Group 1: US Stock Market Strategy - Recent hawkish comments from the Federal Reserve Chairman and unexpectedly weak non-farm employment data have interrupted the upward trend of the US stock market[1] - Approximately 75% of manufacturers and service providers plan to raise product prices within three months due to increased tariff costs[1] - The upcoming July inflation data is a critical observation point; a rebound could exacerbate market volatility[1] Group 2: Economic Outlook - The US stock market is expected to remain in a consolidation phase in the short term, but medium to long-term earnings growth is anticipated to support upward movement[1] - The Federal Reserve's future policy path is uncertain, with significant fluctuations in expectations for a rate cut in September[1] Group 3: Vietnam Economic Performance - Vietnam's GDP growth rate for Q2 reached 7.96%, supported by strong performance in the industrial and construction sectors, which grew by 8.97%[3] - Foreign Direct Investment (FDI) registered a total of approximately $21.5 billion by the end of Q2, marking a 41.7% increase compared to the same period in 2024[3] Group 4: Company Reports - Tech company Unity Software's advertising network revenue increased by 15% due to the Unity Vector AI platform, prompting an upward revision of revenue forecasts for 2025-2027[6] - Tech company Techtronic Industries' mid-term performance met expectations, with revenue forecasts for 2025-2027 set at $15.637 billion, $16.992 billion, and $18.422 billion respectively[5]

Investment Rating - The report maintains a "Buy" rating for Unity Software with a target price of US$37.50, revised from the previous target of US$27.75 [1]. Core Insights - Unity Vector AI platform has contributed to a 15% quarter-over-quarter growth in advertising network revenue [6]. - Revenue forecasts for 2025-2027 have been adjusted to US$1.808 billion (+1.2%), US$2.037 billion (+1.4%), and US$2.201 billion (-3.6%) respectively [6]. - The adjusted EBITDA estimates for 2025-2027 are projected to be US$356 million, US$428 million, and US$449 million respectively [6]. Financial Performance - For the fiscal year 2023, Unity Software reported total revenue of US$2,187 million, with a net loss of US$822 million and an EPS of -US$2.161 [5]. - The revenue for 2024 is expected to decline to US$1,813 million, with a net loss of US$664 million and an EPS of -US$1.677 [5]. - The company anticipates a gradual improvement in net losses, projecting a net loss of US$377 million and an EPS of -US$0.906 for 2025 [5]. Segment Performance - The Create segment's revenue for Q2 2025 was US$154 million, a 2% year-over-year increase, exceeding expectations by 8.5% [6]. - The Grow segment's revenue for Q2 2025 was US$287 million, a 3.8% year-over-year decline, which was below expectations by 1.4% [6]. - The advertising network's contribution to the Grow segment revenue was significant, accounting for 49% of the total [6]. Market Positioning - The report highlights strong performance in the Create segment, driven by new partnerships and growth in the Chinese market, which saw revenue increase to US$83.6 million, a 28% quarter-over-quarter growth [6]. - The report also notes the potential for further growth in the Create segment with the upcoming release of Switch 2 in collaboration with Nintendo [6]. Valuation Metrics - The report uses a standard EV/Sales multiple of 8.0x for valuation, aligning with industry peers [6]. - The target price reflects a valuation of 9.0x, 8.0x, and 7.4x for the years 2025-2027 respectively [6].