$Global X Nasdaq 100 Covered Call ETF (QYLD.US)$ Why was the 30% dividend tax withheld last year refunded a few days ago?

Even $NIO Inc (NIO.US)$ day cant help lift the stock price 😪😪😪

$Adagio Therapeutics (ADGI.US)$
Already recouped the investment, now playing white floating 😆😆

$Adagio Therapeutics (ADGI.US)$ how the mighty have fallen... Going to be watching this one along with $Renren (RENN.US)$ 🤔

$Grab Holdings (GRAB.US)$  $DiDi Global (Delisted) (DIDI.US)$  $Sea (SE.US)$ 
Grab is very much part of our life if you reside in South East Asia- be it hailing a Grab taxi, ordering food from Grab food, arranging a courier service and now even catering to our insurance and financial needs. They have the title of being the SuperApp in South East Asia.
Recently, they have just launched their stock listing in Nasdaq through the merger with Altimeter Growth Corp which is a special purpose acquisition company (SPAC) valuing the deal at $40 billion. Grab raised $4.5 billion with this merger.
Truth be told, we were never interested in Grab as an investment, especially so with headlines of them losing billions per year plastered through different media outlets. Nonetheless, with this stock listing, we decided to understand the company better and see if a turnaround is in sight.
Grab Business Model
Source: Form 8k- Altimeter Growth Corp
Grab was started in Malaysia as MyTeksi in 2012 and within a span of 9 years, their business has now expanded tremendously to include 4 main categories. They are namely:
Their coverage now covers the 8 countries in South East Asia as illustrated from the diagram above.
Profitability Track Record
Source: Form 8-K- Altimeter Growth Corp
The investor presentation has been hyping about the huge growth in topline and bright outlook. However, huge sales without visible profits would not be a sustainable business model. It has been bleeding from huge cash burn since its inception. Over the period from 2018-2020, it has a total net loss of 9.2 billion dollars. It would be over 10 billion if we factor in 2021. 
The only division that is turning profitable would be their mobility business but it is only on an Ebita basis- net profit is still negative. Grab guidance is for the overall business to be Ebita positive in 2023.
Top Class Investors- Convertible Preference Shares
Source: Form 8-k-Altimeter Growth Corp
Grab have an illustrious world-class blue-chip base of investors since its incorporation. The investors have put in slightly over 10 billion dollars and most of it is in redeemable convertible preference shares. 
Grab has almost fully utilised the funds for their business. This gives it the need for them to do up the stock listing as the redeemable date for the preference shares would be in 2023. With the stock listing, the preference shares would all be converted to equity. Hence, it fully eliminates the redemption risk associated with its convertible redeemable preference shares.
Moreover, the listing would aid their profitability. The interest expenses associated with these preference shares was 1.4 billion dollars in 2020 which would not be a drag to profitability going forward.
 
Obstacles Ahead
Grab is in a tough businesses environment such as food/groceries delivery and ride-hailing. Didi with a 90% share of the China market is not able to turn in a profit. This gives us perspectives on the challenges ahead. Also, major food delivery companies such as Delivery Hero (Food Panda Parent) and Deliveroo, are still burning cash despite Covid 19 being a positive catalyst for the sector. 
Adding on, these companies have been loss-making since day 1 and some have been around for more than a decade.  The conclusion we can come to would be the industry is tough which is akin to Berkshire Hathaway when Buffet first invested in it.
Nonetheless, with a super-app concept, you will need recurring clients that would access your app on a daily basis. With that, Grab could try to pitch higher-margin products to them that will balance out the profitability profile for the whole business.
Lastly, the fragmentation of SEA would be a hindrance to scaling the business. Every country will need separate clearance and the rule of law is different. So for a product launch, it will be more tedious across the region. For a super-app like Meituan, they could definitely scale up their business more efficiently in China than Grab in SEA.
However, if Grab is able to overcome this limitation effectively, it will be a great moat for them.
Bright Sparks 
The venture into Fintech which could potentially crave out higher margins would be Grab's answer to a path towards profitability. They are into microloans, peddling insurance and remittance services to their clients' and drivers' bases. 
From their guidance, the next few sectors Grab would likely add to their super app would be e-commerce and travel. 
They have clinch a digital banking license in Singapore through a joint venture with Singtel. However, it is prudent to note that Singtel's track record on the digital front have been lacklustre. Also, the incumbents would not let their eyes off the ball in the digital banking arena.
The advancement of AI Machines such as drones could also provide a path to sustained profitability if things pan out well. We believe they could greatly reduce their operating cost with drones being their main delivery mode. 
Summing Up
Grab is one of the iconic names that have been part of everyone's life over the past 9 years. The completion of a successful listing in Nasdaq gives investors an opportunity to partake and participate in this growth story.
However, given the lack of financial metrics in terms of positive operating cash flow and likely further huge cash burns ahead before brighter days. It is investing with a vision that things would pan out well. There will only be the first dose of EBITA positive results in 2023 based on management's guidance, this is a tall order from an investor point of view.
We have no doubt there will be good growth in terms of revenue through their business plan but it is very likely they are going to be in the red of at least a billion dollars per year for the near term outlook. 
This is after considering the savings in interest paid to convertible preference shares holders who would have their shares converted to common equity.
We have to monitor their business performance and execution going forward and hope to see progressive improvement in their financial metrics. 
Their latest round of infusion of capital in 2019 valued the company at 16 billion dollars but their recent stock issuance is at a valuation of 40 billion dollars, which is a 2.5 x jump in valuation in just two years. It is no surprise it drops almost 20% at the close of the first trading day.
With growth stocks not being the theme of the moment- with across the broad substantial correction- we will give Grab a miss for now and revisit their investing merits once they see improvement in the profitability front.
Article by: www.thebigfatwhale.com

