Charged Alpha Stock Encyclopedia

Freightos (CRGO) Q2 2026 — Freightos furnished its Q2 2026 Form 6-K BEFORE THE OPEN on Monday August 17 (acc 0001104659-26-097609, accepted 09:08:50 ET per the EDGAR index page; the webcast was 8:30am ET). The reaction session is Monday Aug 17 and it is fully settled: the shares opened USD1.52, ran to USD1.85 by 12:20 and closed USD1.67 against Friday's USD1.35 - UP 23.70 pct, the 7th largest of 893 sessions since it began trading as Freightos, on 6,967,300 shares. That is the HEAVIEST session in its listed history, 8.3x the next-heaviest (842,519 in March) and about 300x the 20-session median of 23,200. It then closed USD1.57 on Aug 18 and USD1.40 on Aug 19, giving back 84.4 pct of the print-day gain; net from the pre-print close, PLUS 3.70 pct. NOTE the vendor EOD changePercent for Aug 17 reads PLUS 9.87 because it is measured from its own USD1.52 OPEN, not Friday's close.
Freightos is a vendor-neutral digital platform for booking and paying for international air and ocean freight, plus a subscription software business selling rate management, procurement, tendering and customs tools to freight forwarders and enterprise shippers. It is a Cayman Islands company run from Barcelona, listed on Nasdaq since January 2023 via the Gesher I SPAC, and it reports in US DOLLARS under IFRS - not euros, despite the Spanish head office. It bought Shipsta in August 2024. Founder Zvi Schreiber left as CEO on 31 January 2026; Pablo Pinillos became permanent CEO on 16 March 2026 and still holds the CFO role.
THE CALL: HOLD (3/5, MEDIUM - A REAL MARKETPLACE, A SHRINKING TAKE RATE, AND A PRICE THAT ALREADY DISCOUNTS BOTH) — base-case value ~$1.54 vs ~$1.4 today.
KEY METRICS:
- PRINT: Q2 2026 revenue USD7.69M, up 3.4 pct on USD7.44M and a company record, above the USD7.2-7.4M guided in May. IFRS gross margin 67.6 pct vs 67.1 pct; non-IFRS 74.1 pct vs 73.5 pct. Operating expenses USD8.74M vs USD9.51M, DOWN 8.0 pct. Operating loss USD3.55M vs USD4.51M. Adjusted EBITDA loss USD2.03M vs USD2.90M - the smallest ever. IFRS loss USD1.63M vs USD4.28M, EPS -USD0.03 vs -USD0.09, but USD2.11M of that USD2.65M improvement is the non-cash de-SPAC WARRANT mark; the operating loss improved only USD0.97M.
- ANGLE: Freightos charges PER BOOKING, not on booking value. Gross Booking Value hit a record USD422M, up 33.2 pct, but the platform fees earned on it were USD2.9M, up 19 pct - so the take rate, on the company's OWN definition (platform revenue over GBV), was 0.69 pct against 0.79 pct. Annually it is 0.94 pct (2024), 0.77 pct (2025, the approx 0.8 pct the 20-F discloses), 0.69 pct now. Value per booking rose 15.5 pct to USD921 on air rates the company says sit ~25 pct above pre-conflict levels; TOTAL revenue per booking FELL 10.3 pct to USD16.79.
- GUIDE, READ SIDEWAYS: on 26 May Freightos guided FY2026 to 1,811-1,836k bookings, USD1,514-1,532M GBV and USD30.2-31.4M revenue. On 17 August it RAISED bookings to 1,847-1,869k and GBV to USD1,533-1,560M, and CUT the revenue ceiling to USD30.4-31.0M - after a quarter that beat all three of its own guided lines. Implied H2 revenue fell USD0.49M (3.0 pct). Marketplace fees are only 37.7 pct of revenue; subscription software is 62.4 pct and fell 4 pct. Cash and deposits USD21.4M (29.4 pct of the cap), no debt.
