Lucas Cheah : $C3.ai (AI.US)$
The growing adoption of AI-driven enterprise solutions fuels C3.ai’s earnings prospects. The company’s focus on industry-specific AI applications, like predictive maintenance for manufacturing, gives it a competitive edge. C3.ai recently launched the C3 Generative AI Suite, which integrates large language models (LLMs) into enterprise workflows, attracting demand from sectors like energy and defence. While revenue growth potential is high, the company is not yet profitable, and high R&D expenses may weigh on margins.
$GameStop (GME.US)$
GameStop faces declining earnings prospects due to shifts in consumer behaviour from physical to digital game downloads. However, its pivot toward e-commerce and efforts to expand into collectibles and hardware provide potential upside. GameStop has expanded into NFT and blockchain initiatives, but results have been mixed, with limited impact on revenue. Cost-cutting measures and e-commerce growth offer some support, but fundamental challenges remain, especially in physical retail.
$Costco (COST.US)$
Costco’s earnings remain strong due to its subscription-based model and steady demand for bulk consumer goods, especially during economic uncertainty. The success of Costco's Kirkland Signature private-label brand boosts profit margins, while membership fee renewals drive recurring revenue. Earnings are expected to remain stable, driven by consumer loyalty and consistent membership renewals, though higher costs could impact margins.
$Broadcom (AVGO.US)$
Strong semiconductor demand supports Broadcom’s earnings prospects, particularly in AI chips and 5G infrastructure. Its software business, bolstered by acquisitions like VMware, adds a recurring revenue stream. Broadcom’s custom chips are essential for AI platforms like Nvidia’s H100, exposing it to the rapidly growing AI sector. With exposure to AI, 5G, and enterprise software, Broadcom’s diversified portfolio positions it for long-term earnings growth.

Lucas Cheah : Using the Institutional Tracker tool, I have listed below 5 stocks that would be perfect for Max’s portfolio. Berkshire Hathaway Inc. ’s holdings mainly influence my picks.
1. $Apple (AAPL.US)$  
Apple is a global leader in innovation, and its ecosystem of devices and services creates customer loyalty like no other. I like the company's consistent revenue growth from iPhones, Macs, and wearables, but I am even more excited about its growing services business, which provides steady, recurring income. Plus, if it’s good enough for Buffett, it’s good enough for me.
2. $BYD COMPANY (01211.HK)$    
BYD is a rising star in the EV market, and its edge in battery technology gives it a unique advantage over competitors. As EV adoption grows globally, I see BYD riding the wave of increased demand. Knowing that Berkshire Hathaway has backed BYD for years gives me confidence in its long-term potential.
3. $Coca-Cola (KO.US)$    
Coca-Cola is the definition of a "forever stock" for me. People will always drink Coke, whether the economy is booming or struggling. Its strong brand and global distribution network make it a reliable dividend payer, and Warren Buffett's loyalty to KO says it all — stability, dividends, and staying power.
4. $Bank of America (BAC.US)$      
Bank of America plays on the strength of the financial sector. I like that it benefits from rising interest rates, increasing net interest income, and has a strong customer base with diversified banking services. I am happy to follow suit if it is one of Buffett’s top bank picks.
5. $Visa (V.US)$        
Visa stands at the heart of global payments, and its shift to digital payments only strengthens its dominance. With more people using cashless payment options daily, Visa benefits from every swipe, tap, or click. It is hard to argue with a cash machine like Visa — and clearly, Buffett sees that too.

Lucas Cheah : I look forward to 2025, especially with Donald Trump taking office as President. Historically, pro-business policies and tax cuts have fueled bullish sentiment in the stock market, so I am optimistic about potential opportunities, especially in U.S. equities.
One of my favorite trading moments in 2024 was making a solid gain on a stock, $GCB (5102.MY)$. It felt great to see my analysis and patience pay off. Wins like that remind me why I stay disciplined and focused on the bigger picture. Next year, I am hoping for more moments like that.

