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Wednesday, November 4, 2026

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@HaydenCapital 1 click

Fred Liu on X

Shopee's SPX Express reminds me of $PDD's community group buy pick-up point locations. $SE "They are a familiar sight in Singapore. The retired “uncle” in flip-flops, slinging parcels across a housing block in an ever-practical blue Ikea bag. Or an entrepreneurial homemaker busily sorting a makeshift Shopee kiosk beside the lift. They are the human backbone of SPX Express, which now handles most of Shopee’s several billion parcels annually... With SPX Express, 90 per cent of its parcels are delivered the next day in Singapore. In the rest of Asia, almost half of SPX Express orders are delivered within two days." https://t.co/oyQtg6SZ5i
@MultiplesCap

Multiples Capital on X

$EXPE has always been a much slower grower than $BKNG, won't be surprised if it's a fav pair trade of hedge fund (long booking, short expe). Over the years though Expedia has been going through internal changes, sold some businesses (Egencia to AmEx travel and few other sites), went through a technology transformation for internal sites (Expedia, https://t.co/ap3OIandej, Vrbo). 50% improvement in operating margin since 2019. But not as profitable as Booking (operating margin at 12% vs 32% for bkng). Mainly a US focused player (unlike bkng) with a very strong B2B segment that's growing mid teens and about 30% of total revenue), now looking to expand internationally. To be seen if that would drive higher margin given the much fragmented hotel market internationally vs US. Bkng on the other hand seeing revenue growth slowing down to high single digit and mid teens eps growth with margins declining since 2019. Expedia needs to show higher top line growth but possible still delivers mid teens eps growth. Travel is cyclical but these OTA are very robust, they saw revenue growth even in the financial crisis, as more ppl look for deals. AI is an unknown, Expedia is embracing it. Finding a hotel with the right deal is not same as getting an answer to a question from LLM, distribution/platform should remain valuable. Interesting to see how the pieces fall for Expedia, PEG < 1 and these multiples should atleast provide downside protection

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Coupang: 3Q26 Business Recap

Coupang’s product-commerce growth rose 9% as data-leak effects fade, while management expects margins to return to pre-incident levels by…

CPNG $27B
Speedwell Memos 3 clicks

update on Gartner

Gartner’s growth has stalled after federal contract losses and cautious commercial spending, raising questions about its competitive…

IT $13B
scuttleblurb 1 click

Recycle Bin

Used aircraft engines can be repurposed as gas turbines, easing data center power constraints while tightening aviation supply.

EQT $33BRRC $12B
Doomberg 8 clicks

TWLO Q3 FY12/26 Earnings Review

Twilio's Q3 revenue rose 20% to $1.56 billion, but Q4 organic growth guidance fell to 11% to 12% and RPO declined 28%.

TWLO $33B
Cestrian Capital Research 3 clicks

Marvellous Value Destruction

Marvell’s proposed Lumentum deal risks alienating Cloudlight customers and losing engineering talent, despite limited optical integration…

LITE $48B
Irrational Analysis 2 clicks
AMRZ · long

Amrize

Amrize (AMRZ) produces aggregates, cement and roofing materials across the US and Canada.

AMRZ $22B
Value Investors Club 3 clicks

FTAI Aviation Update, Part Two

FTAI Aviation’s $234 million Jereh JV deposit funds Power inventory, while customer concentration, lower cash guidance and pending U.S.

FTAI $17B
CV's Substack 5 clicks

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