[{"url":"/analysis/goto/2025-09/","title":"GoTo Raised Its Guidance and Turned Cash Flow Positive. Its Real Operating Line Slipped Back Into a Loss","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q3 2025","tags":"","summary":"GoTo raised FY25 guidance and flipped real free cash flow positive in Q3 2025 - but its real operating income slipped back into a loss."},{"url":"/analysis/idea/2024-06/","title":"Vi's Cash Balance Jumped 35x in One Quarter - Here's What That Actually Buys","ticker":"idea","company":"","quarter":"Q2 2024","tags":"","summary":"Vi's cash balance jumped 35x as its FPO closed - the deficit narrowed for real this time, but revenue slipped for the first time in years."},{"url":"/analysis/dash/2022-12/","title":"A $312 Million Writedown and DoorDash's First Layoff Drove Net Loss to $1.4 Billion in a Record-EBITDA Year","ticker":"dash","company":"","quarter":"Q4 2022","tags":"","summary":"DoorDash's FY2022 10-K: record $361M Adjusted EBITDA, but GAAP net loss nearly tripled to $1.365B on a $312M writedown and its first layoff."},{"url":"/analysis/cpng/2025-09/","title":"The Buyback Finally Executed - Right as the Record Margins Cooled Off","ticker":"cpng","company":"","quarter":"Q3 2025","tags":"","summary":"Coupang's Q3 2025: the $1B buyback finally executed, free cash flow hit $442M, but margins slipped and Developing Offerings' loss widened 130%."},{"url":"/analysis/se/2018-06/","title":"Sea's Payments Volume Grew 608%. Then Sea Retired the Metric Measuring It.","ticker":"se","company":"","quarter":"Q2 2018","tags":"","summary":"Sea's Q2 2018: net loss nearly tripled again, AirPay's GTV surged 608% while its own revenue fell 36%, and the metric got retired the same quarter."},{"url":"/analysis/arto/2023-09/","title":"The Sharia Unit \"Recovered\" - By Shrinking Its Loan Book Nearly 60%","ticker":"arto","company":"","quarter":"Q3 2023","tags":"","summary":"Bank Jago's Sharia unit returned to profit in Q3 2023 - but only after its financing book shrank nearly 60% in nine months."},{"url":"/analysis/bbri/2026-03/","title":"Every Guidance Metric Was Beaten This Quarter. The Stock Just Hit a Two-Year Low Anyway.","ticker":"bbri","company":"","quarter":"Q1 2026","tags":"","summary":"BRI's Q1 2026 beat every guidance target, but Micro segment stress and a fresh credit overlay sit behind a stock price at a two-year low."},{"url":"/analysis/bhartiartl/2024-12/","title":"Profit Jumped 505%. A Joint Venture Turning Into a Subsidiary Is Why.","ticker":"bhartiartl","company":"","quarter":"Q4 2024","tags":"","summary":"Airtel's 505% profit jump was an accounting one-off from consolidating Indus Towers - the real underlying growth was still a strong 121%."},{"url":"/analysis/se/2023-03/","title":"Headline Profit Fell 79% Quarter-on-Quarter. The Real Number Grew","ticker":"se","company":"","quarter":"Q1 2023","tags":"","summary":"Sea Q1 2023: net income fell 79% from Q4, but adjusted EBITDA hit a record and, stripping out a one-time impairment, underlying profit actually grew."},{"url":"/analysis/bfin/2021-09/","title":"Bad Loans Improved This Quarter - So Why Does the Cure Rate Keep Falling?","ticker":"bfin","company":"","quarter":"Q3 2021","tags":"","summary":"BFI's Q3 2021 NPF and NCL both improved together, but the restructured-loan cure rate fell for a second straight quarter, to 86.8% from 89.2%."},{"url":"/analysis/bhartiartl/2026-06/","title":"The Growth Engine Swapped Continents This Quarter","ticker":"bhartiartl","company":"","quarter":"Q2 2026","tags":"","summary":"Airtel's profit rose 37.3% YoY as Africa - not India - drove the growth, with a stake hike to 79% and a London IPO tease for Airtel Money."},{"url":"/analysis/uber/2019-09/","title":"Rides Is Profitable Enough to Cover All of Uber's Overhead — So Why Is the Stock Down 34%?","ticker":"uber","company":"","quarter":"Q3 2019","tags":"","summary":"Uber's Q3 2019: Rides Adjusted EBITDA up 52% and self-funding, Eats losses nearly double, and the stock falls 34% from its post-IPO peak."},{"url":"/analysis/eternal/2022-06/","title":"Food Delivery Finally Broke Even - So Why Give Away 7.6% of the Company for Blinkit?","ticker":"eternal","company":"","quarter":"Q2 2022","tags":"","summary":"Zomato's loss halved and food delivery nearly broke even - right as the board approved a Rs. 4,447.5 crore all-stock bet on Blinkit."},{"url":"/analysis/tlkm/2023-06/","title":"The IndiHome Spin-Off Is Now Signed - What Happens to Telkom's Own Segment Table?","ticker":"tlkm","company":"","quarter":"Q2 2023","tags":"","summary":"Telkom's Q2 2023 profit dipped slightly on EBITDA margin pressure, and the IndiHome-Telkomsel spin-off is now legally signed."},{"url":"/analysis/amrt/2021-12/","title":"Why Did It Take a Year to Learn the Rights Issue Went Nowhere?","ticker":"amrt","company":"","quarter":"Q4 2021","tags":"","summary":"Alfamart's FY2021 report ends a year of silence on its 5-billion-share rights issue - only to reveal it was never implemented, unexplained."},{"url":"/analysis/xyz/2025-06/","title":"The Same Bitcoin Swing That Cut Net Income 60% Last Quarter Just Added 183% to It","ticker":"xyz","company":"","quarter":"Q2 2025","tags":"","summary":"Block's Q2 2025 10-Q: net income jumped 183.5% partly on a bitcoin swing, while operating income grew 58% for a sixth straight profitable quarter."},{"url":"/analysis/amrt/2023-06/","title":"Profit Grew 28.6% and Cash Flow Flipped Positive - So Why Did the Stock Fall 10%?","ticker":"amrt","company":"","quarter":"Q2 2023","tags":"","summary":"AMRT's H1 2023 profit grew 28.6% and operating cash flow turned positive again - but the stock fell 10% and the rights issue mandate stays unaddressed."},{"url":"/analysis/tlkm/2021-12/","title":"The Segment That Turned a Profit in Q3 Went Back to Losing Money in Q4","ticker":"tlkm","company":"","quarter":"Q4 2021","tags":"","summary":"Telkom's FY2021 profit grew 19% and cash nearly doubled, but Enterprise's celebrated Q3 turnaround reversed in Q4."},{"url":"/analysis/nu/2023-12/","title":"Nu Hit $1 Billion in Annual Profit. Its Founder Called It Time to Plant, Not Harvest.","ticker":"nu","company":"","quarter":"Q4 2023","tags":"","summary":"Nu's FY2023: $8.03B revenue, first full year of profit ($1.03B), and a founder who says it's time to spend the profit on growth, not keep it."},{"url":"/analysis/idea/2022-03/","title":"Is This Telecom Already Insolvent on Paper?","ticker":"idea","company":"","quarter":"Q1 2022","tags":"","summary":"Vi's Q4 FY22 loss narrowed on a tariff hike, but its net worth turned 62% more negative and half of reported EBITDA is a lease-accounting artifact."},{"url":"/analysis/dash/2026-03/","title":"DoorDash Exited Several Countries and Restarted Its Buyback the Same Quarter Its Stock Fell Below $150","ticker":"dash","company":"","quarter":"Q1 2026","tags":"","summary":"DoorDash Q1 2026: exited operations in certain countries, first full Deliveroo quarter (+33% revenue), buyback resumed, stock down 45% from Sep 2025 peak."},{"url":"/analysis/bbri/2022-12/","title":"Did the Record 2022 Profit Mask a Quarter of Shrinking Core Revenue?","ticker":"bbri","company":"","quarter":"Q4 2022","tags":"","summary":"BRI's FY2022 report: record annual profit, but standalone Q4 shows revenue shrinking YoY and CAR reversing - plus its guidance scorecard's final tally."},{"url":"/analysis/bbri/2020-06/","title":"Did the Capital 'Recovery' Just Mean Easing Off on Provisioning?","ticker":"bbri","company":"","quarter":"Q2 2020","tags":"","summary":"BRI's Q2 2020 filing shows coverage easing from 223.6% to ~200% as Covid restructuring hit Rp171.9tn and Corporate NPL rose to a series-high 10.75%."},{"url":"/analysis/uber/2024-09/","title":"Uber's Net Income Jumps to $2.6 Billion on a $1 Billion Aurora Markup - Plus a Genuine Operating Record","ticker":"uber","company":"","quarter":"Q3 2024","tags":"","summary":"Uber Q3 2024: operating income up 169% to $1,061M, net income $2.6B on a ~$1B Aurora markup, Adjusted EBITDA up 55% to $1,690M, 9mo FCF up 100%."},{"url":"/analysis/se/2025-06/","title":"Sea Just Posted Its Biggest Revenue Quarter Yet. Its $86 Million Settlement Still Hasn't Come Up on a Call.","ticker":"se","company":"","quarter":"Q2 2025","tags":"","summary":"Sea's Q2 2025: a fourth straight profitable quarter, while a second straight call skipped its own $86M litigation settlement."},{"url":"/analysis/seabank/2026-03/","title":"SeaBank's Best Quarter Yet Comes With a Familiar Catch","ticker":"seabank","company":"","quarter":"Q1 2026","tags":"","summary":"SeaBank's Q1 2026 net income nearly quadrupled YoY to Rp375.6bn, ROE hit 24%."},{"url":"/analysis/eternal/2024-03/","title":"A Fully Profitable First Fiscal Year - So Why Did the Auditor Still Add an Emphasis of Matter?","ticker":"eternal","company":"","quarter":"Q1 2024","tags":"","summary":"Zomato's FY24 Adjusted EBITDA hit Rs. 194cr, a fourth straight profitable quarter - but the auditor flagged a Rs. 420cr GST notice and subsidiary losses."},{"url":"/analysis/tlkm/2025-03/","title":"The Stock Is Down 41% in Two Years - Now Trading Under a New State Holding Company","ticker":"tlkm","company":"","quarter":"Q1 2025","tags":"","summary":"Telkom's Q1 2025 profit fell 4% and the stock hit a new low, down 41% over two years, under its new state-holding ownership."},{"url":"/analysis/xyz/2023-03/","title":"Revenue Grew 26% and Barely Broke Even - Is the BNPL Deal Finally Working?","ticker":"xyz","company":"","quarter":"Q1 2023","tags":"","summary":"Block's Q1 2023 10-Q: revenue up 26%, Adjusted EBITDA nearly doubled, but GAAP losses persisted as Cash App and Square both grew gross profit."},{"url":"/analysis/amrt/2025-03/","title":"Why Did the Stock Fall 28% in a Quarter Every Segment Grew?","ticker":"amrt","company":"","quarter":"Q1 2025","tags":"","summary":"AMRT's Q1 2025 profit rose 9.5% with all three segments growing, but the stock fell 28% the same quarter on a broad market selloff, not company news."},{"url":"/analysis/grab/2026-03-foodpanda-taiwan-acquisition/","title":"Grab's $600M Bet on the One Deal Uber Couldn't Get Past Taiwan's Regulator","ticker":"grab","company":"","quarter":"","tags":"XETRA:DHER on-demand","summary":"Grab pays $600M for foodpanda Taiwan - the deal Uber's $950M bid couldn't clear. Uber's 13% Grab stake is now under the same regulator's microscope."},{"url":"/analysis/meli/2023-09/","title":"A Stock Buyback That Lost $386 Million to Argentina's Currency Controls","ticker":"meli","company":"","quarter":"Q3 2023","tags":"","summary":"MELI Q3 2023 10-Q: op income +131%, margins up in all 4 segments, but Argentina buybacks cost $386M in FX losses - 47% of 9-month net income."},{"url":"/analysis/bird/2021-12/","title":"Did Reopening Actually Fix Taxi, or Just Pause the Bleeding for One Good Quarter?","ticker":"bird","company":"","quarter":"Q4 2021","tags":"","summary":"Blue Bird's Q4 2021 swung to its first operating profit since the pandemic began, with Taxi and Non-Taxi both posting record margins."},{"url":"/analysis/seabank/2025-09/","title":"SeaBank's ROE Just Hit a Filing-History High - Its NPL Ratio Just Turned Unfavorable Too","ticker":"seabank","company":"","quarter":"Q3 2025","tags":"","summary":"SeaBank's 9M 2025: ROE hits a record 9.35%, NIM tops 20.9%, but gross NPL rises to 1.88% - above year-ago levels for the first time - as LDR crosses 93%."},{"url":"/analysis/bfin/2024-06/","title":"Why Did Bookings Reverse the Same Quarter the Stock Fell 30%?","ticker":"bfin","company":"","quarter":"Q2 2024","tags":"","summary":"BFI's Cost of Credit kept climbing to 4.4% in Q2 2024 as bookings reversed and the stock fell 30% - while the restructured-loan disclosure itself vanished."},{"url":"/analysis/bbri/2018-09/","title":"The Loan-Book Fix Lasted One Quarter. The Other Problem Never Stopped.","ticker":"bbri","company":"","quarter":"Q3 2018","tags":"","summary":"BRI's Q2 fix for its worst loan segment reversed by Q3, and Medium - already the bank's worst NPL bucket - got even worse in the same quarter."},{"url":"/analysis/bird/2023-06/","title":"Free Cash Flow Is Still Negative — But The Gap Just Shrank By Two-Thirds","ticker":"bird","company":"","quarter":"Q2 2023","tags":"","summary":"Blue Bird's Q2 2023 free cash flow stayed negative for a third quarter, but the gap narrowed sharply as fleet collateral against bank loans shrank."},{"url":"/analysis/meli/2020-03/","title":"Revenue Grew 37.6% in the First COVID Quarter - So Why Did Operating Cash Flow Go Negative?","ticker":"meli","company":"","quarter":"Q1 2020","tags":"","summary":"MELI's Q1 2020 10-Q: revenue grew 37.6% even as COVID-19 hit in March, but operating cash flow swung negative $85.7M and net income swung to a loss."},{"url":"/analysis/xyz/2020-09/","title":"A GAAP Profit Arrived After the Stock Had Already Tripled - Which One Should You Trust?","ticker":"xyz","company":"","quarter":"Q3 2020","tags":"","summary":"Square's Q3 2020 GAAP profit and reopening-driven Seller recovery arrived after the stock had already tripled off its March low."},{"url":"/analysis/dash/2025-09/","title":"DoorDash Closed the Deliveroo Acquisition Two Days After the Quarter Ended","ticker":"dash","company":"","quarter":"Q3 2025","tags":"","summary":"DoorDash Q3 2025: FCF rebounded 63% to $723M, Deliveroo acquisition closed Oct 2 2025 (subsequent event), $5B buyback still fully unused."},{"url":"/analysis/goto/2022-12/","title":"On-Demand Turned Profitable for a Full Quarter. The Balance Sheet Just Absorbed an Rp11 Trillion Hit for It.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q4 2022","tags":"","summary":"GoTo's Q4 2022 On-Demand business turned profitable for a full quarter, but an Rp11 trillion goodwill impairment tripled the net loss to Rp19.5T."},{"url":"/analysis/meli/2007-09/","title":"A 44% Stock Swing Inside Its First Ten Weeks of Trading, and a 74x Jump in Net Income","ticker":"meli","company":"","quarter":"Q3 2007","tags":"","summary":"MercadoLibre's Q3 2007: net income up 74x on rising take rates, while the new stock swung 44% in ten weeks."},{"url":"/analysis/meli/2019-12/","title":"Losses Widened Nearly 5x in 2019 - Was the Spending Actually Worth It?","ticker":"meli","company":"","quarter":"Q4 2019","tags":"","summary":"MELI's FY2019 10-K: net loss widened to $172M as revenue grew 59.5% and Mexico's segment lost $115M - was the spending worth it?"},{"url":"/analysis/cpng/2022-12/","title":"Coupang Cut Its Full-Year Loss 94% - So Why Did the Stock Fall 50%?","ticker":"cpng","company":"","quarter":"Q4 2022","tags":"","summary":"Coupang's FY2022 net loss shrank 94% and Q4 was its best quarter yet - but the stock still fell 50% for the year. Here's the disconnect."},{"url":"/analysis/goto-vs-grab-profit-path/","title":"GoTo vs Grab: Which Southeast Asian Super-App Has the Stronger Path to Profits?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"","tags":"NASDAQ:GRAB on-demand fintech","summary":"GoTo vs Grab Q2 2026: Grab's headline profit is mostly a one-off Superbank gain; GoTo's smaller real operating profit is the more honest number."},{"url":"/analysis/arto/2026-06/","title":"Profit Grew 49% This Half - So Why Did the Stock Just Hit a New Two-Year Low?","ticker":"arto","company":"","quarter":"Q2 2026","tags":"","summary":"Bank Jago's H1 2026 profit rose 49% YoY, but the stock hit a fresh two-year low as CAR kept falling and one related-party loan drove Sharia growth."},{"url":"/analysis/dher/2024-06/","title":"Delivery Hero's Adjusted EBITDA Nearly Tripled. Then the EU Antitrust Bill Came to €403 Million.","ticker":"dher","company":"","quarter":"Q2 2024","tags":"","summary":"Delivery Hero's Adjusted EBITDA nearly tripled, but an EU antitrust provision jumped to €403 million and the CFO quit mid-year."},{"url":"/analysis/superbank/2025-06/","title":"Superbank Is Profitable Again - By Lending Out Almost Every Rupiah It Takes In","ticker":"superbank","company":"","quarter":"Q2 2025","tags":"","summary":"Superbank's H1 2025: a first half-year profit of Rp20.5bn, but a 99% loan-to-deposit ratio and time-deposit-heavy funding complicate the story."},{"url":"/analysis/nu/2023-02/","title":"Nu's Earnings Release Skipped Two Lawsuits. The Actual 20-F Didn't.","ticker":"nu","company":"","quarter":"Q1 2023","tags":"","summary":"Nu's FY2022 20-F reveals undisclosed Getnet/Safra litigation, $17.9M in legal provisions, and controlled-company status its Q4 earnings release skipped."},{"url":"/analysis/arto/2024-12/","title":"Net Income Nearly Doubled This Year - So Why Did the Stock End It Lower?","ticker":"arto","company":"","quarter":"Q4 2024","tags":"","summary":"Bank Jago's FY2024 profit rose 78% and Q4 ROA broke 1%, but the Sharia unit's 'floor' cracked again and the stock still ended the year down 16%."},{"url":"/analysis/bird/2018-03/","title":"Two Quarters of Recovery, Erased in One - What Actually Broke in Q1 2018?","ticker":"bird","company":"","quarter":"Q1 2018","tags":"","summary":"Blue Bird's Q1 2018 operating income fell 21.2% QoQ, erasing two quarters of recovery - the Go-Jek MoU footnote stayed silent for a fifth report."},{"url":"/analysis/dher/2019-06/","title":"Can a €721 Million Profit Really Just Be an Accounting Artifact?","ticker":"dher","company":"","quarter":"Q2 2019","tags":"","summary":"Delivery Hero's record €721 million H1 2019 profit came almost entirely from a German-business divestment gain, not from operations."},{"url":"/analysis/bfin/2022-03/","title":"Only 5.3% Tendered - What a Failed Buyout Says About the Real Price","ticker":"bfin","company":"","quarter":"Q1 2022","tags":"","summary":"BFI's Rp1,200 tender offer drew only 5.3% participation as the stock traded above the offer price; the cure rate fell a fourth straight quarter."},{"url":"/analysis/se/2020-09/","title":"Group Adjusted EBITDA Hit $120 Million. So Did the Adjusted-Revenue Metric That Used to Track It","ticker":"se","company":"","quarter":"Q3 2020","tags":"","summary":"Sea's Q3 2020: group Adjusted EBITDA hit $120M, but net loss widened faster and equity kept shrinking."},{"url":"/analysis/bird/2025-03/","title":"Net Income Jumped 43% This Quarter - So Why Did the Stock Keep Falling?","ticker":"bird","company":"","quarter":"Q1 2025","tags":"","summary":"Blue Bird's Q1 2025 profit jumped 43% YoY, but heavier capex pushed free cash flow deeply negative and the stock still fell over the quarter."},{"url":"/analysis/meli/2026-06/","title":"A $10 Billion Revenue Quarter, Right After Losing a Multi-Year Tax Fight","ticker":"meli","company":"","quarter":"Q2 2026","tags":"","summary":"MELI Q2 2026 10-Q: revenue tops $10B for the first time (+49.8%), but margins stay compressed and a tax appeal was just lost."},{"url":"/analysis/meli/2024-12/","title":"Net Income Nearly Doubled in 2024 - So Why Did the Company's Own Auditor Flag the Credit Book?","ticker":"meli","company":"","quarter":"Q4 2024","tags":"","summary":"MELI FY2024: revenue +37.5%, net income +93.7% on tax/FX items, but operating income only +19.2% as auditor flagged the credit book's CECL estimate."},{"url":"/analysis/bbca/2017-12/","title":"Net Profit Grew 13% - But Only Because Loan-Loss Provisions Shrank 42%","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2017","tags":"","summary":"BCA's FY2017 profit grew 13% - but its own annual report shows the growth came from cutting loan-loss provisions 42%, not cleaner credit."},{"url":"/analysis/cpng/2026-03/","title":"Did a $1.2 Billion Voucher Bill Just Wipe Out a Quarter's Profits?","ticker":"cpng","company":"","quarter":"Q1 2026","tags":"","summary":"Coupang's Q1 2026: revenue up 8% to $8.5B, but the $1.2B breach-voucher program crushed Adjusted EBITDA 92% to $29M and drove a $266M net loss."},{"url":"/analysis/nu/2024-09/","title":"Nu Just Crossed 100 Million Customers in Brazil Alone. Is Adult-Population Saturation Actually a Problem?","ticker":"nu","company":"","quarter":"Q3 2024","tags":"","summary":"Nu's Q3 2024: record $2.9B revenue, 100M Brazil customers, and a quiet pivot toward personal lending over credit cards."},{"url":"/analysis/goto/2026-03/","title":"GoTo's Real Operating Income Hit a Record Rp418 Billion. Its Stock Fell 20% Anyway.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q1 2026","tags":"","summary":"GoTo posted its first-ever net profit and a record real operating income in Q1 2026 - yet its stock fell 20% and hit its cheapest multiple on record."},{"url":"/analysis/bfin/2019-06/","title":"The Election Ended, So Why Did New Financing Keep Falling?","ticker":"bfin","company":"","quarter":"Q2 2019","tags":"","summary":"BFI Finance's H1 2019 new financing fell 16.8% YoY even post-election, though Q2 grew 12.8% QoQ as USD debt nearly doubled again."},{"url":"/analysis/superbank/2023-03/","title":"Why Does a New Digital Bank's Loan Book Already Dwarf Its Deposit Book?","ticker":"superbank","company":"","quarter":"Q1 2023","tags":"","summary":"Superbank's first filing as a rebranded digital bank: a 204% loan-to-deposit ratio, a Rp34.6bn net loss, and a deposit base that's still an afterthought."},{"url":"/analysis/uber/2021-06/","title":"First Quarterly Profit as a Public Company - But $1.4 Billion of It Came From a Didi Stock Gain, Not the Business","ticker":"uber","company":"","quarter":"Q2 2021","tags":"","summary":"Uber Q2 2021: first quarterly profit as a public company ($1.14B), but $1.4B is an unrealized Didi gain. Revenue +105% YoY, Adj. EBITDA loss narrows 39%."},{"url":"/analysis/bbri/2025-09/","title":"Credit Costs Are Falling. Profit Still Isn't Recovering.","ticker":"bbri","company":"","quarter":"Q3 2025","tags":"","summary":"BRI's Q3 2025 credit costs kept falling, but profit still fell YoY as BOPO worsened and gross NPL crept higher."},{"url":"/analysis/uber/2023-12/","title":"Uber's First Fiscal Year of GAAP Operating Profit - $1.1 Billion, Plus $1.9 Billion Net Income","ticker":"uber","company":"","quarter":"Q4 2023","tags":"","summary":"Uber FY2023: first fiscal year of GAAP operating profit ($1.1B), net income $1.9B, Adjusted EBITDA up 137% to $4.1B, FCF up to $3.4B."},{"url":"/analysis/bbca/2015-12/","title":"The CASA Ratio Finally Turned Around. Profit Growth Didn't Follow.","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2015","tags":"","summary":"BBCA's CASA ratio finally rebounded in FY2015, but profit growth halved to 9.3% as impairment losses jumped 56.5% on a barely-moved NPL ratio."},{"url":"/analysis/bbca/2017-06/","title":"When Does a Bad-Loan Wobble Stop Being a One-Quarter Story?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2017","tags":"","summary":"BBCA's Special Mention loans nearly doubled YoY and provisioning fell 53.3% even as total NPL rose 21.6% - a trend now three quarters deep."},{"url":"/analysis/pdd/2019-12/","title":"GMV Crossed RMB1 Trillion in 2019 — So Why Did It Just Fund Its Own Executives to Buy a Payment Company?","ticker":"pdd","company":"","quarter":"Q4 2019","tags":"","summary":"PDD's GMV hit RMB1 trillion in 2019, but it also loaned executives money to buy a vendor it depends on."},{"url":"/analysis/meli/2024-06/","title":"Is Margin Being Traded for Market Share in Mexico?","ticker":"meli","company":"","quarter":"Q2 2024","tags":"","summary":"MELI Q2 2024: revenue +41.5% but direct contribution +17.5% as Mexico's margin fell 11.4pp; credit provisions grew 2.5x revenue growth."},{"url":"/analysis/se/2022-09/","title":"Management Finally Said the Number Out Loud — Right as Its Own Users Started Leaving","ticker":"se","company":"","quarter":"Q3 2022","tags":"","summary":"Sea Q3 2022: EBITDA improved 29% QoQ, management finally named the number, but user engagement reversed and loan losses hit 10%."},{"url":"/analysis/dher/2019-12/","title":"Is Delivery Hero's First Annual Profit Actually Two Different Numbers?","ticker":"dher","company":"","quarter":"Q4 2019","tags":"","summary":"Delivery Hero's first full-year profit of €230.2 million hides a widening €689.9 million continuing-operations loss and a gross-vs-net revenue gap."},{"url":"/analysis/bfin/2020-03/","title":"How Did a Lender's Quietest Quarter Coincide With a 57% Stock Crash?","ticker":"bfin","company":"","quarter":"Q1 2020","tags":"","summary":"BFI Finance's Q1 2020 profit barely moved YoY, but its stock fell 57% as Covid-19 hit and early delinquency jumped sharply in March."},{"url":"/analysis/uber/2021-12/","title":"Uber's Net Loss Shrank 93% in a Year - Almost None of It From the Business Actually Turning a Profit","ticker":"uber","company":"","quarter":"Q4 2021","tags":"","summary":"Uber FY2021: revenue +57% to $17.5B, net loss narrows 93% to $(496)M - but mostly non-operating gains, not a profitable business yet."},{"url":"/analysis/bfin/2019-12/","title":"Was Closing a 20-Year-Old Lawsuit Worth Half a Year's Profit?","ticker":"bfin","company":"","quarter":"Q4 2019","tags":"","summary":"BFI Finance's FY2019 profit fell 51.5% on a one-off Rp773.5bn lawsuit settlement - core lending profit was actually flat year-over-year."},{"url":"/analysis/arto/2022-03/","title":"A Profitable Quarter, Except the Core Bank Actually Lost Money","ticker":"arto","company":"","quarter":"Q1 2022","tags":"","summary":"Bank Jago's Q1 2022 profit came entirely from its Sharia unit (Rp107.3B) - the conventional core bank actually lost about Rp88 billion."},{"url":"/analysis/uber/2023-06/","title":"Uber Posted What It Calls Its First-Ever GAAP Operating Profit - $326 Million, 14 Years After Its Founding","ticker":"uber","company":"","quarter":"Q2 2023","tags":"","summary":"Uber Q2 2023: company-stated first-ever GAAP operating profit of $326M, Adjusted EBITDA up 152% to $916M, six-month FCF of $1.7B."},{"url":"/analysis/goto/2024-03/","title":"GoTo's Numbers Just Got 9% Smaller and 63% Bigger, Depending on Which One You Read","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q1 2024","tags":"","summary":"GoTo's Q1 2024 results split into as-reported and pro forma numbers after Tokopedia's deconsolidation - and Adjusted EBITDA turned negative again."},{"url":"/analysis/cpng/2024-03/","title":"The First Net Loss in Two Years Somehow Left Stockholders in the Black","ticker":"cpng","company":"","quarter":"Q1 2024","tags":"","summary":"Coupang's Q1 2024 net loss was $24M as Farfetch's first consolidated quarter added a $122M loss - noncontrolling interests absorbed most of it."},{"url":"/analysis/amrt/2019-09/","title":"Did the Margin Recovery Survive Without Ramadan?","ticker":"amrt","company":"","quarter":"Q3 2019","tags":"","summary":"Alfamart's Q3 2019 margins held up without Ramadan's boost - all three regions still gained margin YoY, settling the question the last post raised."},{"url":"/analysis/baba/2016-03/","title":"Two Accounting Gains Explain 92% of the Profit Growth, and a Second SEC Inquiry Opens","ticker":"baba","company":"","quarter":"Q1 2016","tags":"","summary":"Alibaba's FY2016 net income nearly tripled, but 92% of the gain came from two non-cash consolidation entries, one tied to a related-party giveaway."},{"url":"/analysis/tlkm/2024-09/","title":"The Multiple Just Hit a New Low - And This Time Profit Actually Fell Too","ticker":"tlkm","company":"","quarter":"Q3 2024","tags":"","summary":"Telkom's Q3 2024 profit fell 9% on an ERP charge and weaker Enterprise margin, with the stock stuck near a two-year low."},{"url":"/analysis/excl/2026-03/","title":"Revenue Grew 38% This Quarter - So Why Did Profit Turn Negative?","ticker":"excl","company":"","quarter":"Q1 2026","tags":"","summary":"XLSmart's revenue grew 38% and profit went negative in the same quarter - a 2025 merger explains both, but the comparison isn't apples-to-apples."},{"url":"/analysis/xyz/2022-09/","title":"Block's Gross Profit Grew 38% While Its Stock Fell 80% From Its 2021 Peak","ticker":"xyz","company":"","quarter":"Q3 2022","tags":"","summary":"Block's Q3 2022 10-Q shows 38% gross profit growth even as the stock sits 80% below its 2021 peak amid the ongoing crypto-market downturn."},{"url":"/analysis/amrt/2024-09/","title":"Why Did the Stock Hit a Two-Year High the Same Quarter the Capital Region Had Its Worst Result Since 2023?","ticker":"amrt","company":"","quarter":"Q3 2024","tags":"","summary":"AMRT's 9M 2024 profit grew 9.5%, but Jabodetabek's standalone Q3 segment income collapsed 32.66% - its worst quarter in a year."},{"url":"/analysis/meli/2022-03/","title":"It Turned Profitable Again - So Why Is Operating Cash Flow Still Negative $233 Million?","ticker":"meli","company":"","quarter":"Q1 2022","tags":"","summary":"MELI Q1 2022 10-Q: net income of $65M reverses last year's loss, but operating cash flow stayed $(233)M negative as the credit book grew 319% YoY."