$Singtel (Z74.SG)$ Singtel got brain, sell insurance, sell power, sell almost everything. share will rise sooner or later

Stocks drop as growth concern lingers; oil falls
U.S. stocks dropped from all-time highs, with shares of small companies leading declines, and Treasuries gained on an uptick in growth concerns.
The $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ fell after setting closing records Tuesday. The tech-heavy $NASDAQ 100 Index (.NDX.US)$set an intraday record before closing barely in the green with $Alphabet-A (GOOGL.US)$, $Amazon (AMZN.US)$ and $Tesla (TSLA.US)$ rallying. $Robinhood (HOOD.US)$ slumped after missing revenue estimates. The $iShares Russell 2000 Growth ETF (IWO.US)$ slumped 1.9%, the biggest decline since late September.
El Salvador 'buys the dip' and acquires another 420 bitcoins
El Salvador bought another 420 Bitcoins to take advantage of its recent price drop, President Nayib Bukele said in a post on Twitter.
The country has bought a total of 1,100 of the coins since Bukele announced the first purchases on Sept. 6.
Alphabet on verge of $2 trillion valuation after earnings surge
$Alphabet-A (GOOGL.US)$ is within striking distance of reaching a $2 trillion valuation for the first time after a strong earnings report sent its shares soaring.
The Google-parent's shares rose to a record on Wednesday with an advance of as much as 6.7%. The gains added more than $110 billion to Alphabet's market valuation, which now stands at about $1.97 trillion, according to Bloomberg data.
Spotify ad business boosted by podcasts
$Spotify Technology (SPOT.US)$'s big bet on podcasts appears to be paying off.
Third-quarter advertising revenue increased 75% from a year earlier, and user growth picked up after a lull earlier this year. Spotify is now the top podcast platform in the U.S. by listeners, according to Edison Research, passing incumbent Apple Podcasts in the largest market. Paying subscribers, its most lucrative type of customer, also climbed 19% to 172 million, in line with the company's guidance range.
Hertz links up with Uber to offer 50,000 Tesla rentals
$Hertz Global Holdings, Inc. (HTZZ.US)$ said Wednesday it is linking up with $Uber Technologies (UBER.US)$ to make 50,000 $Tesla (TSLA.US)$ available in Uber's ride-sharing network by 2023, the latest in the rental-car company's efforts to build momentum postbankruptcy.
The Teslas that Hertz plans to add to the Uber network will come from the initial 100,000 vehicle order and future orders as the program grows.
Elon Musk's net worth approaches $300 million
Musk's net worth is approaching $300 billion, putting him tens of billions of dollars ahead of the rest of the world's richest people.
Remember dogecoin? A rival 'meme token' just hit a record high and is close to overtaking it
Shiba inu has surged 30% in the last 24 hours, according to data from CoinGecko, hitting a record high above $0.00006. With a market capitalization of more than $29 billion, shiba inu is now the 11th-largest cryptocurrency. Shiba inu is a so-called meme token that bills itself as a "dogecoin killer."
Profit falls at GM and Ford as chip shortage takes toll
The two largest U.S. auto makers reported steep drops in third-quarter profit as chip shortage dented factory output, and each said the problem would leave dealership lots nearly bare well into 2022.
$General Motors (GM.US)$, which cut vehicle shipments in North America by nearly half in the July-to-September period, said Wednesday that its net profit dropped 40% in the third quarter, while $Ford Motor (F.US)$ reported a 23% decline in net income compared with the same year-ago quarter.
Source: Bloomberg, WSJ, CNBC

$BABA-W (09988.HK)$ $300+++
A lot of parcels via Alibaba to Russia, this is a big income of a strong company, Alibaba is number 1 among the top 10 companies
Alibaba futures started working in Russia, everything is being done by this company to be a leader in the world
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$Hong Kong Index (Hong Kong Index.HK)$
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$TENCENT (00700.HK)$
$JD.com (JD.US)$
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$NASDAQ 100 Index (.NDX.US)$
$Alibaba (BABA.US)$

$Futu Holdings Ltd (FUTU.US)$
We know that the name of our app "moomoo" has aroused some discussions on social media. Our staff are also curious about the origin of the name "moomoo." By chance, a casual talk with Futu CEO, Leaf, at leisure unravels the mystery.
"One night three years ago, when we were at loggerheads over the name for this international stock trading app, the wife of Keith who was in charge of the US branch of FUTU happened to pass by and heard our quarrel.
'How about calling it moomoo?' She threw out an off-the-cuff remark, 'it's in a nursery rhyme.'
What a wake-up call, snapping me out of a dazed state! Moo, as the sound of bull, the metaphor of which is direct, vivid, catchy, and lovely. Although it's made of six letters, only the two letters, 'm' and 'o,' are contained and also repeated regularly. Even hard to misspell it!
I wa...