What to watch: UP: two quarters of a STABLE take rate as the Middle East air-freight spike unwinds; the subscription line (62 pct of revenue, down 4 pct this quarter) reaccelerating on the tendering and procurement products; cash operating costs actually falling the ~14.8 pct in H2 that the guide requires. DOWN: the take rate sliding a fourth year running; the Q4 Adjusted EBITDA loss the current guide implies (about USD0.5M) widening instead of reaching the stated breakeven exit; the permanent CFO search staying open.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Taylor Devices (TAYD) Q4 FY2026 — Taylor Devices filed its FY2026 Form 10-K INTRADAY on Tuesday August 18 (acc 0001376474-26-000567, accepted 11:52:58 ET), with a PR Newswire release the same day. There is NO earnings 8-K in EDGAR - none this year and none last year - and no call, no deck and no numeric guidance. The reaction session is Tuesday Aug 18 and it is settled: the shares closed USD55.91 against Monday's USD55.35, up 1.01 pct, on 118,419 shares - 5.11x the 20-session median of 23,164 and the 14th heaviest of 2,672 sessions since 2016. Wednesday Aug 19 closed USD57.70, up a further 3.20 pct, the 10th heaviest. Two sessions from the pre-print close: PLUS 4.25 pct. NOTE the vendor EOD changePercent for Aug 18 reads PLUS 3.00 because it is measured from its own 54.28 OPEN.
Taylor Devices is a 71-year-old New York manufacturer of shock absorption, rate control and energy storage devices - seismic dampers for buildings and bridges, plus custom isolators, machined springs and actuators for aerospace and defense. ONE segment, ONE plant on six acres of Tonawanda Island, 135 employees. It does NOT report a fourth quarter, so the Q4 figures below are the filed year less the filed nine months - and they match the company's own published Q4 numbers exactly.
THE CALL: HOLD (3/5, MEDIUM - THE ORDER BOOK IS REAL, IT IS A DEFENSE BOOK NOW, AND THE PRICE ALREADY PAYS FOR IT) — base-case value ~$54.63 vs ~$57.7 today.
KEY METRICS:
- PRINT: FY2026 revenue USD41.65M, down 10.0 pct; gross margin 44.1 pct vs 46.4 pct; operating income USD7.34M, down 23.7 pct; net income USD8.56M, down 9.0 pct; diluted EPS USD2.62 vs USD2.87. Q4 is DERIVED (year less nine months) and matches the company's own release exactly: revenue USD8.95M vs USD15.56M, down 42.5 pct; operating income USD0.55M vs USD3.76M, down 85.3 pct; margin 6.2 pct vs 24.2 pct; net income USD1.87M on a USD0.90M Q4 tax credit.
- ANGLE: a RECORD USD52.8M order book against USD27.1M, up 94.8 pct and 59.5 pct above the old FY2024 record of USD33.1M - but on THREE FEWER orders (139 vs 142), so the average order doubled to USD380K. Aerospace/defense is 92 pct of that book against 75 pct; STRUCTURAL, the seismic business Taylor is named for, is 5 pct against 19 pct - roughly USD5.1M of orders became USD2.6M. One USD19M order, the largest ever, is 36 pct of the book, and Taylor's own schedule puts only USD1.7M of it in FY2027, USD5.0M in FY2028, USD10.0M in FY2029 and USD2.3M in FY2030.
- EVIDENCE: Note 9 gives dollars - aerospace/defense USD27.52M (up 1.4 pct), structural USD10.26M (down 30.8 pct), industrial USD3.86M (down 10.8 pct). Structural alone is 98.3 pct of the whole USD4.64M revenue decline; Asia fell USD7.0M to USD3.2M. Strip the USD19M order and the near-term book is USD35.5M, up 31 pct - real, but not up 95 pct. Balance sheet: USD41.48M cash and short-term investments, ZERO debt, a 12.8x current ratio. Tax rate 4.7 pct vs 14.7 pct on a USD929,900 option difference; normalised EPS USD2.33. 382,445 options outstanding at USD29.58.
