TasfotoNL/iStock Editorial via Getty Images The recent Q1 report shows that ABN AMRO Bank N.V. ( AAVMY ) ( ABMRF ) is moving in the right direction. The Dutch bank is executing well on its 2028 targets, set during last year’s Capital Markets Day . The main goals are a Return on Equity (ROE) of above 12% and a cost/income ratio below 55%. While backed by excess capital, ABN AMRO also aims to return...
TasfotoNL/iStock Editorial via Getty Images The recent Q1 report shows that ABN AMRO Bank N.V. ( AAVMY ) ( ABMRF ) is moving in the right direction. The Dutch bank is executing well on its 2028 targets, set during last year’s Capital Markets Day . The main goals are a Return on Equity (ROE) of above 12% and a cost/income ratio below 55%. While backed by excess capital, ABN AMRO also aims to return roughly 30% of the current market cap through dividends and buybacks over 2026 – 2028. In my previous article earlier this year, I highlighted ABN AMRO's historic challenges. Throughout the last decade, the bank struggled to keep costs under control. The cost/income ratio consistently landed above 60% and impacted profitability. ABN AMRO only occasionally reached an ROE above 10%. This made it one of the poorer performing European banks. After the FY 2025 report, I assigned a Hold rating with a target price of around €29. Then, the bank’s valuation, at 1x book value, already largely reflected a ramp-up in profitability. Therefore, ABN AMRO needed to show more progress towards the 2028 targets to justify an even higher valuation. Now, the Q1 report and recent developments give enough confidence to increase my outlook to a Buy rating, with a target price of €33. This implies a valuation of 1.1x book value. The upgrade is based on three changes. Firstly, as the cost-reduction program is progressing ahead of schedule, management lowered the cost guidance for the ongoing year by €100 million to €5.5 billion. Also, the capital buffer has received a boost due to loosening regulatory requirements, making the backing of shareholder returns more solid. Finally, ABN AMRO could benefit from higher interest rates, which creates upside on the company’s income guidance. Cost: Execution is becoming more credible The cost reduction program is the key to the 2028 targets. ABN AMRO had a history of promising – and not delivering - lower costs. Previously, the bank struggled with rising wages...
Malaysia will not oppose a bid by a fugitive businessman involved in the massive 1MDB corruption scandal to seek a pardon from US President Donald Trump, Prime Minister Anwar Ibrahim said on Friday. Speaking to reporters during a visit to Seremban district, south of Kuala Lumpur, Anwar described the plea by Low Taek Jho as a “non-issue”. The businessman, better known as Jho Low, is formally seekin...
Malaysia will not oppose a bid by a fugitive businessman involved in the massive 1MDB corruption scandal to seek a pardon from US President Donald Trump, Prime Minister Anwar Ibrahim said on Friday. Speaking to reporters during a visit to Seremban district, south of Kuala Lumpur, Anwar described the plea by Low Taek Jho as a “non-issue”. The businessman, better known as Jho Low, is formally seeking a “pardon after completion of sentence”, according to the US Department of Justice...
panida wijitpanya/iStock via Getty Images By Min Joo Kang , Senior Economist, South Korea and Japan Korea's terms of trade improved sharply, adding to upside risks Trade price dynamics explain why South Korea's economy is showing resilience despite energy shocks. Korean exporters have passed on input price hikes to output prices, mostly to intermediate goods such as electronics and petroleum produ...