},{"url":"/analysis/swiggy/2024-12/","title":"Why Faster Growth Meant A Bigger Loss, Not A Smaller One","ticker":"swiggy","company":"","quarter":"Q4 2024","tags":"","summary":"Swiggy grew revenue 31% in Q3 FY25, yet the net loss widened 39% as Instamart's segment loss jumped 66% quarter-over-quarter."},{"url":"/analysis/bfin/2024-12/","title":"Every Credit Metric Improved in Q4 - So Why Did One Segment Just Turn Negative?","ticker":"bfin","company":"","quarter":"Q4 2024","tags":"","summary":"BFI's Q4 2024 profit rose 4.8% QoQ as Cost of Credit eased to 2.8% - but Others, a segment that had turned positive by 9M, fell negative."},{"url":"/analysis/bird/2021-06/","title":"Blue Bird's Q2 Revenue 'Doubled' YoY - But the Comparison Quarter Was the Full Lockdown","ticker":"bird","company":"","quarter":"Q2 2021","tags":"","summary":"Blue Bird Q2 2021 revenue jumped YoY only because Q2 2020 was the full lockdown quarter - the sequential recovery is modest and fragile."},{"url":"/analysis/baba/2018-03-ownership-consolidation/","title":"Alibaba Just Bought Out Every Partner It Used to Only Have a Contract With","ticker":"baba","company":"","quarter":"","tags":"","summary":"Alibaba's FY2018 ownership wave - Cainiao consolidated, Ele.me bought out, and a profit share swapped for 33% of Ant Financial - as the SEC watches."},{"url":"/analysis/bird/2023-12/","title":"Why Did Profit Fall Again Despite Double-Digit Revenue Growth?","ticker":"bird","company":"","quarter":"Q4 2023","tags":"","summary":"Blue Bird's FY2023 profit grew strongly, but standalone Q4 profit fell YoY for a second straight quarter as a trademark fee and marketing costs hit."},{"url":"/analysis/bfin/2026-06/","title":"Cost of Credit Was Cut Nearly in Half This Quarter - So Why Did New Bookings Keep Shrinking?","ticker":"bfin","company":"","quarter":"Q2 2026","tags":"finance","summary":"BFI Finance's H1 2026 profit rose 8.7% YoY as Cost of Credit halved quarter-over-quarter, even as new bookings shrank and Others' profit fell 40%."},{"url":"/analysis/swiggy/2026-06/","title":"Instamart Hit Its Breakeven Target On Schedule. The Quarterly Loss Barely Moved.","ticker":"swiggy","company":"","quarter":"Q2 2026","tags":"","summary":"Swiggy's Q1 FY27 - Instamart hit its breakeven target, but a growth pivot kept the Rs. 791 crore net loss nearly flat sequentially."},{"url":"/analysis/eternal/2025-09/","title":"Revenue Nearly Doubled in a Quarter — Was Any of That Growth Real?","ticker":"eternal","company":"","quarter":"Q3 2025","tags":"","summary":"Eternal's Q2 FY26 revenue jumped 90% QoQ, but most of it is an accounting reclassification, not real demand - and free cash flow turned deeply negative."},{"url":"/analysis/superbank/2025-12/","title":"Superbank Went Public at Rp635 a Share. The Market Priced It 47% Higher Within Two Weeks.","ticker":"supa","company":"","quarter":"Q4 2025","tags":"","summary":"Superbank's FY2025: first annual profit, a Dec 17 IPO at Rp635/share closing the year 47% higher, but CASA still stuck near 21% of funding."},{"url":"/analysis/dher/2024-12/","title":"How Did Delivery Hero Turn a €341 Million Operating Loss Into a €3.8 Billion Cash Pile?","ticker":"dher","company":"","quarter":"Q4 2024","tags":"","summary":"Delivery Hero's FY2024 cash pile tripled to €3.8bn - but the talabat IPO, not the delivery business, did the heavy lifting."},{"url":"/analysis/arto/2024-06/","title":"The Weak Operating Cash Flow Quarter Didn't Last a Second Quarter","ticker":"arto","company":"","quarter":"Q2 2024","tags":"","summary":"Bank Jago's Q1 2024 operating cash flow fell short of capex, but surged in Q2 as deposits outgrew loans and conventional-bank profit nearly tripled."},{"url":"/analysis/dher/2026-06/","title":"Delivery Hero Just Agreed to Sell Itself to Uber - Did H1 2026's Numbers Even Matter?","ticker":"dher","company":"","quarter":"Q2 2026","tags":"","summary":"Delivery Hero's H1 2026 turned free cash flow positive - then Uber agreed to buy it for €41.50/share, 16 days after the period closed."},{"url":"/analysis/uber/2025-03/","title":"Uber's Operating Income More Than Doubles to $1,228 Million - Net Income Swings Back to a Profit","ticker":"uber","company":"","quarter":"Q1 2025","tags":"","summary":"Uber Q1 2025: operating income up 614% to $1,228M, net income swings to $1.8B profit, Adjusted EBITDA up 35% to $1,868M, FCF up 66% to $2,250M."},{"url":"/analysis/goto/2022-06/","title":"The Margins Improved Sequentially. The Real Segment Losses Didn't.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q2 2022","tags":"","summary":"GoTo's Q2 2022 margins improved QoQ, but real segment losses widened YoY and a cited 1Q22 comparison figure doesn't match what GoTo originally reported."},{"url":"/analysis/idea/2023-09/","title":"Vi's Deficit Just Crossed Rs90,000 Crore - Does a Vendor Debt Deal Change Anything?","ticker":"idea","company":"","quarter":"Q3 2023","tags":"","summary":"Vi's deficit crossed Rs90,000 crore this quarter while the stock nearly tripled - a valuation gap this post tries to make sense of."},{"url":"/analysis/pdd/2026-06/","title":"The Stock Fell 43% in Two Years — Did the Business Actually Get Worse?","ticker":"pdd","company":"","quarter":"Q2 2026","tags":"","summary":"PDD Q2 2026: revenue +8%, net income -12% on an RMB7.5B non-operating swing. EV/Revenue compressed to 1.88x as the ADS fell 43% in two years."},{"url":"/analysis/cpng/2022-06/","title":"The First Positive Adjusted EBITDA Quarter Has an Asterisk","ticker":"cpng","company":"","quarter":"Q2 2022","tags":"","summary":"Coupang's first positive Adjusted EBITDA quarter is real, but Q2 2021's easy comp (a $296M fire) inflates how big the swing looks."},{"url":"/analysis/pdd/2024-12/","title":"Net Income Nearly Doubled and the Stock Fell 34% Anyway - Was 2024 the Cheapest PDD Ever Got?","ticker":"pdd","company":"","quarter":"Q4 2024","tags":"","summary":"PDD's FY2024 20-F: net income +87.3% to RMB112.4B, stock down 33.7%, and the first disclosure of the coming US de minimis repeal threatening Temu."},{"url":"/analysis/meli/2019-06/","title":"Investors Just Got Told It's Spending the $2 Billion - Should That Worry You?","ticker":"meli","company":"","quarter":"Q2 2019","tags":"","summary":"MELI Q2 2019 10-Q: management confirms a deliberate investment cycle, net revenue +62.6% to $545.2M, operating loss narrows to $12.5M, net income $16.2M."},{"url":"/analysis/bbri/2022-06/","title":"The Capital Ratio Stopped Falling - But Its Own Guidance Still Contradicts Itself","ticker":"bbri","company":"","quarter":"Q2 2022","tags":"","summary":"BRI's H1 2022 report: net profit nearly doubled YoY, bank-only CAR stabilized, but the NPL guidance miss from Q1 got worse, not better."},{"url":"/analysis/bbri/2020-12/","title":"NPL Coverage Rocketed to a Record 248% in FY2020 - But Corporate Loans Kept Getting Worse","ticker":"bbri","company":"","quarter":"Q4 2020","tags":"","summary":"BRI's FY2020 filing: NPL coverage hit a record 247.98%, partly a new accounting standard, while Corporate NPL rose to a series-worst 12.58%."},{"url":"/analysis/bird/2019-09/","title":"Profit Fell 51% and the Stock Hit a New Low - Did the Multiple Finally Catch Up?","ticker":"bird","company":"","quarter":"Q3 2019","tags":"","summary":"Blue Bird's Q3 2019 profit fell 51% YoY and the stock hit a new low - but for once, every valuation multiple actually got cheaper, not richer."},{"url":"/analysis/dash/2024-03/","title":"DoorDash Authorized a $1.1 Billion Buyback, Then Spent Not a Dollar of It the Same Quarter","ticker":"dash","company":"","quarter":"Q1 2024","tags":"","summary":"DoorDash Q1 2024: Adjusted EBITDA up 82% to $371M, FCF up 54% to $487M, and the new $1.1B buyback authorization went entirely unused."},{"url":"/analysis/meituan/2023-06/","title":"Turned Profitable Again — Then Bought Its Own Departing Co-Founder's AI Startup","ticker":"meituan","company":"","quarter":"Q2 2023","tags":"","summary":"Meituan returned to profit in H1 2023, then bought its departing co-founder's AI startup."},{"url":"/analysis/nu/2023-06/","title":"Nu's Profit Just Doubled Again. So Did the Skepticism About Whether It Lasts.","ticker":"nu","company":"","quarter":"Q2 2023","tags":"","summary":"Nu's Q2 2023: net income nearly doubled to $224.9M (from $141.8M in Q1), revenue up 61% to $1.9B, second straight profitable quarter."},{"url":"/analysis/nu/2021-12/","title":"Turning 'Profitable' by Excluding a Quarter-Billion in Stock Comp","ticker":"nu","company":"","quarter":"Q4 2021","tags":"","summary":"Nu's 2021 IPO year: $1.7B revenue, a $165M net loss, and a $6.6M \"adjusted profit\" built by excluding $225M of stock-based comp."},{"url":"/analysis/meituan/2021-12/","title":"A $6 Billion Grocery Bet Hiding Inside Two Profitable Businesses","ticker":"meituan","company":"","quarter":"Q4 2021","tags":"","summary":"Meituan's profitable core businesses funded a RMB38.4B loss in retail bets - 10x its 2021 antitrust fine."},{"url":"/analysis/meli/2021-09/","title":"Both Brazilian Tax Defenses Just Lost Round One - Where's the Reserve?","ticker":"meli","company":"","quarter":"Q3 2021","tags":"","summary":"MELI Q3 2021 10-Q: revenue +66.5% to $1.86B, net income +533% to $95.2M, but both Brazilian tax defenses lost round one with zero reserve recorded."},{"url":"/analysis/xyz/2021-03/","title":"Profitability Returned the Same Quarter Bitcoin Became 69% of Revenue","ticker":"xyz","company":"","quarter":"Q1 2021","tags":"","summary":"Square's Q1 2021 10-Q shows GAAP profit returning as bitcoin revenue hit 69% of the total - and its new bitcoin treasury position already up 2.3x."},{"url":"/analysis/se/2025-12/","title":"Sea Posted Its Highest Operating Income Ever. Its Stock Fell 29% Anyway","ticker":"se","company":"","quarter":"Q4 2025","tags":"","summary":"Sea's Q4/FY2025: record $1.6B net income, but the ADS fell 28.6% in the quarter and its $86M settlement went unmentioned for a fourth straight call."},{"url":"/analysis/seabank/2024-03/","title":"The Margin That Was Supposed to Be Untouchable Just Compressed","ticker":"seabank","company":"","quarter":"Q1 2024","tags":"","summary":"SeaBank's NIM fell to 15.41% in Q1 2024 from 19.57% a year ago - net income tripled anyway, but only on lighter provisioning."},{"url":"/analysis/bbri/2019-03/","title":"Two Loan Categories Spent a Year Swapping Places as the Worst - Then the Gap Between Them Nearly Vanished","ticker":"bbri","company":"","quarter":"Q1 2019","tags":"","summary":"BRI's Q1 2019 profit grew 10.3% as its two worst loan categories, which had been swapping places all of 2018, suddenly converged."},{"url":"/analysis/eternal/2026-03/","title":"Net Income Rose for a Third Straight Quarter - So Why Did the Full Fiscal Year Fall 31%?","ticker":"eternal","company":"","quarter":"Q1 2026","tags":"","summary":"Eternal's Q4 FY26: net income rose a third straight quarter, but full-year profit fell 31% as finance costs and depreciation outran segment gains."},{"url":"/analysis/arto/2021-09/","title":"First Profit, First Cracks in a Perfect Loan Book","ticker":"arto","company":"","quarter":"Q3 2021","tags":"","summary":"Bank Jago posted its first-ever profit in Q3 2021, but the same quarter also produced its first non-performing loans, ending a run of \"zero NPL\" prints."},{"url":"/analysis/se/2018-12/","title":"Its Equity Just Went Negative. Nobody Mentioned It.","ticker":"se","company":"","quarter":"Q4 2018","tags":"","summary":"Sea's FY2018: equity turned negative (-$243M), net loss narrowed only on a non-cash gain, and AirPay's dropped GTV metric never came back."},{"url":"/analysis/bbri/2024-03/","title":"Why Was the Credit Cost Ceiling Widened One Quarter Into 2024?","ticker":"bbri","company":"","quarter":"Q1 2024","tags":"","summary":"BRI's Q1 2024: profit up just 2.48% YoY as gross Credit Cost nearly doubles to 3.83%, forcing a guidance-band widening one quarter into the year."},{"url":"/analysis/dash/2022-06/","title":"The Wolt Deal Finally Closed at Less Than Half Its Announced Price - Here's Why","ticker":"dash","company":"","quarter":"Q2 2022","tags":"","summary":"DoorDash closed its Wolt acquisition for $2.84B in stock, less than half the announced ~€7B value, as DASH shares fell since signing."},{"url":"/analysis/idea/2024-12/","title":"EBITDA Margin Just Hit a Post-Merger High - While the Cash Pile Keeps Draining","ticker":"idea","company":"","quarter":"Q4 2024","tags":"","summary":"Vi's EBITDA margin hit a post-merger high this quarter, but its cash pile has now fallen for three straight quarters running."},{"url":"/analysis/nu/2025-03/","title":"Nu's Reported Revenue Growth Just Halved. The Real Number Didn't.","ticker":"nu","company":"","quarter":"Q1 2025","tags":"","summary":"Nu's Q1 2025: nominal revenue growth halved to 18.7% on FX, but FX-neutral growth held at 40% as NIM kept compressing."},{"url":"/analysis/idea/2026-06/","title":"Did the \"Profit Quarter\" Already Reverse?","ticker":"idea","company":"","quarter":"Q2 2026","tags":"","summary":"Vi's loss narrowed 43% YoY and subscribers grew again, but the shareholders' deficit widened - last quarter's 'profit' still hasn't repeated."},{"url":"/analysis/dash/2020-12/","title":"A Record IPO Year, Funded in Part by a Ballot Measure It Bankrolled","ticker":"dash","company":"","quarter":"Q4 2020","tags":"","summary":"DoorDash's 2020 10-K: 226% revenue growth, but a $30M note funded Prop 22 while it settled Dasher misclassification suits."},{"url":"/analysis/amrt/2021-06/","title":"Why Doesn't the Filing Mention the Deal That Sent the Stock Up 39%?","ticker":"amrt","company":"","quarter":"Q2 2021","tags":"","summary":"Alfamart's H1 2021 profit jumped 73% on a weak pandemic-quarter comparison, while its filing stays silent on the rights issue behind a 39% stock rally."},{"url":"/analysis/xyz/2025-12/","title":"Operating Income Nearly Doubled for the Year - Then the Company Announced It Would Cut Over 40% of Its Workforce","ticker":"xyz","company":"","quarter":"Q4 2025","tags":"","summary":"Block's FY2025 10-K: operating income nearly doubled and Free Cash Flow hit $2.4 billion, but a 40%+ workforce cut was announced as a subsequent event."},{"url":"/analysis/tlkm/2023-12/","title":"Profit Grew 18% for the Year - So Why Did the Stock Barely Move in Two Years?","ticker":"tlkm","company":"","quarter":"Q4 2023","tags":"","summary":"Telkom's FY2023 profit grew 18% as the GoTo drag shrank, but Enterprise reversed again and the stock sat flat over two years."},{"url":"/analysis/tlkm/2021-06/","title":"A 9% Revenue Quarter Turned Into a 26% Profit Quarter","ticker":"tlkm","company":"","quarter":"Q2 2021","tags":"","summary":"Telkom's Q2 2021 profit grew 25.6% as Enterprise's loss narrowed sharply, even while a Rp16.6tn dividend went out the door."},{"url":"/analysis/amrt/2023-12/","title":"Why Did the Region That Gained the Most Margin Post the Weakest Quarter?","ticker":"amrt","company":"","quarter":"Q4 2023","tags":"","summary":"AMRT's FY2023 profit grew 19%, but standalone Q4 shows Jabodetabek's segment income fell 39% while Java and Outside Java surged 25-31% - a full reversal."},{"url":"/analysis/bfin/2023-09/","title":"The Profit Growth Streak Finally Breaks, and the Cyberattack Behind It Still Has No Name","ticker":"bfin","company":"","quarter":"Q3 2023","tags":"","summary":"BFI's 9M23 profit fell YoY for the first time since the pandemic, and its own financial statements still never name the cyberattack behind it."},{"url":"/analysis/bhartiartl/2024-06/","title":"Net Income Jumped 158%. The Actual Business Shrank.","ticker":"bhartiartl","company":"","quarter":"Q2 2024","tags":"","summary":"Airtel's 158% profit jump was a pure exceptional-items base effect - underlying net income grew just 1% and EBIT actually fell 7.2%."},{"url":"/analysis/eternal/2022-12/","title":"Blinkit's First Full Quarter Landed - So Why Did Food Delivery Stalling Turn Out to Be the Story?","ticker":"eternal","company":"","quarter":"Q4 2022","tags":"","summary":"Zomato's Q3 FY23: Blinkit's losses narrowed in its first full quarter, but food delivery's own growth nearly stalled."},{"url":"/analysis/bird/2024-09/","title":"The Stock Jumped 32% in One Quarter - Did the Business Actually Get That Much Better?","ticker":"bird","company":"","quarter":"Q3 2024","tags":"","summary":"Blue Bird's Q3 2024 profit jumped 60% as Non-Taxi surged and a long-running lawsuit finally closed - but is the stock's 32% rally proportionate?"},{"url":"/analysis/se/2021-03/","title":"Four Straight Profitable Quarters, and This Time No Stock Sale Paid for It","ticker":"se","company":"","quarter":"Q1 2021","tags":"","summary":"Sea's Q1 2021: a fourth straight positive Adjusted EBITDA quarter, equity held flat without a new stock sale, and goodwill doubled unexplained."},{"url":"/analysis/se/2021-12/","title":"Full-Year Adjusted EBITDA Turned Negative Again — Right as Its Own Guidance Points to a Shrinking Garena","ticker":"se","company":"","quarter":"Q4 2021","tags":"","summary":"Sea's Q4/FY2021: Total Adjusted EBITDA turned negative for the full year again, and 2022 guidance implies Garena bookings will shrink."},{"url":"/analysis/bhartiartl/2026-03/","title":"A New Rs3,161 Crore Charge Appeared, and the CFO Wouldn't Say What It Was For","ticker":"bhartiartl","company":"","quarter":"Q1 2026","tags":"","summary":"Airtel profit fell 33.5% YoY on a new regulatory charge the CFO wouldn't detail, even as EBITDA hit a fresh margin high."},{"url":"/analysis/eternal/2022-03/","title":"The Loss Widened 435% This Quarter - So Why Did the Business Actually Get Better?","ticker":"eternal","company":"","quarter":"Q1 2022","tags":"","summary":"Zomato's headline loss jumped 435% QoQ - but that's a one-time gain vanishing, not the business getting worse. The real trend improved."},{"url":"/analysis/se/2023-06/","title":"Sea Just Posted a Third Straight Profitable Quarter — Then Said It's Done Playing It Safe","ticker":"se","company":"","quarter":"Q2 2023","tags":"","summary":"Sea Q2 2023: net income $331M and Adjusted EBITDA $510M mark a third straight profitable quarter, even as Shopee's own margin fell on renewed spending."},{"url":"/analysis/bbca/2016-09/","title":"Four Straight Quarters of Rising Bad Debt, and the Stock Just Hit a Two-Year High","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2016","tags":"","summary":"BBCA's gross NPL ratio has risen for four straight quarters and restructured loans doubled YoY - yet its stock just hit a two-year high."},{"url":"/analysis/amrt/2023-03/","title":"Profit Grew 15% This Quarter - So Why Did Operating Cash Flow Turn Negative?","ticker":"amrt","company":"","quarter":"Q1 2023","tags":"","summary":"AMRT's Q1 2023 profit grew 14.8% but operating cash flow turned negative on a pre-Ramadan inventory build - the rights issue mandate stays unaddressed."},{"url":"/analysis/meli/2025-09/","title":"A Brazilian Court Just Handed Down a $501 Million Tax Bill - Why Isn't It in the Headlines?","ticker":"meli","company":"","quarter":"Q3 2025","tags":"","summary":"MELI Q3 2025 10-Q: revenue +39.5% to $7.41B, net income +6.0% to $421M, but a Brazilian court ruling forced a new $501M tax provision."},{"url":"/analysis/tlkm/2023-03/","title":"Enterprise Slipped Back to a Loss the Same Quarter Telkom Signed Away Its Biggest Segment","ticker":"tlkm","company":"","quarter":"Q1 2023","tags":"","summary":"Telkom's Q1 2023 profit grew 5%, but Enterprise lost money again and a subsequent event reveals IndiHome moving into Telkomsel."},{"url":"/analysis/xyz/2025-03/","title":"Operating Income Grew 32% - Net Income Fell 60% on a Bitcoin Swing Nobody Controls","ticker":"xyz","company":"","quarter":"Q1 2025","tags":"","summary":"Block's Q1 2025 10-Q: operating income grew 32%, but a bitcoin fair-value swing pulled net income down 60% and free cash flow fell sharply."},{"url":"/analysis/amrt/2018-06/","title":"Why Did Net Income Almost Triple While Revenue Grew Only 7.5%?","ticker":"amrt","company":"","quarter":"Q2 2018","tags":"","summary":"Alfamart's H1 2018 net income nearly tripled on margin recovery across all segments and a cheaper, more diversified debt book."},{"url":"/analysis/nu/2025-12/","title":"Nu Introduced a New P&L Framework the Same Quarter Its Growth Rate Needed Flattering","ticker":"nu","company":"","quarter":"Q4 2025","tags":"","summary":"Nu's FY2025: $15.8B IFRS revenue (+37%), $2.87B net income (+46%), and a new non-IFRS 'Managerial P&L' reporting higher revenue than the audited numbers."},{"url":"/analysis/idea/2024-03/","title":"Vi Raised Rs18,000 Crore - Why Did the Promoter Group Pay More Per Share Than the Public Did?","ticker":"idea","company":"","quarter":"Q1 2024","tags":"","summary":"Vi's promoter group paid a 35% premium over the public FPO price in the same capital raise - this post explains the mechanics and what it signals."},{"url":"/analysis/uber/2022-09/","title":"Uber's Adjusted EBITDA Hit a Record $516 Million - And the Stock Finally Rebounded, Up 30%","ticker":"uber","company":"","quarter":"Q3 2022","tags":"","summary":"Uber Q3 2022: Adjusted EBITDA hits a record $516M, nine-month FCF reaches $693M - and the stock rose 30% this quarter, its first gain since Q1 2021."},{"url":"/analysis/bbri/2026-06/","title":"A Danantara Entity Now Owns Half of BRI. Its Stock Just Hit a Fresh Low.","ticker":"bbri","company":"","quarter":"Q2 2026","tags":"","summary":"BRI's loan growth beat guidance by nearly 2x and a Danantara entity now holds over half its shares, but the stock still hit a fresh low."},{"url":"/analysis/bbri/2024-12/","title":"FY2024 Profit Barely Moved - So Why Did Corporate Segment Income Fall By Almost Half?","ticker":"bbri","company":"","quarter":"Q4 2024","tags":"","summary":"BRI's FY2024 profit was flat only because one segment's provisioning reversal offset another's - loan growth and Credit Cost both missed guidance."},{"url":"/analysis/se/2018-03/","title":"Sea Raised Its 2018 Guidance — So Why Did Its Losses Triple?","ticker":"se","company":"","quarter":"Q1 2018","tags":"","summary":"Sea's Q1 2018: guidance raised, net loss up ~3x YoY, and Shopee's e-commerce segment alone drove nearly all of the widening loss."},{"url":"/analysis/seabank/2026-06/","title":"SeaBank's Profit Growth Just Stalled - After Five Straight Quarters of Acceleration","ticker":"seabank","company":"","quarter":"Q2 2026","tags":"","summary":"SeaBank's H1 2026 profit nearly tripled YoY, but standalone Q2 was flat versus Q1 as CAR hit a series low and LDR a series high."},{"url":"/analysis/eternal/2024-06/","title":"Adjusted EBITDA Hit a Record Rs. 299 Crore - So Why Did the Re-Rating Finally Stall?","ticker":"eternal","company":"","quarter":"Q2 2024","tags":"","summary":"Eternal's Q1FY25 Adjusted EBITDA hit a record Rs. 299cr and Blinkit added 113 stores in one quarter - but the stock's re-rating lagged the numbers."},{"url":"/analysis/bbri/2019-12/","title":"Did the Corporate Loan Crisis Actually Get Fixed, or Just Written Off?","ticker":"bbri","company":"","quarter":"Q4 2019","tags":"","summary":"BRI's FY2019 filing shows Corporate NPL easing from Q3's 10.46% shock, but only after write-offs jumped 39% YoY with a collapsing recovery rate."},{"url":"/analysis/bird/2020-09/","title":"Q3 2020 Net Revenue Rebounded 51% as PSBB Eased - So Why Did Headcount Keep Falling Faster Than Ever?","ticker":"bird","company":"","quarter":"Q3 2020","tags":"","summary":"Q3 2020 net revenue rebounded 51% as PSBB eased, but headcount cuts deepened and director pay jumped back up even as the stock hit a new low."},{"url":"/analysis/seabank/2024-12/","title":"SeaBank's Margin Is Still Enormous. Its Return on Equity Still Isn't.","ticker":"seabank","company":"","quarter":"Q4 2024","tags":"","summary":"SeaBank's FY2024 net income rose 57% and LDR climbed to 84%, but ROE of just 6.93% shows a 16.5% margin still isn't reaching shareholders."},{"url":"/analysis/se/2025-03/","title":"Sea Had Its First Real Chance to Address an $86 Million Settlement. It Talked About a Rebrand Instead.","ticker":"se","company":"","quarter":"Q1 2025","tags":"","summary":"Sea's Q1 2025: a third straight profitable quarter and a fintech rebrand, while its $86M litigation settlement went unaddressed on the call."},{"url":"/analysis/amrt/2025-06/","title":"Why Did Growth Vanish the Moment Q1 Ended?","ticker":"amrt","company":"","quarter":"Q2 2025","tags":"","summary":"AMRT's H1 2025 profit grew 5%, but standalone Q2 shows Jabodetabek's revenue and income both falling - a slowdown the six-month headline hides."},{"url":"/analysis/xyz/2021-12/","title":"A First Year Under a New Name Closed With a $13.8 Billion Acquisition Disclosure","ticker":"xyz","company":"","quarter":"Q4 2021","tags":"","summary":"Block's FY2021 10-K shows full-year profit, a Q4 net loss, and discloses the just-closed $13.8B all-stock Afterpay acquisition."},{"url":"/analysis/tlkm/2025-06/","title":"The Stock Just Bounced 15% - And a Rp150 Trillion Fiber Spin-Off Plan Surfaced","ticker":"tlkm","company":"","quarter":"Q2 2025","tags":"","summary":"Telkom's Q2 2025 profit fell as ARPU kept declining, while the stock recovered and a major fiber-spinoff plan (FiberCo) was disclosed."},{"url":"/analysis/xyz/2023-06/","title":"Adjusted EBITDA Doubled Again - But Free Cash Flow Just Turned Positive for the First Time in a Year","ticker":"xyz","company":"","quarter":"Q2 2023","tags":"","summary":"Block's Q2 2023 10-Q: revenue up 26%, Adjusted EBITDA doubled again, and Free Cash Flow turned positive after last year's near-total collapse."},{"url":"/analysis/dash/2026-06/","title":"DoorDash Repurchased $887 Million of Stock and More Than Doubled Its Credit Line the Same Quarter Net Income Fell 30%","ticker":"dash","company":"","quarter":"Q2 2026","tags":"","summary":"DoorDash Q2 2026: Adjusted EBITDA +40% to $914M, net income -30% to $200M, buyback jumped to $887M, credit line more than doubled to $2.0B."},{"url":"/analysis/cpng/2023-09/","title":"Coupang's Streak of Rising Profit Just Broke - Should Investors Care?","ticker":"cpng","company":"","quarter":"Q3 2023","tags":"","summary":"Coupang's Q3 2023: Adjusted EBITDA fell to $238.7M, ending a five-quarter streak, as Developing Offerings' loss widened nearly 50%."},{"url":"/analysis/dmart/2016-12/","title":"A 31% Profit Jump, and Still No Stock to Buy","ticker":"dmart","company":"","quarter":"Q4 2016","tags":"","summary":"DMart's Q3 FY2017 filing shows revenue up 20% and profit up 31% as festive-season volume finally outpaced its Q2 inventory build."},{"url":"/analysis/meli/2018-09/","title":"It Raised Nearly $1 Billion in Debt - While Still Posting a Net Loss","ticker":"meli","company":"","quarter":"Q3 2018","tags":"","summary":"MELI Q3 2018 10-Q: $880M debt raise, net loss widens to $34.2M for nine months as gross margin fell to 48.7% on shipping subsidies."},{"url":"/analysis/goto/2023-09/","title":"The User Decline Just Stopped. Q4 Profitability Got Less Certain.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q3 2023","tags":"","summary":"GoTo's Q3 2023: the user decline finally stabilizes and GTV returns to growth, but the Q4 profitability target just got riskier."},{"url":"/analysis/idea/2022-06/","title":"Revenue Hit a Post-Merger High. The Quarterly Loss Still Got Worse.","ticker":"idea","company":"","quarter":"Q2 2022","tags":"","summary":"Vi's revenue hit a post-merger high in Q1 FY23, yet the quarterly loss widened 11.2% and the incoming CEO said to distrust the reported EBITDA."},{"url":"/analysis/dash/2024-12/","title":"DoorDash Closed Its First Full Year of GAAP Net Income - Then Let the Buyback Go Dormant Again","ticker":"dash","company":"","quarter":"Q4 2024","tags":"","summary":"DoorDash FY2024: first full year of GAAP net income ($123M), Adjusted EBITDA up 60% to $1.9B, FCF up to $1.8B."},{"url":"/analysis/arto/2025-09/","title":"The Sharia Book That Collapsed in Q2 Just Grew 140% in Q3 - What Changed?","ticker":"arto","company":"","quarter":"Q3 2025","tags":"","summary":"Bank Jago's Sharia unit's book grew 140% QoQ after Q2's collapse, even as its own profit fell - CASA hit a new low and CAR dropped to 32.9%."},{"url":"/about-us/","title":"About Us","ticker":"","company":"","quarter":"","tags":"about","summary":"Research-first equity analysis for tech-savvy investors in Indonesia, India, and the US — first-principles thinking and real red flags."