What to watch: UP: the Q1 FY2027 10-Q around end-September showing the record book converting, with revenue above last year's Q1 USD9.92M; any pull-forward of the USD19M order, of which only USD1.7M is scheduled into FY2027. DOWN: structural revenue converging on its own USD2.6M order book; a second year of aerospace/defense order timing slipping out of the fiscal year as it did in FY2026.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Auna S.A. (AUNA) Q2 2026 — Auna released 2Q26 AFTER THE CLOSE on Tuesday August 18 (Form 6-K 0000950103-26-012579 accepted 21:12:52 ET; call 8:00 a.m. ET Wednesday Aug 19). The reaction session is Wednesday Aug 19 and it is settled. The shares GAPPED to USD4.64 against Tuesday's USD5.42 close - down 14.39 pct, the WIDEST opening gap in all 603 sessions since the March 22 2024 listing and 3.3x wider than the next (31 March 2025, 4.37 pct) - made the low of USD4.63 inside the first five-minute bar, and then bought the entire gap back to CLOSE USD5.43, up 0.18 pct, on 903,733 shares, 5.23x the 20-session average of 172,844. The high-to-low span of 21.4 pct is the second widest of 604 sessions. NOTE the vendor EOD changePercent for that session reads PLUS 17.03 because it is measured from the OPEN, not the prior close - it turns a FLAT session into a double-digit rally.
Auna S.A. is a Luxembourg-domiciled foreign private issuer running one of Latin America's largest private healthcare platforms - 31 facilities and 2,337 beds across Mexico, Peru and Colombia, plus the Oncosalud prepaid oncology plan business in Peru. It reports in PERUVIAN SOLES (PEN) under IFRS; the US dollar columns in its release are indicative only, struck at one fixed rate of PEN 3.4100. The class A ordinary shares list DIRECTLY on the NYSE - there is no depositary receipt - alongside 43,917,577 unlisted class B shares. 2Q26 revenue was PEN 1,238M, up 13.2 pct as reported but 9 pct in constant currency; adjusted EBITDA was PEN 227M, down 5.8 pct reported and 9 pct constant-currency, on an 18.4 pct margin against 22.1 pct.
THE CALL: BUY (3/5, MEDIUM - THE CASH IS REAL, THE DELEVERAGING IS NOT, AND THE PRICE PAYS FOR NEITHER) — base-case value ~$7.64 vs ~$5.43 today.
KEY METRICS:
- PRINT: 2Q26 revenue PEN 1,238M, up 13.2 pct reported and 9 pct CONSTANT CURRENCY. Adjusted EBITDA PEN 227M, down 5.8 pct reported and 9 pct constant-currency, margin 18.4 pct vs 22.1 pct. Net income PEN 33M (PEN 0.40 a share) vs PEN 84M. In local currency: Mexico revenue plus 4 pct with segment EBITDA minus 16 pct; Peru plus 8 pct, EBITDA flat; Colombia plus 13 pct, EBITDA minus 12 pct.
- ANGLE: leverage printed 3.6x at ALL THREE reporting dates - Jun-25, Dec-25, Jun-26. It is flat because BOTH halves shrank: net debt minus 7.8 pct (PEN 3,528M to PEN 3,252M) and trailing adjusted EBITDA minus 7.3 pct (PEN 968M to PEN 897M). GROSS debt actually ROSE PEN 74M in the half - a weaker sol added PEN 117M of non-cash debt against PEN 49M actually repaid, 2.39x.
- CALL: BUY 3/5. Fair value USD7.64 vs USD5.43 (plus 40.7 pct). Enterprise value USD1,355.6M on 5.15x trailing adjusted EBITDA of USD263.0M, and the equity is only 29.6 pct of that enterprise. The cash stack leaves about PEN 129M after interest, capex, tax and leases - a 9.4 pct free-cash yield. First-half operating cash flow PEN 441M, up 75.7 pct; free cash flow up 181 pct.
