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Market Daily Report: Bursa Malaysia's Key Index Ends At Intraday High

KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
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China’s Tech Earnings Season: AI Powers Ahead, Food Delivery Drags Margins

China’s major tech players are set to kick off Q2 2025 earnings season this week, with AI and cloud services driving growth, while food delivery losses weigh on profitability.

Earnings Calendar

  • Tencent – Aug 13

  • JD.com – Aug 14

  • Xiaomi – Aug 19

  • Bilibili & Kuaishou – Aug 21

  • Alibaba, Meituan, PDD Holdings – Dates TBD

Company Highlights & Expectations

🔹 Tencent (00700.HK) – Gaming & AI Cloud Growth

  • Revenue: +10–11% YoY to ~CNY 177B

  • Adj. EBIT: +10–15%

  • Gaming boost: Project Delta now Tencent’s 2nd-biggest domestic game (20M DAUs); Valorant mobile launching Aug 19 (CNY 7B annualized revenue est.).

  • Advertising & cloud segments seeing AI-driven momentum, with cloud expected to return to double-digit growth.

🔹 JD.com (JD.US) – Retail Profits Up, Food Delivery Losses Deepen

  • Revenue: +15% to CNY 335B

  • EPS: -57% YoY to CNY 3.48

  • Food delivery unit loss: >CNY 10B in Q2, likely to persist into Q3.

  • Retail ops profit +15%, but overall margins hit by heavy subsidies and new business investments.

🔹 Alibaba (BABA.US) – Cloud Growth Accelerates

  • AI cloud revenue growth: +23% in Q2 (vs. +18% in Q1).

  • AI inference demand surging; CapEx to scale AI model deployment.

  • Still behind global leaders (Google Cloud, Azure), but momentum improving.

🔹 Xiaomi (01810.HK) – Smartphone Strength & Services Expansion

  • Revenue: +~30% YoY

  • EPS: >2x YoY growth

  • Overseas smartphone sales strong; IoT & services revenue expanding.

  • Focus: converting hardware gains into recurring service income.

🔹 Bilibili (BILI.US) – Subscription & Ad Growth

  • Revenue: +~20% YoY

  • EPS: +133% YoY

  • Gains in subscriptions, advertising, gaming; still balancing cost control with growth investments.

🔹 Kuaishou (01024.HK) – Live-streaming & E-commerce Gains

  • Revenue: +~11% YoY

  • Earnings: +20% YoY

  • Content monetization & live commerce remain growth pillars.

Food Delivery Margin Pressure

  • Fierce competition among Meituan, Alibaba, JD.com driving subsidies.

  • Meituan’s per-delivery profit expected to fall from CNY 0.80 → 0.70 in Q3.

  • Alibaba’s food delivery loss: CNY 11B in Q2, possibly CNY 19B in Q3.

  • JD.com loss: >CNY 10B in Q2.

Investor Takeaways

  1. AI & Cloud – Key revenue drivers for Tencent, Alibaba, and ByteDance-linked services.

  2. Smartphones & IoT – Xiaomi set to post standout growth.

  3. Content Platforms – Strong monetization for Bilibili & Kuaishou, but cost discipline critical.

  4. Food Delivery – Ongoing price wars threaten near-term profitability across the sector.

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