},{"url":"/analysis/bbri/2020-03/","title":"The Capital Buffer Shrank Before a Single Covid Loan Went Bad","ticker":"bbri","company":"","quarter":"Q1 2020","tags":"","summary":"BRI's Q1 2020 filing shows Corporate NPL reversing to 9.14% and Tier 1 capital falling to 17.20% as Covid-19 hits and provisioning hits a record high."},{"url":"/analysis/nu/2022-09/","title":"Nine Years, One Profitable Quarter - While Delinquencies Kept Climbing","ticker":"nu","company":"","quarter":"Q3 2022","tags":"","summary":"Nu's Q3 2022: first-ever quarterly net profit ($7.8M) on 172% revenue growth, but delinquencies kept climbing and cash flow turned negative."},{"url":"/analysis/uber/2025-12/","title":"Uber's FY2025 - Operating Income Nearly Doubles to $5.6 Billion, While Net Income Growth Stalls on a Second Tax Release","ticker":"uber","company":"","quarter":"Q4 2025","tags":"","summary":"Uber FY2025: operating income up 99% to $5.6B, FCF up 42% to $9.8B, net income growth stalls at +2% as two tax releases mask true underlying trend."},{"url":"/analysis/bird/2018-06/","title":"Revenue Fell for a Sixth Straight Quarter - So Why Did Net Income Jump 21%?","ticker":"bird","company":"","quarter":"Q2 2018","tags":"","summary":"Blue Bird's Q2 2018 net income rose 21% YoY on lower interest costs even as revenue fell for a sixth straight quarter and capex more than doubled."},{"url":"/analysis/arto/2026-03/","title":"Profit Grew 42% This Quarter - So Why Did the Stock Just Crash 33%?","ticker":"arto","company":"","quarter":"Q1 2026","tags":"","summary":"Bank Jago's Q1 2026 profit rose 42% YoY and every ratio improved, but the stock crashed 33% in a single quarter to a new series-low valuation."},{"url":"/analysis/superbank/2025-03/","title":"Superbank's First Profitable Quarter Came With Its Loan-to-Deposit Ratio Falling by Half","ticker":"superbank","company":"","quarter":"Q1 2025","tags":"","summary":"Superbank posted its first-ever profitable quarter in Q1 2025, as its loan-to-deposit ratio collapsed from 515% to 107% in a year."},{"url":"/analysis/bbri/2023-09/","title":"Why Did Profit Growth Stall Even As Revenue Rebounded?","ticker":"bbri","company":"","quarter":"Q3 2023","tags":"","summary":"BRI's Q3 2023: revenue growth returned but profit growth nearly stalled as impairment jumped 29.24% YoY, partly tied to El Nino."},{"url":"/analysis/bird/2023-03/","title":"Operating Profit Nearly Quadrupled - So Why Is Free Cash Flow Still Negative?","ticker":"bird","company":"","quarter":"Q1 2023","tags":"","summary":"Blue Bird's Q1 2023 profit more than doubled YoY, but free cash flow stayed negative as fleet-renewal capex kept running at Q4's pace."},{"url":"/analysis/bfin/2024-03/","title":"Was Last Quarter's Recovery Real, or Just a One-Quarter Blip?","ticker":"bfin","company":"","quarter":"Q1 2024","tags":"","summary":"BFI's Cost of Credit crashed to 0.8% in Q4 2023 - then jumped back to 3.7% in Q1 2024, as net profit fell 29% YoY and the cure rate stayed hidden."},{"url":"/analysis/meli/2022-12/","title":"Net Income Jumped 5.8x in a Year - But Is the Credit Book Growing Faster Than It Can Manage?","ticker":"meli","company":"","quarter":"Q4 2022","tags":"","summary":"MELI FY2022 10-K: net revenue +49.1% to $10.5B, operating income +134.5%, net income +481% to $482M, credit allowance more than doubles."},{"url":"/analysis/meli/2020-06/","title":"Every Segment Got More Profitable During Lockdown - Even Mexico, for the First Time Since 2016","ticker":"meli","company":"","quarter":"Q2 2020","tags":"","summary":"MELI Q2 2020 10-Q: revenue up 61.1% in lockdown, Mexico's segment profitable for the first time since 2016, net income $55.9M."},{"url":"/analysis/goto/2026-06/","title":"GoTo's Profit Nearly Tripled and Adjusted EBITDA Topped Rp1 Trillion - So Why Did the Buyback Slow 60%?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q2 2026","tags":"","summary":"GoTo's Q2 2026: Adjusted EBITDA topped Rp1 trillion for the first time, but the buyback slowed 60% and GoRide's unit economics turned negative."},{"url":"/analysis/cpng/2024-12/","title":"Adjusted EBITDA Grew 28% - Net Income Fell 95%. Which One Matters?","ticker":"cpng","company":"","quarter":"Q4 2024","tags":"","summary":"Coupang's FY2024 Adjusted EBITDA grew 28% to $1.375B, but net income fell 95% on the KFTC fine and Farfetch losses - Q4 alone was the year's best quarter."},{"url":"/analysis/cpng/2026-06/","title":"A $570 Million Loss - Or $160 Million, Depending Which Number You Trust","ticker":"cpng","company":"","quarter":"Q2 2026","tags":"","summary":"Coupang Q2 2026: revenue up 10% constant currency, but $410M in Korean privacy fines drove a $570M net loss ($160M excluding the fines)."},{"url":"/analysis/pdd/2020-12/","title":"The Stock Nearly 5x'd in a COVID Year — But the Operating Loss Also Got Wider. Which Number Is Lying?","ticker":"pdd","company":"","quarter":"Q4 2020","tags":"","summary":"PDD's FY2020 20-F: revenue up 97.4%, $7.7B raised in three 2020 offerings, and the ADS price nearly 5x'd."},{"url":"/analysis/dash/2023-09/","title":"DoorDash Finished Its $750 Million Buyback the Same Quarter Net Loss Shrank 75%","ticker":"dash","company":"","quarter":"Q3 2023","tags":"","summary":"DoorDash Q3 2023: Adjusted EBITDA up 295% to $344M, net loss narrowed 75% to $73M, and its $750M buyback fully completed in October 2023."},{"url":"/analysis/goto/2024-12/","title":"FinTech Hit Breakeven By Rp14 Billion. Is That a Real Turnaround?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q4 2024","tags":"","summary":"GoTo hit its FY2024 breakeven target and FinTech turned Adjusted-EBITDA-positive in Q4 - by Rp14 billion. Here's what the annual report actually shows."},{"url":"/analysis/arto/2022-12/","title":"A Net-Loss Quarter Hiding Inside a Profitable Year","ticker":"arto","company":"","quarter":"Q4 2022","tags":"","summary":"Bank Jago FY2022 net income fell 81% even as pre-tax profit nearly doubled - the Sharia unit alone earned 16.6x the consolidated bank's net income."},{"url":"/analysis/dher/2020-12/","title":"To Buy Korea's Biggest Delivery App, Delivery Hero Had to Sell Its Own","ticker":"dher","company":"","quarter":"Q4 2020","tags":"","summary":"Delivery Hero's FY2020 orders nearly doubled, but Korea's antitrust regulator forced it to sell its own Korean app to close the Woowa acquisition."},{"url":"/analysis/bfin/2019-03/","title":"Why Did Profit Fall for the first time among the periods covered here (Q3 2015 to Q1 2019)?","ticker":"bfin","company":"","quarter":"Q1 2019","tags":"","summary":"BFI Finance's Q1 2019 net income fell 3.9% YoY as new financing dropped 19.5% pre-election, even as operating cash flow swung sharply positive."},{"url":"/analysis/dher/2022-06/","title":"Is a Majority Stake in Glovo Worth a Dawn Raid From Brussels?","ticker":"dher","company":"","quarter":"Q2 2022","tags":"","summary":"Delivery Hero's H1 2022 loss widened 46%, and the period ended with an EU antitrust dawn raid over alleged market sharing."},{"url":"/analysis/superbank/2023-06/","title":"The Loan-to-Deposit Ratio Just Hit 218% - And the Loss Kept Growing","ticker":"superbank","company":"","quarter":"Q2 2023","tags":"","summary":"Superbank's H1 2023: loans up 35% in one quarter, LDR at 218%, and a BOPO ratio of 174% as the digital-bank build-out keeps outrunning revenue."},{"url":"/analysis/uber/2021-03/","title":"The UK Supreme Court Just Cost Uber $600 Million - And Revenue Would Have Grown Without It","ticker":"uber","company":"","quarter":"Q1 2021","tags":"","summary":"Uber Q1 2021: $600M UK driver-classification accrual masks 8% underlying revenue growth; net loss narrows 96% to $(108)M; Adjusted EBITDA loss -41%."},{"url":"/analysis/bfin/2020-12/","title":"Is an 84% Cure Rate Finally Proof the Restructuring Actually Worked?","ticker":"bfin","company":"","quarter":"Q4 2020","tags":"","summary":"BFI Finance's FY2020 NPF fell to 1.72% and 84.2% of restructured loans cured - but the audited Covid-19 note stayed blank a fourth straight quarter."},{"url":"/analysis/bird/2025-06/","title":"Debt-to-Equity Just Crossed 0.50x - Does the Profit Growth Make Up for It?","ticker":"bird","company":"","quarter":"Q2 2025","tags":"","summary":"Blue Bird's Q2 2025 profit grew 15.5% YoY, but debt-to-equity crossed 0.50x for the first time as capex and a dividend payout drained cash and equity."},{"url":"/analysis/seabank/2023-09/","title":"SeaBank's Profit Jumped 15x in Nine Months - Almost All of It Landed in One Quarter","ticker":"seabank","company":"","quarter":"Q3 2023","tags":"","summary":"SeaBank's 9M 2023 net income jumped 1,485% YoY to Rp220.9bn - but standalone Q3 alone made ~84% of it. NIM 18.75%, BOPO finally under 100%."},{"url":"/analysis/bfin/2022-06/","title":"How a 5.3% Tender Offer Handed Trinugraha Majority Control","ticker":"bfin","company":"","quarter":"Q2 2022","tags":"","summary":"Trinugraha's stake crossed 50% as the tendered 5.3% landed in its hands, while BFI stopped disclosing the cure rate on its restructured loan book."},{"url":"/analysis/bhartiartl/2025-09/","title":"The Distortion That Shrank Last Quarter's Headline Flipped and Inflated This One","ticker":"bhartiartl","company":"","quarter":"Q3 2025","tags":"","summary":"Airtel's 89% profit growth headline overstates the quarter - the like-for-like number was a cleaner 69%, the opposite distortion from last quarter."},{"url":"/analysis/eternal/2021-09/","title":"Two Months After Its IPO, Already Spending Like a Holding Company?","ticker":"eternal","company":"","quarter":"Q3 2021","tags":"","summary":"Freshly public Zomato pledged $275 million to minority stakes and eyed $1 billion more, even as delivery margins thinned and IPO cash barely moved."},{"url":"/analysis/tlkm/2020-09/","title":"The Stock Hit a New Low This Quarter - Did the Business Actually Get Worse?","ticker":"tlkm","company":"","quarter":"Q3 2020","tags":"","summary":"Telkom's Q3 2020 revenue nearly stabilized and EBITDA grew 4.9%, but the stock hit a two-year low at Rp2,560."},{"url":"/analysis/amrt/2020-09/","title":"Why Did Profit Keep Falling After the Growth Engine Recovered?","ticker":"amrt","company":"","quarter":"Q3 2020","tags":"","summary":"Alfamart's 9M 2020 profit fell 1.8% as Outside Java recovered but overhead discipline broke down and net revenue growth slowed to 1.8% standalone in Q3."},{"url":"/analysis/meli/2026-03/","title":"Free Shipping Got Cut in Brazil - and Operating Margin Nearly Halved","ticker":"meli","company":"","quarter":"Q1 2026","tags":"","summary":"MELI Q1 2026 10-Q: revenue +49%, but operating income -19.9% and margin nearly halved (12.9% to 6.9%) on a Brazil shipping-subsidy cut."},{"url":"/analysis/arto/2022-06/","title":"A Seven-Month-Old Unit Earned 6x the Bank's Profit While the Stock Got Cut in Half","ticker":"arto","company":"","quarter":"Q2 2022","tags":"","summary":"Bank Jago's Sharia unit earned 6x the whole bank's H1 2022 profit as the stock fell 37.5%."},{"url":"/analysis/dher/2020-06/","title":"Orders Doubled in a Pandemic. So Did the Losses. Where's the €3.25 Billion Going?","ticker":"dher","company":"","quarter":"Q2 2020","tags":"","summary":"Delivery Hero's H1 2020 orders grew 93% on COVID demand, but losses widened as it raised €3.25 billion in convertible bonds to fund Woowa Brothers."},{"url":"/analysis/uber/2023-03/","title":"Uber's Adjusted EBITDA More Than Quadrupled - and Net Loss Narrowed 97% to Just $157 Million","ticker":"uber","company":"","quarter":"Q1 2023","tags":"","summary":"Uber Q1 2023: Adjusted EBITDA more than quadruples to $761M, free cash flow hits a record $549M, and net loss narrows 97% to just $157M."},{"url":"/analysis/superbank/2023-12/","title":"A Bank Whose Loan Book Runs on Shareholder Cash, Not Deposits","ticker":"superbank","company":"","quarter":"Q4 2023","tags":"","summary":"Superbank's FY2023 loans grew 251% but its loan-to-deposit ratio hit 317% - shareholder cash, not deposits, is funding the growth."},{"url":"/analysis/arto/2020-12/","title":"A Loan Book Too New to Have Bad Loans Yet","ticker":"arto","company":"","quarter":"Q4 2020","tags":"","summary":"Bank Jago's FY2020 saw its stock up ~26x and share capital 9x'd, but net loss widened to Rp189.6B and its \"zero NPL\" ratio is just a young book."},{"url":"/analysis/dher/2022-12/","title":"What Does It Cost to Discover a €742 Million Mistake Six Months In?","ticker":"dher","company":"","quarter":"Q4 2022","tags":"","summary":"Delivery Hero wrote down €742.5 million of Glovo-related goodwill within six months of closing the deal, and lost a Dubai arbitration ruling."},{"url":"/analysis/se/2019-09/","title":"Sea's Path to Breakeven Got Longer. Its Payments Business Is Why.","ticker":"se","company":"","quarter":"Q3 2019","tags":"","summary":"Sea's Q3 2019: Adjusted EBITDA loss widened back to $30.8M on AirPay's record loss, even as net loss narrowed and operating cash flow accelerated."},{"url":"/analysis/pdd/2022-12/","title":"Net Income Quadrupled the Same Year the Company Stopped Reporting the Metrics That Explained It","ticker":"pdd","company":"","quarter":"Q4 2022","tags":"","summary":"PDD's FY2022 20-F: net income up 306% to RMB31.5B, GMV/active buyers no longer disclosed, and a March 2023 cybersecurity allegation subsequent event."},{"url":"/analysis/cpng/2024-06/","title":"A Record Margin Quarter, Erased by a Single Fine","ticker":"cpng","company":"","quarter":"Q2 2024","tags":"","summary":"Coupang's Q2 2024 net loss hit $105M as a non-deductible $121M KFTC fine, not the business, turned a $3M pretax profit negative."},{"url":"/analysis/dash/2021-09/","title":"DoorDash Just Signed an €7 Billion Deal — Does the Balance Sheet Support It?","ticker":"dash","company":"","quarter":"Q3 2021","tags":"","summary":"DoorDash's Q3 2021: revenue growth slows to 45%, Adjusted EBITDA flat YoY, then a €7B all-stock Wolt deal lands right after quarter-end."},{"url":"/analysis/goto/2024-06/","title":"GoTo Just Posted Its Best Growth Quarter Since the Turnaround. Its Stock Hit an All-Time Low Anyway","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q2 2024","tags":"","summary":"GoTo's Q2 2024 GTV grew 26% and Core GTV 54% pro forma, but the stock hit a new post-IPO low of Rp50, down 85% from its IPO price."},{"url":"/analysis/idea/2025-09/","title":"The Smallest Quarterly Loss Since the Merger - Is the Corner Finally Here?","ticker":"idea","company":"","quarter":"Q3 2025","tags":"","summary":"Vi posted its smallest quarterly loss since the 2018 merger - but the bank facility pending for a year still hasn't closed."},{"url":"/analysis/bbca/2017-03/","title":"Did the Bad-Loan Improvement Even Last One Quarter?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2017","tags":"","summary":"BBCA's Q1 2017 gross NPL ratio jumped back to 1.5%, erasing FY2016's gain, while a 74.9% drop in provisioning propped up profit growth."},{"url":"/analysis/amrt/2022-09/","title":"Its Segments Barely Grew This Quarter - So Why Did Profit Jump 96%?","ticker":"amrt","company":"","quarter":"Q3 2022","tags":"","summary":"AMRT's 9M profit jumped 58%, but Q3 segment income barely grew and two segments lost margin - a widening profit-quality gap this filing doesn't explain."},{"url":"/analysis/meli/2024-03/","title":"Why Argentina's Revenue Fell 22% in a Quarter It Was Actually Booming","ticker":"meli","company":"","quarter":"Q1 2024","tags":"","summary":"MELI Q1 2024 10-Q: revenue +36% reported but +94% FX-neutral, as Milei's peso devaluation crushed Argentina's dollar-translated revenue 22%."},{"url":"/analysis/tlkm/2022-09/","title":"GoTo's Stock Crashed This Quarter - So Did Telkom's Reported Profit","ticker":"tlkm","company":"","quarter":"Q3 2022","tags":"","summary":"Telkom's Q3 2022 profit fell 49% - almost entirely a GoTo stock markdown, not the telecom business, which kept growing."},{"url":"/analysis/xyz/2024-09/","title":"Revenue Growth Slowed to 6% - Gross Profit Grew Almost Three Times as Fast","ticker":"xyz","company":"","quarter":"Q3 2024","tags":"","summary":"Block's Q3 2024 10-Q: revenue growth slowed to 6.4% on flat bitcoin revenue, while gross profit grew 18.5% and operating income stayed positive."},{"url":"/analysis/bird/2025-12/","title":"Net Income Rose 8.7% This Year - So Why Did Bank Debt Jump 66%?","ticker":"bird","company":"","quarter":"Q4 2025","tags":"","summary":"Blue Bird's FY2025 profit rose 8.7% YoY, but free cash flow fell to -Rp843 billion and bank debt jumped 66% as capex nearly doubled for fleet renewal."},{"url":"/analysis/bfin/2020-06/","title":"Why Did Profit Halve While the Cash Pile Nearly Doubled?","ticker":"bfin","company":"","quarter":"Q2 2020","tags":"","summary":"BFI Finance's H1 2020 net income halved as NPL nearly quadrupled to 3.73%, yet operating cash flow surged 46% as new lending stopped for three months."},{"url":"/analysis/eternal/2023-09/","title":"The Tax-Credit Asterisk Is Gone - So What's Still Not Adding Up?","ticker":"eternal","company":"","quarter":"Q3 2023","tags":"","summary":"Zomato's pre-tax profit turned genuinely positive (+Rs. 21cr) for the first time - but a subsidiary audit-scope question just resurfaced unexpectedly."},{"url":"/analysis/bfin/2022-12/","title":"A Full Year of Filings Later, Two Numbers Are Still Missing","ticker":"bfin","company":"","quarter":"Q4 2022","tags":"","summary":"Cure-rate disclosure stayed missing a third straight filing, the treasury mandate still hasn't moved, and FY22 booking hit a fourth record quarter."},{"url":"/analysis/arto/2024-03/","title":"Bank Jago's Loan Book Grew 32% - And Operating Cash Flow Nearly Vanished","ticker":"arto","company":"","quarter":"Q1 2024","tags":"","summary":"Bank Jago's Q1 2024 profit rose 24% YoY, but fast loan growth pushed operating cash flow down 72.4%, the tightest since 2021."},{"url":"/analysis/bird/2018-12/","title":"Full-Year Revenue Finally Turned Positive - So Why Did a New Lender Show Up in Q4?","ticker":"bird","company":"","quarter":"Q4 2018","tags":"","summary":"Blue Bird's FY2018 revenue barely turned positive, but Q4 profit stalled YoY and a new bank lender showed up on the balance sheet."},{"url":"/analysis/bbri/2021-09/","title":"Profit Rose Through Indonesia's Deadliest Covid Quarter - But It Still Missed Its Own Credit Cost Target","ticker":"bbri","company":"","quarter":"Q3 2021","tags":"","summary":"BRI's Q3 2021 profit rose despite Indonesia's Delta wave, but Credit Cost hit 3.79%, breaching the guidance management raised just one quarter earlier."},{"url":"/analysis/uber/2025-06/","title":"Uber's Operating Income Rises 82% to $1,450 Million - A New Quarterly High","ticker":"uber","company":"","quarter":"Q2 2025","tags":"","summary":"Uber Q2 2025: operating income up 82% to $1,450M, a new high, Adjusted EBITDA up 35% to $2,119M, net income $1,355M despite a $482M Aurora markdown."},{"url":"/analysis/cpng/2022-03/","title":"The Two-Segment Split Finally Answers Last Quarter's Question","ticker":"cpng","company":"","quarter":"Q1 2022","tags":"","summary":"Coupang's new segment split shows Product Commerce near breakeven while Developing Offerings' losses widened 47% in Q1 2022."},{"url":"/analysis/meli/2019-03/","title":"It Raised $2 Billion From PayPal and Wall Street - What Is It Actually Buying?","ticker":"meli","company":"","quarter":"Q1 2019","tags":"","summary":"MELI Q1 2019 10-Q: $2B raised from PayPal/Dragoneer/equity offering, net revenue +47.6% to $473.8M, operating income turns positive at $10.1M."},{"url":"/analysis/goto/2022-03/","title":"The first earnings call after Indonesia's biggest IPO","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q1 2022","tags":"","summary":"GoTo posted a Rp6.6 trillion net loss in its first quarter as a public company, plus an undisclosed Rp2.08 trillion trademark lawsuit over its own name."},{"url":"/analysis/pdd/2026-03/","title":"Why Did Net Income Fall 15% in a Quarter Operating Profit Rose 22%?","ticker":"pdd","company":"","quarter":"Q1 2026","tags":"","summary":"PDD Q1 2026: revenue +11%, operating profit +22%, but net income fell 15% on a swing in non-operating items. Numbers and valuation inside."},{"url":"/analysis/meli/2022-06/","title":"The Stock Fell 66% From Its Peak This Quarter - The Business Grew Revenue 52% and Turned Its Best Q2 Profit Ever","ticker":"meli","company":"","quarter":"Q2 2022","tags":"","summary":"MELI Q2 2022 10-Q: revenue +52.5% to $2.6B, net income +81% to $123M, but the stock fell 66% from its 2021 peak to a $636.87 June close."},{"url":"/analysis/meli/2020-12/","title":"Revenue Nearly Doubled in 2020 - So Why Did the Company Barely Break Even?","ticker":"meli","company":"","quarter":"Q4 2020","tags":"","summary":"MELI FY2020 10-K: revenue +73% but a Q4 net loss and 100.9% effective tax rate left full-year net income at just $(0.7)M, as the stock rallied 55% in Q4."},{"url":"/analysis/excl/2026-06/","title":"The Loss Shrank 61% This Quarter - Normalized Profit Didn't Move At All","ticker":"excl","company":"","quarter":"Q2 2026","tags":"","summary":"XLSmart's loss shrank 61% on a smaller depreciation charge, not growth - and its stock fell 20% as capex and spectrum commitments both grew."},{"url":"/analysis/bfin/2026-03/","title":"Profit Fell 12.6% While Revenue Grew - What's Actually Wrong Here?","ticker":"bfin","company":"","quarter":"Q1 2026","tags":"finance","summary":"BFI Finance's Q1 2026 net income fell 12.6% YoY as Cost of Credit nearly doubled to 5.7%, even as revenue and NPF stayed broadly under control."},{"url":"/analysis/swiggy/2026-03/","title":"Instamart's Full-Year Loss Grew 62%. Its Own Breakeven Deadline Is Due Starting Next Quarter.","ticker":"swiggy","company":"","quarter":"Q1 2026","tags":"","summary":"Swiggy's FY26 - Instamart's annual loss grew 62% even as Q4 alone improved, Food Delivery hit a record profit, and the stock fell 52% off its peak."},{"url":"/analysis/se/2024-09/","title":"Shopee Hit Its Promised Profitability Deadline. Did Sea's Own Numbers Finally Agree?","ticker":"se","company":"","quarter":"Q3 2024","tags":"","summary":"Sea's Q3 2024: Shopee hit its promised Adjusted EBITDA-positive milestone as guided, and management's framing finally matched the numbers."},{"url":"/analysis/bird/2021-03/","title":"One Year After Indonesia's First Covid Quarter, Is Blue Bird's Base Actually Low Enough to Beat?","ticker":"bird","company":"","quarter":"Q1 2021","tags":"","summary":"A year after Covid hit Indonesia, Blue Bird's Q1 2021 revenue fell further YoY, both segments posted operating losses, and headcount cuts resumed."},{"url":"/analysis/amrt/2025-12/","title":"Why Did Every Region That Collapsed in Q3 Suddenly Surge in Q4?","ticker":"amrt","company":"","quarter":"Q4 2025","tags":"","summary":"AMRT's FY2025 profit grew 8.4% as all three regions reversed Q3's simultaneous decline in a strong standalone Q4."},{"url":"/analysis/xyz/2021-06/","title":"Jay-Z's TIDAL Was Bought the Same Quarter the Bitcoin Bet Turned Profitable","ticker":"xyz","company":"","quarter":"Q2 2021","tags":"","summary":"Square's Q2 2021 10-Q shows record profit and GPV growth, plus a new $237M related-party-adjacent TIDAL acquisition."},{"url":"/analysis/xyz/2023-12/","title":"The First Profitable Quarter in Two Years Arrived Alongside a TIDAL Writedown and a New CFPB Investigation","ticker":"xyz","company":"","quarter":"Q4 2023","tags":"","summary":"Block's FY2023 10-K: Q4 net income turned positive for the first time in two years, alongside a TIDAL writedown and a new CFPB investigation."},{"url":"/analysis/tlkm/2025-12/","title":"A 20% Profit Drop That Turns Into 6% Once You Strip the One-Offs","ticker":"tlkm","company":"","quarter":"Q4 2025","tags":"","summary":"Telkom's FY2025 profit fell 20% on paper, but one-offs explain most of it - the lasting drag is a data-center capex bet squeezing segment profit now."},{"url":"/analysis/eternal/2024-12/","title":"Net Income Has Now Fallen Three Straight Quarters - Is the Profitable Era Cracking?","ticker":"eternal","company":"","quarter":"Q4 2024","tags":"","summary":"Eternal's Q3 FY25 profit before tax nearly halved QoQ as two segments swung to losses, in a bare XBRL filing with no cash-flow data."},{"url":"/analysis/bird/2022-09/","title":"Every Metric Hit A Record. The Stock Fell Anyway.","ticker":"bird","company":"","quarter":"Q3 2022","tags":"","summary":"Blue Bird's Q3 2022 margin hit a fresh record 13.88% and FCF turned positive, but the stock fell 19% - the opposite of every operating trend this quarter."},{"url":"/analysis/bfin/2025-09/","title":"Credit Quality Improved Every Which Way in Q3 - So Why Did Two of Three Segments' Profit Crater?","ticker":"bfin","company":"","quarter":"Q3 2025","tags":"finance","summary":"BFI's 9M 2025 net income rose 4.7% YoY as every credit ratio improved QoQ, but Motorcycles and Others segment profit each fell over 25% in Q3 alone."},{"url":"/analysis/swiggy/2025-09/","title":"For the First Time, the Loss Shrank From Last Quarter. It's Also Asking For More Cash It Says It Isn't Needed.","ticker":"swiggy","company":"","quarter":"Q3 2025","tags":"","summary":"Swiggy's Q2 FY26 net loss narrowed QoQ for the first time as Instamart's margin improved, even as management pursues a new capital raise."},{"url":"/analysis/seabank/2024-06/","title":"SeaBank's Profit Quadrupled. Its Core Lending Margin Actually Shrank.","ticker":"seabank","company":"","quarter":"Q2 2024","tags":"","summary":"SeaBank's H1 2024 profit quadrupled YoY, but net interest income fell 16.6% - the real driver was lower provisioning, not more lending income."},{"url":"/analysis/bbri/2019-06/","title":"The Loan-Mix Gap That Nearly Vanished Reopened - and Cash Fell 22.8% Right Behind It","ticker":"bbri","company":"","quarter":"Q2 2019","tags":"","summary":"BRI's H1 2019 profit rose 8.6% YoY, but the Medium/Corporate NPL gap it closed in Q1 reopened, and cash fell 22.8% - its sharpest quarterly swing yet."},{"url":"/analysis/eternal/2026-06/","title":"Segment Profit Hit a Record Rs. 849 Crore - So Why Did Net Income Fall 47%?","ticker":"eternal","company":"","quarter":"Q2 2026","tags":"","summary":"Eternal's Q1 FY27: segment profit hit a record Rs. 849 crore, but net income fell 47% QoQ as the effective tax rate nearly tripled."},{"url":"/analysis/bhartiartl/2019-03/","title":"Raising $3.6 Billion Isn't What a Turnaround Looks Like","ticker":"bhartiartl","company":"","quarter":"Q1 2019","tags":"","summary":"Airtel's FY19 profit grew mostly on a tax credit while India mobile's losses ballooned - then it launched a $3.6 billion rights issue three days later."},{"url":"/analysis/superbank/2024-09/","title":"Superbank Doubled Its Interest Income. Its Net Loss Still Got Worse.","ticker":"superbank","company":"","quarter":"Q3 2024","tags":"","summary":"Superbank's 9M 2024 NII doubled YoY, but its net loss widened 12.2% to Rp285.7bn - the numbers the press release didn't headline."},{"url":"/analysis/bbri/2022-03/","title":"Profit Grew 78% - This Time Both Quarters Are Actually Comparable","ticker":"bbri","company":"","quarter":"Q1 2022","tags":"","summary":"BRI's Q1 2022 report: net profit up 78% YoY on a genuinely clean base, but bank-only CAR gave back a third of its post-rights-issue gain."},{"url":"/analysis/dmart/2016-06/","title":"The Numbers Existed Before the Stock Did","ticker":"dmart","company":"","quarter":"Q2 2016","tags":"","summary":"DMart's bond-disclosure filing shows a 4.5% net margin on Rs. 2,652 crore quarterly revenue, filed a full year before its equity ever traded."},{"url":"/analysis/dash/2024-06/","title":"The California Supreme Court Finally Ended DoorDash's Three-Year Proposition 22 Fight","ticker":"dash","company":"","quarter":"Q2 2024","tags":"","summary":"DoorDash Q2 2024: Adjusted EBITDA up 54% to $430M, and the CA Supreme Court finally upheld Proposition 22 in July 2024."},{"url":"/analysis/cpng/2021-09/","title":"Revenue Grew 48% This Quarter — So Why Did the Paying Customer Base Shrink?","ticker":"cpng","company":"","quarter":"Q3 2021","tags":"","summary":"Coupang's Active Customer count fell for the first time as a public company, even as revenue rose 48% on higher spend per user."},{"url":"/analysis/nu/2023-03/","title":"Nu's Biggest Profit Yet. Is the Loss-Making Story Actually Over?","ticker":"nu","company":"","quarter":"Q1 2023","tags":"","summary":"Nu's Q1 2023: net income of $141.8M, its largest quarterly profit yet, on $1.6B revenue (+87% YoY), stock still below its IPO price."},{"url":"/analysis/tlkm/2021-03/","title":"Enterprise Is Still Losing Money - But the Loss Is the Smallest in Two Years","ticker":"tlkm","company":"","quarter":"Q1 2021","tags":"","summary":"Telkom's Q1 2021 profit grew 14% as Enterprise's loss narrowed to its smallest in five quarters - and Telkomsel bet $300M on GoTo."