Lucas Cheah : $Salesforce (CRM.US)$  
Salesforce’s earnings prospects are strong due to its leadership in cloud-based customer relationship management (CRM) solutions. Its focus on AI-driven tools, like Einstein AI, and its Slack integration enhance customer engagement and productivity, driving upselling opportunities. Growing demand for digital transformation across industries supports subscription revenue growth. However, cost-cutting efforts may pressure innovation.
$Lululemon Athletica (LULU.US)$  
Lululemon continues to expand its product lines (e.g., men’s wear and Mirror home fitness) while benefiting from global brand recognition and direct-to-consumer channels. Growth in international markets, especially in China, adds significant upside. The women’s activewear category remains a key revenue driver, supported by premium pricing and loyal customers. Supply chain challenges could pose short-term risks.
$Chewy (CHWY.US)$  
Chewy’s subscription-based model (e.g., Autoship) drives consistent revenue, supported by strong demand for pet products. Its expansion into high-margin categories like pet healthcare services (Chewy Health) boosts growth potential. The increasing number of pet owners post-pandemic supports revenue growth, though rising logistics costs and consumer spending pressures remain challenges.
In summary:
• Salesforce: Strong in cloud CRM and AI integration, with solid subscription growth potential.
• Lululemon: Expansion in men’s wear and international markets enhances growth despite supply chain risks.
• Chewy: Consistent revenue from subscriptions and healthcare services, though costs may weigh on margins.

Lucas Cheah : $Lululemon Athletica (LULU.US)$ - Earnings Prospects Analysis
1. Core Strengths in Premium Activewear
Lululemon’s reputation for innovative products enables it to command premium pricing. The brand has cultivated a loyal customer base, particularly among women, driving consistent sales. Products like the Align yoga pants and Define jackets remain popular staples due to their quality, functionality, and style, enabling high gross margins (~57-58%).
2. Expansion into Men’s Apparel
Lululemon is aggressively expanding its presence in men’s athletic and casual wear, which is expected to contribute significantly to future growth. The ABC Pant, designed for versatility and comfort, has become a key product in the men’s line, gaining traction among male consumers. The men’s category represents a largely untapped market for Lululemon, providing upside to revenue diversification and overall growth.
3. International Market Expansion
Lululemon has prioritized growth in international markets, particularly China, where rising middle-class income and interest in fitness create a strong demand for premium activewear. Revenue from the Asia-Pacific region grew significantly in recent quarters, with China emerging as one of Lululemon’s fastest-growing markets.
4. Direct-to-Consumer (DTC) Channel Strength
Lululemon’s strong direct-to-consumer (DTC) platform enhances profitability by bypassing traditional retail channels. Its online store and mobile app have grown rapidly, supported by seamless customer experiences. During the pandemic, DTC sales surged, and the company has since maintained a robust online presence, accounting for over 40% of total revenue.
In summary, Lululemon’s strong brand loyalty, innovation, and strategic expansion position it for sustained growth. While short-term headwinds exist, its long-term prospects remain bright, particularly with the potential in men’s wear, international markets, and DTC sales channels.

Lucas Cheah : I am optimistic about Bitcoin right now. It is fascinating to see how it continues to gain mainstream acceptance, from institutional investments to retail adoption. Its decentralized nature makes it a compelling asset in uncertain economic times. Sure, it is volatile, but that is part of its appeal—big risk, big potential reward. Plus, with ongoing developments like the Lightning Network for faster transactions and growing integration into payment systems, I see Bitcoin carving out an even bigger role in the financial world. It feels like we are still just scratching the surface of its potential

Lucas Cheah : Here are the key signals to expect
1. Impact of Rising Interest Rates
With the Bank of Canada maintaining elevated interest rates, banks will likely report higher net interest income. Rising rates benefit banks by increasing the spread between the interest earned on loans and paid on deposits. However, elevated rates might also increase delinquency rates on consumer loans, mortgages, and credit cards. I will be watching for provisioning trends in anticipation of potential loan losses.
2. Loan Loss Provisions
Canadian banks may increase their loan loss provisions in Q4 to account for higher credit risk amid economic uncertainty and elevated interest rates. In previous quarters, major banks like RBC and TD already raised provisions, signalling caution about future defaults. This trend is likely to continue.
3. Mortgage Portfolio Performance
Canada’s housing market has cooled significantly due to high interest rates, impacting mortgage origination volumes. Banks with greater exposure to variable-rate mortgages, like Scotiabank, could see higher borrower stress levels.
4. Cost Management and Efficiency
Banks are under pressure to manage operating expenses amid slower revenue growth. Efficiency ratio improvements (lower expenses as a percentage of revenue) will be a key focus. I will focus on Management commentary on expense control measures, such as workforce reductions or technology investments, indicating efforts to maintain profitability.
5. Economic Outlook Commentary
CEO commentary will provide insights into expectations for 2024, particularly regarding economic growth, consumer behaviour, and interest rate trajectories. I will pay close attention to guidance on loan growth, credit quality, and opportunities in international markets, especially for globally diversified banks like Scotiabank.

