Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>From January 1, 2001 to September 29, 2026, Monster returned about 2,070×, topping a leaderboard of great compounders that includes Nvidia and Apple, all of them capital-light.</li>
<li>Its moat is a habit with no technology cycle to re-win, built through twice Red Bull's volume for the price, upgraded distribution and Coca-Cola's partnership.</li>
<li>Earnings did the work: after re-rating to about 34× by 2006, returns tracked per-share earnings; at roughly 38× today, owners need long, durable growth.</li>
</ul>


From January 1, 2001 to September 29, 2026, Monster returned about 2,070×, topping a leaderboard of great compounders that includes Nvidia and Apple, all of them capital-light.
Its moat is a habit with no technology cycle to re-win, built through twice Red Bull's volume for the price, upgraded distribution and Coca-Cola's partnership.
Earnings did the work: after re-rating to about 34× by 2006, returns tracked per-share earnings; at roughly 38× today, owners need long, durable growth.


Monster Eats Chips & Apples for Breakfast: Lessons From the Century's Top U.S. Large-Cap Stock

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.</li><li>While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.</li><li>However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Looking ahead to 2026, we expect distinct divergence in global technology endmarkets.While AI computing supply chain is set to continue strong momentum driven by rapid LLM upgrade and sustained CSP capex, we believe edge AI cycle (AI smartphones/PCs/glasses) is just beginning to accelerate.However, we anticipate near-term pressure on low-end consumer electronics demand due to macro uncertainty, fading China subsidies and rising memory costs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. </li><li>Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.</li><li>Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. </li></ul>

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

AI Flow Newsletter : Monitoring The "Currents" Of AI

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.</li><li>The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained 0.55% yesterday, supported by continued strength in US technology stocks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - November 12, 2025 (Eng.)

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Monster Eats Chips & Apples for Breakfast: Lessons From the Century's Top U.S. Large-Cap Stock

An owner's view of how pricing power, rented distribution and patient capital allocation put an energy drink at the top of the century's...

Urbem Capital

Technology - 2026 Outlook: AI compute momentum expands to edge AI revolution

We believe expansion of AI computing demand and edge AI innovation will become major growth drivers in 2026, and recommend two key structural...

CMB International

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

KTX Tactical DR Picks - November 12, 2025 (Eng.)

We recommend selling MITSU19 with a holding-period return of +1.95%, and adding PINGAN80 in its place.The KTX DR Tactical Picks portfolio gained...

Krungthai XSpring

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