US Global Sea to Sky Cargo ETF

Conference Minutes

00700

80700

TCEHY

TCTZF

HTCD

Below is Dolphin Research's Trans of $Sea(SE.US) FY26Q1 earnings call. For our earnings review, see 'SEA: SE Asia's mini Tencent roars back'. 1) Shareholder returns: The company authorized a $1bn buyback. Since Nov last year, it has repurchased approx. $170mn, and management intends to keep executing. 2) Outlook: Reiterated the FY26 guidance for Shopee GMV. Growth is projected at ~25% YoY...

TENCENT

TENCENT-R

Tencent

Tencent Holdings Limited

Tencent HK SDR 10to1

SE (Trans): Shopee GMV to grow at least 25% in 2026; Garena bookings to sustain strong growth

Financial Analysis

Often dubbed Southeast Asia's 'mini Tencent', $Sea(SE.US) reported Q1 2026 results pre-market on May 12 (U.S. time). The quarter was solid, with revenue growth and profit delivery both beating estimates.However, the upside was driven mainly by Digital Entertainment, not the core e-commerce biz. That makes the beat less high-quality. On profitability...Specifically: (1) Overall performance was strong. Total revenue was near $7.1bn (+47% YoY), well above last quarter’s pace and ahead of the Street’s ~36% growth expectation. As noted, gaming led the beat, while e-commerce and fintech also posted robust growth.

SE: Southeast Asia's mini Tencent roars back!

SE 1Q26 First Take: solid print, with both revenue growth and profits beating. The upside was driven mainly by gaming rather than the more closely watched e-com. Details below: Total revenue was ~$7.1bn, up 47% YoY, well above last quarter's pace and street estimates. Adj. EBITDA came in at ~$1.03bn, ~15% above consensus. Not only did it not fall YoY, it set a new quarterly high.Margins were below the record highs of the prior-year quarter. However, they improved sharply QoQ. They are back to the levels of 2Q–3Q last year.Games was the standout. Against a tough comp from last year's Naruto collaboration, the market expected slight bookings softness at best flat; instead bookings rose ~20%, driving a top- and bottom-line beat. Segment Adj. EBITDA was ~$130mn above expectations (+33%).Based on company disclosures and press reports, the beat was driven by another Free Fire tie-up with top IP Jujutsu Kaisen, with engagement on par with the Naruto event. Arena of Valor also posted a solid quarter.E-com performed fine but not stellar. Order volume rose 29% YoY; momentum eased QoQ but remained strong. GMV grew 30.4% YoY, an acceleration, aided by a ~1% YoY uptick in AOV (FX may have helped).E-com segment margin was 0.6% of GMV this quarter, defying guidance for further slippage with a small QoQ rebound. The repair was not above expectations and pressure remains. But it was not as bad as feared.Fin. services was softer. Loan book and revenue growth were above expectations and remained rapid. However, margins fell further QoQ, leaving profit below expectations.GPM continued to improve. The drag came from a near-doubling in S&amp;M QoQ, as the team pushes to sustain high growth. CAC is getting tougher as the business moves into deeper waters.$Sea(SE.US)

Today’s Key News Recap

09988

BABA

89988

GOOGL

GOOG

01698

09618

89618

HJDD

01024

81024

HKUD

HBBD

09888

89888

HBUD

BIDU

0511 | Dolphin Research Watch: 🐬 Macro/Industry update. U.S. President Trump will pay a state visit to China on May 13–15, the first by a U.S. president in nine years.This leader-level diplomacy sets the strategic tone and should help manage differences and stabilize U.S.-China relations. It adds certainty globally; watch trade and tech engagement for near-term catalysts and long-term impacts on asset prices.2) Iran-U.S. talks have deteriorated, with Iran demanding that oil sanctions be lifted within 30 days and asserting control over the Strait of Hormuz. Trump called this 'completely unacceptable'...

BABA-W

Alibaba

BABA-WR

Alphabet

Alphabet - C

TME-SW

Tencent Music

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

KUAISHOU-W

KUAISHOU-WR

Kuaishou HK SDR 5to1

Alibaba HK SDR 5to1

BIDU-SW

BIDU-SWR

Baidu HK SDR 10to1

Baidu

GOOGL issues JPY bonds to fuel the AI race; BABA integrates Qwen with Taobao to double down on smart shopping | Daily News Recap