Lucas Cheah : $Salesforce (CRM.US)$ - Earnings Prospects Analysis
1. Core CRM Business Strength
Salesforce maintains a dominant position in the CRM market, holding approximately 23% of the global market. Its comprehensive suite of CRM tools supports businesses in sales, service, marketing, and commerce. Salesforce’s Sales Cloud and Service Cloud are widely used by enterprises to manage customer relationships and automate workflows, ensuring steady demand.
2. Expansion into Artificial Intelligence (AI)
Salesforce has integrated AI into its platforms, such as Einstein AI, which offers predictive analytics and automated insights to help businesses improve decision-making and efficiency. Einstein AI provides features like lead scoring, sentiment analysis, and forecasting, making Salesforce’s CRM tools more valuable for businesses leveraging AI.
3. Diversification Through New Segments
Salesforce’s acquisition of Slack in 2021 has positioned it as a significant player in the collaboration and productivity tools space. Slack’s adoption among enterprise clients adds a high-margin revenue stream, complementing Salesforce’s core CRM offerings.
In addition, Salesforce’s Tableau and MuleSoft solutions enable advanced data visualization and seamless integration across enterprise applications. These products diversify Salesforce’s portfolio, tapping into the growing data analytics and integration markets.
4. Growth in Subscription-Based Revenue
Salesforce’s subscription-based revenue model, accounting for over 90% of its revenue, ensures consistent cash flow and long-term customer relationships. The company’s large enterprise clients, including Coca-Cola and Toyota, rely on multi-year contracts for Salesforce’s platforms, driving stable recurring revenue.
In summary, Salesforce is poised for sustained growth, driven by AI integration, product diversification, and a robust subscription model.

Lucas Cheah : $TENAGA (5347.MY)$  - Earnings Prospects Analysis
1. Core Revenue from Electricity Distribution
TNB operates as a monopoly in electricity transmission and distribution in Peninsular Malaysia and Sabah. The company benefits from predictable revenue streams through regulated tariffs under the Incentive-Based Regulation (IBR) framework. Stable cash flows from its monopoly position provide a reliable foundation for TNB’s earnings, though subject to regulatory reviews.
2. Rising Domestic Energy Demand
Malaysia’s economic recovery post-pandemic has driven increased electricity consumption from residential and industrial users. Key industries like manufacturing, oil and gas, and construction are significant power consumers. TNB has seen higher electricity demand from energy-intensive industries as Malaysia continues to attract foreign direct investments (FDI).
3. Challenges and Risks
TNB remains dependent on coal and gas for power generation, exposing it to fuel price volatility. Although ICPT provides cost pass-through, it can strain consumer affordability and lead to public resistance.
The shift to renewable energy involves high capital expenditures for infrastructure upgrades and new projects. Decommissioning older coal plants like the Jimah East Power Plant could increase short-term costs.
In summary, TNB’s earnings prospects remain strong due to its monopoly position, robust cash flows, and strategic pivot to renewable energy. While near-term challenges include high transition costs and regulatory risks, its long-term growth potential is supported by its leadership in Malaysia’s energy sector and global renewable energy investments.

Lucas Cheah : $Dell Technologies (DELL.US)$  benefits from strong enterprise IT demand, particularly in servers and storage solutions. For example, its PowerEdge servers are widely adopted in data centers, supporting growth in its Infrastructure Solutions Group. However, the decline in global PC sales post-pandemic impacts its Client Solutions Group. Dell’s focus on hybrid cloud and edge computing, such as APEX as-a-Service offerings, presents long-term growth potential.
$CrowdStrike (CRWD.US)$  cloud-native Falcon platform is a leader in endpoint security, driving high retention rates and customer growth. For instance, its expansion into identity protection and cloud workload security has attracted large enterprise clients. Increasing cybersecurity threats fuel demand, but competition from Palo Alto Networks and high R&D expenses could pressure margins.
$HP Inc (HPQ.US)$  faces near-term headwinds from declining demand in PCs and printers. However, its subscription-based services like HP+ in printing offer stable, high-margin revenue. For example, HP’s focus on commercial PCs and innovation in 3D printing provide niche growth opportunities. Cost-cutting initiatives are helping offset weaker consumer demand.
In summary:
• $Dell Technologies (DELL.US)$ : Strong enterprise IT growth through servers and hybrid cloud; faces PC market challenges.
• $CrowdStrike (CRWD.US)$ : Robust cybersecurity demand via Falcon platform; expanding into identity and cloud security.
• $HP Inc (HPQ.US)$ : Weaker PC/printer demand, but growth in services like HP+ and 3D printing offers potential.