United States | Singapore | Hong Kong | Earnings
Marine Petroleum Trust. (MARPS US)
- Shares closed above the 5dEMA with rising volume.
- Both RSI and MACD are constructive.
- Long – Entry 5.6, Target 6.4, Stop 5.2
Infinity Natural Resources, Inc. (INR US)
- Shares closed above the 5wEMA.
- Both RSI and MACD are constructive.
- Long – Entry 18, Target 22, Stop 16
Oiltek International Limited (OTEK SP)
- Shares closed above the 5dEMA with elevated volume for the week.
- RSI is slightly overbought but MACD remain constructive.
- Buy – Entry 0.98, Target 1.12, Stop 0.91
Union Gas Holdings Ltd. (UNION SP)
- Shares closed above the 20dEMA with elevated volume for the week.
- Both RSI and MACD are constructive.
- Buy – Entry 0.42, Target 0.52, Stop 0.38
China Oilfield Services Ltd (2883 HK)
- Shares closed above the 20dEMA.
- RSI is constructive and MACD is positive.
- Long – Entry 9.7, Target 10.5, Stop 9.3
China Everbright Environment Group Ltd (257 HK)
- Shares closed at a 52-week high above the 5wEMA with rising volume.
- MACD is constructive, while RSI is at an overbought level.
- Long – Entry 5.6, Target 6.0, Stop 5.4
Ondas Inc. (ONDS)
- 4Q25 Revenue: $30.1M, +629% YoY
- 4Q25 Non-GAAP EPS: -$0.37, miss estimates by $0.33
- FY26 Guidance: Raised FY26 revenue target to at least $375M. Set Q1’26 revenue target of $38M to $40M.
- Comment: 4Q showed a step change in scale driven by Ondas Autonomous Systems. OAS revenue was $29.6M, while Ondas Networks remained small at $0.5M, reflecting longer customer deployment timelines. Gross margin expanded to 42% from 21% last year on higher volume and mix. Profitability remains the key debate. Operating loss widened to $23.3M as operating expenses stepped up to support rapid growth and the acquired businesses, and net loss was $101.0M, largely driven by an $82.2M noncash warrant valuation charge. Adjusted EBITDA loss was ($9.9M), worse YoY. Backlog and liquidity are the bullish offsets. Management highlighted backlog of $68.3M exiting 2025 and positioned the balance sheet as well funded to support the 2026 ramp. Shares rose about 8% in the same day session after the earnings update, reflecting the revenue inflection and the step up in the FY26 revenue target, before giving back some gains the next day. What to watch next is conversion of backlog into quarterly revenue, evidence that gross margin stays in the 40% range as deliveries scale, and whether operating expense growth moderates relative to revenue into 2H26. The key swing factors are timing of large program shipments, integration execution across acquired assets, and whether adjusted EBITDA trajectory improves meaningfully through 2026 as management has framed. 1Q26 recommended trading range: $9 to $13. Neutral Outlook.