},{"url":"/analysis/amrt/2021-03/","title":"Why Did Profit Jump 42% in the Quarter Revenue Fell?","ticker":"amrt","company":"","quarter":"Q1 2021","tags":"","summary":"Alfamart's Q1 2021 revenue fell even as profit jumped 42% and free cash flow fell 60%."},{"url":"/analysis/se/2021-06/","title":"Adjusted EBITDA Turned Negative Again. Here's the One Number That Explains Why","ticker":"se","company":"","quarter":"Q2 2021","tags":"","summary":"Sea's Q2 2021: Adjusted EBITDA turned negative again, but the operating loss improved — the real driver was a shrinking Garena deferred-revenue comp."},{"url":"/analysis/se/2023-12/","title":"Sea Booked Its First Full-Year Profit Since Its IPO. Its Most Mature E-commerce Market Just Went Negative Again.","ticker":"se","company":"","quarter":"Q4 2023","tags":"","summary":"Sea's FY2023: first full-year profit since the IPO ($162.7M), $1.18B Adjusted EBITDA, but Q4 fell 74% YoY as Asia e-commerce swung to a loss."},{"url":"/analysis/uber/2020-09/","title":"Mobility Revenue Still Down 53% - Is Uber's Delivery Boom Enough to Carry It Through the Pandemic?","ticker":"uber","company":"","quarter":"Q3 2020","tags":"","summary":"Uber Q3 2020: Mobility revenue -53% YoY, Delivery overtakes Mobility as largest segment, Adjusted EBITDA loss widens to $625M, cash falls to $6.15B."},{"url":"/analysis/bbri/2024-06/","title":"Did Q2 Profit Actually Shrink While the H1 Headline Kept Climbing?","ticker":"bbri","company":"","quarter":"Q2 2024","tags":"","summary":"BRI's H1 2024 profit grew on paper, but standalone Q2 net income fell 0.74% YoY as provisioning jumped and two guidance bands stayed breached."},{"url":"/analysis/idea/2026-03/","title":"Did an Accounting Rule Just Turn India's Most Distressed Telecom Profitable?","ticker":"idea","company":"","quarter":"Q1 2026","tags":"","summary":"Vi posted its first profit since 2018, but Rs57,491 crore of it is a one-off AGR accounting credit - the real operating story is far less dramatic."},{"url":"/analysis/amrt/2018-12/","title":"Why Did Net Income More Than Double While Revenue Grew Under 9%?","ticker":"amrt","company":"","quarter":"Q4 2018","tags":"","summary":"Alfamart's FY2018 net income more than doubled as leverage hit a record low - and a zero-interest JD.com loan appeared on the balance sheet."},{"url":"/analysis/dash/2022-03/","title":"DoorDash's Operating Cash Flow Just Went Negative for the First Time Since Its IPO","ticker":"dash","company":"","quarter":"Q1 2022","tags":"","summary":"DoorDash Q1 2022: revenue +35%, Adjusted EBITDA +26%, but operating cash flow turned negative for the first time since its 2020 IPO."},{"url":"/analysis/meituan/2025-06/","title":"Meituan's Profit Collapsed 98% Before Anyone Called It a Price War","ticker":"meituan","company":"","quarter":"Q2 2025","tags":"","summary":"Meituan's Q2 2025 operating profit fell 98% YoY as marketing spend jumped 52% - a real, current margin collapse visible in this quarter's own filing."},{"url":"/analysis/nu/2025-06/","title":"Nu's Margin Just Compressed on Funding Costs, Not Credit Risk. That's a Different Story.","ticker":"nu","company":"","quarter":"Q2 2025","tags":"","summary":"Nu's Q2 2025: record $3.7B revenue and $637M net income, but gross margin fell 550bps YoY on rising funding costs, not credit losses."},{"url":"/analysis/superbank/2024-12/","title":"Superbank's First Full-Year Report Reveals a Rp1 Trillion Asset Sale to Its Old Owner","ticker":"superbank","company":"","quarter":"Q4 2024","tags":"","summary":"Superbank's FY2024 annual report shows a narrower net loss, a Rp221bn HQ sale to a former shareholder, and KakaoBank's Rp924bn 2023 premium."},{"url":"/analysis/dher/2025-12/","title":"Delivery Hero Hit Its Adjusted EBITDA Target - So Why Does One Subsidiary Have a Going-Concern Warning?","ticker":"dher","company":"","quarter":"Q4 2025","tags":"","summary":"Delivery Hero hit its FY2025 EBITDA target, but real free cash flow was -€405M after €538M in Spain rider payments and an antitrust settlement."},{"url":"/analysis/arto/2025-06/","title":"The Strong Operating Cash Flow Quarter Didn't Last Either","ticker":"arto","company":"","quarter":"Q2 2025","tags":"","summary":"Bank Jago's H1 2025 net income rose 154% YoY, but Q2 operating cash flow flipped negative as loan growth outran deposits and the Sharia book shrank."},{"url":"/analysis/superbank/2026-06/","title":"Superbank's Stock Has Lost Almost Half Its Value Since Its IPO. Insiders Are Still Buying.","ticker":"supa","company":"","quarter":"Q2 2026","tags":"","summary":"Superbank's Q2 2026 net income rose 415% QoQ, but its IDX stock fell 43% since its December IPO close - insiders bought anyway."},{"url":"/analysis/uber/2024-03/","title":"Uber's Fourth Straight GAAP Operating Profit - While Aurora's Stake Drags Net Income Back to a Loss","ticker":"uber","company":"","quarter":"Q1 2024","tags":"","summary":"Uber Q1 2024: fourth straight GAAP operating profit ($172M), but net loss returns on a $721M equity-stake markdown. Adjusted EBITDA up 82% to $1.4B."},{"url":"/analysis/goto/2023-06/","title":"The New CEO Said Out Loud What Two Quarters of Earnings Calls Wouldn't","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q2 2023","tags":"","summary":"GoTo's Q2 2023: a new CEO, a second straight profitable quarter, a sharper user-base decline he finally named, and a Rp41.9T suit resolved."},{"url":"/analysis/cpng/2021-12/","title":"Active Customers Bounced Back — So Why Did the Full-Year Loss More Than Triple?","ticker":"cpng","company":"","quarter":"Q4 2021","tags":"","summary":"Coupang's Active Customers hit a record in Q4 2021, reversing Q3's decline - but full-year net loss more than tripled to $1.5 billion."},{"url":"/analysis/idea/2022-09/","title":"This Telecom's Survival Plan Is Stuck Waiting on a Government That Stopped Replying","ticker":"idea","company":"","quarter":"Q3 2022","tags":"","summary":"Vi grew revenue for a 5th straight quarter, but the government's AGR-to-equity conversion has stalled since April - and a vendor deal depends on it too."},{"url":"/analysis/cpng/2023-06/","title":"Coupang's Fifth Straight Quarter of Rising Profit Also Hides Its Widest Segment Gap Yet","ticker":"cpng","company":"","quarter":"Q2 2023","tags":"","summary":"Coupang's Q2 2023: record $300.2M Adjusted EBITDA, the predicted FLC revenue reclassification landed clean, but Developing Offerings' loss doubled."},{"url":"/analysis/pdd/2025-12/","title":"Growth Fell From 59% to 9.6% in One Year — And the Tariff Shock Barely Hit Yet","ticker":"pdd","company":"","quarter":"Q4 2025","tags":"","summary":"PDD's FY2025 revenue growth crashed from 59% to 9.6% as costs rose 22.7% - and the US tariff hit was only partial."},{"url":"/analysis/meli/2018-06/","title":"It Just Booked Its First Net Loss in Years - Was It Worth It?","ticker":"meli","company":"","quarter":"Q2 2018","tags":"","summary":"MELI Q2 2018 10-Q: net loss of $24.2M as gross margin fell to 49.1% on shipping subsidies and marketing spend, even as revenue grew 18.6%."},{"url":"/analysis/tlkm/2025-09/","title":"The Tax Office Just Sent a Rp14.5 Trillion Bill for a 2023 Deal This Dataset Already Covered","ticker":"tlkm","company":"","quarter":"Q3 2025","tags":"","summary":"Telkom's Q3 2025 profit fell 17%, and days later the tax office billed Rp14.5tn over the 2023 IndiHome spin-off."},{"url":"/analysis/xyz/2023-09/","title":"Pretax Profit Arrived for the First Time in Two Years - Then a Tax Charge Turned It Back Into a Loss","ticker":"xyz","company":"","quarter":"Q3 2023","tags":"","summary":"Block's Q3 2023 10-Q: pretax income turned positive for the first time since Afterpay closed, but a tax charge pushed the net result to a loss."},{"url":"/analysis/amrt/2025-09/","title":"Why Did Nine-Month Profit Fall for the First Time Outside the Pandemic?","ticker":"amrt","company":"","quarter":"Q3 2025","tags":"","summary":"AMRT's 9M 2025 profit fell 3.5% - its first non-pandemic 9-month decline - as all three regions' segment income dropped in the standalone Q3."},{"url":"/analysis/meli/2023-03/","title":"Operating Income Jumped 144% - Is the Credit Book Finally Under Control, or Just Standing Still?","ticker":"meli","company":"","quarter":"Q1 2023","tags":"","summary":"MELI Q1 2023 10-Q: net revenue +35.1% to $3.0B, operating income +144.6% to $340M, net income +209.2%, credit book growth stabilizes."},{"url":"/analysis/bird/2020-06/","title":"Net Revenue Fell 71.6% Once Jakarta's Lockdown Actually Hit - and Management Finally Cut Its Own Pay","ticker":"bird","company":"","quarter":"Q2 2020","tags":"","summary":"Blue Bird's Q2 2020 net revenue fell 71.6% YoY under Jakarta's first full lockdown quarter, but management cut director pay 97% and staff 7.7%."},{"url":"/analysis/bfin/2025-12/","title":"Book Value Just Fell Below Book - Is the Market Pricing in a Credit Crisis That Isn't in the Numbers?","ticker":"bfin","company":"","quarter":"Q4 2025","tags":"finance","summary":"BFI's FY2025 net income rose just 1.1% YoY as Cost of Credit climbed to 4.3%. Shares hit Rp700, pushing P/B below 1x for the first time since 2020."},{"url":"/analysis/swiggy/2025-12/","title":"Two Straight Quarters of a Shrinking Loss, Bought With an 11.5% Dilution and a Quick-Commerce Business Going the Wrong Way","ticker":"swiggy","company":"","quarter":"Q4 2025","tags":"","summary":"Swiggy's Q3 FY26 loss narrowed for a second quarter, but Quick Commerce worsened and a Rs. 10,000cr QIP diluted shareholders 11.5%."},{"url":"/analysis/bird/2022-12/","title":"The Best Year Since The Pandemic Came With A Negative Cash Flow Quarter","ticker":"bird","company":"","quarter":"Q4 2022","tags":"","summary":"Blue Bird's FY2022 profit swung positive for the first time since the pandemic, but Q4 free cash flow went negative as capex tripled for fleet renewal."},{"url":"/analysis/eternal/2024-09/","title":"Segment Profits Rose 12% This Quarter - So Why Did Net Income Fall 30%?","ticker":"eternal","company":"","quarter":"Q3 2024","tags":"","summary":"Eternal's Q2 FY25 segment profits rose 12% QoQ, but a tax swing and surging corporate costs cut net income 30% even as the stock jumped 36%."},{"url":"/analysis/uber/2020-12/","title":"Postmates Closed and Prop 22 Passed This Quarter - Then, After Year-End, Uber Sold Its Self-Driving Unit and Refinanced Its Debt","ticker":"uber","company":"","quarter":"Q4 2020","tags":"","summary":"Uber FY2020: revenue -14% to $11.1B (restated), Postmates deal closed for $3.9B, Prop 22 passes, ATG self-driving unit sold to Aurora in early 2021."},{"url":"/analysis/bfin/2018-12/","title":"Is a Three-Year Funding Cadence Problem Finally Easing?","ticker":"bfin","company":"","quarter":"Q4 2018","tags":"","summary":"BFI Finance's FY2018 growth slowed but cash flow and leverage improved, as a decade-old lawsuit escalated to target its own shareholders."},{"url":"/analysis/arto/2023-03/","title":"A \"Return to Profitability\" That's Actually a Year-on-Year Decline","ticker":"arto","company":"","quarter":"Q1 2023","tags":"","summary":"Bank Jago's Q1 2023 'return to profit' actually made less money than Q1 2022 - the Sharia unit that drove last year's profit lost 67% of its own income."},{"url":"/analysis/uber/2022-06/","title":"Uber's Stock Fell 43% This Quarter - While Adjusted EBITDA and Free Cash Flow Both Turned Positive","ticker":"uber","company":"","quarter":"Q2 2022","tags":"","summary":"Uber Q2 2022: Adjusted EBITDA hits $364M, FCF turns positive - but the stock fell 43% this quarter amid the broader tech selloff."},{"url":"/analysis/goto/2025-03/","title":"Who Rewrites the Formula Behind Its Own First Profitable Year?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q1 2025","tags":"","summary":"GoTo posted a record Q1 2025, then redefined Adjusted EBITDA, cutting FY2024's headline profit number by nearly a fifth."},{"url":"/analysis/baba/2017-03/","title":"Net Income Fell 39% the Year Revenue Grew 56%","ticker":"baba","company":"","quarter":"Q1 2017","tags":"","summary":"Alibaba's FY2017 revenue rose 56%, but GAAP net income fell 39% as prior-year non-cash gains vanished; cloud losses narrow, media losses widen."},{"url":"/analysis/cpng/2025-03/","title":"A Material Weakness Vanished - But Nobody Actually Fixed Anything","ticker":"cpng","company":"","quarter":"Q1 2025","tags":"","summary":"Coupang's Q1 2025 net income hit $114M, but its material weakness vanished via restructuring, not fixes, as the KFTC case became a criminal indictment."},{"url":"/analysis/bbca/2014-12/","title":"When Cheap Deposits Stop Growing, What Does A Bank Do?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2014","tags":"","summary":"BBCA's FY2014 net income rose 15.7%, but its cheap-deposit CASA ratio fell for a second straight year - the first crack in its funding advantage."},{"url":"/analysis/pdd/2018-12/","title":"The $866 Million Founder Payout Hiding Inside a 652% Revenue Surge","ticker":"pdd","company":"","quarter":"Q4 2018","tags":"","summary":"PDD's IPO-year revenue jumped 652%, but an $866M founder share grant drove most of its widened net loss."},{"url":"/analysis/bbca/2016-06/","title":"Loans are growing again. So is bad debt.","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2016","tags":"","summary":"BBCA's loan book grew 3.6% in Q2 2016, but its gross NPL ratio nearly doubled to 1.4% as provisioning coverage fell from 292.7% to 193.0%."},{"url":"/analysis/meli/2025-06/","title":"MELI's Stock Doubled in Two Years - So Why Did Net Income Just Fall?","ticker":"meli","company":"","quarter":"Q2 2025","tags":"","summary":"MELI Q2 2025 10-Q: revenue +33.8% to $6.79B, but net income fell 1.5% to $523M as Brazil's margin collapsed and tax rate jumped to 27%."},{"url":"/analysis/dher/2018-12/","title":"Whatever Happened to That First-Ever Profit?","ticker":"dher","company":"","quarter":"Q4 2018","tags":"","summary":"Delivery Hero's first-ever half-year profit reversed into a €42.2 million full-year net loss for FY2018, even as revenue grew 46.6%."},{"url":"/analysis/bird/2026-03/","title":"Revenue Rose 11.5% This Quarter - So Why Did Operating Profit Fall Nearly 10%?","ticker":"bird","company":"","quarter":"Q1 2026","tags":"","summary":"Blue Bird's Q1 2026 revenue grew 11.5% YoY, but operating profit fell 9.65% as both segments compressed margin for a second time in three quarters."},{"url":"/analysis/se/2023-09/","title":"Sea Ended Its Own Profit Streak — On Purpose","ticker":"se","company":"","quarter":"Q3 2023","tags":"","summary":"Sea Q3 2023: Total Adjusted EBITDA fell to $35M and net loss returned to $144M as E-commerce swung back to a $346M loss on deliberate reinvestment."},{"url":"/analysis/bfin/2021-03/","title":"Is a Rising Cure Rate Measuring Recovery, or Just an Expiry Date?","ticker":"bfin","company":"","quarter":"Q1 2021","tags":"","summary":"BFI's Q1 2021 cure rate rose to 92% but NPF worsened to 2.26% from 1.72% - a sign the metric tracks expiry, not repayment."},{"url":"/analysis/uber/2019-03/","title":"Was the Core Business Actually Losing Money Right Before the IPO?","ticker":"uber","company":"","quarter":"Q1 2019","tags":"","summary":"Uber's pre-IPO quarter: Core Platform Contribution Margin flipped negative, and last year's profit was mostly one-time asset-sale gains."},{"url":"/analysis/amrt/2020-06/","title":"Why Did the Fastest-Growing Region Suddenly Stop Growing?","ticker":"amrt","company":"","quarter":"Q2 2020","tags":"","summary":"Alfamart's H1 2020 profit rose 23% but Q2 alone - the first full lockdown quarter - saw revenue and profit fall, and every segment lost momentum."},{"url":"/analysis/xyz/2024-12/","title":"$2.9 Billion of Net Income Was Reported - $1.9 Billion of It Was a Tax Accounting Entry","ticker":"xyz","company":"","quarter":"Q4 2024","tags":"","summary":"Block's FY2024 10-K: $2.9 billion of net income included a $1.9 billion one-time tax benefit; real operating income was $892.3 million."},{"url":"/analysis/payp/2026-03/","title":"Profit Tripled, but a Non-Cash Tax Gain Explains More Than Half of the Increase","ticker":"payp","company":"","quarter":"Q1 2026","tags":"","summary":"Profit tripled to ¥117.8B, but a non-cash deferred-tax gain explains about 57% of the rise. Operating profit still grew 126% on 27% revenue growth."},{"url":"/analysis/tlkm/2022-12/","title":"A Rp6.4 Trillion Stock Markdown Made a Growing Business Look Like It Shrank","ticker":"tlkm","company":"","quarter":"Q4 2022","tags":"","summary":"Telkom's FY2022 profit fell 16% - entirely a GoTo stock markdown. Adjusted for it, profit grew, and Enterprise posted its first full-year profit."},{"url":"/analysis/tlkm/2020-06/","title":"Revenue Fell for the First Time in a Real Lockdown Quarter - So Why Did Margins Improve?","ticker":"tlkm","company":"","quarter":"Q2 2020","tags":"","summary":"Telkom's Q2 2020 revenue fell 5.3% in Indonesia's first lockdown quarter, but EBITDA rose 8.7% on lower costs."},{"url":"/analysis/amrt/2022-12/","title":"The Rights Issue Deadline Passed Eight Months Ago - the Annual Report Doesn't Mention It Once","ticker":"amrt","company":"","quarter":"Q4 2022","tags":"","summary":"AMRT's FY2022 profit rose 48% and Q4 segments grew for real - but the annual report never once mentions its own lapsed rights issue mandate."},{"url":"/analysis/xyz/2026-06/","title":"The DOJ Accrual More Than Doubled — So Why Did Profit Come Back?","ticker":"xyz","company":"","quarter":"Q2 2026","tags":"finance","summary":"Block's Q2 2026: GAAP profit returns and guidance rises, but the DOJ accrual more than doubled to $526M in the same quarter."},{"url":"/analysis/seabank/2023-06/","title":"Why a 19% Net Interest Margin Still Isn't Enough","ticker":"seabank","company":"","quarter":"Q2 2023","tags":"","summary":"SeaBank's NIM tops 19%, but its loan-to-deposit ratio fell to 60.9% and provisioning outgrew income - H1 2023 results, decoded."},{"url":"/analysis/bhartiartl/2025-06/","title":"The Cleanest Quarter in Years Made the Headline Growth Number Look Smaller","ticker":"bhartiartl","company":"","quarter":"Q2 2025","tags":"","summary":"Airtel's 43% profit growth headline actually understates a cleaner quarter - underlying net income before exceptionals grew 103% with zero one-time items."},{"url":"/analysis/bfin/2022-09/","title":"Two Straight Quarters Without a Cure Rate - Does a Shrinking Restructured Book Still Mean What It Used To?","ticker":"bfin","company":"","quarter":"Q3 2022","tags":"","summary":"Cure-rate disclosure stayed missing a second straight quarter, only 7.5% of the treasury-stock mandate moved, and Trinugraha's majority stake held flat."},{"url":"/analysis/eternal/2021-06/","title":"A Founder's Stock Grant, Almost Exactly the Size of the Quarter's Adjusted Loss","ticker":"eternal","company":"","quarter":"Q2 2021","tags":"","summary":"Zomato's last pre-IPO quarter posted a Rs. 170 crore Adjusted EBITDA loss - nearly matched by a founder-only stock option expense that same quarter."},{"url":"/analysis/eternal/2023-12/","title":"Adjusted EBITDA Hit a Third Straight Positive Quarter - So Why Did the Revenue-to-GOV Ratio Just Fall?","ticker":"eternal","company":"","quarter":"Q4 2023","tags":"","summary":"Zomato's Adjusted EBITDA hit +Rs. 125cr, a third straight profitable quarter - but its own revenue-to-GOV ratio fell on an accounting quirk."},{"url":"/analysis/se/2020-03/","title":"Sea's Losses Shrank During a Pandemic. Was That the Business or the Lockdowns?","ticker":"se","company":"","quarter":"Q1 2020","tags":"","summary":"Sea's Q1 2020 20-F/6-K: lockdown tailwinds across Garena, Shopee and SeaMoney, but equity fell and operating cash flow hit a new low."},{"url":"/analysis/bird/2025-09/","title":"Revenue Rose 8.5% This Quarter - So Why Did Profit Fall 15%?","ticker":"bird","company":"","quarter":"Q3 2025","tags":"","summary":"Blue Bird's Q3 2025 revenue grew 8.5% YoY but profit fell 15% as both segments' margins compressed together for the first time since 2022."},{"url":"/analysis/se/2019-12/","title":"The Question That's Chased Sea for Three Quarters Just Got an Answer","ticker":"se","company":"","quarter":"Q4 2019","tags":"","summary":"Sea's FY2019 20-F resolves the $2.47B equity mystery, shows equity and operating cash flow both turning positive, and SeaMoney's losses hit a new low."},{"url":"/analysis/superbank/2023-09/","title":"A New Shareholder Just Wrote a Trillion-Rupiah Check - Guess Who","ticker":"superbank","company":"","quarter":"Q3 2023","tags":"","summary":"Superbank's 9M 2023 filing: KakaoBank joins as a shareholder with a ~Rp1.2tn capital injection, while the loan-to-deposit ratio climbs to 223.81%."},{"url":"/analysis/bbri/2025-03/","title":"Profit Fell 14% While Credit Quality Improved - So What Actually Went Wrong?","ticker":"bbri","company":"","quarter":"Q1 2025","tags":"","summary":"BRI's Q1 2025 profit fell 14% YoY despite improving credit quality - operating costs, not credit, were the real drag this quarter."},{"url":"/analysis/nu/2024-03/","title":"Nu's 100-Millionth Customer Arrived Right After a Quarter That Grew Provisions for Lawsuits 70%","ticker":"nu","company":"","quarter":"Q1 2024","tags":"","summary":"Nu's Q1 2024: 100 million customers, $378.8M net income (+160% YoY) - and a lawsuit-provision methodology change that lifted reserves 70% in one quarter."},{"url":"/analysis/idea/2025-12/","title":"Vi's AGR Dues Frozen at Rs87,695 Crore, Reassessment Just Begun - What Do the Numbers Say?","ticker":"idea","company":"","quarter":"Q4 2025","tags":"","summary":"Vi's AGR dues sit frozen at Rs87,695cr pending reassessment - steady quarterly progress, same open funding questions, still no closed bank facility."},{"url":"/analysis/dash/2023-06/","title":"DoorDash Nearly Exhausted a $750 Million Buyback in Five Months While Adjusted EBITDA Kept Compounding","ticker":"dash","company":"","quarter":"Q2 2023","tags":"","summary":"DoorDash Q2 2023: Adjusted EBITDA up 171% to $279M, FCF up 262% to $311M, and its $750M buyback nearly exhausted after five months."},{"url":"/analysis/dash/2021-12/","title":"DoorDash's Stock Gave Back a Third of Its Value the Same Quarter Adjusted EBITDA Hit a Record","ticker":"dash","company":"","quarter":"Q4 2021","tags":"","summary":"DoorDash's FY2021 10-K: Adjusted EBITDA up 53% to $289M, but the stock fell 28% in Q4 as growth decelerated and Wolt still hadn't closed."},{"url":"/analysis/amrt/2026-03/","title":"Why Did the Stock Hit a New Low the Same Quarter the Overhead Problem Finally Reversed?","ticker":"amrt","company":"","quarter":"Q1 2026","tags":"","summary":"AMRT's Q1 2026 profit grew 10% and overhead finally reversed, but the stock hit a new low as its own buyback deadline passed unaddressed."},{"url":"/analysis/meli/2020-09/","title":"Revenue Doubled in the Pandemic - So Why Are Internal Controls Still Broken?","ticker":"meli","company":"","quarter":"Q3 2020","tags":"","summary":"MELI Q3 2020 10-Q: revenue +85% YoY on pandemic demand, but a 71.5% effective tax rate and an unremediated material weakness cloud the quarter."},{"url":"/analysis/xyz/2020-03/","title":"Revenue Grew 44% in the Worst Quarter Yet - Bitcoin Did Almost All of It","ticker":"xyz","company":"","quarter":"Q1 2020","tags":"","summary":"Square's Q1 2020 revenue grew 44%, but near-zero-margin bitcoin sales did the heavy lifting as COVID hit its core seller business."},{"url":"/analysis/seabank/2025-03/","title":"SeaBank's Loan Book Grew 10.3% in a Quarter - Its Capital Buffer Is the Thing to Watch Now","ticker":"seabank","company":"","quarter":"Q1 2025","tags":"","summary":"SeaBank's Q1 2025: loans up 10.3% QoQ, ROE hits 6.74%, LDR crosses 91%, and capital adequacy falls to 24.62% as risk-weighted assets outgrow capital."},{"url":"/analysis/se/2024-12/","title":"Sea Cleared the Profitability Bar for a Real DCF. Its Earnings Call Skipped the $86 Million Settlement.","ticker":"se","company":"","quarter":"Q4 2024","tags":"","summary":"Sea's Q4/FY2024: two straight profitable quarters enable a first DCF, while the 20-F reveals an $86M settlement the call never mentioned."},{"url":"/analysis/bhartiartl/2023-03/","title":"Profit Jumped 50%, Free Cash Flow Fell 26% - Which Number Should You Believe?","ticker":"bhartiartl","company":"","quarter":"Q1 2023","tags":"","summary":"Airtel's profit and EBITDA jumped, but capex nearly doubled and free cash flow fell 26% - plus a going-concern risk at Indus Towers' top customer."},{"url":"/analysis/bbri/2018-03/","title":"Did the Worst Loan Category Actually Improve, or Did the Definition Just Change?","ticker":"bbri","company":"","quarter":"Q1 2018","tags":"","summary":"BRI's worst loan category's NPL fell to 5.83% in Q1 2018 - but a same-quarter re-segmentation changed what counts as Corporate Non-SoE."},{"url":"/analysis/se/2026-06/","title":"Sea's Revenue Grew 48%. Its Adjusted EBITDA Grew Just 11%","ticker":"se","company":"","quarter":"Q2 2026","tags":"","summary":"Sea's Q2 2026: revenue up 48.1%, but Adjusted EBITDA grew just 10.6% and Shopee's segment profit barely moved. The stock sits near its DCF bear case."},{"url":"/analysis/bhartiartl/2018-06/","title":"How a Loss Got Deeper and \"Profit\" Went Up in the Same Quarter","ticker":"bhartiartl","company":"","quarter":"Q2 2018","tags":"","summary":"Airtel's pre-tax loss deepened while reported profit rose on tax credits, and a five-year-old spectrum dispute jumped 62% right before quarter-end."},{"url":"/analysis/bbri/2023-06/","title":"Why Did Core Revenue Shrink Even As Profit Kept Climbing?","ticker":"bbri","company":"","quarter":"Q2 2023","tags":"","summary":"BRI's Q2 2023: profit up but core revenue fell YoY, while loan-growth guidance keeps missing its band."},{"url":"/analysis/bbri/2021-12/","title":"Profit Jumped 74% in One Quarter - Was Any of That Actually Organic?","ticker":"bbri","company":"","quarter":"Q4 2021","tags":"","summary":"BRI's FY2021 report: Credit Cost finally beat guidance and CAR kept climbing post-merger - but Q4's 74% profit jump is partly a consolidation artifact."},{"url":"/analysis/bird/2018-09/","title":"The Six-Quarter Revenue Slide Just Ended - So Why Did Leverage Creep Back Up?","ticker":"bird","company":"","quarter":"Q3 2018","tags":"","summary":"Blue Bird's Q3 2018 revenue grew YoY for the first time in six quarters and net income jumped 32% - but leverage ticked up and a lost arbitration surfaced."},{"url":"/analysis/nu/2022-06/","title":"Revenue Tripled Again. Adjusted Profit Grew Just 3%. The Stock Fell Below $4 Anyway.","ticker":"nu","company":"","quarter":"Q2 2022","tags":"","summary":"Nu's Q2 2022: revenue tripled YoY to $1.16B, but adjusted profit barely grew as credit provisioning outran growth and the stock fell to $3.74."},{"url":"/analysis/dash/2025-03/","title":"DoorDash Announced a $5 Billion Buyback - 4.5x Its Last One - Then Bought Back Zero Shares","ticker":"dash","company":"","quarter":"Q1 2025","tags":"","summary":"DoorDash Q1 2025: net income $193M (3rd straight profitable quarter), Adjusted EBITDA up 59% to $590M, new $5B buyback authorized but unused."},{"url":"/analysis/se/2024-06/","title":"Sea Said All Three Businesses Got More Profitable. One of Them Didn't.","ticker":"se","company":"","quarter":"Q2 2024","tags":"","summary":"Sea's Q2 2024: net income positive again, but management's 'higher profitability' claim doesn't hold for e-commerce. Full breakdown."},{"url":"/analysis/eternal/2025-03/","title":"The Best Fiscal Year Ever — So Why Did Free Cash Flow Turn Negative?","ticker":"eternal","company":"","quarter":"Q1 2025","tags":"","summary":"Eternal's FY25 was its first profitable year ever, but Q4 profit fell again and full-year operating cash flow swung sharply lower despite the gain."},{"url":"/analysis/tlkm/2024-03/","title":"The Stock Fell 13% in a Month - Profit Only Fell 6%","ticker":"tlkm","company":"","quarter":"Q1 2024","tags":"","summary":"Telkom's Q1 2024 profit fell 6% on a GoTo swing, while the stock dropped 13% in March and a segment reclassification muddies IndiHome's numbers."},{"url":"/analysis/xyz/2022-03/","title":"Block's Balance Sheet More Than Doubled the Same Quarter It Swung to an Operating Loss","ticker":"xyz","company":"","quarter":"Q1 2022","tags":"","summary":"Block's Q1 2022 10-Q shows total assets doubling on the Afterpay close, alongside a widening operating loss and falling bitcoin revenue."