panida wijitpanya/iStock via Getty Images By Min Joo Kang , Senior Economist, South Korea and Japan Korea's terms of trade improved sharply, adding to upside risks Trade price dynamics explain why South Korea's economy is showing resilience despite energy shocks. Korean exporters have passed on input price hikes to output prices, mostly to intermediate goods such as electronics and petroleum products. With export prices rising faster than import prices, the terms of trade improved quite meaningfully. Import prices in KRW base rose 20.2% year-on-year in April, a similar pace from the previous month's 20.5%. Dubai oil prices stabilised slightly in April compared to March, limiting further gains in import prices. For example, CPN (Coal, petroleum, natural gas) prices rose 38% YoY, but decelerated from 49% gain in March. Yet, the price excluding food and energy rose further to 15.6% from 12.6% in the previous month, indicating that price pressures widened. Meanwhile, export prices rose much faster than import costs. Export prices rose quite sharply, by 41% compared to 29.5% in March. Export price began rising in September, in line with semiconductor price trends. Semiconductor prices rose 156% in April, following a 121% rise in March. Since the beginning of the Middle East conflict, price pressures on refinery/petrochemical products have become more pronounced. Diesel and jet fuel prices rose by 139% and 130% each. In volume terms, exports rose by 12.4% YoY, while imports fell by 0.1%. We expect both exports and imports to decline in the coming months. But imports will likely contract more quickly than exports, so the overall trade balance should remain positive. Inflation pressures strengthen while the terms of trade improves in April Source: CEIC Upside risks for current GDP outlook Today's data suggested more upside risks for Korea's GDP in the current quarter. We have upgraded our growth outlook to 2.8% YoY from 2.0%, but we see a higher chance of another upgrade on...
Virgin Galactic Holdings ( SPCE ) on Thursday filed a $40.2 million mixed securities shelf registration to maintain its existing at-the-market offering program. This registration replaces a previous 2023 shelf that is set to expire on June 22, 2026, according to a filing . The stock was up 1.7% in extended trading. More on Virgin Galactic Virgin Galactic Holdings, Inc. (SPCE) Q1 2026 Earnings Call...
Virgin Galactic Holdings ( SPCE ) on Thursday filed a $40.2 million mixed securities shelf registration to maintain its existing at-the-market offering program. This registration replaces a previous 2023 shelf that is set to expire on June 22, 2026, according to a filing . The stock was up 1.7% in extended trading. More on Virgin Galactic Virgin Galactic Holdings, Inc. (SPCE) Q1 2026 Earnings Call Transcript Virgin Galactic Holdings, Inc. 2025 Q4 - Results - Earnings Call Presentation Virgin Galactic: The Clock Is Ticking, But The Execution Gap Is Narrowing (Upgrade) Virgin Galactic outlines 4 flights per month in January 2027 and targets 8 flights per month by Q2 2027 as $750,000 tranche nears close in Q3 Virgin Galactic GAAP EPS of -$0.81 beats by $0.19, revenue of $0.23M misses by $0.01M
The race for the commercialization and first deployment of electric vertical takeoff and landing (eVTOL) aircraft is accelerating in 2026. And in the U.S., two companies are spearheading it: Joby Aviation (NYSE: JOBY) and Archer Aviation (NYSE: ACHR) . Both companies are nearing completion of the Federal Aviation Administration (FAA) four-stage type certification process. Archer has just completed...
The race for the commercialization and first deployment of electric vertical takeoff and landing (eVTOL) aircraft is accelerating in 2026. And in the U.S., two companies are spearheading it: Joby Aviation (NYSE: JOBY) and Archer Aviation (NYSE: ACHR) . Both companies are nearing completion of the Federal Aviation Administration (FAA) four-stage type certification process. Archer has just completed the third stage, becoming the first U.S. eVTOL company to do so, while Joby has flown its first FAA-conforming aircraft for Type Inspection Authorization, a major step in the final stage of this process. Both companies also expect to begin U.S. operations in 2026 under a White House program, which could bring them closer to putting paying passengers in the air. Continue reading
With hundreds of billions in sales on the line for drugs that will lose their patent exclusivity in the coming years, two biotech ETFs can help capitalize.
