China’s telecom and computing equipment maker ZTE on Friday reported revenue of 134 billion yuan (US$19 billion) in 2025, up 10.4 per cent, with its computing business surging 150 per cent year on year to account for 24.6 per cent of total sales amid the computing boom. However, net profit attributable to shareholders fell 33.3 per cent to 5.62 billion yuan, while net profit excluding non-recurrin...
China’s telecom and computing equipment maker ZTE on Friday reported revenue of 134 billion yuan (US$19 billion) in 2025, up 10.4 per cent, with its computing business surging 150 per cent year on year to account for 24.6 per cent of total sales amid the computing boom. However, net profit attributable to shareholders fell 33.3 per cent to 5.62 billion yuan, while net profit excluding non-recurring items dropped 45.5 per cent to 3.37 billion yuan, according to a post-trading earnings filing. Gross margin for the year fell 7.66 percentage points to 30.25 per cent. Chairman Fang Rong attributed the decline to “a shift in the industry cycle combined with adjustments to the company’s business structure”, as spending on traditional telecoms network equipment by operators slowed. Advertisement Shares in Shenzhen-listed ZTE closed down 1.27 per cent at 37.4 yuan on Friday, giving the company a market value of 178.9 billion yuan, while its Hong Kong-listed shares fell about 2 per cent to HK$25.4. The company has been pushing its computing infrastructure buildout, including its servers and storage segments as well as data-centre solutions, whose revenue jumped 200 per cent and 50 per cent, respectively. Advertisement The Shenzhen-headquartered company touts what it describes as full-stack AI capabilities, drawing on its long-standing expertise in information and communications technology alongside chip design, algorithms and system integration.
JHVEPhoto/iStock Editorial via Getty Images Introduction The last time I covered The Gap ( GAP ), I highlighted their strong financials, attractive valuation, and resilient cash flow despite the ongoing macro headwinds, rating them a Buy. With the stock falling following their plan for a significant jump in CAPEX this year and more macro pressure despite tariff improvements, the company’s long-ter...
JHVEPhoto/iStock Editorial via Getty Images Introduction The last time I covered The Gap ( GAP ), I highlighted their strong financials, attractive valuation, and resilient cash flow despite the ongoing macro headwinds, rating them a Buy. With the stock falling following their plan for a significant jump in CAPEX this year and more macro pressure despite tariff improvements, the company’s long-term turnaround potential is even more impressive, backed by their strong cash flow and solid financial position that can support their improved shareholder returns alongside these investments. Internal Developments The Gap IR GAP reported an overall acceptable Q4 and 2025, with both the top- and bottom-line in the fourth quarter being in line with the market estimates, with a modest ~2% increase in net sales and a ~3.2% drop in EPS during the year, which is not terrible given the environment we’re talking about, as I’ll mention below. Still, despite this ongoing macro weakness, we can continue to see a solid FCF, reaching $823 million in 2025 compared to $1.04 billion in 2024, although the hit came as a result of working capital impacts and a ~$23 million increase in CAPEX, and adjusting it for working capital changes gets us to about $985 million in 2025 and $1.015 billion in 2024, underlining an overall solid business even during the tariff/consumer pressure and winter storm effects. The Gap IR As for 2026, GAP expects their net sales growth to continue in the 2% to 3% range, with most numbers remaining relatively flat or delivering slight growth, expecting their 2026 CAPEX to reach ~$650 million, a massive increase compared to the $470 million seen in 2025 and $447 million from 2024. Note that this guidance assumes tariff levels before the Supreme Court’s decision and the subsequent increase (about 200 bps on the gross margin in Q1). This massive jump comes from their “fix the fundamentals” phase, aiming at developing new store formats and remodeling now that they're done ...
Tom Werner/DigitalVision via Getty Images I've never found myself in a more complicated love-hate relationship than owning shares of Joint Stock Company Kaspi.kz ( KSPI ). When I last wrote this about Kaspi, the company was at $107 a share, I described Hepsiburada as a potentially transformative acquisition for the regional juggernaut of the steppes. The statement still rings true, and I have been...