},{"url":"/analysis/amrt/2024-03/","title":"Why Did the Capital Region's Segment Income Fall for a Second Straight Quarter?","ticker":"amrt","company":"","quarter":"Q1 2024","tags":"","summary":"AMRT's Q1 2024 profit grew 15%, but Jabodetabek's segment income fell for a second straight quarter even as the other two regions kept growing."},{"url":"/analysis/meli/2022-09/","title":"Past-Due Loans Just Hit 37% of the Credit Portfolio - Three Quarters Running. Should Investors Worry?","ticker":"meli","company":"","quarter":"Q3 2022","tags":"","summary":"MELI Q3 2022 10-Q: operating margin hit 11.0%, highest since Q2 2020, but past-due loans rose to 37% of credits for a third straight quarter."},{"url":"/analysis/nu/2022-12/","title":"Nu Reported a $298 Million Loss. Its CEO Caused It On Purpose.","ticker":"nu","company":"","quarter":"Q4 2022","tags":"","summary":"Nu's Q4/FY2022: record $113.8M adjusted profit, but a $355.6M CEO pay-award termination drove a $297.6M reported net loss for the quarter."},{"url":"/analysis/bbri/2023-12/","title":"Net Cost of Credit Fell Below 1% - But Did Recoveries Just Mask a Rough Q4?","ticker":"bbri","company":"","quarter":"Q4 2023","tags":"","summary":"BRI's FY2023 report: profit up 17.45%, net cost of credit a record-low 0.99% on big recoveries, but standalone Q4 gross impairment jumped 127.93% YoY."},{"url":"/analysis/uber/2025-09/","title":"Uber's Net Income Hits $6.6 Billion on a Second Straight Tax Valuation Release - This Time the Netherlands","ticker":"uber","company":"","quarter":"Q3 2025","tags":"","summary":"Uber Q3 2025: operating income up 5% to $1,113M, net income $6.6B on a $4.9B Netherlands tax release, Adjusted EBITDA up 33% to $2,256M."},{"url":"/analysis/bbri/2021-06/","title":"The 180% Profit 'Growth' Is a Trick of the Calendar, Not a Turnaround","ticker":"bbri","company":"","quarter":"Q2 2021","tags":"","summary":"BRI's Q2 2021 filing: NPL coverage climbed to 258.41%, Corporate NPL reversed to 11.81%, and profit fell 17% QoQ despite a huge Covid base-effect YoY gain."},{"url":"/analysis/eternal/2021-12/","title":"Down 85% Quarter-on-Quarter - But Was the Loss Actually Shrinking?","ticker":"eternal","company":"","quarter":"Q4 2021","tags":"","summary":"Zomato's headline loss fell 85% QoQ - almost entirely from selling a subsidiary to a company it was simultaneously investing in."},{"url":"/analysis/bhartiartl/2025-12/","title":"A 26% Growth Quarter Reported Itself as a 55% Profit Collapse","ticker":"bhartiartl","company":"","quarter":"Q4 2025","tags":"","summary":"Airtel's headline profit fell 55% YoY - but that's a base-effect illusion from a one-time gain a year ago. The real, like-for-like growth was 26%."},{"url":"/analysis/se/2022-03/","title":"Bookings Turned Negative for the First Time — And the Stock Fell 46% Right Alongside It","ticker":"se","company":"","quarter":"Q1 2022","tags":"","summary":"Sea Q1 2022: Digital Entertainment bookings turned negative for the first time in the series, EBITDA fell to a loss, and the stock dropped 46%."},{"url":"/analysis/seabank/2023-12/","title":"A Blowout First Half, Then a 10% Drop in Full-Year Profit","ticker":"seabank","company":"","quarter":"Q4 2023","tags":"","summary":"SeaBank's FY2023 net income fell 10.3% YoY despite a blowout H1 - a weak second half, heavier provisioning, and rising related-party reliance, decoded."},{"url":"/analysis/bfin/2020-09/","title":"Is Bad Debt Actually Falling, or Just Being Restructured Out of View?","ticker":"bfin","company":"","quarter":"Q3 2020","tags":"","summary":"BFI Finance's 9M 2020 NPL fell to 2.67% from 3.73%, but its restructured book grew to Rp5.23 trillion - 35.5% of receivables, the highest yet."},{"url":"/analysis/eternal/2023-06/","title":"The First Profitable Quarter Ever - So Why Was the Underlying Business Still Losing Money?","ticker":"eternal","company":"","quarter":"Q2 2023","tags":"","summary":"Zomato's first-ever profit (Rs. 2cr) came from a tax credit, not the business - PBT was still a Rs. 15cr loss even as GOV growth rebounded 11% QoQ."},{"url":"/analysis/tlkm/2022-06/","title":"The GoTo Markdown That Hurt Q1 Reversed Into a Gain This Quarter","ticker":"tlkm","company":"","quarter":"Q2 2022","tags":"","summary":"Telkom's Q2 2022 profit grew 11.7% as the GoTo stake swing reversed and Enterprise turned profitable again - but Mobile's margin kept falling."},{"url":"/analysis/amrt/2020-12/","title":"After Three Silent Quarters, the Filed Books Finally Mention Covid-19 - and Shrug It Off","ticker":"amrt","company":"","quarter":"Q4 2020","tags":"","summary":"Alfamart finally disclosed Covid-19 in its FY2020 filed statements, three quarters late, downplaying it as net profit fell 4.6% despite revenue growth."},{"url":"/analysis/xyz/2024-06/","title":"Block's Operating Profit Streak Hit Two Quarters - While the Stock Fell 24%","ticker":"xyz","company":"","quarter":"Q2 2024","tags":"","summary":"Block's Q2 2024 10-Q: a second straight GAAP operating profit and Free Cash Flow near $481 million, while the stock fell 23.8% in the quarter."},{"url":"/analysis/amrt/2022-06/","title":"Its Rights Issue Deadline Lapsed - So Why Did It Just Buy a Bank?","ticker":"amrt","company":"","quarter":"Q2 2022","tags":"","summary":"Alfamart's H1 2022 profit jumped 47% but cash fell 63% after a new bank stake purchase, while its lapsed rights issue mandate stays unaddressed."},{"url":"/analysis/tlkm/2020-12/","title":"The Year Revenue Barely Grew and Profit Grew 11% Anyway","ticker":"tlkm","company":"","quarter":"Q4 2020","tags":"","summary":"Telkom's FY2020 revenue barely moved but net income grew 11.5% as COVID-era cost cuts outran flat revenue."},{"url":"/analysis/goto/2024-09/","title":"The Highest Adjusted EBITDA Ever Posted, and a Country Exit That Never Made It Into the Filing","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q3 2024","tags":"","summary":"GoTo's Q3 2024 Adjusted EBITDA hit a record Rp137B, but the company also exited Vietnam entirely - with no cost disclosed in the filings."},{"url":"/analysis/dash/2023-12/","title":"DoorDash Turned Its First Profitable-Feeling Year With Adjusted EBITDA Up 230% - Then Announced a Buyback 47% Bigger Than the Last One","ticker":"dash","company":"","quarter":"Q4 2023","tags":"","summary":"DoorDash FY2023: Adjusted EBITDA up 230% to $1.19B, FCF hit $1.35B, and a new $1.1B buyback announced just after year-end."},{"url":"/analysis/idea/2025-06/","title":"The Government's 49% Stake Landed on the Balance Sheet - and the Deficit Still Widened","ticker":"idea","company":"","quarter":"Q2 2025","tags":"","summary":"Vi's huge government equity conversion landed this quarter - and the deficit still widened, a reminder these swaps don't automatically help net worth."},{"url":"/analysis/cpng/2024-09/","title":"Profitable Again - So Why Did Free Cash Flow Turn Negative?","ticker":"cpng","company":"","quarter":"Q3 2024","tags":"","summary":"Coupang's Q3 2024 profit rebounded to $64M, but Product Commerce's margin fell from 8.2% to 6.8% and free cash flow went negative on capex."},{"url":"/analysis/nu/2026-03/","title":"Nu Says Revenue Crossed $5 Billion. Its Own Filed Statements Say $347 Million Less.","ticker":"nu","company":"","quarter":"Q1 2026","tags":"","summary":"Nu's Q1 2026: $5.3B managerial revenue vs. $4.97B IFRS revenue, 41% YoY net income growth, and Mexico's break-even milestone, scrutinized."},{"url":"/analysis/meituan/2026-03/","title":"Is Bank Debt Now Funding China's Delivery Price War?","ticker":"meituan","company":"","quarter":"Q1 2026","tags":"","summary":"Meituan lost RMB6.8B in Q1 2026 in a delivery price war, funded partly by bank debt that lifted gearing from about 53% to 71% in one quarter."},{"url":"/analysis/dash/2021-06/","title":"Why Is DoorDash Suddenly Losing More Money Than It Did a Year Ago?","ticker":"dash","company":"","quarter":"Q2 2021","tags":"","summary":"DoorDash's Q2 2021: revenue up 83% and take rate recovers, yet the company swings to a $102M net loss on post-IPO cost growth."},{"url":"/analysis/amrt/2019-03/","title":"Why Did the Two Biggest Regions Lose Margin While Profit Jumped 67%?","ticker":"amrt","company":"","quarter":"Q1 2019","tags":"","summary":"Alfamart's Q1 2019 profit jumped 67%, but its two biggest regions actually lost margin - overhead cuts and Outside Java carried the quarter."},{"url":"/analysis/se/2019-06/","title":"Sea's Adjusted EBITDA Loss Shrank to $11 Million. Its Net Loss Still Grew.","ticker":"se","company":"","quarter":"Q2 2019","tags":"","summary":"Sea's Q2 2019: Adjusted EBITDA loss shrank to $11M, near breakeven, while net loss still grew and equity fell QoQ on a smaller stock-driven charge."},{"url":"/analysis/arto/2022-09/","title":"The Profit Imbalance That Kept Getting Worse Just Didn't","ticker":"arto","company":"","quarter":"Q3 2022","tags":"","summary":"Bank Jago's Sharia-vs-core profit imbalance narrowed for the first time in Q3 2022, even as the stock fell 27.9% to a new series low."},{"url":"/analysis/meituan/2025-09/","title":"Meituan Lost RMB18.6 Billion in a Single Quarter. Its Own Buyback Went to Zero.","ticker":"meituan","company":"","quarter":"Q3 2025","tags":"","summary":"Meituan's Q3 2025 operating loss hit RMB19.8B on marketing spend at 35.9% of revenue, the worst quarter on record for the company, with buybacks at zero."},{"url":"/analysis/baba/2015-03/","title":"Seven Shareholder Lawsuits and an SEC Inquiry, Six Months After the IPO","ticker":"baba","company":"","quarter":"Q1 2015","tags":"","summary":"Alibaba's first 10-K: revenue up 45%, net income up just 4.6% amid soaring stock comp, seven shareholder suits, and an SEC counterfeit-disclosure inquiry."},{"url":"/analysis/nu/2025-09/","title":"Nu Deliberately Grew Into Lower-Yield Assets in Q3. Its Risk-Adjusted Margin Still Went Up.","ticker":"nu","company":"","quarter":"Q3 2025","tags":"","summary":"Nu's Q3 2025: record $4.2B revenue, $783M net income, and a deliberate shift to lower-risk lending that raised risk-adjusted margin despite lower NIM."},{"url":"/analysis/bbri/2024-09/","title":"Is the Falling Net Credit Cost Hiding a Provisioning Problem That's Still Above Guidance?","ticker":"bbri","company":"","quarter":"Q3 2024","tags":"","summary":"BRI's Q3 2024 profit grew as recoveries surged, but gross Credit Cost stayed above guidance and loan growth still missed its FY2024 band."},{"url":"/analysis/uber/2020-06/","title":"Mobility Revenue Collapsed 67% - So Uber Took a $382M Restructuring Charge, Killed JUMP, and Agreed to Buy Postmates","ticker":"uber","company":"","quarter":"Q2 2020","tags":"","summary":"Uber Q2 2020: Mobility revenue -67% on COVID lockdowns, Delivery revenue +103%, $382M restructuring, JUMP shut down, Postmates deal announced."},{"url":"/analysis/uber/2022-12/","title":"Uber Posted a Rare Quarterly Profit in Q4 2022 - After Paying $733 Million to Settle a UK Tax Dispute","ticker":"uber","company":"","quarter":"Q4 2022","tags":"","summary":"Uber FY2022 10-K: full-year Adjusted EBITDA hits $1.7B, first full year of positive FCF - Q4 swings to a rare profit despite a $733M UK tax settlement."},{"url":"/analysis/bfin/2023-03/","title":"The Cost of Credit Tripled, and the Explanation Still Leaves a Gap","ticker":"bfin","company":"","quarter":"Q1 2023","tags":"","summary":"Cost of credit tripled YoY, the cure rate stayed undisclosed a fourth filing, and BFI's treasury mandate is still stuck at zero shares moved."},{"url":"/analysis/dher/2018-06/","title":"How Do You Post Your First-Ever Profit While Burning More Cash Than Ever?","ticker":"dher","company":"","quarter":"Q2 2018","tags":"","summary":"Delivery Hero posted its first-ever half-year profit of €146.7 million, but it came entirely from a one-time UK asset sale, not the business."},{"url":"/analysis/bird/2024-03/","title":"Is Blue Bird's Margin Slide Now a Trend, Not a Blip?","ticker":"bird","company":"","quarter":"Q1 2024","tags":"","summary":"Blue Bird's Q1 2024 revenue grew 7.1% YoY but operating income fell 21.7% for a third straight profit-line miss, as the trademark fee hit a full quarter."},{"url":"/analysis/se/2021-09/","title":"Adjusted EBITDA Went Negative Again — This Time, It Wasn't an Accounting Illusion","ticker":"se","company":"","quarter":"Q3 2021","tags":"","summary":"Sea Q3 2021: Adjusted EBITDA fell to -$165.5M, but this time operating loss also widened 50.1% — a real reversal, not a comp illusion."},{"url":"/analysis/meli/2025-12/","title":"Revenue Grew 39% This Year - So Why Did Net Income Barely Move?","ticker":"meli","company":"","quarter":"Q4 2025","tags":"","summary":"MELI FY2025 10-K: revenue +39.1% to $28.9B, operating income +21.7%, but net income grew just 4.5% as tax and FX losses ate the gains."},{"url":"/analysis/bbca/2016-12/","title":"Did a Tax Amnesty Just Buy a Bad-Debt Problem More Time?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2016","tags":"","summary":"BBCA's NPL ratio finally fell in FY2016, but a one-off tax amnesty - not organic deposits - drove much of the CASA growth behind it."},{"url":"/analysis/dash/2024-09/","title":"DoorDash Posted Its First-Ever Profitable Quarter, Both on an Operating and Net Income Basis","ticker":"dash","company":"","quarter":"Q3 2024","tags":"","summary":"DoorDash Q3 2024: first-ever GAAP operating profit ($107M) and net income ($162M), Adjusted EBITDA up 55% to $533M."},{"url":"/analysis/cpng/2021-06/","title":"A $296 Million Fire Explains Half This Quarter's Loss — What Explains the Rest?","ticker":"cpng","company":"","quarter":"Q2 2021","tags":"","summary":"A warehouse fire added $296M to Coupang's Q2 2021 loss, but costs were already outpacing 71% revenue growth beforehand."},{"url":"/analysis/goto/2023-12/","title":"GoTo Hit Its Q4 Profit Target. Its Balance Sheet Just Took a Rp79 Trillion Hit to Get There.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q4 2023","tags":"","summary":"GoTo hit its Q4 2023 EBITDA breakeven target, but a Rp78.8 trillion goodwill write-off tied to the Tokopedia-TikTok deal landed the same quarter."},{"url":"/analysis/meli/2018-12/","title":"The First Full-Year Loss Since the 2007 IPO - What the Footnotes Say About Why","ticker":"meli","company":"","quarter":"Q4 2018","tags":"","summary":"MELI FY2018 10-K: first full-year net loss ($36.6M) as gross margin fell to 48.4% on shipping subsidies; Q4 alone nearly broke even."},{"url":"/analysis/cpng/2023-12/","title":"Coupang's First Profitable Year Hides a $905 Million Asterisk","ticker":"cpng","company":"","quarter":"Q4 2023","tags":"","summary":"Coupang's FY2023 net income of $1.36B was mostly a one-time $905M tax benefit. Q4 recovered from Q3's reversal, but the valuation multiple fell below 1.0x."},{"url":"/analysis/dmart/2016-09/","title":"Revenue Grew. So Why Did Every Profit Line Shrink?","ticker":"dmart","company":"","quarter":"Q3 2016","tags":"","summary":"DMart's Q2 FY2017 filing shows revenue up 4.8% quarter-on-quarter while every profit line fell, as it stocked up ahead of Diwali."},{"url":"/analysis/dher/2025-06/","title":"Delivery Hero Finally Posted a Profitable Operating Result - So Why Is a €860 Million Spain Liability Still Unrecognized?","ticker":"dher","company":"","quarter":"Q2 2025","tags":"","summary":"Delivery Hero posted its first positive operating result in H1 2025, as its EU antitrust case settled - but a €860M Spain rider liability looms."},{"url":"/analysis/superbank/2024-06/","title":"The Losses Keep Widening. The Funding Gap Is Finally Closing.","ticker":"superbank","company":"","quarter":"Q2 2024","tags":"","summary":"Superbank's H1 2024 loss widened 67% YoY, but Grab-driven CASA growth of 264% finally eased its loan-to-deposit ratio from 515% to 376%."},{"url":"/analysis/uber/2026-03/","title":"Uber's Operating Income Rises 57% to $1,923 Million, Its Highest Yet - While Net Income Falls 85% on a $1.5 Billion Equity-Stake Loss","ticker":"uber","company":"","quarter":"Q1 2026","tags":"","summary":"Uber Q1 2026: operating income up 57% to $1,923M, a new high, net income falls 85% to $263M on a $1.5B Grab/Didi equity-stake loss."},{"url":"/analysis/arto/2025-12/","title":"Bank Jago's Profit Doubled This Year - So Why Did the Stock Fall 18.7%?","ticker":"arto","company":"","quarter":"Q4 2025","tags":"","summary":"Bank Jago's FY2025 profit rose 115% YoY, but CAR fell for a fourth straight quarter and the stock still ended the year down 18.7%."},{"url":"/analysis/bird/2019-03/","title":"Profit Fell 10% and the Stock Rallied 21% Anyway - What Actually Changed This Quarter?","ticker":"bird","company":"","quarter":"Q1 2019","tags":"","summary":"Blue Bird's Q1 2019 profit fell 10% YoY and free cash flow stayed negative, yet the stock rallied 21%."},{"url":"/analysis/swiggy/2025-06/","title":"Instamart's Breakeven Guidance Finally Held Still. Everything Else Slowed Down To Get There.","ticker":"swiggy","company":"","quarter":"Q2 2025","tags":"","summary":"Swiggy's Q1 FY26 held its Instamart breakeven guidance steady for the first time, but store growth and order growth both slowed sharply to get there."},{"url":"/analysis/bfin/2025-06/","title":"A 3-Year Treasury Overhang Just Got Cancelled - Right as Credit Quality Hit a Multi-Year High","ticker":"bfin","company":"","quarter":"Q2 2025","tags":"","summary":"BFI's H1 2025 net income rose 11.1% YoY to Rp762.2B and NPF hit a 5-year high of 1.63%, as its treasury-share overhang was cancelled."},{"url":"/analysis/bird/2020-12/","title":"Blue Bird's First Annual Loss Since Its IPO - So Why Did the Stock Rally 51% in Q4?","ticker":"bird","company":"","quarter":"Q4 2020","tags":"","summary":"FY2020 brought Blue Bird's first annual loss since its 2014 IPO, but Q4 revenue improved, Non-Taxi turned profitable, and the stock rallied 51%."},{"url":"/analysis/seabank/2024-09/","title":"SeaBank's Nine-Month Profit Is Up 32%. Its Third Quarter Alone Fell.","ticker":"seabank","company":"","quarter":"Q3 2024","tags":"","summary":"SeaBank's 9M 2024 profit rose 32% YoY, but the standalone Q3 quarter's net income actually fell versus Q3 2023 - the cumulative number hides it."},{"url":"/analysis/bbri/2019-09/","title":"The Special Mention Spike Nobody Explained Just Became a Default","ticker":"bbri","company":"","quarter":"Q3 2019","tags":"","summary":"BRI's Corporate Non-SoE NPL ratio doubled to 10.46% in Q3 2019, the exact default migration last quarter's Special Mention spike had warned about."},{"url":"/analysis/bird/2022-06/","title":"The Margin Collapse That Undid Itself In One Quarter","ticker":"bird","company":"","quarter":"Q2 2022","tags":"","summary":"Blue Bird's Q2 2022 Taxi margin snapped back to a coverage-best 12.52%, beating Q4 2021's record, alongside a resumed dividend and a compensation surge."},{"url":"/analysis/meli/2021-03/","title":"Stockholders' Equity Just Went Negative - Should That Actually Worry You?","ticker":"meli","company":"","quarter":"Q1 2021","tags":"","summary":"MELI Q1 2021 10-Q: revenue +111%, operating income positive, but a convertible-note buyback pushed equity negative and drove a 456.6% effective tax rate."},{"url":"/analysis/xyz/2021-09/","title":"A Swing Back to a Net Loss Landed the Same Quarter Bitcoin Revenue Cooled Off","ticker":"xyz","company":"","quarter":"Q3 2021","tags":"","summary":"Square's Q3 2021 10-Q shows a swing back to net loss despite 43% gross profit and GPV growth - the split between operating strength and net loss."},{"url":"/analysis/meli/2023-06/","title":"Every Country Segment Improved Margin Again - Is the Business Actually This Consistent?","ticker":"meli","company":"","quarter":"Q2 2023","tags":"","summary":"MELI Q2 2023 10-Q: net revenue +31.5% to $3.4B, operating income +123.2% to $558M, all four country segments improve margin again."},{"url":"/analysis/meli/2021-12/","title":"Turned Profitable for the Year - But Q4 Alone Was a Net Loss","ticker":"meli","company":"","quarter":"Q4 2021","tags":"","summary":"MELI FY2021 10-K: full-year profit of $83.3M, but Q4 alone posted a net loss as holiday marketing costs hit margins in its strongest seasonal quarter."},{"url":"/analysis/bird/2020-03/","title":"The Taxi Business Just Posted Its First-Ever Loss - Before Jakarta Even Locked Down","ticker":"bird","company":"","quarter":"Q1 2020","tags":"","summary":"Blue Bird's Q1 2020 profit fell 84.5% YoY and Taxi posted its first-ever segment loss - before Jakarta's COVID-19 lockdown even began."},{"url":"/analysis/se/2025-09/","title":"Sea Grew 38% and Stayed Silent on Its $86 Million Settlement for a Third Straight Quarter","ticker":"se","company":"","quarter":"Q3 2025","tags":"","summary":"Sea's Q3 2025: revenue +38.3% to a record $6.0B, a fifth straight profitable quarter, and a third straight call skipping its own $86M settlement."},{"url":"/analysis/arto/2025-03/","title":"Profit Grew 178% This Quarter - So Why Did the Stock Just Have Its Steepest Drop Since Q4 2022?","ticker":"arto","company":"","quarter":"Q1 2025","tags":"","summary":"Bank Jago's Q1 2025 profit jumped 178% and its Sharia unit's book grew again after 2 years - but the stock just had its worst quarter since 2022."},{"url":"/analysis/bird/2019-12/","title":"FY2019: Profit Down 31%, But the Acer Fight Is Finally Over","ticker":"bird","company":"","quarter":"Q4 2019","tags":"","summary":"Blue Bird's FY2019 profit fell 31% YoY on a capex-driven cash burn, but the two-and-a-half-year Acer arbitration is finally over - Blue Bird won."},{"url":"/analysis/superbank/2026-03/","title":"Superbank Turned Its First Real Profit as a Public Company - With 84% of Its Capital Still Sitting Idle","ticker":"supa","company":"","quarter":"Q1 2026","tags":"","summary":"Superbank's Q1 2026 net income jumped 300x YoY to Rp78.2bn, but CAR sits at 84% - its post-IPO capital still barely being deployed."},{"url":"/analysis/uber/2024-06/","title":"Uber's Operating Income More Than Doubles to $796 Million - Fifth Straight Positive Quarter","ticker":"uber","company":"","quarter":"Q2 2024","tags":"","summary":"Uber Q2 2024: operating income more than doubles to $796M, fifth straight positive quarter. Net income $1,015M, Adjusted EBITDA up 71% to $1,570M."},{"url":"/analysis/bbri/2020-09/","title":"A Record Rp9.5 Trillion Was Provisioned in Q3 - So Why Did Coverage Keep Falling?","ticker":"bbri","company":"","quarter":"Q3 2020","tags":"","summary":"BRI's Q3 2020 filing: record Rp9.5tn provisioning, yet coverage fell to 159.9% as Corporate Non-SoE NPL hit a new high of 10.85%."},{"url":"/analysis/cpng/2023-03/","title":"Coupang's Seasonally Weakest Quarter Just Beat Its Own Holiday Peak","ticker":"cpng","company":"","quarter":"Q1 2023","tags":"","summary":"Coupang's Q1 2023 beat Q4's holiday-quarter Adjusted EBITDA - a seasonally weak quarter outperforming the seasonally strong one, with real free cash flow."},{"url":"/analysis/meli/2018-03/","title":"It Spent $112 Million on Free Shipping in One Quarter - and Flipped Straight to a Loss","ticker":"meli","company":"","quarter":"Q1 2018","tags":"","summary":"MELI Q1 2018 10-Q: $112.5M in shipping subsidies drove an operating loss, Brazil's direct contribution fell 90%, and the dividend was suspended."},{"url":"/analysis/goto/2023-03/","title":"Group Contribution Margin Turned Positive Exactly on Schedule. The User Base Kept Shrinking Anyway.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q1 2023","tags":"","summary":"GoTo hit its own Q1 2023 profitability target on schedule, but its user base kept shrinking for a second straight quarter."},{"url":"/analysis/bbca/2016-03/","title":"Equity Jumped 13% in a Quarter Loans Shrank. How Much of That Was Actually Earned?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2016","tags":"","summary":"BBCA's Q1 2016 net income rose 11%, but its loan book shrank 3.6% quarter-on-quarter as the bank pulled back on lending amid a softening economy."},{"url":"/analysis/amrt/2023-09/","title":"Why Did Segment Income Fall in the Same Quarter Net Income Grew 16%?","ticker":"amrt","company":"","quarter":"Q3 2023","tags":"","summary":"AMRT's Q3 2023 profit grew 25% on a 9M basis, but standalone segment income fell 5% - masked by a 33.6% overhead cut and near-total bank debt payoff."},{"url":"/glossary/","title":"Glossary","ticker":"","company":"","quarter":"","tags":"glossary","summary":"Clear explanations, formulas, and sources for key investing terms — built for early-stage tech investors learning real due diligence."},{"url":"/analysis/meli/2025-03/","title":"MELI's Credit Book Grew 75% - So Why Did Free Cash Flow Go Negative?","ticker":"meli","company":"","quarter":"Q1 2025","tags":"","summary":"MELI Q1 2025 10-Q: revenue +37% to $5.94B, net income +43.6% to $494M, but Adjusted FCF went negative as the credit book grew 75% YoY."},{"url":"/analysis/tlkm/2023-09/","title":"The Segment Table Didn't Actually Change - So What Did the IndiHome Spin-Off Even Do?","ticker":"tlkm","company":"","quarter":"Q3 2023","tags":"","summary":"Telkom's Q3 2023 profit grew 6% and Enterprise posted its best margin yet, even as the stock sat flat over two years."},{"url":"/analysis/xyz/2025-09/","title":"Revenue Growth Returned, Cash App Reaccelerated to 24%, and Free Cash Flow Hit $1.4 Billion in a Single Quarter","ticker":"xyz","company":"","quarter":"Q3 2025","tags":"","summary":"Block's Q3 2025 10-Q: revenue growth returned, Cash App reaccelerated to 24% growth, and standalone Free Cash Flow hit roughly $1.4 billion."},{"url":"/analysis/bfin/2021-06/","title":"Higher Write-Offs, Lower Bad-Loan Ratio - Is a Lender Curing Debt or Erasing It?","ticker":"bfin","company":"","quarter":"Q2 2021","tags":"","summary":"BFI's Q2 2021 NPF fell to 2.15% only because write-offs (NCL) more than doubled QoQ - management's forecast played out, cure rate slipped to 89.2%."},{"url":"/analysis/bird/2024-12/","title":"Profit Jumped 74% This Quarter - So Why Did the Stock Fall 18%?","ticker":"bird","company":"","quarter":"Q4 2024","tags":"","summary":"Blue Bird's FY2024 profit rose 29% and Q4 net income jumped 74% YoY, yet the stock fell 18% in the same quarter - is the pullback a buying opportunity?"},{"url":"/analysis/uber/2019-06/","title":"A Record $5.2 Billion Quarterly Loss - And the Core Business Actually Got Healthier. How?","ticker":"uber","company":"","quarter":"Q2 2019","tags":"","summary":"Uber's $5.2B loss was mostly a one-time IPO stock-comp charge; Core Platform margin rebounded even as Ridesharing growth nearly stalled."},{"url":"/analysis/eternal/2022-09/","title":"Food Delivery Finally Turned a Profit - So Why Did Zomato's Loss Get Bigger?","ticker":"eternal","company":"","quarter":"Q3 2022","tags":"","summary":"Zomato's food delivery hit a real profit this quarter - but a newly-closed Blinkit, and a restated prior quarter, complicate the story."},{"url":"/analysis/bird/2026-06/","title":"Revenue Grew 11% - So Why Did a Dividend Payout Push Debt-to-Equity Above 0.60x?","ticker":"bird","company":"","quarter":"Q2 2026","tags":"","summary":"Blue Bird's Q2 2026 revenue rose 11% YoY, but net income fell 2.93% and a bigger dividend payout pushed debt-to-equity to a fresh coverage-high ~0.62x."},{"url":"/analysis/bfin/2023-12/","title":"The Cyberattack Finally Got a Name - Everywhere Except the Audited Numbers","ticker":"bfin","company":"","quarter":"Q4 2023","tags":"","summary":"BFI's FY23 profit fell 9% YoY as Cost of Credit crashed from a 5.4% record to 0.8% in Q4 - yet the cyberattack still isn't named in its audited notes."},{"url":"/analysis/arto/2023-06/","title":"H1 Net Income Jumped 40% - Because The Business That Built It Just Lost Money","ticker":"arto","company":"","quarter":"Q2 2023","tags":"","summary":"H1 net income rose 40% YoY - but the unit that built Bank Jago's profit for two years just posted its first-ever loss."},{"url":"/analysis/dher/2021-06/","title":"Woowa Is Finally in the Numbers. So Is a Restated Two-Year-Old Accounting Error","ticker":"dher","company":"","quarter":"Q2 2021","tags":"","summary":"Delivery Hero's H1 2021 report shows Woowa finally consolidated, alongside a two-year accounting restatement and an unresolved Korean divestiture."},{"url":"/analysis/uber/2022-03/","title":"Uber Just Reported a $5.9 Billion Loss - and Delivery Posted a Second Straight Profitable Quarter","ticker":"uber","company":"","quarter":"Q1 2022","tags":"","summary":"Uber Q1 2022: record $5.9B GAAP loss from a $5.6B equity-stake markdown, but Adjusted EBITDA hits $168M and Delivery stays profitable."},{"url":"/analysis/se/2018-09/","title":"Sea's Net Loss Finally Shrank. Its Equity Almost Disappeared.","ticker":"se","company":"","quarter":"Q3 2018","tags":"","summary":"Sea's Q3 2018: net loss narrowed on a one-off note gain while operating losses widened, and shareholders' equity collapsed to $25.1 million."