'Little Tencent' Sea 4Q25 First Take: Results showed the familiar split, with business metrics and revenue broadly beating estimates while profits lagged across segments due to heavier investment. The positives and negatives are clear; details as follows: 1) Excluding the less critical games segment, core e-commerce and fintech growth both came in well above expectations. In games, bookings rose Approx. 24% YoY, decelerated QoQ, and ran slightly below the ~25% growth expected. 2) In the most important e-commerce segment, order volume grew 33% YoY vs. 29% last qtr, materially ahead of estimates. Logistics build-out clearly lifted growth. For the first time, GMV and revenue also beat expectations. 3) In fintech, the key metric—outstanding loan balance—grew 80% YoY, re-accelerating vs. last qtr and far exceeding estimates. Revenue showed similarly strong growth. 4) The core issue was opex overshooting estimates by Approx. $50 mn, mainly dragged by a sharp increase in credit loss provisions. Marketing expense also rose ~34% YoY but was broadly in line.Logistics investment in e-commerce showed up in GPM contracting ~90 bps YoY. Together these factors pressured the key profit metric: Adj. EBITDA of Approx. $790 mn, missing by ~$60 mn (~8%), with all three segments below expectations. $Sea(SE.US)

AAPL

QCOM

AAPB

AAPD

AAPU

AAPX

AAPY

APLY

0303 | Dolphin Research Focus: 🐬 Macro/Industry1) Today, both Hong Kong and A-share markets sold off sharply as Middle East geopolitical tensions escalated. Qatar's LNG output halted and the Strait of Hormuz was blocked, stoking fear across markets.Money rotated out of equities and other high-risk assets into safe havens such as gold and crude. Risk assets globally came under pressure.Meanwhile, oil spiked, lifting inflation expectations. Investors fear the Fed may delay its rate-cut cycle, putting high-valuation growth tech under pressure. The Hang Seng Tech index led the declines.

Apple

Dragon

Qualcomm

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

Geopolitical shock triggers broad selloff; AAPL's budget 17e launch props up sentiment｜Daily News Recap

---

GGLS

GGLL

300959

The following are the minutes of the $Sea(SE.US) FY25Q3 earnings call organized by Dolphin Research. For the earnings interpretation, please refer to &#34;SEA: The Unchanged Answer Sheet Can't Compete with the Market's 'Changed Heart'.&#34; 1. Review of Core Financial Data Performance Overview: The company's total revenue for the third quarter of 2025 was $6 billion, an increase of 38% year-on-year; all three major business segments performed strongly: the e-commerce platform Shopee's GMV increased by 28% year-on-year; digital financial services revenue increased by 61% year-on-year, with loan balances up 70% year-on-year to $7.9 billion; digital entertainment bookings revenue increased by 51% year-on-year...

Meta Platforms

Electronic Arts

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

International Paper

ONLINE OFFLINE

Paymentus

Franklin Covey

Ameriprise Financial

Sea (Minutes): Investing for Long-term Profit Growth

The Southeast Asian Little Tencent, $Sea(SE.US), delivered its Q3 earnings report on the evening of November 11, before the U.S. stock market opened. In summary, this quarter's performance is a mix of highlights and shortcomings. Firstly, growth remains very strong, with revenue and business growth across the three major segments exceeding expectations. However, as the company has started to focus more on growth rather than profit, with gross margins narrowing quarter-on-quarter and expenses maintaining high growth, the profit margins of each segment have marginally deteriorated this quarter. Specifically: 1. GMV remains strong...

SEA: An Unchanged Report Card Can't Compete with a 'Changed Heart' Market

GAME

LOAN

Sea 3Q25 Quick Interpretation: Overall, Sea's performance this quarter is somewhat fragmented, with both highlights and shortcomings. The highlight is on the growth side, where the revenue and business metrics of the three major segments exceeded expectations, and the extent of the outperformance was significant. Before the earnings release, the market's main concern was that the company's increased focus on growth would lead to a slowdown in margin improvement. This quarter indeed validated this concern, as the adjusted EBITDA of the most important e-commerce and financial segments both fell short of expectations, and the segment margins continued to decline sequentially. Specifically, 1) Total revenue for the quarter grew by 38% year-on-year, maintaining the high growth rate of the previous quarter and significantly exceeding the market expectation of 30%. The revenue growth of all three business segments surpassed expectations by 3-7 percentage points, with no segment lagging behind. 2) In terms of key operating metrics, the year-on-year growth rate of e-commerce GMV was 28.3%, continuing to accelerate slightly from the previous quarter and significantly better than expected. The traffic volume of the gaming business also grew by an impressive 51%, far exceeding expectations, reportedly stimulated by collaborations with the Naruto anime and Squid Game. The loan balance of the financial segment reached 7.9 billion this quarter, with a year-on-year growth rate of 72%, also far exceeding the expected 60%. It is evident that the core metrics of the three major segments grew significantly stronger than expected. 3) In terms of profit, the group's overall adjusted EBITDA for the quarter was 870 million, which at first glance is slightly higher than Bloomberg's expectations, but this is mainly due to the unexpectedly strong yet potentially unsustainable performance of the gaming business. (The gaming segment is currently the largest contributor to profits, but it is the least important segment in terms of valuation.) 4) By segment, the gaming business indeed had the best profit performance, with actual profits exceeding expectations by about 60 million, and the adjusted EBITDA margin did not decline significantly sequentially. However, the e-commerce segment's profit was about 30 million less than expected, and the profit margin narrowed from 0.76% to 0.58% (based on adj. EBITDA/GMV), although the market had anticipated a decline in margin, the actual extent was greater. Adding insult to injury, the profit margin of the financial business, which is the second most important for the company's future growth, also declined more than expected, at 26.1% this quarter, down 2.8 percentage points sequentially. As a result, despite a 61% increase in revenue for the financial segment, the segment's adjusted EBITDA only grew by 37% year-on-year. Therefore, overall, although the growth of the three major segments was stronger than expected, the sequential contraction in margins across all three segments meant that profit growth was not as robust as revenue growth. $Sea(SE.US)