What to watch: UP: a third-quarter adjusted EBITDA above PEN 254M, which would beat every quarter in Auna's own eight-quarter table and put the full-year guide in reach; Colombia's contracted second-half price increases landing against a 13.1 pct segment margin; a leverage print near 3.0x on a RISING denominator. DOWN: a fourth consecutive 3.6x with trailing adjusted EBITDA still falling; the sol weakening further against the Mexican peso and the dollar, which re-inflates gross debt with no cash leaving the building; Colombia's risk-sharing contracts failing to reprice as scheduled.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

La-Z-Boy (LZB) Q1 FY2027 — LZB released Q1 FY2027 AFTER THE CLOSE on Tuesday August 18 (Form 8-K 0000057131-26-000034 accepted 20:16:32 ET, Form 10-Q 0000057131-26-000035 at 20:20:21 ET; call 8:30 a.m. ET Wednesday Aug 19). The reaction session is Wednesday Aug 19: the shares GAPPED to USD33.70 against Tuesday's USD40.83 close, never traded back to that level, and CLOSED USD33.91 - a fall of 16.95 pct on 2,648,955 shares, 6.80x the 30-session average of 389,686. That is the THIRD-LARGEST single-session decline in 2,512 sessions of tape since 2016, behind only August 2017 (20.16 pct) and February 2022 (17.26 pct). NOTE the vendor EOD changePercent for that session reads PLUS 0.64 because it is measured from the OPEN, not the prior close - it carries the WRONG SIGN.
La-Z-Boy Incorporated is a 99-year-old US residential furniture group based in Monroe, Michigan, reporting two segments - Wholesale (manufacturing, over 90 pct of product made in North America) and Retail (company-owned La-Z-Boy Stores) - plus Corporate and Other, which carries Joybird. It is a US domestic filer reporting US GAAP. Q1 FY2027 sales were USD475.7M against USD492.2M, down 3.4 pct, or down 1 pct excluding the divested Casegoods wholesale business. GAAP diluted EPS was a LOSS of USD0.06 and ADJUSTED diluted EPS USD0.43, against USD0.47 a year ago and a published bar of USD0.49.
THE CALL: BUY (3/5, MEDIUM - THE CHANNEL MATH IS REAL AND THE TAPE JUST PRICED THE BEAR CASE) — base-case value ~$38.97 vs ~$33.91 today.
KEY METRICS:
- PRINT: Q1 sales USD475.7M (down 3.4 pct) - BELOW the USD490M floor of management's own June guide. Adjusted operating margin 3.9 pct against a 4.0-5.5 pct guided range and 4.8 pct a year ago. Adjusted EPS USD0.43 vs USD0.47 and a USD0.49 bar. The GAAP loss is two Mexican plant closures, USD17.6M.
- ANGLE: Note 11 strikes intersegment sales at market prices, so the factory margin is identical either way. On the same USD228.6M of consumer revenue the company-owned channel earned USD21.9M of adjusted operating profit against USD7.1M through a dealer - 3.07x. External wholesale sales fell 14.3 pct while sales to its OWN stores rose 6.7 pct.
- CALL: BUY 3/5. Fair value USD38.97 vs USD33.91 (plus 14.9 pct), cross-checked at USD38.67 on a separate discounted cash flow. 11.3x trailing adjusted earnings, 9.0x net of USD6.67 a share of cash, no external debt, a 2.85 pct dividend. The Q2 guide puts the seasonally STRONGEST quarter on the same 4.0-5.5 pct margin band as the weakest.
What to watch: UP: a Q2 FY2027 print at the top of BOTH the USD500-520M sales range and the 4.0-5.5 pct adjusted operating-margin range; a second consecutive POSITIVE written same-store sales figure; visible pace on the USD291.2M open repurchase authorisation, which is 21.4 pct of the market value. DOWN: adjusted operating margin settling at the 5.5 pct top of the guided band as the new normal; capital spending running to the USD110M top of the guide with free cash flow still negative; Joybird written orders staying down double digits.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Flexsteel Industries (FLXS) Q4 FY2026 — FLXS released Q4 and full-year FY2026 AFTER THE CLOSE on Monday August 17 (Form 8-K 0001193125-26-354160 accepted 20:31 ET; call 8:00 a.m. CT on Tuesday Aug 18). The reaction session is Tuesday Aug 18: the shares GAPPED to USD81.00, ran to USD88.49 - a 12-month intraday high - and CLOSED USD77.16, +8.89 pct against Monday's USD70.86 close, on 275,200 shares (5.63x the 30-session average), handing back 64 pct of the peak gain. NOTE the vendor EOD changePercent for that session reads -4.74 because it is measured from the OPEN, not the prior close - it carries the WRONG SIGN. Aug 19 closed USD78.17 (+1.31 pct), a 12-month closing high.