Tom Werner/DigitalVision via Getty Images I've never found myself in a more complicated love-hate relationship than owning shares of Joint Stock Company Kaspi.kz ( KSPI ). When I last wrote this about Kaspi, the company was at $107 a share, I described Hepsiburada as a potentially transformative acquisition for the regional juggernaut of the steppes. The statement still rings true, and I have been on the hate side of the equation. The stock is now trading around $73. That is a painful 32% decline, and I owe readers a candid accounting of what has happened, what I think it means, and whether I would add at these prices. The short answer is yes. Let me explain why. What Has Actually Changed Since $107 The most important distinction to make upfront: the business has not fallen 32%. The stock has. Kaspi's revenue compounded from 889 billion tenge in 2021 to 4,046 trillion tenge in 2024, representing a four-year run of consistent 30%+ growth. I realize that the recent growth has come more from Hepsiburada and has yet to fall to the bottom line. Kaspi Revenue by Year (Author's Representation) That is not a business in distress. The gross margin has held above 70% throughout, which reflects the fundamental economics of Kaspi's platform: once you have built the super-app ecosystem, the marginal cost of adding a payment, a loan, or a marketplace transaction is trivially small. Kaspi is still the best super app business in the world, in my opinion, and that business has only gotten better. Kaspi Net Income Margin % By Year (Author's Representation) What has changed is the complexity of the narrative. The Hepsiburada acquisition brought Kaspi into Turkey, a market with a population ten times Kazakhstan's but also with 60%+ inflation not too long ago , currency volatility that would test any CFO's nerves, and geopolitical proximity to conflicts that make Western institutional investors nervous. The market has applied a discount, and that discount now looks excessive. The Divide...
Galdric/iStock via Getty Images Foreword Dan Burrows says in Kiplinger Investing: "The Berkshire Hathaway portfolio is a diverse set of blue chips and, increasingly, lesser-known growth bets. Here's a look at every stock picked by Warren Buffett and his lieutenants. Warren Buffett stepped down as CEO of Berkshire Hathaway ( BRK.A ) ( BRK.B ) at the end of 2025, and although he remains chairman, th...
Galdric/iStock via Getty Images Foreword Dan Burrows says in Kiplinger Investing: "The Berkshire Hathaway portfolio is a diverse set of blue chips and, increasingly, lesser-known growth bets. Here's a look at every stock picked by Warren Buffett and his lieutenants. Warren Buffett stepped down as CEO of Berkshire Hathaway ( BRK.A ) ( BRK.B ) at the end of 2025, and although he remains chairman, the holding company's stock portfolio is under new management. Buffett always handled the largest positions in the Berkshire Hathaway portfolio, but those days are no more. The greatest long-term investor of all time has confirmed that CEO Greg Abel will oversee the entire portfolio, supported by investment manager Ted Weschler. Notably, Todd Combs - who previously managed a portion of the portfolio alongside Weschler - departed in late 2025 to take a role at JPMorgan Chase ( JPM ). Weschler and Combs were thought to oversee perhaps 10% of Berkshire's $274.2 billion worth of U.S. equity holdings. Berkshire Q4 Buys: Berkshire upped its biggest bet in the energy sector, increasing its stake in Chevron ( CVX ), with the Buy-rated Dow Jones stock now Berkshire's 5th-largest holding. Berkshire continued to add to its stake in Chubb ( CB ). The insurer is the holding company's 8th-largest position. Berkshire also added to holdings in Domino's Pizza ( DPZ ) and Lamar Advertising ( LAMR ) in Q4. Berkshire Q4 Sales: Berkshire continued to pare back exposure to Apple ( AAPL ) in the Berkshire portfolio in Q4. Despite selling more than 10 million shares, Apple remains the top holding in the Berkshire Hathaway equity portfolio. Berkshire also sold shares in Bank of America ( BAC ), DaVita ( DVA ) and Constellation Brands ( STZ ), among other smaller interests. Interestingly, Berkshire's most significant reduction in percentage terms was its stake in Amazon ( AMZN ). The conglomerate cut its position by 77%, offloading nearly 8 million shares of the Magnificent 7 stock. With a market valu...
Daniel Berger extended his lead to five shots at the Arnold Palmer Invitational as Rory McIlroy rallied in the second round. American Berger, 32, followed up his superb opening nine-under-par 63 - one short of the Bay Hill course record - by shooting a 68 on Friday. Compatriot Akshay Bhatia is in second on eight under after carding a 66, the lowest round of the day in Orlando. Northern Irishman Mc...
Daniel Berger extended his lead to five shots at the Arnold Palmer Invitational as Rory McIlroy rallied in the second round. American Berger, 32, followed up his superb opening nine-under-par 63 - one short of the Bay Hill course record - by shooting a 68 on Friday. Compatriot Akshay Bhatia is in second on eight under after carding a 66, the lowest round of the day in Orlando. Northern Irishman McIlroy went round in 68 to move to four under and a share of ninth place.
Key Points In his letter to shareholders, new Berkshire Hathaway CEO Greg Abel listed four companies that he views as "core holdings" in the large equities portfolio. What's more interesting is the companies he didn't list. Some of the omissions included stocks in the portfolio's current top five holdings. 10 stocks we like better than Chevron › New Berkshire Hathaway CEO Greg Abel launched his te...
