst consensus target of $146.59 [1] Group 3: Roku - Roku achieved its first profitable year since its IPO in 2025, reporting a net income of $88.4 million compared to a loss of $129 million in 2024, with a Q4 EPS of $0.53, exceeding the estimate of $0.27 by 95% [1] - The Roku Channel captured 6.3% of all U.S. TV streaming in December 2025, up from 4.6% the previous year, establishing it as the second-largest free ad-supported streaming app in the country [1] - For 2026, Roku is guiding for total revenue of $5.5 billion and net income of $325 million, targeting 100 million streaming households globally, despite the stock being down 72% from its 2021 highs [1]

Core Insights - Sea Limited (SE) reported adjusted earnings of 80 cents per share in Q4 2025, a 29% increase year-over-year, but missed the Zacks Consensus Estimate by 11.11% [1] - Revenues reached $6.9 billion, up 38.4% year-over-year, driven by growth in Shopee and Monee, slightly beating the Zacks Consensus Estimate by 0.65% [1] E-commerce Performance - Shopee revenues totaled $5 billion, reflecting a 35.8% year-over-year increase, with GAAP marketplace revenues of $4.3 billion and GAAP product revenues of $0.6 billion [2] - Gross Merchandise Volume (GMV) increased by 28.6% year-over-year to $36.7 billion, with gross orders reaching 4 billion, a 30.5% increase [2][8] - Shopee served approximately 400 million active buyers and 20 million sellers in 2025, achieving $127 billion in GMV, with expectations of a 25% increase in full-year 2026 GMV [3] Digital Financial Services - Monee's revenues surged 54.3% year-over-year to $1.1 billion, primarily due to strong growth in the credit business [3] - The principal outstanding for consumer and SME loans increased 80% year-over-year to $9.2 billion, with non-performing loans over 90 days stable at 1.1% [4] Digital Entertainment - Garena revenues reached $701 million, marking a 35.1% year-over-year growth, driven by an increase in active users and improved paying user penetration [4] - Quarterly active users were 633.3 million, up 2.5% year-over-year, while quarterly paying users increased by 15% to 58 million, raising the paying user ratio to 9.2% [5] Financial Metrics - Gross profit increased 36% year-over-year to $3 billion, with a gross margin contraction of 80 basis points to 43.8% [7] - Adjusted EBITDA for the quarter was $787.1 million, up 33.2% year-over-year, with an adjusted EBITDA margin of 11.5% [9] - Shopee's adjusted EBITDA reached $202.5 million, while Monee's adjusted EBITDA increased 24.7% to $263.1 million [9] Balance Sheet and Cash Flow - As of December 31, 2025, SE had cash and cash equivalents of $4.16 billion, up from $3.07 billion as of September 30, 2025 [11] - The company repurchased 116.2 thousand shares for $14.5 million during Q4 2025 as part of a $1.0 billion share repurchase program [11] - Cash generated from operating activities was $1.48 billion in the reported quarter, compared to $1.18 billion in the previous quarter [11]

Core Insights - Sea Limited reported record fourth-quarter and full-year results for 2025, highlighting strong growth across its e-commerce, digital financial services, and digital entertainment segments [5][4]. Financial Performance - Sea's revenue reached $23 billion in 2025, a 36% year-over-year increase, with net income rising to $1.6 billion and Adjusted EBITDA increasing to $3.4 billion, representing 260% and 75% growth year-on-year, respectively [4][7]. - In the fourth quarter, GAAP revenue increased 38% year over year to $6.9 billion, while for the full year, it grew 36% to $22.9 billion, driven primarily by Shopee and Monee [3][4]. - Net income for the fourth quarter rose 73% year over year to $411 million, with net non-operating income increasing to $62 million from $28 million a year earlier [2][4]. E-commerce Segment (Shopee) - Shopee achieved a full-year GMV of $127 billion, serving approximately 400 million active buyers and 20 million sellers [1][7]. - Gross orders on Shopee increased 30% year over year to 4 billion in the fourth quarter, with GMV rising 29% to $36.7 billion [8]. - Shopee's GAAP revenue for the fourth quarter was $5.0 billion, including marketplace revenue of $4.3 billion (up 36%) and product revenue of $0.6 billion [8]. Digital Financial Services (Monee) - Monee's revenue reached $3.8 billion, with its loan book exceeding $9 billion while maintaining a 90-day non-performing loan ratio of approximately 1.1% [6][12]. - Monee added over 20 million unique first-time borrowers in 2025, with annual revenue growing 60% year over year [12][13]. Future Growth Strategies - For 2026, Sea targets approximately 25% year-on-year GMV growth for Shopee while maintaining full-year Adjusted EBITDA at least at 2025 levels [10][21]. - Key initiatives for Shopee include expanding logistics and fulfillment capabilities, with SPX Express processing over 30 million parcels daily and enhancing delivery services [10][11]. Digital Entertainment (Garena) - Garena experienced a "blockbuster" year in 2025, with bookings growing 37% year over year to $2.9 billion and Adjusted EBITDA increasing 38% to $1.7 billion [15][16]. - The Free Fire game contributed significantly to growth, with major content releases and collaborations driving player engagement [17][18]. AI and Ecosystem Synergies - Sea is investing in AI technologies to enhance search, recommendations, and advertising systems, aiming for clear ROI across various use cases [20]. - The company is leveraging ecosystem data for risk assessment in Monee and enhancing cross-business collaboration [20].