Flexsteel Industries is a 130-year-old US residential furniture manufacturer and importer based in Dubuque, Iowa - one reportable segment, plants in Juarez, Mexico and finished goods sourced from Vietnam. It is a US domestic filer reporting US GAAP. Q4 FY2026 net sales were USD115.4M against USD114.6M, up 0.7 pct. GAAP diluted EPS was USD2.58 and ADJUSTED diluted EPS USD1.33, against USD1.40 a year ago and a published bar of USD1.09. Full-year sales were USD459.2M (+4.1 pct) with record adjusted EPS of USD4.94.
THE CALL: HOLD (3/5, MEDIUM - THE BUYBACK MATH IS REAL, BUT THE TAPE HAS ALREADY PAID FOR IT) — base-case value ~$70.48 vs ~$78.17 today.
KEY METRICS:
- PRINT: Q4 sales USD115.4M (+0.7 pct), the 11th straight quarter of growth and the slowest. Adjusted EPS USD1.33 vs a USD1.09 bar - but DOWN from USD1.40. Adjusted operating income FELL 19.8 pct to USD8.2M, margin 9.0 to 7.1 pct.
- ANGLE: on 26 April Flexsteel bought 1,279,870 shares - 23.9 pct of the company - from a DIRECTOR and his family at USD47.00, for USD60.2M. Shares outstanding went 5,352,000 to 4,107,000 in one quarter. The stock is now USD78.17.
- CALL: HOLD 3/5. Fair value USD70.48 vs USD78.17 (-9.8 pct). The FY2026 adjusted profit of USD27.0M on the 4,091,741 shares that exist is USD6.59 a share, not the reported USD4.94 - and the vendor market cap of USD418.6M is 30.9 pct too high.
What to watch: UP: a Q1 FY2027 print at the top of BOTH the USD111-115M sales range and the 6.5-7.0 pct operating-margin range; spending the remaining USD28.6M repurchase authorisation at pace (8.9 pct of the market value); evidence the January Section 232 step-up is being passed through in price. DOWN: the Section 232 duty on seating rising from 25 to 30 pct on 1 January 2027 and being absorbed; adjusted operating margin tracking below the 6.5 pct guide floor; receivables continuing to grow faster than sales.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Yalla Group (YALA) Q2 2026 — YALA released Q2 2026 AFTER THE CLOSE on Monday August 17 (release datelined Aug 17, call 8:00 PM ET; Form 6-K 0001193125-26-354652 accepted 10:07 ET on Aug 18). The reaction session is Tuesday Aug 18: the shares traded down to USD5.19, up to USD5.74 and CLOSED USD5.56, +4.12 pct against Monday's USD5.34, on 746,346 shares (2.99x the 30-session average). NOTE the vendor EOD changePercent of 6.92 is measured from the OPEN, not the prior close. Aug 19 closed USD5.51 (-0.90 pct).
Yalla Group runs the largest MENA-based voice-chat and casual-gaming platform from Dubai - the Yalla group-chat app and Yalla Ludo - and is a Cayman-incorporated foreign private issuer that reports in US dollars and files 6-Ks. Each ADS is exactly ONE Class A ordinary share, so EPS per share is EPS per ADS. Q2 2026 revenue was USD82.6M against USD84.6M, above the top of its own USD75-82M guide. GAAP diluted EPS was USD0.18 against USD0.20. Net income was USD29.3M and non-GAAP net income USD34.4M.
THE CALL: BUY (3/5, MEDIUM - THE DISCOUNT IS REAL AND EARNED, BUT IT HAS GONE TOO FAR) — base-case value ~$6.88 vs ~$5.51 today.
KEY METRICS:
- PRINT: Q2 revenue USD82.6M (-2.3 pct) but ABOVE the top of its own USD75-82M guide. Games USD34.2M (+11.6 pct, 41.4 pct of revenue); chatting USD47.4M. GAAP diluted EPS USD0.18 vs USD0.20.