GameSquare

Manhattan Bridge Capital

Hafnia to Release FY2026 Q1 Earnings on May 26 (EST), Forecast Revenue USD 300.87 M, EPS USD 0.25

COSCO SHIPPING Holdings spends approx 36.41 million HKD to repurchase 2.49 million shares

COSCO SHIPPING Holdings Repurchases 2.49 Million H-Shares on May 18

Teekay released FY2026 Q1 earnings on May 14 After-Market (EST), actual revenue USD 286.09 M, actual EPS USD 1.7842

China COSCO Shipping Holdings repurchased 2.41 million shares for HKD35.2645 million

Danaos released FY2026 Q1 earnings on May 11 After-Market EST, actual revenue USD 253.7 M (forecast USD 249 M), actual EPS USD 7.7 (forecast USD 6.6)

JPMorgan Maintains Overweight Rating on Cosco Shipping Holdings Q1 Results

Cosco Shipping repurchased 2.35 million H-shares in HKEX

First 24000TEU Methanol Container Ship Named by OOCL

Teekay FY2026 Q1 Earnings Release on May 14 During-Market EST

Cosco Shipping Holdings repurchased 1.7475 million shares

Cosco Shipping Holdings to Hold 2026 Annual General Meeting

JPMorgan Maintains Overweight Rating on COSCO Shipping Holdings

Danaos to Release FY2026 Q1 Earnings on May 11 After-Market EST, Forecast Revenue USD 265 M, EPS USD 6.54

Cosco Shipping Holdings Announces Repurchase of 2.27 Million H Shares

Morgan Stanley Downgrades COSCO Shipping Holdings Stock

COSCO Shipping Holdings Q1 Operating Data Shows Strong Resilience

Orient Overseas Container Line Signs a $2.22 Billion Deal for 12 LNG Dual-Fuel Container Ships

COSCO SHIP HOLD released FY2026 Q1 earnings on April 29 During-Market (BJT), actual revenue HKD 58.72 B (forecast HKD 60.39 B), actual EPS HKD 0.4308

CICOY stock price falls, Zacks upgrades rating

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

AMKBY

BDRY

BOAT

A.P. Møller Mærsk (CPSE:MAERSK B) has experienced mixed share performance, with a 0.5% increase today but a 3.3% decline over the past month. Analysts suggest the stock is 10.6% overvalued at DKK14,770, with a fair value of DKK13,349 due to challenges like declining freight rates and competition. However, a DCF model indicates a fair value of DKK27,667, suggesting a steep discount. Investors are advised to assess both perspectives before making decisions.

Simplywall

A.P. Moller - Maersk

Breakwave Dry Bulk Shipping

Sonicshares Global Shipping ETF

Assessing Maersk (CPSE:MAERSK B) Valuation As Shares Show Mixed Recent Performance

SUPL

FTXR

SHPP

The article evaluates ZTO Express (Cayman) stock, currently priced at US$23.55, analyzing its valuation through Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) metrics. The DCF model suggests the stock is undervalued by 45.3%, with an intrinsic value of US$43.08 per share. Additionally, ZTO's P/E ratio of 13.5x is below industry averages, indicating further undervaluation. The analysis highlights the influence of broader market sentiment on ZTO's trading performance.

- The article analyzes ZTO Express (Cayman), exploring if the stock is undervalued or overvalued, noting its current price of US$23.55 and a year-to-date gain of 9.7%.  
- It employs Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) analysis, concluding that the stock is undervalued by 45.3% according to DCF, with a P/E ratio of 13.5x below industry averages.  
- Various investor narratives suggest future fair values ranging from US$23.36 to US$31.48, indicating differing expectations for the stock's potential.