Key Points In his letter to shareholders, new Berkshire Hathaway CEO Greg Abel listed four companies that he views as "core holdings" in the large equities portfolio. What's more interesting is the companies he didn't list. Some of the omissions included stocks in the portfolio's current top five holdings. 10 stocks we like better than Chevron › New Berkshire Hathaway CEO Greg Abel launched his tenure as the company's new chief with an 18-page letter to shareholders that shed light on many details regarding how Abel plans to run the sprawling company, how Berkshire is currently performing, how it is positioned for the future, and other, perhaps more surprising comments about plans for Berkshire's massive $318 billion equities portfolio. For instance, Abel cited four key positions in Berkshire's portfolio -- Apple, American Express, Coca-Cola, and Moody's -- that he expects "will compound over decades" and will experience "limited activity," barring any fundamental changes in their long-term prospects. What's equally interesting is that Abel did not include two of Berkshire's current top-five positions in the group. Are these two stocks now on the chopping block? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Bank of America -- 8.1% of portfolio One stock not mentioned by Abel as a "core holding" is Bank of America (NYSE: BAC), the second-largest bank by assets in the U.S. and the fourth-largest position in Berkshire's portfolio. While dumping many of its bank stocks during the pandemic, Berkshire loaded up on Bank of America, signaling that it would be its preferred large bank. While Buffett and Berkshire have a long history with the banking sector, they have also clearly soured on the industry. Berkshire has also cut its stake in Bank of America in half over the past few years. In 2011, followin...
Saudi Arabia intercepted drones in the Empty Quarter desert that were heading toward the Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day, according to state-run SPA. Four drones on track for Shaybah were intercepted and destroyed , state-run Saudi Press Agency said in a post on X, citing the official spokesperson for the Ministry of Defense. Saudi Arabia also ...
Saudi Arabia intercepted drones in the Empty Quarter desert that were heading toward the Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day, according to state-run SPA. Four drones on track for Shaybah were intercepted and destroyed , state-run Saudi Press Agency said in a post on X, citing the official spokesperson for the Ministry of Defense. Saudi Arabia also intercepted two ballistic missiles launched toward Prince Sultan air base and drones east of Riyadh, according to the SPA. Saudi Arabia was forced to halt operations at the Ras Tanura oil refinery last week, the country’s largest, following an Iranian drone strike in the area, and is seeking to divert barrels to its Red Sea ports for export after the effective closure of the Strait of Hormuz. The conflict in the Middle East has rattled energy markets, driving up prices of crude, natural gas and gasoil. Along with its crude production capacity, the Shaybah field has a 2.4-billion standard cubic feet per day natural gas liquids recovery plant, according to the website of state producer Saudi Aramco. Read More: Traders Warn $100 Oil Is Imminent If Iran War Keeps Raging The kingdom has stepped up direct engagement with Iran to try and contain the war, according to several European officials, with Saudi Arabia deploying their diplomatic backchannel to Tehran with greater urgency to de-escalate tensions and prevent the conflict from worsening.
What the Trump administration says about why it went to war with Iran toggle caption Andrew Caballero-Reynolds/AFP via Getty Images Stay up to date with our Politics newsletter, sent weekly. The Trump administration says it is "laser focused" and mission driven in its attacks on Iran, but messaging from President Trump, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth has been var...
What the Trump administration says about why it went to war with Iran toggle caption Andrew Caballero-Reynolds/AFP via Getty Images Stay up to date with our Politics newsletter, sent weekly. The Trump administration says it is "laser focused" and mission driven in its attacks on Iran, but messaging from President Trump, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth has been varied. The wide range of motivations they have cited for why they attacked Iran now are sometimes at odds with each other and far from precise. Here's a look at what the administration says about why it launched strikes on Iran and where the conflict goes from here: "The United States of America will come to their rescue" "If Iran sho[o]ts and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue. We are locked and loaded and ready to go." — President Trump in a Jan. 2 Truth Social post Sponsor Message In early January, Trump threatened taking military action if Iran continued to kill demonstrators during historic protests against the regime. A couple of weeks later, Trump followed up, urging demonstrators to "keep protesting" and adding, "Help is on its way." But the regime continued to kill protesters in mass numbers, which many international observers saw as crossing Trump's red line and adding pressure on him to strike. Days after launching initial strikes on Feb. 28, Trump again pointed to the number of protesters killed as rationale for going to war. But when pressed to clarify the imminent threats for taking action, the White House has not mentioned protesters among the top reasons for striking when it did. "Something had to be done" "Something had to be done, and it's been 47 years. They've been killing people all over the world for a long time. They were the kings and fathers of the roadside bomb." — President Trump during a bilateral meeting with German Chancellor Friedrich Merz on March 3 When announcing ...