- ANGLE: selling and marketing doubled to USD17.8M (+106 pct) - 82 pct of the entire USD11.2M operating-income decline - and monthly users FELL 0.8 pct sequentially while paying users dropped 2.9 pct year over year.
- CALL: BUY 3/5. Fair value USD6.88 vs USD5.51 (+24.9 pct). Cash and investments of USD824.2M are 100.7 pct of the USD818.8M market cap - but 35.2 pct of pre-tax profit IS that cash, and 93.6 pct of it sat in Greater China banks at end-2025.
What to watch: UP: a Q3 print at the top of the USD78-85M guide with paying users above 10.9M, which would say the doubled marketing converted; selling and marketing back under 15 pct of revenue; a step up in the buyback toward the USD75M-a-year maximum of the 2026 authorisation. DOWN: revenue tracking the guide midpoint (-9.1 pct year over year); marketing permanent at 21.6 pct of revenue; the investment-income mark reversing.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Mercury Systems (MRCY) Q4 FY2026 — MRCY released Q4 and full-year fiscal 2026 AFTER THE CLOSE on Tuesday August 18 (call 5:00 PM ET; Form 8-K 0001049521-26-000043 accepted 20:01 ET and the 10-K 0001049521-26-000045 at 21:05 ET). Shares had ALREADY fallen 7.37 pct to USD105.00 on Aug 18 on 2,040,501 shares (3.35x average) BEFORE the release. On Aug 19 they opened USD104.67, ran to USD108.03, broke to USD97.41 and CLOSED USD101.25 (-3.57 pct) on 1,723,265 shares (2.83x average). Two-session move -10.7 pct.
Mercury Systems builds signal and data processing electronics for the large US defense primes from Andover, Massachusetts, with one reportable segment and 97 pct of revenue from government-funded programs. Fiscal 2026 ended July 3, 2026 and was a 53-week year; the fourth quarter ran 14 weeks against 13 a year earlier. Q4 revenue was USD289.8M, adjusted EPS USD0.37 against a USD0.3827 bar, and GAAP EPS USD0.01. For the full year revenue was USD983.6M, adjusted EPS USD1.06, and GAAP a LOSS of USD0.50 a share.
THE CALL: AVOID (4/5, HIGH - THE OPERATING TURNAROUND IS REAL; THE PRICE ALREADY ASSUMES THE NEXT ONE) — base-case value ~$67.1 vs ~$101.25 today.
KEY METRICS:
- PRINT: Q4 revenue USD289.8M (+6.1 pct) but on 14 weeks vs 13 - USD20.70M a week vs USD21.01M, so -1.5 pct like-for-like. Adjusted EPS USD0.37 vs a USD0.3827 bar and USD0.47 a year ago.
- ANGLE: FY26 free cash flow fell 42.8 pct to USD68.1M - 45.3 pct of adjusted EBITDA against 99.7 pct in FY25, and management guides FY27 conversion to 35 pct against its own 50 pct target.
- CALL: AVOID 4/5. Fair value USD67.10 vs USD101.25 (-33.7 pct). 42.1x trailing adjusted EBITDA, 31.6x the FY27 guide, a 1.12 pct free cash flow yield, and a fourth straight GAAP loss year.
What to watch: UP: free cash flow conversion at or above the 50 pct target in fiscal 2027 against a guide of 35 pct; gross unfavorable estimate revisions under USD30M (they were USD47.6M in FY26 and USD47.7M in FY25). DOWN: a fiscal 2027 first quarter cash outflow worse than the larger-than-normal one management already flagged; a rising sold-receivables balance flattering operating cash flow.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

ZTO Express (ZTO) Q2 2026 — ZTO released Q2 2026 AFTER THE CLOSE on Tuesday August 18 (call 8:30 PM ET that evening; Form 6-K 0001104659-26-098506 accepted 06:05 ET the next morning). Shares closed USD23.13 on Aug 18, OPENED USD21.50 (-7.05 pct) and CLOSED USD21.51 (-7.00 pct) on Aug 19 at 2.16x average volume. Session range USD21.22-22.15.