},{"url":"/analysis/arto/2021-12/","title":"A First Annual Profit, Mostly Manufactured By a Tax Credit","ticker":"arto","company":"","quarter":"Q4 2021","tags":"","summary":"Bank Jago's first annual profit (Rp86B) was 89% a deferred tax credit - real pre-tax income was just Rp9.1 billion."},{"url":"/analysis/dher/2023-12/","title":"Delivery Hero Posted Its First Profitable Year of Adjusted EBITDA. It Also Just Wrote Off €858 Million of Goodwill.","ticker":"dher","company":"","quarter":"Q4 2023","tags":"","summary":"Delivery Hero hit its first full-year positive Adjusted EBITDA, but a second straight year of goodwill impairments erased most of its equity."},{"url":"/analysis/pdd/2023-12/","title":"Gross Margin Fell 13 Points the Same Year Temu Went Global - So Why Did Net Income Almost Double?","ticker":"pdd","company":"","quarter":"Q4 2023","tags":"","summary":"PDD's FY2023 20-F: net income +90.3% to RMB60B as Temu scales globally, gross margin falls 12.9pp, and SHEIN litigation begins."},{"url":"/analysis/cpng/2025-06/","title":"Record Margins, a Record Stock Price, and a Buyback Still Sitting Untouched","ticker":"cpng","company":"","quarter":"Q2 2025","tags":"","summary":"Coupang's Q2 2025 hit record margins and a 37% stock rally, yet free cash flow fell 49% and its $1B buyback sat untouched all quarter."},{"url":"/analysis/goto/2025-06/","title":"Why Did GoTo's Stock Crash 30% in Its Best Quarter Yet?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q2 2025","tags":"","summary":"GoTo posted its first-ever positive operating income and a record Adjusted EBITDA in Q2 2025 - then its stock fell 30% in the same quarter."},{"url":"/analysis/idea/2024-09/","title":"Revenue Bounced Back 4% in a Quarter - But the Cash Pile Is Already Shrinking","ticker":"idea","company":"","quarter":"Q3 2024","tags":"","summary":"Vi's revenue hit a post-merger high this quarter, but its freshly-raised cash pile is already down more than half from the June peak."},{"url":"/analysis/bfin/2019-09/","title":"Is the Profit Slide Finally Over?","ticker":"bfin","company":"","quarter":"Q3 2019","tags":"","summary":"BFI Finance's Q3 2019 booking grew 10.7% QoQ for a third straight quarter, and net income nearly stabilized after two YoY declines."},{"url":"/analysis/bbri/2025-06/","title":"The Cost Problem Vanished - So Why Is Profit Still Falling?","ticker":"bbri","company":"","quarter":"Q2 2025","tags":"","summary":"BRI's Q2 2025 opex growth vanished, but credit costs and a Retail segment swing to a loss kept profit falling anyway."},{"url":"/analysis/uber/2021-09/","title":"Uber Hit Its First Adjusted EBITDA Profit - While a Single Stock Stake Wiped Out $3.2 Billion on Paper","ticker":"uber","company":"","quarter":"Q3 2021","tags":"","summary":"Uber Q3 2021: first Adjusted EBITDA profit ($8M), but a $3.2B Didi stake write-down widens the GAAP net loss. Revenue +72% YoY to $4.85B."},{"url":"/analysis/amrt/2019-12/","title":"Did the Margin Recovery Actually Survive a Full Year?","ticker":"amrt","company":"","quarter":"Q4 2019","tags":"","summary":"Alfamart's FY2019 profit jumped 71%, but standalone Q4 margins reversed in two of three regions - the recovery Q3 confirmed didn't fully hold."},{"url":"/analysis/nu/2024-06/","title":"Nu Paid Off Its Foreign Guaranteed Term Loans, Then Borrowed $813 Million at Home Instead","ticker":"nu","company":"","quarter":"Q2 2024","tags":"","summary":"Nu's Q2 2024: record $487.3M net income, 105M customers, and a debt shift away from guaranteed foreign term loans toward domestic Brazilian funding."},{"url":"/analysis/dash/2023-03/","title":"Adjusted EBITDA Nearly Quadrupled the Same Quarter Proposition 22 Won on Appeal","ticker":"dash","company":"","quarter":"Q1 2023","tags":"","summary":"DoorDash Q1 2023: Adjusted EBITDA nearly quadrupled to $204M, FCF swung to +$316M, and a California appeals court upheld Proposition 22."},{"url":"/analysis/tlkm/2020-03/","title":"Revenue Fell for the First Time in Years - Is the COVID Story Really About the Virus?","ticker":"tlkm","company":"","quarter":"Q1 2020","tags":"","summary":"Telkom's Q1 2020 revenue dipped 1.9% as COVID hit, but EBITDA grew 6.3% on lower costs and capex fell hard."},{"url":"/analysis/xyz/2026-03/","title":"Did the Profit Really Disappear, or Is $852 Million of Charges Hiding It?","ticker":"xyz","company":"","quarter":"Q1 2026","tags":"finance","summary":"Block's Q1 2026: record Adjusted EBITDA and a 40%+ workforce cut land in the same quarter as a $240M DOJ accrual and a GAAP net loss."},{"url":"/analysis/amrt/2020-03/","title":"Why Does the Best Quarter in Years Not Mention Covid-19 Once?","ticker":"amrt","company":"","quarter":"Q1 2020","tags":"","summary":"Alfamart's Q1 2020 profit jumped 74% and its two 2020 bonds were paid off in full - but the filing never mentions Covid-19, unlike the quarter before it."},{"url":"/analysis/payp/2026-06/","title":"The Beat Was Real. Part of It Won't Repeat.","ticker":"payp","company":"","quarter":"Q2 2026","tags":"","summary":"PayPay's Adjusted EBITDA beat the top of its guidance by 15%, but management says part was a one-time market tailwind and credit provisions grew 58.7%."},{"url":"/analysis/se/2020-06/","title":"Sea Turned Adjusted EBITDA Positive for the First Time Since Its IPO. The Stock Got There First","ticker":"se","company":"","quarter":"Q2 2020","tags":"","summary":"Sea's Q2 2020: first positive Adjusted EBITDA quarter since the IPO, but the stock nearly tripled first and equity kept falling."},{"url":"/analysis/se/2022-12/","title":"A First Profitable Quarter Since the IPO Came With $330 Million of Help That Won't Repeat","ticker":"se","company":"","quarter":"Q4 2022","tags":"","summary":"Sea Q4 2022: net income positive for the first time since the IPO, EBITDA since Q1 2021, but $330M of one-offs did the work; FY loss widened."},{"url":"/analysis/bhartiartl/2025-03/","title":"The Investor Deck Rewrote Last Year's Numbers. Real EBITDA Was 11% Lower.","ticker":"bhartiartl","company":"","quarter":"Q1 2025","tags":"","summary":"Airtel's 432% profit jump was mostly a one-time tax credit - and its own investor deck overstated FY2025 EBITDA by 11% using recast history."},{"url":"/analysis/bhartiartl/2018-03/","title":"The Profit Line That Doesn't Mean What It Looks Like","ticker":"bhartiartl","company":"","quarter":"Q1 2018","tags":"","summary":"Airtel's Q4 FY18 profit looked flat, but pre-tax profit cratered and India mobile posted its first-ever operating loss as the Jio price war bit."},{"url":"/analysis/superbank/2025-09/","title":"Superbank's Loan-to-Deposit Ratio Finally Eased - Right As a Shareholder Reshuffled Its Stake","ticker":"superbank","company":"","quarter":"Q3 2025","tags":"","summary":"Superbank's 9M 2025: PBT hits Rp80.9bn, loan-to-deposit ratio eases to 92%, and Singtel's stake shifts 12 points to GXS Bank."},{"url":"/analysis/bbri/2023-03/","title":"Why Is the Cost of Funds Suddenly Rising Even As Profit Jumps 27%?","ticker":"bbri","company":"","quarter":"Q1 2023","tags":"","summary":"BRI's Q1 2023 report: profit up 27% and revenue growth returned, but cost of funds jumped and 2 of 5 fresh FY2023 guidance lines already miss."},{"url":"/analysis/nu/2022-03/","title":"Nu Called Q1 2022 Its Best Quarter Ever. The Stock Fell 18% Anyway.","ticker":"nu","company":"","quarter":"Q1 2022","tags":"","summary":"Nu's Q1 2022: record $877M revenue and its first adjusted profit as a public company, yet the stock had already fallen 18% since the IPO."},{"url":"/analysis/idea/2023-12/","title":"Vi's Best Cash EBITDA in 11 Quarters - So Why Did the Deficit Keep Growing?","ticker":"idea","company":"","quarter":"Q4 2023","tags":"","summary":"Vi hit its best cash EBITDA in 11 quarters, aided by a one-off licensing credit - the deficit still widened past Rs97,900 crore regardless."},{"url":"/analysis/dash/2025-06/","title":"DoorDash Took On Its First-Ever Debt to Fund a $2.8 Billion Bid for Deliveroo","ticker":"dash","company":"","quarter":"Q2 2025","tags":"","summary":"DoorDash Q2 2025: first-ever debt ($2.75B convertible notes) to fund proposed £2.8B Deliveroo acquisition; also closed $1.15B SevenRooms deal."},{"url":"/analysis/meli/2007-06/","title":"An IPO Where Insiders Sold Five Times More Stock Than the Company Itself","ticker":"meli","company":"","quarter":"Q2 2007","tags":"","summary":"MercadoLibre's first 10-Q: operating income up 229% pre-IPO, but insiders sold 5x more shares than the company itself."},{"url":"/analysis/tlkm/2026-06/","title":"The Stock Fell 33% This Half - The Numbers Didn't","ticker":"tlkm","company":"","quarter":"Q2 2026","tags":"","summary":"Telkom's H1 2026 profit grew - its stock fell 33% anyway. A tax dispute over its fiber spin-off may explain part of the gap."},{"url":"/analysis/amrt/2024-12/","title":"Why Did Profit Fall Even as Jabodetabek Recovered?","ticker":"amrt","company":"","quarter":"Q4 2024","tags":"","summary":"AMRT's FY2024 net income fell 7.5%, its first annual decline here, as standalone Q4 overhead jumped 8x even as Jabodetabek recovered."},{"url":"/analysis/xyz/2020-06/","title":"A New Segment Split Reveals Two Businesses - and One of Them Is Shrinking","ticker":"xyz","company":"","quarter":"Q2 2020","tags":"","summary":"Square's first Cash App vs. Seller segment split shows Cash App up 361% and Seller down 17% in the same COVID-hit quarter."},{"url":"/analysis/amrt/2026-06/","title":"Free Cash Flow Finally Grew Again - But a Core Stake's Paper Loss Just Tripled to 85% of Cost","ticker":"amrt","company":"","quarter":"Q2 2026","tags":"","summary":"AMRT's H1 2026 profit and free cash flow both grew, but a core equity stake's paper loss more than tripled and its buyback deadline is still unaddressed."},{"url":"/analysis/xyz/2022-12/","title":"The First Annual Net Loss Landed the Same Year as the $13.8 Billion Afterpay Deal","ticker":"xyz","company":"","quarter":"Q4 2022","tags":"","summary":"Block's FY2022 10-K shows its first annual net loss, flat revenue, and an Afterpay goodwill balance that survived impairment testing untouched."},{"url":"/analysis/tlkm/2024-12/","title":"The Government Just Moved Its Entire Stake Into a New State Holding Company","ticker":"tlkm","company":"","quarter":"Q4 2024","tags":"","summary":"Telkom's FY2024 profit fell 4% and its shares hit a new low, while the government moved its stake into a new Danantara holding structure."},{"url":"/analysis/eternal/2025-12/","title":"Net Income Rose for a Second Straight Quarter - So Why Is the Founder Stepping Down as CEO?","ticker":"eternal","company":"","quarter":"Q4 2025","tags":"","summary":"Eternal's Q3 FY26 net income rose again as Blinkit turned genuinely profitable - the same quarter founder Deepinder Goyal stepped down as CEO."},{"url":"/analysis/se/2026-03/","title":"Sea's Revenue Grew 47%. Its Adjusted EBITDA Grew Just 9%","ticker":"se","company":"","quarter":"Q1 2026","tags":"","summary":"Sea's Q1 2026: revenue up 46.6%, but Adjusted EBITDA grew just 9.3% and Shopee's own segment profit fell. The stock closed below the DCF's bear case."},{"url":"/analysis/bird/2023-09/","title":"Revenue Grew 18% YoY, But Both Profit Lines Shrank — What Broke The Streak","ticker":"bird","company":"","quarter":"Q3 2023","tags":"","summary":"Blue Bird's Q3 2023 revenue rose 18% YoY, but both operating income and net income fell - the first profit-line declines since its FY2022 turnaround."},{"url":"/analysis/seabank/2025-06/","title":"SeaBank's Return on Equity Just Doubled - But Deposits Are Growing Faster Than Its Balance Sheet Can Absorb","ticker":"seabank","company":"","quarter":"Q2 2025","tags":"","summary":"SeaBank's H1 2025: NIM tops 20%, ROE reaches 7.40%, but LDR hits 91.8% and capital adequacy keeps shrinking as the loan book scales."},{"url":"/analysis/swiggy/2024-09/","title":"The Profitable Business Bankrolling the One That Isn't","ticker":"swiggy","company":"","quarter":"Q3 2024","tags":"","summary":"Swiggy's Q2 FY25: Food Delivery turned profitable, but Instamart's Rs. 317 crore quarterly loss shows why the IPO-era clock is still ticking."},{"url":"/analysis/bfin/2024-09/","title":"Did the Four-Quarter Profit Slide Just End?","ticker":"bfin","company":"","quarter":"Q3 2024","tags":"","summary":"BFI's Q3 2024 profit rose quarter-over-quarter for the first time in a year as Cost of Credit eased to 3.7% - but the restructured-loan line stays hidden."},{"url":"/analysis/bbri/2018-06/","title":"The Worst Loan Category Got Fixed. A Different One Just Took Its Place.","ticker":"bbri","company":"","quarter":"Q2 2018","tags":"","summary":"BRI's Corporate Non-SoE NPL and segment income both improved in Q2 2018 - but Medium loans just became the bank's new worst NPL category."},{"url":"/analysis/cpng/2022-09/","title":"The First-Ever Profitable Quarter Doesn't Need an Asterisk This Time","ticker":"cpng","company":"","quarter":"Q3 2022","tags":"","summary":"Coupang posted its first-ever net income and operating profit in Q3 2022 - and this time, unlike Q2, the year-ago comp is genuinely clean."},{"url":"/analysis/meli/2019-09/","title":"A $146 Million Net Loss Just Landed - Is the Investment Cycle Working or Spiraling?","ticker":"meli","company":"","quarter":"Q3 2019","tags":"","summary":"MELI Q3 2019 10-Q: net loss widens to $146.1M on marketing step-up and $98.8M Mexico/Colombia tax valuation allowance; revenue +69.7% to $603.0M."},{"url":"/analysis/meli/2007-12/","title":"The Stock Rallied 104% in One Quarter, But Free Cash Flow Barely Moved","ticker":"meli","company":"","quarter":"Q4 2007","tags":"","summary":"MercadoLibre's first 10-K: FY2007 net income up 8x, but the stock's Q4 rally outran cash flow that barely grew."},{"url":"/analysis/goto/2022-09/","title":"Real Cost Discipline, or a Net Revenue Number That Doesn't Add Up?","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q3 2022","tags":"","summary":"GoTo Q3 2022 margins beat guidance, but a Rp1.5 trillion accounting catch-up inflated net revenue growth, and the quarter closed with a 12% staff layoff."},{"url":"/analysis/dash/2025-12/","title":"DoorDash's Net Income Jumped 660% to $935 Million the Same Year Its Stock Fell 17% in the Final Quarter","ticker":"dash","company":"","quarter":"Q4 2025","tags":"","summary":"DoorDash FY2025: net income up 660% to $935M, first year with Deliveroo consolidated, but Q4 stock fell 17% and the $5B buyback stayed untouched all year."},{"url":"/analysis/idea/2023-06/","title":"The Government Just Became Vi's Third-Largest Shareholder - Did It Fix Anything?","ticker":"idea","company":"","quarter":"Q2 2023","tags":"","summary":"The government's AGR-to-equity conversion closed by mid-2023, making it Vi's biggest shareholder - but the deficit widened again this quarter regardless."},{"url":"/analysis/arto/2024-09/","title":"Operating Cash Flow Grew 5x This Quarter - So Why Does the Stock Still Trade at 5x Book?","ticker":"arto","company":"","quarter":"Q3 2024","tags":"","summary":"Bank Jago cash flow grew roughly 5x YoY and profit rose 71%, but the Sharia wind-down stalled even as the stock rallied toward 5x book value."},{"url":"/analysis/bbri/2021-03/","title":"NPL Coverage Hit 254.8% a Year After Covid-19 First Hit - This Time Without the Accounting Boost","ticker":"bbri","company":"","quarter":"Q1 2021","tags":"","summary":"BRI's Q1 2021 filing: NPL coverage hit a fresh high of 254.79%, Corporate NPL eased for the first time in five quarters, and the BSI merger closed."},{"url":"/analysis/eternal/2025-06/","title":"Revenue Jumped 23% in a Quarter — So Why Did Net Income Fall a Fifth Straight Time?","ticker":"eternal","company":"","quarter":"Q2 2025","tags":"","summary":"Eternal's Q1 FY26 revenue jumped 23% QoQ but net income fell a 5th straight quarter on a tax-rate spike and a quick-commerce model change."},{"url":"/analysis/bbri/2018-12/","title":"The Stock Ended the Year Flat. The Loan Book Didn't Have Nearly as Quiet a Year.","ticker":"bbri","company":"","quarter":"Q4 2018","tags":"","summary":"BRI's FY2018 profit grew 11.6% and the stock ended the year flat, but its two worst loan categories kept swapping places all year."},{"url":"/analysis/se/2024-03/","title":"Sea Called This an 'Improved Profit Profile.' The Quarter Posted a Net Loss.","ticker":"se","company":"","quarter":"Q1 2024","tags":"","summary":"Sea's Q1 2024: record GMV and orders, Asia e-commerce back to positive EBITDA, but the group swung to a net loss. Is the 2H24 recovery on track?"},{"url":"/analysis/bird/2021-09/","title":"Was Indonesia's Delta Wave as Bad as 2020's Lockdown? The Numbers Say No","ticker":"bird","company":"","quarter":"Q3 2021","tags":"","summary":"Blue Bird's Q3 2021 shows PPKM Darurat's real damage - but it was far milder than 2020's lockdown, even as the company resumed dividends mid-crisis."},{"url":"/analysis/seabank/2025-12/","title":"Whose Money Is Actually Sitting Inside SeaBank?","ticker":"seabank","company":"","quarter":"Q4 2025","tags":"","summary":"SeaBank's FY2025 net income jumped 79%, but 82% of its current accounts are Sea Group affiliate money, not retail deposits."},{"url":"/analysis/amrt/2024-06/","title":"The Capital Region's Slump Just Entered a Third Straight Quarter - and Got Worse","ticker":"amrt","company":"","quarter":"Q2 2024","tags":"","summary":"AMRT's H1 2024 profit grew 11%, but the standalone Q2 shows Jabodetabek's income decline accelerating for a third straight quarter."},{"url":"/analysis/xyz/2020-12/","title":"A Profitable Year Closed With an Immediate $170 Million Bet on Bitcoin","ticker":"xyz","company":"","quarter":"Q4 2020","tags":"","summary":"Square's FY2020 10-K shows full-year GAAP profit, a stock that quadrupled, and a new $170M corporate bitcoin treasury bet."},{"url":"/analysis/tlkm/2024-06/","title":"The Stock Is Down 37% From Its Two-Year Peak - The Business Isn't","ticker":"tlkm","company":"","quarter":"Q2 2024","tags":"","summary":"Telkom's Q2 2024 profit fell 10% and the stock's May 2024 month-end close of Rp2,900 was a two-year low, down 37% from its 2022 peak."},{"url":"/analysis/xyz/2022-06/","title":"Block's Own Bitcoin Bet Lost 56% of Its Value the Same Quarter Crypto Crashed","ticker":"xyz","company":"","quarter":"Q2 2022","tags":"","summary":"Block's Q2 2022 10-Q shows a widening net loss and a stock down 75% YoY as the 2022 crypto crash hit its own bitcoin treasury position."},{"url":"/analysis/nu/2026-06/","title":"Nu Just Booked Its First $1 Billion Profit Quarter. Its Cost Base Grew Faster Than Revenue To Get There.","ticker":"nu","company":"","quarter":"Q2 2026","tags":"","summary":"Nu's Q2 2026: first-ever $1B net income quarter, but expenses outgrew revenue and the Efficiency Ratio worsened to 19.5%."},{"url":"/analysis/meituan/2026-06/","title":"Meituan Turned Profitable Again. Why Did Its Stock End June at a Two-Year Month-End Low?","ticker":"meituan","company":"","quarter":"Q2 2026","tags":"","summary":"Meituan's Q2 profit of RMB2.2B includes RMB3.5B of other gains and gearing is about double September's; its June 30 close was a two-year month-end low."},{"url":"/analysis/dash/2021-03/","title":"Is DoorDash Now Paying for the Ballot Measure It Won?","ticker":"dash","company":"","quarter":"Q1 2021","tags":"","summary":"DoorDash's Q1 2021: take rate compresses as Prop 22 payout costs and Dasher undersupply eat into revenue growth versus order volume."},{"url":"/analysis/amrt/2019-06/","title":"What Flipped Two Losing Regions Into a Record Margin Quarter?","ticker":"amrt","company":"","quarter":"Q2 2019","tags":"","summary":"Alfamart's H1 2019 profit jumped 84% as the two regions that lost margin in Q1 swung to record segment margins - Ramadan looks like the reason why."},{"url":"/analysis/meituan/2024-12/","title":"Meituan Just Booked Its Best Profit in Five Years. Why Did the Stock's Month-End Close Fall 64% First?","ticker":"meituan","company":"","quarter":"Q4 2024","tags":"","summary":"Meituan's FY2024 profit jumped 158% to RMB35.8B on 22% revenue growth, though its January 2024 month-end close was 64% below a year earlier."},{"url":"/analysis/idea/2025-03/","title":"The Government Just Agreed to Become Vi's Majority Shareholder - What Happens Next?","ticker":"idea","company":"","quarter":"Q1 2025","tags":"","summary":"Vi's government just converted Rs36,950 crore of dues to equity, taking its stake to 49% - the largest capital event in this company's history."},{"url":"/analysis/nu/2024-12/","title":"Nu's Margin Just Compressed for the First Time Since Its IPO. Should That Worry You?","ticker":"nu","company":"","quarter":"Q4 2024","tags":"","summary":"Nu's FY2024 20-F: record $11.5B revenue and $2.0B net income, but Q4 net interest margin fell 70bps as Mexico/Colombia funding costs bit."},{"url":"/analysis/uber/2023-09/","title":"Uber Confirms Its Operating-Profit Milestone With a Second Straight Positive Quarter","ticker":"uber","company":"","quarter":"Q3 2023","tags":"","summary":"Uber Q3 2023: operating profit confirmed for a second straight quarter at $394M, Adjusted EBITDA up 112% to $1,092M, nine-month FCF up 274% to $2.6B."},{"url":"/analysis/bbri/2025-12/","title":"Profit Grew Again After Three Straight Declines. So Did the Riskiest Part of the Loan Book.","ticker":"bbri","company":"","quarter":"Q4 2025","tags":"","summary":"BRI's Q4 2025 profit grew YoY for the first time this year, but loan growth beat guidance mostly in Commercial and Corporate, where NPL worsened fastest."},{"url":"/analysis/se/2019-03/","title":"Sea's Net Loss Tripled Because Its Stock Price Rose","ticker":"se","company":"","quarter":"Q1 2019","tags":"","summary":"Sea's Q1 2019: net loss tripled on a non-cash convertible-note charge as its stock surged, while equity flipped positive and EBITDA losses shrank."},{"url":"/analysis/se/2020-12/","title":"Group Adjusted EBITDA Went Positive for the Full Year. So Did Two Multi-Quarter Mysteries","ticker":"se","company":"","quarter":"Q4 2020","tags":"","summary":"Sea's Q4/FY2020: full-year Adjusted EBITDA turned positive, equity rebounded on a stock sale, and two old mysteries got answers."},{"url":"/analysis/eternal/2023-03/","title":"The Slowest Revenue Growth in Two Years - So Why Did Food Delivery Just Post Its Best Quarter Ever?","ticker":"eternal","company":"","quarter":"Q1 2023","tags":"","summary":"Zomato's Q4 FY23: revenue growth hit a two-year low, but food delivery's margin quadrupled and FY23's first full cash-flow statement landed."},{"url":"/analysis/se/2022-06/","title":"A First Goodwill Writedown, a Suspended Guidance, and a Stock Down 80% From Its Peak","ticker":"se","company":"","quarter":"Q2 2022","tags":"","summary":"Sea Q2 2022: first goodwill impairment since the IPO, Digital Entertainment bookings down 39%, e-commerce guidance suspended, ADS down 80% from its peak."},{"url":"/analysis/bbca/2017-09/","title":"The Early-Warning Loan Bucket Just Shrank 28% - So Why Isn't That Good News?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2017","tags":"","summary":"BBCA's early-warning loan bucket shrank 28% QoQ, but Substandard and Doubtful loans jumped instead - a migration, not an improvement."},{"url":"/analysis/amrt/2022-03/","title":"Did the Rights Issue Authorization Just Expire?","ticker":"amrt","company":"","quarter":"Q1 2022","tags":"","summary":"Alfamart's Q1 2022 profit jumped 35% and the stock hit a new high, but its rights issue's 12-month OJK deadline lapsed with zero mention in the filing."},{"url":"/analysis/meli/2024-09/","title":"Why Did Operating Income Fall 29% While Revenue Grew 35%?","ticker":"meli","company":"","quarter":"Q3 2024","tags":"","summary":"MELI Q3 2024: revenue +35.3% but operating income fell 29.0% and direct contribution fell 3.6% as margin compressed across every segment at once."},{"url":"/analysis/tlkm/2022-03/","title":"Operating Profit Fell 9% - Almost None of It Was the Actual Business","ticker":"tlkm","company":"","quarter":"Q1 2022","tags":"","summary":"Telkom's Q1 2022 operating profit \"fell\" 9% - but Rp893bn of that was an unrealized GoTo stake markdown, not the business."},{"url":"/analysis/xyz/2024-03/","title":"The First Quarterly GAAP Operating Profit Since Afterpay Finally Arrived","ticker":"xyz","company":"","quarter":"Q1 2024","tags":"","summary":"Block's Q1 2024 10-Q shows its first quarterly GAAP operating profit since the Afterpay deal closed, with revenue and EBITDA both up sharply."},{"url":"/analysis/uber/2019-12/","title":"Uber's First Fiscal Year as a Public Company Cost $8.5 Billion — And AB5 Just Took Effect","ticker":"uber","company":"","quarter":"Q4 2019","tags":"","summary":"Uber's FY2019 10-K: revenue up 26% to $14.1B, net loss of $8.5B, Q4 Adjusted EBITDA loss ~$615M, legal reserves up 36%, and AB5 takes effect."},{"url":"/analysis/bird/2024-06/","title":"Blue Bird's Stock Fell 15% Last Quarter - Did the Business Actually Get Worse?","ticker":"bird","company":"","quarter":"Q2 2024","tags":"","summary":"Blue Bird's Q2 2024 profit grew alongside revenue for the first time in a year, but the stock fell 15% anyway as an AGM raised the dividend 26.4%."},{"url":"/analysis/bfin/2021-12/","title":"The Cure Rate Fell for a Third Straight Quarter - Then the Controlling Shareholder Made Its Move","ticker":"bfin","company":"","quarter":"Q4 2021","tags":"","summary":"BFI's FY2021 NPF fell to 1.25%, but the cure rate dropped for a third straight quarter to 83.0%, days before a controlling-shareholder tender offer."},{"url":"/analysis/bhartiartl/2024-09/","title":"Net Income Jumped 168% Again. The Real Number Underneath Was 32%.","ticker":"bhartiartl","company":"","quarter":"Q3 2024","tags":"","summary":"Airtel's 168% profit jump looks like a repeat, but a genuine 32% of it was real this time - even as a Nigeria lease renewal skewed net debt."},{"url":"/analysis/bfin/2023-06/","title":"A Cyberattack, a Near-Quadrupled Cost of Credit, and a Cure Rate Still Nowhere in Sight","ticker":"bfin","company":"","quarter":"Q2 2023","tags":"","summary":"A real cyberattack, unnamed in BFI's own financial statements, coincides with a sharp rise in Cost of Credit and NPF."},{"url":"/analysis/tlkm/2021-09/","title":"The Segment That Lost Money for Six Straight Quarters Just Turned a Profit","ticker":"tlkm","company":"","quarter":"Q3 2021","tags":"","summary":"Telkom's long-struggling Enterprise segment turned a real Rp575bn profit in Q3 2021 after six quarters of unexplained losses."},{"url":"/analysis/amrt/2021-09/","title":"Why Did Headcount Drop 14% Right After It Surged 23%?","ticker":"amrt","company":"","quarter":"Q3 2021","tags":"","summary":"Alfamart's 9M 2021 profit jumped 73% on real Q3 growth, but headcount reversed a 23% spike and the filing still ignores its own rights issue."},{"url":"/analysis/cpng/2025-12/","title":"Did a 33-Million-Account Data Breach Just Sink the Holiday Quarter?","ticker":"cpng","company":"","quarter":"Q4 2025","tags":"","summary":"Coupang's FY2025: revenue up 14% to $34.5B, but a 33-million-account data breach, a Q4 net loss, and FCF down 48% overshadow the year."},{"url":"/analysis/dash/2022-09/","title":"DoorDash Bought Back $400 Million of Its Own Stock the Same Year It Was Still Posting GAAP Losses","ticker":"dash","company":"","quarter":"Q3 2022","tags":"","summary":"DoorDash completed a $400M share buyback in Q3 2022 while still posting a $295M GAAP net loss and roughly flat Adjusted EBITDA."},{"url":"/analysis/pdd/2021-12/","title":"The First Profitable Year Arrived the Same Year It Promised Away RMB10 Billion of Future Profit","ticker":"pdd","company":"","quarter":"Q4 2021","tags":"","summary":"PDD's FY2021 20-F: first-ever GAAP net income of RMB7.8B, revenue up 57.9%, and a self-funded RMB10B agriculture pledge the same year."},{"url":"/analysis/goto/2025-12/","title":"GoTo Beat Its Full-Year Guidance. Its Real Operating Loss Tripled the Same Quarter.","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"Q4 2025","tags":"","summary":"GoTo beat its FY2025 EBITDA guidance and turned real free cash flow positive again - but its real operating loss tripled in Q4 to its worst level since Q1."},{"url":"/analysis/isat/2009-03/","title":"An 80% Profit Collapse That Had Nothing to Do With the Business","ticker":"isat","company":"","quarter":"Q1 2009","tags":"","summary":"Indosat's Q1 2009 profit fell 80.5%, but it wasn't the business: a Rp467.2B FX loss on dollar debt did the damage."