Fourth Quarter and Full Year 2025 Results March 2026 Disclaimer This presentation by Sea Limited ("Sea") contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar stat ...

Core Viewpoint - Grab Holdings Limited (NASDAQ:GRAB) is recognized as one of the best stocks under $10, with a Buy rating and a price target of $7 from Benchmark following its Q4 results [1][2]. Financial Performance - The company reported mixed results for the quarter, but Benchmark considers the earnings release as an "overhang-clearing event," alleviating uncertainty surrounding the stock [2]. - Grab's FY26 guidance was slightly below market expectations, but management has outlined a 3-year plan targeting $1.5 billion in adjusted EBITDA by FY28 [2]. Market Position and Strategy - Benchmark believes the $1.5 billion EBITDA target is achievable due to Southeast Asia's low market penetration and the ecosystem benefits of Grab [3]. - The company serves millions of consumers across Southeast Asia, including countries like Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam [4]. Acquisition and Growth Plans - Grab announced the acquisition of Stash Financial, Inc., aiming to support its growth in the US and explore bringing Stash's investing products to Southeast Asia [3]. - Stash is projected to deliver over $60 million in adjusted EBITDA by 2028 based on its current performance and strategic plans [3].

Core Insights - Hayden Capital's fourth-quarter 2025 investment letter emphasizes the unpredictability of markets, showcasing broad strength and resilience, with U.S. equities achieving double-digit gains and international markets outperforming U.S. stocks for the first time since 2017 [1] Group 1: Market Performance - U.S. equities recorded double-digit gains in 2025, while international markets performed even better [1] - International stocks outpaced U.S. counterparts for the first time since 2017 [1] Group 2: Portfolio Performance - In Q4 2025, Hayden Capital's portfolio returned -12.9%, underperforming the S&P 500's +2.7% and MSCI World's +3.3% [1] - Since inception, the portfolio has returned +14.8% annualized after fees, compared to the S&P 500's +13.5% and MSCI World's +10.3% [1] Group 3: Portfolio Allocation - Approximately 42% of the portfolio is invested in Asia, ~41% in North America, ~16% in Latin America, and the remainder in cash [1] Group 4: AI Influence - The market is increasingly responding to fear and rising uncertainty regarding the future, influenced by AI, rather than to factual information [1] Group 5: Company Focus - Sea Limited - Sea Limited (NYSE:SE) is highlighted as a key stock, operating in e-commerce, digital financial services, and digital entertainment [2] - As of February 25, 2026, Sea Limited's stock closed at $104.47 per share, with a one-month return of -12.34% and a 52-week loss of 15.48% [2] - Sea Limited has a market capitalization of $63.1451 billion [2] - The stock has declined approximately 45% over the past few months, despite little change in its fundamentals [3]

Core Viewpoint - Nu Holdings Ltd. has released its financial results for Q4 and the full year ended December 31, 2025, highlighting its position as one of the largest digital financial services platforms globally [1] Financial Results - The financial statements and earnings presentation are prepared in accordance with IFRS [1] - Detailed financial results are available on the Company's Investor Relations website [1]