ZTO Express is China's largest parcel-delivery network, listed on the NYSE and in Hong Kong, carrying about one parcel in five nationwide. It reports in yuan under US GAAP, and one ADS equals one Class A ordinary share. Q2 2026 revenue was 14.55bn yuan, up 23.0 pct, adjusted net income 3.09bn yuan, up 50.3 pct, and adjusted diluted EPS per ADS 3.79 yuan, which the company translates to USD0.56 against a USD0.501 bar.
THE CALL: BUY (3/5, MODERATE - CHEAP AND CASH-RICH, BUT THE EARNINGS RECOVERY IS A PRICE RECOVERY) — base-case value ~$26.02 vs ~$21.51 today.
KEY METRICS:
- PRINT: revenue 14.55bn yuan (+23.0 pct), operating income 3.23bn yuan (+30.4 pct) at a 22.2 pct margin, adjusted diluted EPS per ADS 3.79 yuan (USD0.56) vs a USD0.501 bar.
- ANGLE: parcel volume grew only 6.5 pct, half the 13.2 pct of Q1, and the 2026 volume guide was cut from 10-13 pct to 6-10 pct. The new ceiling of 42.4bn parcels is the old floor of 42.37bn.
- CALL: BUY 3/5. Fair value USD26.02 vs USD21.51 (+21.0 pct). 9.6x 2026 adjusted earnings ex-cash, 6.0x adjusted EBITDA, USD1.40bn net cash, at least 50 pct of prior-year profit returned.
What to watch: UP: a fourth consecutive flat reading on revenue per parcel (1.37, 1.37, 1.39 yuan across the last three quarters) confirming the regulated price floor is structural; continued buyback at 52 pct of prior-year adjusted profit. DOWN: any softening of regional minimum parcel prices; a second-half volume print near the bottom of the new 6-10 pct guide.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Opera (OPRA) Q2 2026 — Opera released Q2 2026 BEFORE THE OPEN on Wednesday August 19 (Form 6-K 0001737450-26-000014, EDGAR acceptance 07:01 ET; call 8:00 AM ET). Shares closed USD19.51 on Aug 18, OPENED USD18.18 (-6.84 pct) and CLOSED USD18.12 (-7.12 pct) on 4.90x volume. Session range USD17.63-18.61.
Opera Limited is an Oslo-headquartered, Cayman-incorporated browser company listed on Nasdaq as ADSs, each representing ONE ordinary share, reporting under IFRS in US dollars. Q2 2026 revenue was USD178.1M, up 25 pct, with adjusted EBITDA of USD42.4M at a 23.8 pct margin - both above the top of Opera's own April guidance ranges.
THE CALL: BUY (3/5, MODERATE - CHEAP, BUT THE SECOND-HALF GUIDE WAS NOT RAISED) — base-case value ~$21.31 vs ~$18.12 today.
KEY METRICS:
- PRINT: revenue USD178.1M (+25 pct) and adjusted EBITDA USD42.4M (+32 pct), both above the top of guidance. Adjusted diluted EPS USD0.33; IFRS USD0.30.
- ANGLE: the FY adjusted-EBITDA guide rose USD1.5M while the quarter beat its own guide by USD1.4M - 95 pct of the raise. The implied Q4 grows 14 pct.
- CALL: BUY 3/5. Fair value USD21.31 vs USD18.12 (+17.6 pct). 6.7x guided EBITDA ex-cash and ex-OPay; 4.4 pct dividend yield; zero borrowings.
What to watch: UP: the Q3 print (guided USD181-183M revenue, USD41-43M adjusted EBITDA) beating the top of the range for a fourth straight quarter; an OPay funding round or sale at or above its USD300.9M carrying value. DOWN: any re-pricing of the query/search agreements that produce 35 pct of revenue; an e-commerce advertising air pocket.
