Dragon Claws/iStock via Getty Images Last time I covered X Financial ( XYF ), I mentioned that the company was having strong revenue momentum, with improving delinquency rates, government-backed consumer loans, but the bottom line was getting hurt by marketing costs. And I finalized the article by saying that if macro conditions improve, then XYF would be on my buy list. This time, the scenario ha...
Dragon Claws/iStock via Getty Images Last time I covered X Financial ( XYF ), I mentioned that the company was having strong revenue momentum, with improving delinquency rates, government-backed consumer loans, but the bottom line was getting hurt by marketing costs. And I finalized the article by saying that if macro conditions improve, then XYF would be on my buy list. This time, the scenario has flipped; revenue declined substantially, mostly because of rapidly increasing delinquency rates, and the Chinese Government is heavily influencing the sector with new regulations and more rigorous oversight to ensure an interest rate cap for each type of new loan. So, the previous positive aspects are now deteriorating, and the company is having to slow growth down while macro conditions continue to negatively impact the Chinese economy. I am still keeping an eye on the stock, but business may continue to be challenging for XYF until next year, and I don’t plan on investing in it in the meantime. At the time, XYF was trading at 2.58x P/E GAAP, TTM, which was about in line with Chinese consumer finance peers Lufax Holding ( LU ), Qfin Holdings ( QFIN ), FinVolution Group ( FINV ), and LexinFintech Holdings ( LX ), but XYF had the strongest growth metrics among them, with a 25% 5-year compounded revenue growth and 33% 3-year compounded net income growth. The situation now is quite the opposite; growth gave way to decline, and the company is trading at an even deeper discount. XYF declined about 60% in the last 6 months, while peers declined about 40% on average over the same period, and now XYF trades at 0.94x P/E vs. peers, valued at around 2x P/E on average. These Chinese consumer finance companies experienced increased delinquency rates in general. For example, LU’s +90 days delinquencies increased from about 2.4% to 3.4%, FINV went from 1.6% to about 2.1%, and LX went from 2.2% to 3%. However, XYF’s 91- to 180-day delinquency rate increased a lot more, from 2.48% to 6.3...
Getty Images I've liked Prologis ( PLD ) for a long time. I was still buying after I had published my last strong buy article in July 2025. Since the date the article went live, I see that PLD delivered nearly 34% total return, which I'm very happy about. Seeking Alpha I've been buying more shares regularly until October 2025, when I published my last article. I rated PLD a hold then . Now, I see ...
Getty Images I've liked Prologis ( PLD ) for a long time. I was still buying after I had published my last strong buy article in July 2025. Since the date the article went live, I see that PLD delivered nearly 34% total return, which I'm very happy about. Seeking Alpha I've been buying more shares regularly until October 2025, when I published my last article. I rated PLD a hold then . Now, I see that PLD dropped game-changing results for Q1 2026. I see a lot of positive news, but don't get too excited. I see some risk factors as well. I will say this right from the get-go: I don't intend to upgrade my rating. PLD is still a hold for me despite the strong Q1 2026. With new data available and a massive valuation shift, I decided to prepare this follow-up article. I will start with the good news before I share my thoughts about risks I see in PLD. Q1 2026 Was A Great Quarter Prologis realized its three main initiatives I don't know if you remember, but PLD shared 3 initiatives as its priority for Q1 2026. They shared that in Q4 2025. Did they manage to achieve some success? I'm happy to say that yes, they did. I will go one by one with a help of management's comments shared during the last Earnings Call : First, we delivered another quarter of record leasing with 64 million square feet of signings supported by both strong retention and healthy new leasing activity. Occupancy exceeded our expectations, and we are raising our full year outlook. I can confirm that. Just look at the charts I pasted below. Yes, customer retention is lower than it used to be. But it is still strong. As a result, PLD outperformed its occupancy expectations. By a lot. I see the occupancy was the highest out of the last 5 quarters, which I find very reassuring. PLD's Investor Presentation As for initiative number 2: Second, we are putting our land bank to work across logistics and data centers with $2.1 billion of starts in the quarter, of which $1.3 billion was data center build-to-suits. The...
Earnings Call Insights: Tactile Systems Technology, Inc. (TCMD) Q1 2026 Management View "We delivered total revenue of $75.3 million, representing growth of 23% year-over-year." (CEO, President & Director Sheri Dodd) "For 2026, we are updating our full year revenue guidance to a range of $360 million to $368 million." (CEO Dodd) "Gross margins increased 250 basis points to 76.5% and adjusted EBITD...
Earnings Call Insights: Tactile Systems Technology, Inc. (TCMD) Q1 2026 Management View "We delivered total revenue of $75.3 million, representing growth of 23% year-over-year." (CEO, President & Director Sheri Dodd) "For 2026, we are updating our full year revenue guidance to a range of $360 million to $368 million." (CEO Dodd) "Gross margins increased 250 basis points to 76.5% and adjusted EBITDA increased $4 million year-over-year to $3.7 million." (CEO Dodd) "The Medicare PCD prior authorization requirement has been in place for just 3 weeks." (CEO Dodd) "We are actively managing early transition dynamics as both we and the MACs adjust our respective processes." (CEO Dodd) "Sales of AffloVest increased 22% year-over-year in the first quarter." (CEO Dodd) "We recently received FDA 510(k) clearance for our next-generation AffloVest product." (CEO Dodd) "Total revenue in the first quarter increased by $14 million or 23% to $75.3 million." (Chief Financial Officer Elaine Birkemeyer) "Gross margin was 76.5% of revenue compared to 74% in the first quarter of 2025." (CFO Birkemeyer) Outlook "For the full year 2026, we are raising our guidance and now expect total revenue in the range of $360 million to $368 million, representing growth of approximately 9% to 12% year-over-year." (CFO Birkemeyer) "This guidance assumes both our lymphedema and airway clearance businesses will grow in a similar overall range with airway clearance growing modestly faster." (CFO Birkemeyer) "The increase in guidance is driven by three primary factors." (CFO Birkemeyer) "First, we continue to expect strength in the commercial execution across the business." (CFO Birkemeyer) "Second, we have included the contribution from LymphaTech." (CFO Birkemeyer) "Third, we have incremental early confidence in how the MACs are navigating the new prior authorization requirements we discussed on our last call." (CFO Birkemeyer) Compared with the prior quarter’s full-year 2026 revenue outlook of $357 millio...