To The Moon

We must always bear in mind that the market always prices in the future performance of the company. Going back in time, this means that at the IPO stage, investors already expected Chagee to do whatever it is you are seeing today (new store, new drinks, long queues). The reason why we see the stock is going down, is simply because the market thinks that Chagee will not be able to keep up with its competitors and that eventually, their growth may slow. In other words, they already won investors with a certain set of guidance but they weren’t able to WOW them after they bring them in. Chagee stores keep opening in Singapore and the waiting time for their beverage products keep going up but their stock price is only going one-way and that’s down. Warren Buffet said to invest in what you know;

Boosting domestic demand is another priority, with consumer confidence still weak. The continuation of the consumer goods trade-in programme (albeit scaled back slightly) and a new fund worth RMB 100 billion to promote domestic demand should benefit consumer durables companies. More favourable holiday and consumption tax arrangements would benefit a broader set of companies tied to domestic consumption, from tourism to retail.  In the process, valuations have re-rated from being dirt-cheap to more reasonable (although still attractive compared to the US and the global benchmark). Investors are now looking for more evidence of earnings growth to extend the rally, or policies that could fuel earnings growth. This is why the market’s performance has been more muted so far this year. Tech

If you’re a long-term investor, we believe the bull trend for equities hasn’t ended. The current down move looks more like a pullback—it may deepen into a correction, but it should eventually bounce back. And because the stock market is forward-looking, stocks could rebound before the war situation improves. That means now could be a window to start looking for buying opportunities. Even before the war, there were already bargains emerging from the AI-driven selloff of the past few months. The conflict just made the selldown more widespread—hitting even the AI beneficiaries. If you’re still hesitant and think it’s too early, that’s fair. You can keep an eye on developments, or invest a portion of your capital now, and deploy more later. There’s no need to go all-in at once. If you’re a sho

The structure is straightforward: each Singapore Depository Receipts (SDR) represents one Class B ordinary share listed on the Stock Exchange of Hong Kong, on a one-to-one basis. This structure matters for two key reasons. First, accssibility. Investors can trade SDRs on the SGX without needing a brokerage account with HKEX access, navigating foreign stock exchange rules, or managing cross-border settlement arrangements. Local investors can operate in a familiar SGX ecosystem while accessing foreign companies and overseas listings. Second, investors can trade these SDRs in SGD without needing to convert currencies. That said, SDRs are still subject to forex fluctuations, and currency conversion is factored into SDR prices. The convenience is that investors can hold their SDRs in SGD withou

don’t think software is completely replaceable—and not even in the near future. Some software companies will survive better than others. Some may even prosper. But AI is evolving so fast that no one can tell with certainty which is which—and so investors are doing what they always do when uncertain: dump everything first, ask questions later. Regardless, some re-rating needs to happen. Even if these software businesses survive, can they continue to grow like they used to? Or will they mature and slow down, growing like a utility rather than a high-flyer? Although software got the worst hit, the fear is spreading to other parts of the market—including AI stocks, the very ones that are supposed to be replacing software. Ironic, isn’t it? In a general view  growth stocks are getting whac

AI has entered a full-scale infrastructure build-out phase. We expect annual AI-related infrastructure spending to exceed US$400–500 billion by 2026, driven by accelerated data-centre construction, higher-density compute requirements, and rising power and cooling needs. At this level, AI infrastructure investment approaches ~2% of US GDP, placing it alongside past general-purpose technology cycles such as cloud computing and telecommunications. However, this remains a front-loaded capital cycle. Cash outflows precede revenue, and monetisation remains uneven across sectors. For current equity valuations to be sustained, the AI ecosystem must ultimately generate US$1.7–2.5 trillion in incremental annual revenue by the end of the decade. As infrastructure spending accelerates into 2026, balan

Can the market still go up in 2026?” pushes us to look at the wrong things. It makes us focus on forecasts, on headlines and on timing.If a company keeps moving forward, the share price eventually tends to follow. That said, it doesn’t mean we should rush in blindly either. Investing still requires thought and discipline. A simple way to avoid emotional decisions is to pace yourself by investing steadily over time, especially if you are unsure. Another is to take the time to understand the business you are buying so you know exactly why it deserves a place in your portfolio. These habits keep you consistent without reacting to every price movement. In my earlier investing years, I spent a lot of time waiting. I waited for dips that never came. I waited for more confidence. I waited for the

If you only want AI exposure, china stock like Ping An’s version is cleaner. Take Cambricon, for example—it’s an important AI player in China and an AI stock that shouldn’t be missed.AI is hot—not just in the West but also in China. It’s a race to be first, and China has an additional task: building world-class AI capabilities using its own supply chain. That’s a tall order, but we’ve seen companies stepping up and showing sparks of brilliance. The potential is there. If you prefer to focus on chips and equipment players, then the Global X China Semiconductor ETF would be more suitable. The Ping An CSI AI ETF is less heavy on chips and instead captures the wider AI value chain. In terms of performance, the Ping An CSI AI ETF trounces the Global X China Robotics and AI ETF over the past yea

Alphabet’s capex in 4Q2025 was up 95% from a year ago to US$27.9 billion, with capex for the whole year of 2025 reaching US$91.4 billion. As GCP’s backlog grows – it was up 55% sequentially to US$240 billion in 4Q2025 – Alphabet’s capex in 2026 is projected to be US$175 billion to US$185 billion, around double from 2025’s level. Alphabet is seeing broad-based demand for its AI offerings such as its latest Gemini models and Ironwood TPUs. Despite the sharp increase in capex, Alphabet is driving efficiencies through the proliferation of AI across its business's  Overall, among Alphabet’s AI-powered products and services, 14 products were observed to have annual revenues exceeding US$1 billion, reflecting material adoption of the company’s AI offerings.

UnitedHealth was already making headlines in 2025. The blue chip—and largest US health insurer, accounting for roughly 30% of Medicare Advantage enrollments—has been seeing higher medical claims. Investors started worrying about thinning margins and the potential need to raise insurance premiums. But here’s the problem: recent 2027 Medicare Advantage plans will rise by just 0.09%, far lower than the expected 6%. This means premiums (i.e., revenue) can’t rise while costs keep climbing. The business simply isn’t as lucrative as before. It dragged many health insurer stocks down. Finally the  stock  looks undervalued based on our estimated fair price of $372. But our concern is that with meek revenue growth outlook, declining profitability, and restructuring adding uncertainties, we