Also on YouTube: @ChargedAlpha
DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

Flex LNG (FLNG) Q2 2026 — Flex LNG released Q2 2026 BEFORE THE OPEN on Wednesday August 19 (Form 6-K 0001628280-26-057820, EDGAR acceptance 02:22 ET; webcast 9:00 AM ET). Shares closed USD31.10 on Aug 18, OPENED USD32.52 (+4.57 pct) and traded USD32.29 (+3.83 pct) at 1:48 PM ET on 1.64x volume - INTRADAY.
Flex LNG owns thirteen modern LNG carriers built 2018-2021, all MEGI or X-DF propulsion. Bermuda-incorporated, NYSE-listed, reporting in US GAAP and US dollars. Q2 2026 vessel operating revenues were USD106.8M on a USD86,119 a day time charter equivalent rate, the best since Q4 2021.
THE CALL: AVOID (4/5, HIGH - A GOOD FLEET FUNDING A DIVIDEND IT DOES NOT EARN) — base-case value ~$19.97 vs ~$32.29 today.
KEY METRICS:
- CALL: AVOID, 4/5. Fair value USD19.97 vs USD32.29 (-38.2 pct). Bear USD12.26 / base USD20.33 / bull USD26.96, weighted 25/50/25. Free cash flow to equity after cash interest, drydocking and scheduled amortisation, with an ASSET-BASED terminal value (USD185M a ship in 2030) rather than a growth tail, discounted at 10.5 pct over 54.1M shares.
- THE PRINT: vessel operating revenues USD106.8M (USD102.7M ex EU allowances) vs a USD93.5M bar, +14.2 pct. Adjusted basic EPS USD0.79 vs a USD0.624 bar, a +26.6 pct beat. US GAAP EPS was USD0.83 - HIGHER than adjusted, because the adjustment strips a USD2.4M UNREALISED swap gain. Time charter equivalent USD86,119 a day, +31 pct. Adjusted EBITDA USD79.0M.
- THE ANGLE: first-half cash from operations was USD86.5M against USD81.1M of dividends paid and USD55.5M of contractual debt repayment - USD136.7M of uses. Operations covered 63 pct. The shortfall was USD50.2M, and cash fell USD50.3M, from USD447.6M at the year end to USD397.4M at 30 June. The bridge ties to about USD130,000.
- NOT A ONE-OFF: from the filed 20-Fs via SEC XBRL, cash left after scheduled debt repayment covered 35 pct of the dividend in 2023, 50 pct in 2024 and 22 pct in 2025 - 36 pct across the three years together. The gap was funded with USD1.61bn of new long-term debt. Contributed Surplus, the Bermuda account dividends are paid from, fell USD221.3M to USD140.1M in six months.
- TESTED AND REJECTED: the beat was NOT a derivatives mark - only USD2.4M of the USD4.7M gain is unrealised, about four cents a share. Nor is the cash gap a timing artefact: Q1 operating cash flow was USD9.7M and Q2's USD76.8M, but half-year working capital nets to plus USD0.5M. Guidance was MAINTAINED at USD73,000-78,000 a day, not raised, after printing USD86,119.
- WHAT YOU PAY: 2.49x book, 11.7x guided EBITDA, net debt 5.2x that. The reverse solve says the price needs each of the thirteen ships worth USD262M in 2030 - above the USD250M Flex quotes for a NEW Korean vessel delivering 2029. Backlog is 51 years firm, but 29 pct sits in one ship fixed to 2041; the median has 2.7 years and 4 of 13 roll off by early 2027.
- THE STREET: 6 analysts, ZERO buy ratings, consensus SELL, average target USD25.88 (low USD24.40, high USD30.00; S&P Global, updated 14 May 2026). The tape trades 25 pct ABOVE that average. Kepler Capital cut to Sell USD25 on 14 May 2026; Pareto Securities to Sell USD25 on 13 May 2026; Jefferies Hold USD23 dated 20 Aug 2025. We sit 23 pct below the Street.
What to watch: UP: Flex Artemis and Flex Volunteer fixing multi-year near the USD75,000 five-year term rate; slippage in the 95 carriers due in 2027. DOWN: the two open ships fixing into the USD50,000-70,000 spot market; the USD775M of swaps at 2.46 pct rolling off with 2.3 years left.
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DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.