ZTO Express

Proshares Supply Chain Logistics ETF

iShares US Transportation ETF

First Trust NasdaqTransport

Pacer Industrials and Logistics ETF

SPDR S&P Transp

ZTO EXPRESS-W

Assessing ZTO Express (NYSE:ZTO) After Recent Swings In US-Listed Chinese Logistics Stocks

JBHT

On May 18, 2026, Bradley W. Hicks, President of JB Hunt’s DCS division, sold 7,644 shares of JB Hunt stock for $2,001,963. Analysts have raised price targets for JBHT, citing improved demand and favorable industry conditions. Despite concerns over valuation and near-term risks, JBHT is rated as 'Outperform' by TipRanks’ AI Analyst, supported by strong financial quality and technical momentum.

Tip Ranks

J.B. Hunt Transport Services

Top JB Hunt Executive Makes Major Move With Company Stock

J.B. Hunt executives reported tightening freight-market conditions, attributing it to capacity leaving the market rather than increased demand. They noted that while demand remains steady, regulatory enforcement is driving capacity exits. Rates are expected to rise, with potential increases of 20% over two years. The company aims for 800 to 1,000 net tractor additions and has increased run-rate savings to $130 million, focusing on profitability and cost reduction.

Market Beat

Bank of America

Landstar

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

J.B. Hunt Says Freight Rates Are Rising as Capacity Tightens, Not Demand

A.P. Møller - Mærsk A/S announced a share buy-back program of up to DKK 6.3bn, running from 9 February to 5 August 2026. From 11 to 15 May 2026, the company acquired a total of 20,539 A shares and 82,156 B shares, bringing total treasury shares to 201,333 A shares and 1,175,078 B shares, representing 8.70% of share capital.

GlobeNewswire

Transactions in connection with share buy-back program

Genco Shipping & Trading Limited Responds to Diana’s Latest Misleading Claims and Gamesmanship | GNK Stock News

StockTitan

Genco Shipping & Trading

Diana Shipping

DIANA SHIPPING INC C/WTS 14/12/2026 (TO PUR COM)

DIANA SHIPPING INC 8.875% PERP PFD SER B

Genco Shipping & Trading Limited Responds to Diana’s Latest Misleading Claims and Gamesmanship | GNK Stock News

Genco Shipping & Trading Limited Sends Letter to Shareholders from Chairman and CEO John Wobensmith | GNK Stock News

Genco Shipping & Trading Limited Sends Letter to Shareholders from Chairman and CEO John Wobensmith | GNK Stock News

Genco Shipping & Trading has rejected Diana Shipping's unsolicited tender offer of $23.50 per share, citing it as below net asset value. The board urges shareholders not to tender their shares amid an ongoing control and governance battle. Genco's stock has risen significantly, with a 33.6% increase year-to-date. The upcoming June 18, 2026 meeting will be crucial for potential changes in control and board composition, as both sides engage shareholders through various channels.

Star Bulk Carrier

Genco Rejects Diana Tender Offer As Control And Governance Battle Escalates

J.B. Hunt Transport Services Inc. (JBHT) shares rose 2.96% to $262.21, marking the third consecutive day of gains, despite a declining stock market. The stock reached a new 52-week high, surpassing its previous peak of $257.16. Competitors like Old Dominion Freight Line Inc. and Knight-Swift Transportation also saw gains, but JBHT outperformed them. Trading volume was significantly higher than its 50-day average.

MarketWatch Automated

S&P 500

Dow Jones Industrial Average

Old Dominion Freight

Knight-Swift Transportation

SAIA

J.B. Hunt Transport Services Inc. Stock Outperforms Competitors On Strong Trading Day

US Global Sea to Sky Cargo ETF(SEA.US)

Assessing Maersk (CPSE:MAERSK B) Valuation As Shares Show Mixed Recent Performance

Assessing ZTO Express (NYSE:ZTO) After Recent Swings In US-Listed Chinese Logistics Stocks

Top JB Hunt Executive Makes Major Move With Company Stock

J.B. Hunt Says Freight Rates Are Rising as Capacity Tightens, Not Demand

Transactions in connection with share buy-back program

Genco Shipping & Trading Limited Responds to Diana’s Latest Misleading Claims and Gamesmanship | GNK Stock News

Genco Shipping & Trading Limited Sends Letter to Shareholders from Chairman and CEO John Wobensmith | GNK Stock News

Genco Rejects Diana Tender Offer As Control And Governance Battle Escalates

J.B. Hunt Transport Services Inc. Stock Outperforms Competitors On Strong Trading Day