},{"url":"/analysis/arto/2023-12/","title":"The Sharia Wind-Down Is Basically Over - And the Conventional Bank Just Had Its Second Decent Quarter Running","ticker":"arto","company":"","quarter":"Q4 2023","tags":"","summary":"Bank Jago's Sharia financing book fell 80.5% in FY2023 as the conventional bank posted a second straight improving quarter."},{"url":"/analysis/dher/2021-12/","title":"How Do You Halve a Net Loss While the Business Is Actually Losing More Money?","ticker":"dher","company":"","quarter":"Q4 2021","tags":"","summary":"Delivery Hero's FY2021 loss narrowed on paper, but the operating loss widened and cash outflow nearly doubled - the gain was financial, not operational."},{"url":"/analysis/arto/2021-06/","title":"So Close to Breakeven, Except for Its First Related-Party Loans","ticker":"arto","company":"","quarter":"Q2 2021","tags":"","summary":"Bank Jago's Q2 2021 nearly hit breakeven off a Rp7T raise, but the same quarter brought its first related-party loans and 90%+ deposit concentration."},{"url":"/analysis/dher/2023-06/","title":"Delivery Hero Just Hit Adjusted EBITDA Breakeven. So Why Is the Stock Down 64% in Two Years?","ticker":"dher","company":"","quarter":"Q2 2023","tags":"","summary":"Delivery Hero hit its first-ever positive half-year Adjusted EBITDA, but the net loss widened and the stock is down 64% in two years."},{"url":"/analysis/uber/2020-03/","title":"Rides Margin Tripled as COVID-19 Hit — But a $1.9 Billion Paper Loss on Didi and Grab Overshadowed the Good News","ticker":"uber","company":"","quarter":"Q1 2020","tags":"","summary":"Uber Q1 2020: Rides Adjusted EBITDA up 203% as COVID cut incentive spend, but a $1.8B Didi/Grab markdown drove net loss to $2.9B."},{"url":"/analysis/bird/2022-03/","title":"The Taxi Margin That Didn't Survive Its First Encore","ticker":"bird","company":"","quarter":"Q1 2022","tags":"","summary":"Blue Bird's Q1 2022 grew revenue 40% YoY but Taxi's record margin collapsed sequentially, testing whether Q4 2021's turnaround was real."},{"url":"/analysis/swiggy/2025-03/","title":"Food Delivery Finally Turned Real Money. Instamart Just Moved the Goalposts Again.","ticker":"swiggy","company":"","quarter":"Q1 2025","tags":"","summary":"Swiggy's Q4 FY25: Food Delivery posted its first full-year positive segment result, while Instamart's breakeven guidance slipped again."},{"url":"/analysis/bfin/2025-03/","title":"Cost of Credit Just Erased a Year of Improvement - So Why Did Profit Still Rise 12%?","ticker":"bfin","company":"","quarter":"Q1 2025","tags":"","summary":"BFI's Q1 2025 net income rose 12% YoY to Rp405.5B, but Cost of Credit jumped to 4.4% from Q4's 2.8% - erasing a full year of credit-quality gains."},{"url":"/analysis/isat/2018-12-debt-and-governance/","title":"The Rp1,358.6 Billion Bill Indosat Still Owes Its Own Largest Shareholder","ticker":"isat","company":"","quarter":"","tags":"","summary":"Indosat's FY2018 leverage cushion nearly vanished, and a decade-old corruption case sits as a debt owed to its own 14.29% government shareholder."},{"url":"/analysis/meli/2023-12/","title":"A Decade-Old Tax Dispute Just Cut Quarterly Profit by More Than Half","ticker":"meli","company":"","quarter":"Q4 2023","tags":"","summary":"MELI FY2023 10-K: revenue +37%, but a decade-old Brazil-Argentina tax dispute turned probable, cutting Q4 net income 54% on a $327M provision."},{"url":"/analysis/meli/2021-06/","title":"Why Did Operating Cash Flow Go Negative While Revenue Nearly Doubled?","ticker":"meli","company":"","quarter":"Q2 2021","tags":"","summary":"MELI Q2 2021 10-Q: revenue nearly doubled to $1.7B, but H1 operating cash flow went to zero on a $523M working-capital swing and a $1.9B note buyback."},{"url":"/analysis/cpng/2021-03/","title":"Public for Six Weeks, and Already Flagging That Its Own Controls Don't Work","ticker":"cpng","company":"","quarter":"Q1 2021","tags":"","summary":"Coupang's first 10-Q as a public company reveals material weaknesses in internal controls despite 74% revenue growth."},{"url":"/analysis/nu/2023-09/","title":"Three Straight Profitable Quarters. Nu's ARPAC Just Broke Into Double Digits.","ticker":"nu","company":"","quarter":"Q3 2023","tags":"","summary":"Nu's Q3 2023: record $303M net income (third straight profitable quarter), $2.1B revenue (+64% YoY), ARPAC breaks into double digits at $10."},{"url":"/analysis/uber/2024-12/","title":"Uber's FY2024 - $9.9 Billion Net Income, Mostly a Tax Valuation Release, on a Genuinely Record Operating Year","ticker":"uber","company":"","quarter":"Q4 2024","tags":"","summary":"Uber FY2024: operating income up 152% to $2.8B, FCF up 105% to $6.9B, net income $9.9B mostly a one-time $6.4B tax valuation release."},{"url":"/analysis/bird/2019-06/","title":"The Stock Corrected 18% This Quarter - So Why Did the P/E Get More Expensive?","ticker":"bird","company":"","quarter":"Q2 2019","tags":"","summary":"Blue Bird's Q2 2019 profit fell 24% YoY as the stock dropped 18%, yet the P/E ratio got richer - the Q1 gap didn't resolve, it flipped."},{"url":"/analysis/superbank/2024-03/","title":"A 28% Deposit Growth Headline Hides a 34% Quarterly Drop","ticker":"superbank","company":"","quarter":"Q1 2024","tags":"","summary":"Superbank's Q1 2024 deposits fell 34% quarter-on-quarter even as a 28% YoY headline masked it - loan-to-deposit ratio hit 515%."},{"url":"/analysis/uber/2026-06/","title":"Uber Just Bought a 37% Stake in a Rival - Then Offered to Buy the Rest","ticker":"uber","company":"","quarter":"Q2 2026","tags":"","summary":"Uber Q2 2026: revenue +12% to $14.19B, Gross Bookings +24% to $58.0B, and a $4B stake build toward acquiring Delivery Hero outright."},{"url":"/analysis/bbri/2022-09/","title":"Profit Nearly Doubled - So Why Is It Still Missing Four of Its Own Five 2022 Targets?","ticker":"bbri","company":"","quarter":"Q3 2022","tags":"","summary":"BRI's 9M 2022 report: net profit up over 100% YoY, CAR keeps climbing, but its own unified guidance table shows four of five FY2022 targets missed."},{"url":"/analysis/groww/2025-12/","title":"The Quarter Where Profit Fell and the Business Didn't","ticker":"groww","company":"","quarter":"Q4 2025","tags":"","summary":"Groww Q3 FY26 profit fell 28% YoY, but it is the same base-effect illusion in reverse - real profit grew about 24%, and State Street bought into Groww AMC."},{"url":"/analysis/grab/2025-09/","title":"Grab Raised Guidance Twice This Year - Then Went Quiet On Capital Returns Again","ticker":"grab","company":"","quarter":"Q3 2025","tags":"","summary":"Grab's Q3 2025 Adjusted EBITDA hit a record $136M and guidance was raised twice this year, but the buyback went silent with no new program announced."},{"url":"/analysis/dmart/2021-09/","title":"Recovery, Round Two - and This Time Margins Came Back Faster","ticker":"dmart","company":"","quarter":"Q3 2021","tags":"","summary":"DMart Q2 FY2022 - revenue up 46.8% and profit up 110.4% YoY as the business recovers from India's second COVID wave in a single quarter."},{"url":"/analysis/icicibank/2024-06/","title":"Profit Keeps Climbing While the Cheap-Deposit Base Keeps Shrinking","ticker":"icicibank","company":"","quarter":"Q2 2024","tags":"","summary":"ICICI Bank's Q1 FY2025 profit rose 14.6% YoY to Rs. 11,059cr as NIM fell to 4.36% and CASA slid to 39.6% from 42.6% a year earlier."},{"url":"/analysis/hood/2024-09/","title":"Election Betting Contracts Just Launched - Is That a Regulatory Time Bomb?","ticker":"hood","company":"","quarter":"Q3 2024","tags":"","summary":"Robinhood's Q3 2024 revenue grew 36% and net income hit $150M, the quarter it launched election event contracts amid active CFTC litigation."},{"url":"/analysis/meli/2016-03/","title":"Why Did Free Cash Flow Just Go Negative Again?","ticker":"meli","company":"","quarter":"Q1 2016","tags":"","summary":"MELI Q1 2016 10-Q: net income rose to $30.2M as Venezuela's charge lapsed, but free cash flow turned negative again, on credit financing."},{"url":"/analysis/bbca/2025-03/","title":"Is the Loan-to-Deposit Squeeze Actually Easing, or Just Taking a Seasonal Breather?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2025","tags":"","summary":"BCA's Q1 2025 LDR eased to 76.1% from 78.4% as deposits outgrew loans, but a one-off subsidiary dividend inflated bank-only ROA/ROE/CIR this quarter."},{"url":"/analysis/bmri/2024-03/","title":"Mandiri's Profit Growth Just Fell Off a Cliff - From 33.7% to 1.1%. What Happened?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q1 2024","tags":"","summary":"Bank Mandiri's Q1 2024 profit grew just 1.1% YoY as a seasonal deposit outflow pushed its bank-only LDR to a new high of 89.66%."},{"url":"/analysis/bird/2017-12/","title":"The Stock Gave Back Nine Months of Gains in One Quarter - Did the Business Actually Get Worse?","ticker":"bird","company":"","quarter":"Q4 2017","tags":"","summary":"Blue Bird's stock fell 29.1% in Q4 2017 even as operating income rose 12.9% QoQ - while the Go-Jek MoU footnote stayed unchanged for a fourth report."},{"url":"/analysis/sofi/2021-09/","title":"Revenue Keeps Climbing While the Stock Keeps Falling","ticker":"sofi","company":"","quarter":"Q3 2021","tags":"","summary":"SoFi Q3 2021: revenue up 35% YoY, member growth accelerates to 96%, but Adjusted EBITDA slips and the stock falls 17% in the quarter."},{"url":"/analysis/isat/2022-09/","title":"Profit Fell 36% in 9M 2022, But the Actual Business Barely Moved","ticker":"isat","company":"","quarter":"Q3 2022","tags":"","summary":"Indosat's 9M 2022 profit fell 36.4% YoY, but operating income was flat - the decline traces to financing costs, not the business."},{"url":"/analysis/bbca/2018-03/","title":"The Bucket That \"Nearly Quadrupled\" Just Emptied Into the Worst One","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2018","tags":"","summary":"BCA's Q1 2018 profit grew 10.4% and CASA improved, but the Substandard loans that quadrupled in 2017 just migrated straight into the Loss bucket."},{"url":"/analysis/baba/2022-03/","title":"Net Income Fell 59%, and This Time a One-Time Charge Isn't the Reason","ticker":"baba","company":"","quarter":"Q1 2022","tags":"finance","summary":"Alibaba's FY2022 net income fell 59% as its core Taobao/Tmall monetization engine grew just 3%, masked by low-margin direct-sales growth."},{"url":"/analysis/meli/2010-06/","title":"The Business That Was Supposed to Fix the Take-Rate Problem Just Got Less Profitable Too","ticker":"meli","company":"","quarter":"Q2 2010","tags":"","summary":"MercadoLibre Q2 2010: revenue growth slowed to 28%, and the Payments segment posted a year-over-year margin decline."},{"url":"/analysis/bbca/2023-06/","title":"Why Did Profit Growth Outrun Its Own Operating Income?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2023","tags":"","summary":"BCA's H1 2023 profit rose 34% YoY, but Q2's pre-provision profit fell QoQ - the gain came from provisioning, not operations."},{"url":"/analysis/bbca/2021-12/","title":"Coverage Ratio Improved in Q4 - So Why Did Restructured-Loan NPLs Double?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2021","tags":"","summary":"BCA's FY2021 NPL coverage rose to 240% and gross NPL improved, but its restructured loan book's worst tier jumped 110% for the year."},{"url":"/analysis/meli/2012-12/","title":"Every Warning Sign From Q3 Reversed by Year-End - Then Venezuela Devalued the Bolivar 46% Two Months Later","ticker":"meli","company":"","quarter":"Q4 2012","tags":"","summary":"MercadoLibre FY2012 10-K: corporate costs finally tracked revenue, net income grew 32%, but Venezuela devalued 46% right after year-end."},{"url":"/analysis/nu/2024-05/","title":"Nu's Earnings Materials Never Break Out Revenue by Country. Its 20-F Just Did.","ticker":"nu","company":"","quarter":"Q2 2024","tags":"","summary":"Nu's FY2023 20-F discloses country-level revenue (Brazil/Mexico/Colombia) and a 62.5% jump in KPMG audit fees - neither in the quarterly earnings package."},{"url":"/analysis/amrt/2017-12/","title":"Why Did Operating Income Fall 18% in the Year Revenue Grew Almost 10%?","ticker":"amrt","company":"","quarter":"Q4 2017","tags":"","summary":"Alfamart's FY2017 operating income fell 18% despite 10% revenue growth, dragging net income to its lowest level since 2013."},{"url":"/analysis/paytm/2023-06/","title":"Paytm's Loss Widened Again the Moment the UPI Incentive Disappeared","ticker":"paytm","company":"","quarter":"Q2 2023","tags":"","summary":"Paytm's Q1 FY24 revenue grew 39% and margins improved, but net loss widened 114% QoQ to Rs 358 crore once the one-time UPI incentive disappeared."},{"url":"/analysis/hood/2023-12/","title":"The Full-Year Loss Just Shrank By Half - Is the Turnaround Actually Real Now?","ticker":"hood","company":"","quarter":"Q4 2023","tags":"","summary":"Robinhood's FY2023 revenue grew 37% and Adjusted EBITDA swung to +$536M from -$94M, while closing the DOJ share overhang and acquiring X1."},{"url":"/analysis/tlkm/2015-06/","title":"Revenue Grew 13% This Quarter - Why Did Adjusted EBITDA Grow Nothing At All?","ticker":"tlkm","company":"","quarter":"Q2 2015","tags":"","summary":"Telkom's Q2 2015 revenue rose 13%, but Adjusted EBITDA stalled as cash costs grew three times faster."},{"url":"/analysis/hood/2021-06/","title":"The Dogecoin Quarter, and the $87 Million Regulatory Tab Coming Due","ticker":"hood","company":"","quarter":"Q2 2021","tags":"","summary":"Robinhood's first filing showed revenue up 131% and a $501.7M loss from one-time financing costs, plus $87M in regulatory penalties."},{"url":"/analysis/paytm/2021-12/","title":"A Record Growth Quarter, and the Widest Loss Since Going Public","ticker":"paytm","company":"","quarter":"Q4 2021","tags":"","summary":"Paytm's Q3 FY22 revenue jumped 89% and EBITDA losses narrowed, but net loss widened 45% YoY to Rs 778.5 crore on a one-time CEO ESOP grant."},{"url":"/analysis/lyft/2024-03/","title":"Lyft Turned $156 Million of Cash In From Operations in a Single Quarter - a Complete Reversal From a Year Ago","ticker":"lyft","company":"","quarter":"Q1 2024","tags":"","summary":"Lyft Q1 2024: revenue +27.6% YoY to $1,277.2M, operating cash flow swung to +$156.2M, Adjusted EBITDA +162% to $59.4M."},{"url":"/analysis/amrt/2015-06/","title":"Why Did Profit Fall 58% in a Quarter Where Sales Grew 16%?","ticker":"amrt","company":"","quarter":"Q2 2015","tags":"","summary":"Alfamart's H1 2015 profit fell 58% despite 16% sales growth, as finance costs nearly doubled alongside a same-quarter Rp1.5T equity raise."},{"url":"/analysis/sofi/2024-06/","title":"A Third Straight Profitable Quarter, This Time Without a One-Time Gain","ticker":"sofi","company":"","quarter":"Q2 2024","tags":"","summary":"SoFi Q2 2024: $17.4M net income, third straight profitable quarter, this time clean of one-time items. Financial Services grows to $55.2M."},{"url":"/analysis/isat/2018-12/","title":"How Do You Lose Half Your Subscribers and Call It a Cleaner Customer Base?","ticker":"isat","company":"","quarter":"Q4 2018","tags":"","summary":"Indosat lost half its subscribers to a 2018 SIM re-registration rule and posted its first-ever net loss."},{"url":"/analysis/bfin/2017-09/","title":"Is It Growing Faster Than It Can Fund Itself?","ticker":"bfin","company":"","quarter":"Q3 2017","tags":"","summary":"BFI Finance's 9M17 growth deepened its cash-flow deficit, driving a rapid stack of syndicated-loan and bond funding in months."},{"url":"/analysis/isat/2021-03/","title":"A Return to Profit Arrived While a Hutchison Merger Clock Kept Ticking","ticker":"isat","company":"","quarter":"Q1 2021","tags":"","summary":"Indosat's Q1 2021 net profit rebounded to Rp172.2 billion as revenue grew 12.6% YoY, while the Ooredoo-Hutchison merger clock kept extending."},{"url":"/analysis/grab/2022-12/","title":"Revenue Grew 310% - But a Tenth of It Was an Accounting Reclassification","ticker":"grab","company":"","quarter":"Q4 2022","tags":"","summary":"Grab's Q4 2022 revenue grew 310% YoY, but $68M came from an accounting change, not organic growth - and breakeven guidance moved forward again."},{"url":"/analysis/dmart/2024-06/","title":"Employee Costs Are Now Growing at 29% for a Second Straight Quarter","ticker":"dmart","company":"","quarter":"Q2 2024","tags":"","summary":"DMart Q1 FY2025 - revenue up 18.6% YoY, mild margin compression returns as employee costs grow ~29% for a second straight quarter."},{"url":"/analysis/dnet/2021-12/","title":"Net Income Tripled. The Stock Fell Anyway.","ticker":"dnet","company":"","quarter":"Q4 2021","tags":"","summary":"DNET net income tripled in 2021 on an Indomaret profit rebound, yet the stock fell 3% as FiberStar ownership kept diluting."},{"url":"/analysis/dnet/2023-06/","title":"The Associate Slowdown Continued Into Q2. FiberStar Kept Compensating.","ticker":"dnet","company":"","quarter":"Q2 2023","tags":"finance","summary":"DNET H1 2023 revenue rose 42.7% but associate profit fell 37%, while capex nearly tripled and Sari Roti paid a dividend."},{"url":"/analysis/lyft/2020-12/","title":"Lyft's Stock Nearly Doubled in a Quarter on a Ballot Measure - While Full-Year Revenue Fell 35% and the Adjusted EBITDA Loss Widened","ticker":"lyft","company":"","quarter":"Q4 2020","tags":"","summary":"Lyft FY2020 10-K: revenue fell 35% and Adjusted EBITDA losses widened, but the stock nearly doubled in Q4 as Proposition 22 took effect in California."},{"url":"/analysis/paytm/2025-03/","title":"Did This Quarter Just Prove the Losses Were Never the Real Problem?","ticker":"paytm","company":"","quarter":"Q1 2025","tags":"","summary":"Paytm's Q4 FY25 revenue fell 16% YoY on the PPBL fallout, but it hit EBITDA breakeven and the CEO forfeited his disputed ESOP grant."},{"url":"/analysis/meli/2009-06/","title":"The Margins Finally Snapped Back, Right As a Brazilian Judge Ruled Against the Safe-Harbor Defense","ticker":"meli","company":"","quarter":"Q2 2009","tags":"","summary":"MercadoLibre Q2 2009: operating margin jumped 6.7pp on real growth, but a Brazilian court just ruled it liable for seller fraud."},{"url":"/analysis/meli/2015-09/","title":"Profit Grew 35% This Quarter - A One-Time Tax Gain Did Almost All of It","ticker":"meli","company":"","quarter":"Q3 2015","tags":"","summary":"MELI Q3 2015 10-Q: net income rose 35% but operating income fell 4% - a one-time Argentina tax holiday gain explains nearly all the headline growth."},{"url":"/analysis/lyft/2022-06/","title":"Lyft Grew Adjusted EBITDA 44% Sequentially While the Stock Fell 65% - the Widest Gap Yet Between Operating Results and Valuation","ticker":"lyft","company":"","quarter":"Q2 2022","tags":"","summary":"Lyft Q2 2022: revenue +29.5% YoY to $990.7M, Adjusted EBITDA +44.3% QoQ to $79.1M, but net loss widened to $(377.2)M and the stock fell 65.4% to $13.28."},{"url":"/analysis/sofi/2022-03/","title":"The Bank Charter Went Live - And the Stock Kept Falling Anyway","ticker":"sofi","company":"","quarter":"Q1 2022","tags":"","summary":"SoFi Q1 2022: revenue up 69% YoY to $330.3M, first deposits at $1.16B post-bank-charter, but stock falls 40% to $9.45."},{"url":"/analysis/grab/2026-03/","title":"Grab's Stock Fell 27% This Quarter - Its Best-Ever Q1 Says the Business Didn't","ticker":"grab","company":"","quarter":"Q1 2026","tags":"","summary":"Grab's Q1 2026 Adjusted EBITDA hit a record $154M and the new buyback finally started, but the stock fell 27% this quarter on a regional fuel shock."},{"url":"/analysis/bbri/2016-06/","title":"Capital Ratios Jumped Almost Three Points This Quarter. None of It Was Earned.","ticker":"bbri","company":"","quarter":"Q2 2016","tags":"","summary":"A one-time land revaluation added over $1B to BRI's equity in Q2 2016, while net income attributable to owners grew just 1.9%."},{"url":"/analysis/isat/2025-12/","title":"Where Did Indosat's 2025 Profit Growth Actually Come From?","ticker":"isat","company":"","quarter":"Q4 2025","tags":"","summary":"Indosat's FY2025 EBITDA grew just 0.8% while revenue barely moved, but net income rose 12.2% - mostly from a Rp487 billion one-off swing."},{"url":"/analysis/dmart/2022-03/","title":"Revenue Grew 18%. Profit Barely Moved. Here's Why.","ticker":"dmart","company":"","quarter":"Q1 2022","tags":"","summary":"DMart Q4 FY2022 - revenue up 18.6% YoY but net profit up just 3.1% as rising depreciation and a higher tax rate offset operating gains."},{"url":"/analysis/adyen/2024-06/","title":"Volume Grew Almost Twice as Fast as Revenue This Half — Is the Take-Rate Flywheel Broken?","ticker":"adyen","company":"","quarter":"Q2 2024","tags":"","summary":"H1 2024 flips Adyen's take-rate story - volume grew 45% while net revenue grew just 23.6%, and tiered pricing is the reason why."},{"url":"/analysis/jiofin/2024-03/","title":"A 51x Profit Jump That Still Yields Under 1%","ticker":"jiofin","company":"","quarter":"Q1 2024","tags":"","summary":"JFS's FY24 PAT jumped 51x to Rs. 1,605 crore, but against Rs. 1.39 lakh crore of net worth that's still under a 1% annualized return."},{"url":"/analysis/lyft/2019-03/","title":"A Billion-Dollar Debut Loss That's Mostly a Bill for Going Public","ticker":"lyft","company":"","quarter":"Q1 2019","tags":"","summary":"Lyft's Q1 2019 debut: revenue up 95% to $776M, but a $1.14B net loss - mostly a one-time IPO stock-comp charge, not an operating problem."},{"url":"/analysis/dnet/2025-03/","title":"Fast Food's Loss Narrowed 81%. Retail Grew Again for the First Time in a Year.","ticker":"dnet","company":"","quarter":"Q1 2025","tags":"finance","summary":"DNET Q1 2025 net income nearly tripled as Fast Food Indonesia's loss narrowed 81% and Retail revenue grew for the first time in a year."},{"url":"/analysis/hood/2025-03/","title":"Sports Betting Contracts Just Got Suspended By Regulators - Then Relaunched Weeks Later","ticker":"hood","company":"","quarter":"Q1 2025","tags":"","summary":"Robinhood's Q1 2025 revenue grew 50% and net income doubled to $336M, as its sports event contracts were suspended by the CFTC, then relaunched."},{"url":"/analysis/meli/2017-09/","title":"Revenue Is Up 61%, So Why Did Operating Margin Fall by Two-Thirds?","ticker":"meli","company":"","quarter":"Q3 2017","tags":"","summary":"MELI Q3 2017 10-Q: revenue grew 60.6% but operating margin fell from 23.3% to 7.4% as free shipping and payments penetration compressed gross margin."},{"url":"/analysis/lyft/2020-06/","title":"Did COVID-19 Just Break Lyft's Margin Streak? Revenue Fell 61% and Contribution Margin Gave Back Five Quarters of Gains","ticker":"lyft","company":"","quarter":"Q2 2020","tags":"","summary":"Lyft Q2 2020: revenue fell 61% and margins reversed as COVID hit fully, while a California court order threatened to shut down operations there."},{"url":"/analysis/bbca/2024-09/","title":"Did the Bad-Loan Scare Already Pass, or Just Pause?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2024","tags":"","summary":"BCA's Q3 2024 NPL ratio eased to 2.1%, but provisioning nearly doubled QoQ and Consumer's NPL share kept rising."},{"url":"/analysis/bmri/2025-09/","title":"Mandiri's Profit Fell Again in Q3 - But This Time It Wasn't Promotion Spending","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q3 2025","tags":"","summary":"Bank Mandiri Q3 2025: profit fell ~14.2% YoY - milder than Q2, but salary costs and impairment charges now drive it, not promotion spend."},{"url":"/analysis/lyft/2022-12/","title":"Lyft Strengthened Insurance Reserves by $375 Million in Q4 2022, Redefined Adjusted EBITDA to Include Such Charges, and Swung to a Full-Year Adjusted EBITDA Loss","ticker":"lyft","company":"","quarter":"Q4 2022","tags":"","summary":"Lyft FY2022: revenue +27.6% to $4,095.1M, but a $375M insurance charge and a redefinition swung full-year Adjusted EBITDA to a $(416.5)M loss."},{"url":"/analysis/meli/2009-12/","title":"A Real DCF Says the Rally's Gone Too Far","ticker":"meli","company":"","quarter":"Q4 2009","tags":"","summary":"MercadoLibre FY2009 10-K: a real DCF is now possible - and it says the stock is already overvalued."},{"url":"/analysis/adyen/2026-06/","title":"Take Rate Fell Back Below Last Year's Level — Was the Reversal Ever Real?","ticker":"adyen","company":"","quarter":"Q2 2026","tags":"","summary":"Adyen's H1 2026 take rate fell to 16.2 bps, undoing 2025's reversal, as the mega-customer disclosure that explained it disappeared."},{"url":"/analysis/jiofin/2026-03/","title":"The Balance Sheet That Tripled Its Leverage in One Year","ticker":"jiofin","company":"","quarter":"Q1 2026","tags":"","summary":"JFS's FY26 profit fell 3.2% despite revenue nearly doubling, as finance costs jumped 97x funding a 156% loan-book expansion."},{"url":"/analysis/dmart/2020-03/","title":"The Quarter Before the Lockdown: DMart's Last Normal Print","ticker":"dmart","company":"","quarter":"Q1 2020","tags":"","summary":"DMart's Q4 FY2020 results show 24% revenue growth just before India's COVID lockdown shut most of its stores the following quarter."},{"url":"/analysis/adyen/2024-12/","title":"Take Rate Fell for a Second Straight Year — Is This the New Normal?","ticker":"adyen","company":"","quarter":"Q4 2024","tags":"","summary":"FY2024 take rate fell for a second straight year to 15.5 bps, even as EBITDA margin hit 50%, a year ahead of Adyen's own target."},{"url":"/analysis/isat/2025-06/","title":"Being First in Asia to Bring NVIDIA GB200 Servers Live Came With a Real Debt Increase","ticker":"isat","company":"","quarter":"Q2 2025","tags":"","summary":"Indosat's H1 2025 profit fell 14.6% as debt rose 30% QoQ to fund AI infrastructure; GB200 servers reportedly first live in Asia."},{"url":"/analysis/bbri/2016-12/","title":"Full-Year Profit Grew Just 3%. Its Riskiest Loan Segment's Bad Debt Just Hit a Five-Quarter High.","ticker":"bbri","company":"","quarter":"Q4 2016","tags":"","summary":"BRI's FY2016 profit grew just 3%, provisioning grew 55%, and its riskiest loan segment's bad debt hit a five-quarter high."},{"url":"/analysis/grab/2024-03/","title":"Adjusted EBITDA Hit A Record High - So Why Did The Net Loss Come Back?","ticker":"grab","company":"","quarter":"Q1 2024","tags":"","summary":"Grab's Adjusted EBITDA hit an all-time high in Q1 2024, but the net loss returned to $115M and Adjusted Free Cash Flow swung negative again."},{"url":"/analysis/sofi/2024-12/","title":"SoFi's Full-Year Profit Was Half a Tax Release, Not Half Operations","ticker":"sofi","company":"","quarter":"Q4 2024","tags":"","summary":"SoFi FY2024: $498.7M net income, but $258.4M was a one-time Q4 tax valuation allowance release, not operating profit. Stock nearly doubles to $15.40."},{"url":"/analysis/bfin/2015-09/","title":"The Quarter a Consumer Lender Became an Equipment-Leasing Company","ticker":"bfin","company":"","quarter":"Q3 2015","tags":"","summary":"BFI Finance's 9M15 lease-vs-consumer shift, offshore borrowing spree, and an unresolved Supreme Court share dispute."},{"url":"/analysis/sofi/2026-06/","title":"Every Number Was a Record and Guidance Went Up - So Why Are the Capital Ratios Still Falling?","ticker":"sofi","company":"","quarter":"Q2 2026","tags":"","summary":"SoFi Q2 2026: record $1.2B revenue, raised guidance, but capital ratios keep falling and warehouse debt returns. Full segment and footnote breakdown."},{"url":"/analysis/hood/2023-06/","title":"The First-Ever Profitable Quarter Just Landed - What Actually Got It There?","ticker":"hood","company":"","quarter":"Q2 2023","tags":"","summary":"Robinhood posted its first-ever GAAP profit in Q2 2023 - $25M net income on 53% revenue growth, driven by net interest income, not trading."},{"url":"/analysis/paytm/2023-12/","title":"The Festive-Season Quarter That Finally Cracked Rs. 200 Crore of EBITDA","ticker":"paytm","company":"","quarter":"Q4 2023","tags":"","summary":"Paytm's Q3 FY24 revenue grew 38% YoY and EBITDA before ESOP nearly quadrupled to Rs. 219 crore, its strongest quarter since listing."},{"url":"/analysis/lyft/2026-03/","title":"Lyft Finished Its $750 Million Buyback Program and Immediately Authorized a New $1 Billion One","ticker":"lyft","company":"","quarter":"Q1 2026","tags":"","summary":"Lyft Q1 2026: $750M buyback program completed, new $1.0B program authorized; net income $14.2M (+455% YoY); revenue +13.8% to $1,650.5M."},{"url":"/analysis/amrt/2017-06/","title":"Why Did Consolidated Profit Halve While the Headline Number Fell Only 16%?","ticker":"amrt","company":"","quarter":"Q2 2017","tags":"","summary":"Alfamart's H1 2017 consolidated profit halved on rising finance costs, though the owners' share fell just 16% thanks to minority-interest losses."},{"url":"/analysis/amrt/2015-12/","title":"Why Did Profit Fall 16% in the Year Operating Cash Flow Doubled?","ticker":"amrt","company":"","quarter":"Q4 2015","tags":"","summary":"Alfamart's FY2015 profit fell 16% even as operating cash flow doubled, undone by overhead that surged 62% in the second half alone."