Ondas Inc.（ONDS)
- 25财年第四季度营收：3010万美元，同比增长629%
- 25财年第四季度非公认会计准则每股亏损：0.37美元，低于预期（即亏损更大）0.33美元
- 26财年指引：上调26财年营收目标至至少3.75亿美元；设定第一季度营收目标为3800万至4000万美元
- 短评：本季度标志着公司进入规模化交付新阶段，主要由Ondas Autonomous Systems（OAS）业务驱动。OAS贡献营收2960万美元，而Ondas Networks仅50万美元，反映后者客户部署周期仍较长。毛利率显著改善，从去年同期21%提升至42%，受益于高毛利产品占比提升及规模效应。然而，盈利能力仍是核心挑战：运营亏损扩大至2330万美元，主因公司加速投入以支持快速增长及并购整合；净亏损达1.01亿美元，其中8220万美元为非现金认股权证估值损失；调整后EBITDA亏损990万美元，同比恶化。积极因素在于订单可见性与资金状况：截至2025年底，积压订单达6830万美元；管理层强调资产负债表“资金充足”，可支撑26财年大幅扩张计划。财报发布当日股价上涨约8%（次日部分回吐），反映市场对收入拐点及全年营收目标上调的认可。后续关键变量包括：（1）积压订单能否顺利转化为季度收入；（2）在交付放量过程中，毛利率能否稳定在40%左右；（3）2026年下半年运营支出增速是否相对于收入有所放缓。核心观察点在于大型项目发货节奏、并购资产整合效率，以及调整后EBITDA能否如管理层预期在2026年实现实质性改善。26财年第一季度建议交易区间：9美元至13美元。中性前景。
PDD Holdings Inc. (PDD)
- 4Q25 Revenue: $17.72B, +12.0% YoY, miss estimates by $390M
- 4Q25 Non-GAAP EPADS: $2.53, miss estimates by $0.52
- FY26 Guidance: No formal guidance raised.
- Comment: The quarter showed continued growth, but the market focused on the profitability reset from heavier ecosystem investment and a more intense domestic competitive environment. Revenue rose 12% YoY to RMB123.9B, driven by transaction services revenue up 19% and online marketing services up 5%. Profitability compressed despite higher scale. Non-GAAP net income attributable to ordinary shareholders declined 12% YoY to RMB26.3B, and non-GAAP diluted EPS per ADS fell to RMB17.69 from RMB20.15 last year. Operating expenses increased 10% YoY, led by higher sales and marketing spend. Balance sheet strength remains a strategic buffer. Cash, cash equivalents and short-term investments increased to RMB422.3B at year end, which supports continued investment despite weaker near-term earnings optics. Shares rose about 4.6% in the same day session after the earnings release. What to watch next is whether management can stabilize profitability while sustaining Temu’s overseas momentum under tighter cross border rules, and whether domestic competition intensity eases enough to reduce the need for incremental subsidies and marketing. Key swing factors are the pace of spend in sales and marketing, regulatory changes affecting low value parcel economics, and the trajectory of take rate and fulfillment costs as PDD invests in supply chain capability. 1Q26 recommended trading range: $95 to $120. Neutral Outlook.
PDD Holdings Inc.（PDD)
- 25财年第四季度营收：177.2亿美元（约合1239亿元人民币），同比增长12.0%，低于预期3.9亿美元
- 25财年第四季度非公认会计准则每股美国存托股收益（EPADS）：2.53美元（约合17.69元人民币），低于预期0.52美元
- 26财年指引：未提供正式财务指引
- 短评：本季度延续增长态势，但市场更关注盈利阶段性承压。营收同比增长12%至1239亿元人民币，其中交易服务收入大增19%（主要来自Temu国际扩张），在线营销服务收入增长5%。然而，尽管规模扩大，盈利能力明显收缩：归属于普通股股东的非GAAP净利润同比下降12%至263亿元人民币，非GAAP EPADS从去年同期20.15元降至17.69元。运营支出同比增长10%，主因销售与营销费用增加，反映公司在国内外竞争加剧背景下加大补贴与用户获取投入。资产负债表依然强劲：截至年末，现金及短期投资达4223亿元人民币，为持续战略投资（尤其是Temu全球供应链建设）提供充足缓冲。财报发布当日股价逆势上涨4.6%，显示投资者聚焦长期生态布局而非短期盈利波动。后续关键变量包括：（1）在跨境监管趋严（如低值包裹免税政策调整）环境下，Temu海外增长能否维持动能；（2）国内竞争强度是否缓和，从而减少对额外补贴与营销支出的依赖；（3）履约成本与平台变现率（take rate）的演变路径。核心观察点在于销售与营销支出节奏、跨境物流监管变化对单位经济的影响，以及供应链重投入期何时转化为更可持续的盈利结构。26财年第一季度建议交易区间：95美元至120美元。中性前景。