With hundreds of billions in sales on the line for drugs that will lose their patent exclusivity in the coming years, two biotech ETFs can help capitalize.
tadamichi Asian equities traded mostly lower on Friday as geopolitical caution overshadowed earlier market momentum. Investor risk appetite cooled sharply following the Beijing summit, where President Xi warned President Trump that tensions over Taiwan could lead to direct clashes between the U.S. and China. Gold prices weakened toward $4,600 an ounce on Friday and were on track to fall about 2% f...
tadamichi Asian equities traded mostly lower on Friday as geopolitical caution overshadowed earlier market momentum. Investor risk appetite cooled sharply following the Beijing summit, where President Xi warned President Trump that tensions over Taiwan could lead to direct clashes between the U.S. and China. Gold prices weakened toward $4,600 an ounce on Friday and were on track to fall about 2% for the week. WTI crude futures rose above $102 per barrel on Friday and were on track to rise more than 7% for the week. The benchmark KOSPI fell more than 3% to around 7,700 on Friday, retreating from record highs near 8,000. Japan's ( NKY:IND ) fell 2.41% to below 61,700, while the broader Topix Index slipped 0.5% to 3,860 on Friday. The Japanese yen weakened to around 158.5 per dollar on Friday and was set to post a weekly loss of more than 1%. Japan’s producer prices rose 4.9% y/y in April 2026 , accelerating from an upwardly revised 2.9% increase in the prior month and exceeding market estimates of 3%. China's ( SHCOMP ) fell 0.98% to 4,140 on Friday, while the Shenzhen Component dropped 1.1% to 15,565, extending losses from the previous session, and the offshore yuan fell to around $0.72, easing from its recent four-year peak and heading for a roughly 0.6% weekly loss. Beijing expressed during the U. S.-China summit that it wants the Strait of Hormuz to stay open without any tolls or military control, according to U. S. Trade Representative Jamieson Greer. Hong Kong ( HSI ) fell 1.91% to 26,180 on Friday, retreating after ending flat in the previous session. India ( SENSEX ) rose 0.49% to 75,741 on Friday, marking a third straight session of gains. Passenger vehicle sales in India increased 2.5% year-on-year in April 2026, slowing sharply from 14.1% growth in the previous month to 378,312 units. Australia ( AS51 ) fell 0.29%. The Australian dollar rose to 8,673 in Friday’s morning session, marking gains for a second day. In the U.S. on Thursday, all three major indexe...
Hiroshi Watanabe/DigitalVision via Getty Images Snowflake Overview Much has been said about Snowflake's ( SNOW ) valuation, but other than citing valuation multiples, I've noticed that few have put their finger on what Snowflake's valuation actually implies about forward expectations. Clearly, expectations are high, and they should be to some extent. This is a company, after all, growing revenue a...
Hiroshi Watanabe/DigitalVision via Getty Images Snowflake Overview Much has been said about Snowflake's ( SNOW ) valuation, but other than citing valuation multiples, I've noticed that few have put their finger on what Snowflake's valuation actually implies about forward expectations. Clearly, expectations are high, and they should be to some extent. This is a company, after all, growing revenue around 30% Y/Y with free cash flow margins in the low-to-mid 20s. Further, it competes in a market that has structural tailwinds and is positioned for long-term growth. In the paragraphs that follow, I walk readers through my valuation methodology. I end up conceding that while Snowflake's forward assumptions are optimistic, they don't have the appearance of being totally unrealistic. This merits a bullish stance, so long as the business continues to execute. Financial Trends First, I like to establish how a business has performed in the past. I do this by inputting the last eight quarters of financial trends. The outputs create visuals that tell stories. Image 1: SNOW financial trends. Data derived from Seeking Alpha (Author's Compilation) So, what sticks out when I look at Snowflake's financial trends? Well, I see a business with strong and accelerating revenue growth. In the past eight quarters, Snowflake's revenue growth rate has averaged 29.1%. This inched up, again, over 30% last quarter. Gross margin, EBITDA margin, and free cash flow margin are all improving. One concern is stock-based compensation intensity. But as Snowflake scales its revenues, the proportion of stock-based compensation to revenue dropped to 31.4% in Q4. Still, diluted share count growth of 3% Y/Y remains a deteriorating trend to watch, and I'm also very interested in finding out why Snowflake's SG&A burden jumped in Q4. Valuation Assumptions I built a discounted cash flow model that primarily focuses on revenue growth and free cash flow margin. By adjusting the inputs and arriving at the current s...