},{"url":"/analysis/hood/2021-12/","title":"What Does the First Year as a Public Company Actually Prove?","ticker":"hood","company":"","quarter":"Q4 2021","tags":"","summary":"Robinhood's first annual report as a public company shows 2021 revenue up 89%, but the growth was front-loaded and Adjusted EBITDA fell 78%."},{"url":"/analysis/bbca/2019-09/","title":"The Early-Warning Bucket Cooled the Same Quarter the Bad-Loan Ratio Cracked","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2019","tags":"","summary":"BCA's NPL ratio broke a year-long flat streak, jumping to 1.6% in 9M 2019, even as Special Mention loans cooled after two quarters of fresh highs."},{"url":"/analysis/dmart/2024-12/","title":"The Employee-Cost Cooldown Was a Miscalculation - It Actually Accelerated to 30%","ticker":"dmart","company":"","quarter":"Q4 2024","tags":"","summary":"DMart Q3 FY2025 festive quarter - employee costs accelerated to 30.1% growth, not the deceleration first reported, dragging net income growth down to 4.8%."},{"url":"/analysis/dmart/2026-06/","title":"Revenue Grew 15%. Why Did the Growth Engine Just Downshift?","ticker":"dmart","company":"","quarter":"Q2 2026","tags":"","summary":"DMart's Q1 FY27 revenue grew 15% and it added 3 stores, but same-store growth halved to 5.5% while the stock still trades near 53x EBITDA."},{"url":"/analysis/dnet/2023-12/","title":"Full-Year Net Income Fell 44%. Indomaret Alone Explains Most of It.","ticker":"dnet","company":"","quarter":"Q4 2023","tags":"finance","summary":"DNET FY2023 net income fell 44.1% as Indomaret's own profit dropped 41.6% and Fast Food Indonesia's loss widened more than fivefold."},{"url":"/analysis/isat/2023-03/","title":"A Tower Sale-Leaseback Gain and a Rp2.7 Trillion Debt Paydown Both Landed in Indosat's Q1 2023","ticker":"isat","company":"","quarter":"Q1 2023","tags":"","summary":"Indosat's Q1 2023 profit jumped 622% on a new tower sale-leaseback gain; normalized profit still grew, and debt fell 12.6% QoQ."},{"url":"/analysis/grab/2022-06/","title":"Revenue Beat GMV Growth for the First Time - But At What Cost?","ticker":"grab","company":"","quarter":"Q2 2022","tags":"","summary":"Grab's Q2 2022 revenue grew 79% YoY, outpacing GMV for the first time, but the stock still fell 28% in the quarter to $2.53."},{"url":"/analysis/baba/2020-03/","title":"Net Income Grew 70%, But Two One-Time Gains Are Bigger Than the Entire Increase","ticker":"baba","company":"","quarter":"Q1 2020","tags":"finance","summary":"Alibaba's FY2020 operating income grew 60% and losses narrowed, but the net income headline still leaned on one-time Ant Group and AliExpress Russia gains."},{"url":"/analysis/antm/2026-06/","title":"Is a 34% Profit Jump Real When Operating Cash Flow Is Negative?","ticker":"antm","company":"","quarter":"Q2 2026","tags":"","summary":"ANTAM's H1 2026 profit rose 34% but operating cash flow turned negative as gold stock doubled; nickel earned 57% of segment profit (21% in H2 2025)."},{"url":"/analysis/isat/2020-09/","title":"Nine Months Into the Pandemic, Indosat's Loss Is Still Widening","ticker":"isat","company":"","quarter":"Q3 2020","tags":"","summary":"Indosat's 9M 2020 revenue grew 9.2%, but its net loss widened to Rp457.5 billion as Q3 alone reversed the prior quarter's profit."},{"url":"/analysis/bbca/2023-12/","title":"Did the Bank's Own Numbers Finally Stop Contradicting Themselves?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2023","tags":"","summary":"BCA's FY2023 net income rose 19.4% to Rp48.6tn; Q4 PPOP now reconciles with filed statements, and NPL Coverage rose for the first time in four quarters."},{"url":"/analysis/meli/2010-12/","title":"It Declared Its First-Ever Dividend the Same Quarter Its Own Bull Case Still Couldn't Clear the Stock Price","ticker":"meli","company":"","quarter":"Q4 2010","tags":"","summary":"MercadoLibre FY2010 10-K: revenue rebounded to 25.4% full-year growth, and the company declared its first-ever dividend."},{"url":"/analysis/meli/2012-06/","title":"The Corporate-Cost Pool Finally Grew Slower Than Revenue - And the Stock Fell 22% Anyway","ticker":"meli","company":"","quarter":"Q2 2012","tags":"","summary":"MercadoLibre Q2 2012: corporate costs grew slower than revenue for the first time since Q1 2011; operating margin 35.9%, stock down 22.5%."},{"url":"/analysis/bbca/2021-06/","title":"Why Did a Record-High Loan Coverage Ratio Suddenly Collapse?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2021","tags":"","summary":"BCA's record 280.8% NPL coverage dropped to 230.6% in Q2 2021 as gross NPLs jumped to 2.4% - the coverage gap narrowed for the first time in years."},{"url":"/analysis/bmri/2022-12/","title":"NPLs Fell to 1.88%. Restructured Covid Loans Are Still 11% of the Book.","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q4 2022","tags":"","summary":"Bank Mandiri's FY2022 net income jumped 47% as NPLs fell to 1.88%, but Covid-era restructured loans still make up 11% of the bank-only book."},{"url":"/analysis/lyft/2025-09/","title":"Lyft's Founders Voluntarily Converted Their Last Class B Shares to Class A, Ending Its Dual-Class Structure","ticker":"lyft","company":"","quarter":"Q3 2025","tags":"","summary":"Lyft Q3 2025: dual-class structure ended as Class B fully converted to Class A, net income $46.1M, revenue +10.7% to $1,685.2M, new 2030 convertible notes."},{"url":"/analysis/icicibank/2026-06/","title":"Is the Cheap-Deposit Machine Running Out of Fuel?","ticker":"icicibank","company":"","quarter":"Q2 2026","tags":"","summary":"ICICI Bank's Q1 FY2027 profit rose 15.9% YoY on 19.6% loan growth, but its CASA ratio is sliding as term deposits outgrow cheap balances."},{"url":"/analysis/dmart/2023-09/","title":"Profit Looks Like It Fell 9%. It Actually Grew - Here's the Base Effect","ticker":"dmart","company":"","quarter":"Q3 2023","tags":"","summary":"DMart Q2 FY2024 - operating income grew 13% but reported profit fell 9% YoY, entirely a base effect from last year's one-off tax benefit."},{"url":"/analysis/icicibank/2024-12/","title":"Management Finally Confirms the Contingency Buffer Was Frozen in March 2023","ticker":"icicibank","company":"","quarter":"Q4 2024","tags":"","summary":"ICICI Bank's Q3 FY2025 profit rose 14.8% YoY as management finally confirmed its Rs. 13,100cr buffer has been frozen since March 2023."},{"url":"/analysis/dnet/2024-09/","title":"The Stock Jumped 84% in a Quarter. Nothing in the Filing Explains Why.","ticker":"dnet","company":"","quarter":"Q3 2024","tags":"finance","summary":"DNET stock jumped 83.6% in Q3 2024 with no disclosed catalyst, even as Fast Food Indonesia's loss exceeded its entire FY2023 total."},{"url":"/analysis/baba/2026-06/","title":"Net Income Fell 75%, But the Profit Measure the Company Reports by Segment Fell Only 30%","ticker":"baba","company":"","quarter":"Q2 2026","tags":"finance","summary":"Alibaba Q1 FY2027: revenue +9%, Cloud +45%, but net income fell 75% on weaker operating profit, a goodwill charge, an EU fine and lower investment income."},{"url":"/analysis/jiofin/2025-09/","title":"The Quarter the Lending Book Grew 12x","ticker":"jiofin","company":"","quarter":"Q3 2025","tags":"","summary":"JFS's NBFC loan book grew 12x YoY to Rs. 14,712 crore in Q2 FY26, funded by a Rs. 15,825 crore promoter-group warrant issue."},{"url":"/analysis/sofi/2023-09/","title":"SoFi Wrote Down $247 Million of Goodwill the Same Quarter Revenue Hit a Record","ticker":"sofi","company":"","quarter":"Q3 2023","tags":"","summary":"SoFi Q3 2023: record $537.2M revenue, but a $247.2M Galileo/Technisys goodwill writedown widens the GAAP net loss to $(266.7)M."},{"url":"/analysis/bird/2017-06/","title":"Go-Jek Went Live Five Months Ago. The Numbers Still Don't Show It.","ticker":"bird","company":"","quarter":"Q2 2017","tags":"","summary":"Blue Bird's stock rallied 24.6% again in Q2 2017, but revenue fell 12.9% and the Go-Jek integration still shows zero disclosed volume five months in."},{"url":"/analysis/goto-vs-grab-indonesia/","title":"GoTo Beats Grab in Indonesia by 48% — Except Where It Can't Even Compare","ticker":"goto","company":"PT GoTo Gojek Tokopedia Tbk","quarter":"","tags":"NASDAQ:GRAB on-demand fintech e-commerce","summary":"GoTo's Indonesia revenue and growth beat Grab's Indonesia revenue - but Grab discloses no Indonesia profit figure at all, only revenue."},{"url":"/analysis/bmri/2026-03/","title":"It Lost a Quarter of the Group's Balance Sheet Overnight - So Why Did Profit Still Jump 17%?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q1 2026","tags":"","summary":"BMRI Q1 2026: profit rose 16.6% YoY, but BSI's deconsolidation from the group makes most YoY comparisons non-like-for-like this quarter."},{"url":"/analysis/paytm/2024-09/","title":"Is Paytm's First Profitable Quarter Actually Real?","ticker":"paytm","company":"","quarter":"Q3 2024","tags":"","summary":"Paytm posted its first quarterly profit (Rs 930 crore) in Q2 FY25, but Rs 1,345 crore came from selling its Entertainment business, not operations."},{"url":"/analysis/meli/2014-03/","title":"Local Currency Says the Business Grew 50% - The Dollar Says It Grew 12%. Which One Is Real?","ticker":"meli","company":"","quarter":"Q1 2014","tags":"","summary":"MELI Q1 2014 10-Q: revenue grew 49.9% in local currency but just 12.3% reported."},{"url":"/analysis/bmri/2024-06/","title":"Mandiri's Profit Growth Came Back - So Why Did the Stock Fall 15%?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q2 2024","tags":"","summary":"Bank Mandiri's Q2 2024 profit growth rebounded to ~9.3% YoY, but LDR hit a new high of 90.48% and shares fell 15% from Q1's close."},{"url":"/analysis/meli/2014-12/","title":"Local-Currency Revenue Grew 81% for the Year - Net Income Still Fell 38%","ticker":"meli","company":"","quarter":"Q4 2014","tags":"","summary":"MELI FY2014 10-K: local-currency revenue up 80.7%, reported revenue up 17.8%, net income down 38% on the Venezuela impairment - and it devalued again."},{"url":"/analysis/meli/2016-06/","title":"A Third Venezuela Impairment Landed - and Free Cash Flow Recovered Anyway","ticker":"meli","company":"","quarter":"Q2 2016","tags":"","summary":"MELI Q2 2016 10-Q: net income fell 18.5% on a fresh $13.7M Venezuela impairment, but free cash flow rebounded to +$29.1M, reversing Q1's negative reading."},{"url":"/analysis/bbca/2025-06/","title":"Q1's Deposit Rally Didn't Last - So Was the LDR Squeeze Ever Actually Easing?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2025","tags":"","summary":"BCA's Q2 2025 LDR snapped back to 78.0%, near Dec 2024's record, as Q1's deposit-outgrowing-loans quarter proved seasonal. NPL coverage fell again."},{"url":"/analysis/lyft/2021-09/","title":"Lyft Turned Cash Flow Positive for the First Time - Helped by a $119 Million Gain From Finally Closing the Toyota Deal","ticker":"lyft","company":"","quarter":"Q3 2021","tags":"","summary":"Lyft Q3 2021: second positive-Adjusted-EBITDA quarter ($67.3M), first-ever positive operating cash flow ($41.5M), aided by a $119.3M Woven Planet gain."},{"url":"/analysis/bird/2015-03/","title":"Profit Grew 2% This Quarter. Earnings Per Share Fell 14%.","ticker":"bird","company":"","quarter":"Q1 2015","tags":"","summary":"Blue Bird's IPO-quarter debut: revenue rose 16.9% but EPS fell 13.6% on dilution, with a trademark-cancellation suit surfacing in the footnotes."},{"url":"/analysis/isat/2024-09/","title":"Profit Grew 39% in 9M 2024, and a 1-for-4 Stock Split Landed as a Subsequent Event","ticker":"isat","company":"","quarter":"Q3 2024","tags":"","summary":"Indosat's 9M 2024 profit grew 39.1% cleanly; free cash flow fell as capex outran operating cash flow, and a 1-for-4 split was announced."},{"url":"/analysis/bbri/2015-09/","title":"Profit Grew 2% This Year. One Segment's Profit Fell 46% Anyway.","ticker":"bbri","company":"","quarter":"Q3 2015","tags":"","summary":"BRI's 9M 2015 net income grew 2%, but Corporate segment profit fell 46% as provisioning swung from a reversal to a real charge."},{"url":"/analysis/icicibank/2024-03/","title":"The Contingency Buffer Stopped Growing a Year Ago — Nobody Asked Why","ticker":"icicibank","company":"","quarter":"Q1 2024","tags":"","summary":"ICICI Bank's Q4 FY2024 profit rose 17.4% YoY but NIM fell to 4.40% and CASA slid to 38.9%, as its Rs. 13,100cr buffer sat frozen, unquestioned."},{"url":"/analysis/baba/2024-03/","title":"The Six-Company Breakup Plan Disappeared From This Year's Annual Report","ticker":"baba","company":"","quarter":"Q1 2024","tags":"finance","summary":"Alibaba's FY2024 revenue grew 8% and profit grew 10%, but the six-company breakup plan from a year ago vanished from the filing entirely."},{"url":"/analysis/hood/2022-09/","title":"The First Profitable Quarter Ever Just Landed - By Cutting, Not Growing","ticker":"hood","company":"","quarter":"Q3 2022","tags":"","summary":"Robinhood posted its first-ever positive Adjusted EBITDA quarter in Q3 2022, driven entirely by cost cuts rather than revenue growth."},{"url":"/analysis/meli/2010-03/","title":"The One Number That Always Rose Just Fell","ticker":"meli","company":"","quarter":"Q1 2010","tags":"","summary":"MercadoLibre Q1 2010: revenue jumped 42%, but the one take rate that always rose finally fell - and the valuation gap to the stock narrowed."},{"url":"/analysis/chym/2025-12/","title":"Is the Underwriting Finally Catching Up With Growth?","ticker":"chym","company":"","quarter":"Q4 2025","tags":"","summary":"Chime closed its first public fiscal year with record Adjusted EBITDA and its risk losses finally growing slower than revenue, even as growth cooled."},{"url":"/analysis/bbca/2023-03/","title":"Is a 43% Profit Jump Too Good to Be True?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2023","tags":"","summary":"BCA's Q1 2023 profit rose 43% YoY but fell 2.1% QoQ, and the restructured loan NPL tier that improved in Q4 reversed and grew again."},{"url":"/analysis/baba/2019-03/","title":"Operating Income Fell 18% the Same Year Net Income Grew 37%","ticker":"baba","company":"","quarter":"Q1 2019","tags":"","summary":"Alibaba's FY2019 operating income fell 17.6%, its first-ever decline, while net income rose 37% purely from marking up two newly consolidated stakes."},{"url":"/analysis/bfin/2016-12/","title":"Did a Write-Off Policy Change Just Erase Two Quarters of Rising Bad Debt?","ticker":"bfin","company":"","quarter":"Q4 2016","tags":"","summary":"BFI Finance's FY2016 overdue-ratio improvement coincided with a shortened write-off policy and a sudden halt to share buybacks."},{"url":"/analysis/grab/2023-09/","title":"Grab Turned Adjusted EBITDA Positive For The First Time - Its 'Positive Free Cash Flow' Didn't","ticker":"grab","company":"","quarter":"Q3 2023","tags":"","summary":"Grab hit Adjusted EBITDA breakeven for the first time in Q3 2023 - but its \"first positive free cash flow\" quarter ran mostly on bank deposits."},{"url":"/analysis/bbca/2018-06/","title":"The Bad-Loan Bucket Stopped Growing - and the Multiples Finally Noticed","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2018","tags":"","summary":"BCA's Q2 2018 NPL fell QoQ for the first time in years, but operating cash flow fell 70.8% YoY as loan growth outran deposits."},{"url":"/analysis/isat/2023-12/","title":"FY2023 Finally Reveals Which Data-Center Entity Was Behind Indosat's Mystery 2022 Gains - SMT","ticker":"isat","company":"","quarter":"Q4 2023","tags":"","summary":"Indosat's FY2023 revenue rose 9.6%, EBITDA rose 23.0%, and a December sale-leaseback finally reveals what SMT is."},{"url":"/analysis/isat/2021-06/","title":"A Rp6.2 Trillion Tower Sale Made Indosat's Profit Look Ten Times Bigger Than It Was","ticker":"isat","company":"","quarter":"Q2 2021","tags":"","summary":"Indosat's H1 2021 profit surge to Rp5,598.0 billion was mostly a Rp6,166.9 billion tower sale-leaseback gain, not core operating improvement."},{"url":"/analysis/dnet/2023-03/","title":"Revenue Grew 47%. Net Income Attributable to Owners Fell 29% Anyway.","ticker":"dnet","company":"","quarter":"Q1 2023","tags":"finance","summary":"DNET Q1 2023 revenue rose 47.5%, but net income attributable to owners fell 28.5% as associate profit contribution nearly halved YoY."},{"url":"/analysis/dmart/2024-03/","title":"The Margin Actually Expanded - and Merchandising, Not Cost Control, Did It","ticker":"dmart","company":"","quarter":"Q1 2024","tags":"","summary":"DMart Q4 FY2024 - revenue up 20.1% YoY, operating margin actually expanded for the first time in seven quarters on better gross margin."},{"url":"/analysis/meli/2013-09/","title":"The Corporate-Cost Problem Got Worse, Not Better, and the Stock Rallied 25% Anyway","ticker":"meli","company":"","quarter":"Q3 2013","tags":"","summary":"MELI Q3 2013 10-Q: revenue up 26.5%, but unallocated corporate costs grew 52.1% - worse than Q2 - as the stock rallied 25%."},{"url":"/analysis/lyft/2024-06/","title":"Lyft Reported Its First-Ever Quarterly GAAP Profit - $5.0 Million Net Income - as the Stock Fell 27% Anyway","ticker":"lyft","company":"","quarter":"Q2 2024","tags":"","summary":"Lyft Q2 2024: first-ever GAAP net income of $5.0M, revenue +40.7% YoY to $1,435.8M, record Free Cash Flow of $256.4M."},{"url":"/analysis/bbca/2020-09/","title":"Is the Earnings Rebound Real, or Did the Restructuring Guidance Just Get Smaller?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2020","tags":"","summary":"BCA's Q3 2020 net profit rebounded 37.8% QoQ, but restructuring guidance was cut to 18-20% of loans from 20-30%, and LAR coverage kept falling."},{"url":"/analysis/paytm/2023-03/","title":"A Full Year of Profitability Guidance, Met - With a Year-End Incentive Doing Some of the Work","ticker":"paytm","company":"","quarter":"Q1 2023","tags":"","summary":"Paytm's FY23 hit EBITDA-before-ESOP breakeven, but Rs 133 crore of Q4's revenue and profit came from a full year's UPI incentive booked at once."},{"url":"/analysis/tlkm/2015-03/","title":"The Flagship Segment Is Growing Revenue and Losing Margin at the Same Time","ticker":"tlkm","company":"","quarter":"Q1 2015","tags":"","summary":"Telkom's Q1 2015 Personal segment grew revenue but its margin fell 5 points on Flexi network write-downs."},{"url":"/analysis/se/2017-12/","title":"Why Did Sea's Loss Triple the Same Quarter It Went Public?","ticker":"se","company":"","quarter":"Q4 2017","tags":"","summary":"Sea's Q4 2017 net loss tripled to $263M, but $52M was a non-cash charge triggered by the IPO itself, not the underlying business."},{"url":"/analysis/sofi/2024-03/","title":"A Second Straight Profitable Quarter, Boosted by a One-Time Debt Gain","ticker":"sofi","company":"","quarter":"Q1 2024","tags":"","summary":"SoFi Q1 2024: $88.0M net income (2nd straight profitable quarter), but $59.2M was a one-time debt gain. Financial Services turns positive."},{"url":"/analysis/grab/2024-12/","title":"Grab's Stock Rallied 24% This Quarter - Its First Full Year Of Positive Cash Flow Didn't Keep Up","ticker":"grab","company":"","quarter":"Q4 2024","tags":"","summary":"Grab's FY2024 Adjusted FCF hit $136M and a $80M securities settlement resolved - but the stock outran an updated DCF."},{"url":"/analysis/bbri/2016-03/","title":"Pre-Provision Profit Grew 21%. Net Income Barely Moved. Here's the Choice Behind That Gap","ticker":"bbri","company":"","quarter":"Q1 2016","tags":"","summary":"BRI's pre-provision profit grew 21% in Q1 2016, but net income rose just 1.7% as management doubled provisioning to hold coverage near 150%."},{"url":"/analysis/grab/2026-06/","title":"Four Records on the Income Statement. Free Cash Flow Fell Anyway.","ticker":"grab","company":"","quarter":"Q2 2026","tags":"","summary":"Grab's Q2 2026 profit jumped on a one-time Superbank gain, but trailing free cash flow fell even as revenue and EBITDA hit records."},{"url":"/analysis/jiofin/2024-06/","title":"Shareholders Just Waved Through a Rs. 36,000 Crore Blank Cheque","ticker":"jiofin","company":"","quarter":"Q2 2024","tags":"","summary":"JFS shareholders approved up to Rs. 36,000 crore of related-party leasing transactions with Reliance affiliates over FY25-26."},{"url":"/analysis/dmart/2020-12/","title":"The Festive Quarter That Finally Beat Last Year","ticker":"dmart","company":"","quarter":"Q4 2020","tags":"","summary":"DMart's Q3 FY2021 results show revenue up 10.8% and profit up 16.4% YoY, a full recovery from COVID lockdown quarters earlier in the year."},{"url":"/analysis/lyft/2019-06/","title":"The IPO Charge Was One-Time. The New $300M-a-Quarter Bill Isn't.","ticker":"lyft","company":"","quarter":"Q2 2019","tags":"","summary":"Lyft Q2 2019: revenue up 71.8% to $867.3M, but the one-time IPO charge became a ~$293M-a-quarter recurring cost, and Contribution Margin slipped."},{"url":"/analysis/dnet/2025-06/","title":"The Company Just Increased Its Stake in a Money-Losing Associate","ticker":"dnet","company":"","quarter":"Q2 2025","tags":"finance","summary":"DNET H1 2025 net income rose 21.5%, but the Company also raised its Fast Food Indonesia stake to 37.51% via a capital injection into a loss-maker."},{"url":"/analysis/dmart/2022-06/","title":"A 574% Profit Jump That Isn't What It Looks Like","ticker":"dmart","company":"","quarter":"Q2 2022","tags":"","summary":"DMart Q1 FY2023 profit rose 574% YoY - but that's a base effect against a COVID-disrupted quarter, not real growth. Sequential growth was 14.3%."},{"url":"/analysis/meli/2009-03/","title":"The Currency Wiped Out Two-Thirds of Real Growth This Quarter","ticker":"meli","company":"","quarter":"Q1 2009","tags":"","summary":"MercadoLibre Q1 2009: reported revenue grew 12%, but currency alone cost ~$7.2M - real growth was closer to 37%, even as Brazil's revenue fell."},{"url":"/analysis/lyft/2022-03/","title":"Lyft's Fourth Straight Profitable-Adjusted-EBITDA Quarter Came With Its Widest Operating Cash Outflow Since the Pandemic","ticker":"lyft","company":"","quarter":"Q1 2022","tags":"","summary":"Lyft Q1 2022: revenue +43.8% YoY, Adjusted EBITDA positive a fourth straight quarter, but Active Riders fell 4.9% QoQ and cash flow worsened to $(152.3)M."},{"url":"/analysis/paytm/2025-06/","title":"Is the First-Ever Profitable Quarter Real, or Just a Weak Base Comparison?","ticker":"paytm","company":"","quarter":"Q2 2025","tags":"","summary":"Paytm posted its first-ever profitable quarter in Q1 FY26, but the YoY comparison is against the weakest quarter since the PPBL shutdown."},{"url":"/analysis/hood/2025-12/","title":"The First Sports-Contracts Court Fight Just Ended in a Loss - And a Deal to Stop Trading in Nevada","ticker":"hood","company":"","quarter":"Q4 2025","tags":"","summary":"Robinhood's FY2025 revenue grew 52% and net income hit $1.88B, the year it lost its first sports-contracts court fight, in Nevada."},{"url":"/analysis/sofi/2020-12/","title":"A $6.57 Billion Price Tag, Set Before a Single Share Ever Traded","ticker":"sofi","company":"","quarter":"Q4 2020","tags":"","summary":"SoFi's SPAC shell signed a $6.57 billion merger deal set entirely by negotiation, with no public market ever pricing the company beforehand."},{"url":"/analysis/bird/2016-09/","title":"The Decline Slowed Down. The Stock Fell 27% Anyway.","ticker":"bird","company":"","quarter":"Q3 2016","tags":"","summary":"Blue Bird's Q3 2016 revenue fell 14.2%, but cost declines slowed the profit drop to 27.3% - yet the stock still closed the quarter down 27.3%."},{"url":"/analysis/sofi/2022-06/","title":"Deposits Doubled, Debt Fell - The Stock Fell Further Still","ticker":"sofi","company":"","quarter":"Q2 2022","tags":"","summary":"SoFi Q2 2022: deposits hit $2.71B, debt falls, Adjusted EBITDA up 81% YoY - but stock drops 44% in the quarter to $5.27."},{"url":"/analysis/dmart/2020-06/","title":"Revenue Fell 33%. The Stock Rose Anyway.","ticker":"dmart","company":"","quarter":"Q2 2020","tags":"","summary":"DMart's Q1 FY2021 results show revenue down 33% and profit down 88% YoY as India's COVID-19 lockdown shut stores nationwide."},{"url":"/analysis/dnet/2025-12/","title":"Two Years of Unchanged Ownership Stakes Just Ended, Twice, With No Explanation","ticker":"dnet","company":"","quarter":"Q4 2025","tags":"finance","summary":"DNET FY2025 net income rose 17.1% as Indomaret grew again, while the Company made its first-ever associate ownership changes in years."},{"url":"/analysis/lyft/2019-12/","title":"Lyft Closed Its First Full Year Public With Contribution Margin Above 50% - So Why Did Two Fresh Lawsuits Barely Move the Stock?","ticker":"lyft","company":"","quarter":"Q4 2019","tags":"","summary":"Lyft Q4 2019: Adjusted EBITDA loss narrows 48% YoY, Contribution Margin tops 50%, but IPO securities litigation and insurance reserves both grew."},{"url":"/analysis/jiofin/2024-12/","title":"The Profit 'Crash' That Happens Every December, Right on Schedule","ticker":"jiofin","company":"","quarter":"Q4 2024","tags":"","summary":"JioFin's profit 'fell' 57% QoQ - the same September dividend trick from a year ago, now a two-year pattern worth modeling, not a one-off."},{"url":"/analysis/jiofin/2026-06/","title":"Finally, the Segments - And Lending Is the Least Profitable One","ticker":"jiofin","company":"","quarter":"Q2 2026","tags":"","summary":"JFS's first-ever segment disclosure shows Investing still drives 91.5% of profit; promoters paid a premium to raise their stake to 49.13%."},{"url":"/analysis/dmart/2022-12/","title":"Revenue Grew 25%. Margins Are Still Shrinking.","ticker":"dmart","company":"","quarter":"Q4 2022","tags":"","summary":"DMart Q3 FY2023 - revenue up 25.5% YoY but profit up just 6.7% as expenses outgrew revenue for a second straight quarter, led by depreciation."},{"url":"/analysis/groww/2026-09/","title":"The Quarter a New SEBI Rule Broke a Five-Quarter Winning Streak","ticker":"groww","company":"","quarter":"Q3 2026","tags":"","summary":"Groww's PAT dipped 1.4% QoQ - its first sequential fall in five quarters - after SEBI's new Closing Auction System hit Equity Derivatives revenue."},{"url":"/analysis/isat/2025-03/","title":"A 40% Stock Drop Came Even as NVIDIA GB200 GPUs Were Ordered for AI Infrastructure","ticker":"isat","company":"","quarter":"Q1 2025","tags":"","summary":"Indosat's Q1 2025 revenue fell 1.9% YoY and the stock dropped ~40% in the quarter, even as it ordered NVIDIA GB200 GPUs for AI infrastructure."},{"url":"/analysis/grab/2024-06/","title":"A Second 'Positive' Free Cash Flow Quarter Still Adds Up To A Negative First Half","ticker":"grab","company":"","quarter":"Q2 2024","tags":"","summary":"Grab's Q2 2024 Adjusted Free Cash Flow turned positive again, but the first half of 2024 remains $63 million negative."},{"url":"/analysis/sofi/2022-12/","title":"A First Full-Year Profitable Quarter on Adjusted EBITDA, While the Student Loan Business Stays Frozen","ticker":"sofi","company":"","quarter":"Q4 2022","tags":"","summary":"SoFi FY2022: revenue up 60% to $1.57B, Adjusted EBITDA up to $143.3M, but debt and deposits both keep growing together."},{"url":"/analysis/hood/2025-06/","title":"The Stock More Than Doubled This Quarter - Did the Business Actually Catch Up?","ticker":"hood","company":"","quarter":"Q2 2025","tags":"","summary":"Robinhood's Q2 2025 revenue grew 45% and net income hit $386M, while the stock rose 125% and it closed the $224M Bitstamp acquisition."},{"url":"/analysis/paytm/2025-12/","title":"Paytm Just Posted Its Biggest Profit Ever — Is the Loss Era Actually Over?","ticker":"paytm","company":"","quarter":"Q4 2025","tags":"","summary":"Paytm's Q3 FY26 net profit hit Rs 225 crore, its biggest ever, on 20% revenue growth — but an ED notice and IPO-cash idling linger."},{"url":"/analysis/lyft/2020-03/","title":"Lyft's Margins Kept Improving Through COVID's First Two Weeks - Then Active Riders Fell for the First Time Ever","ticker":"lyft","company":"","quarter":"Q1 2020","tags":"","summary":"Lyft Q1 2020: margins hit new highs but Active Riders fall for the first time as COVID-19 begins, plus a 17% workforce cut and $465M insurance exit."},{"url":"/analysis/xyz/2015-12/","title":"The Marquee Customer Relationship That Never Turned a Profit","ticker":"xyz","company":"","quarter":"Q4 2015","tags":"","summary":"Square's first 10-K: revenue grew 49%, but its own numbers show the Starbucks deal never turned a profit."},{"url":"/analysis/dmart/2026-03/","title":"The Best Margin Quarter in Two Years, With Two Warning Lights Still On","ticker":"dmart","company":"","quarter":"Q1 2026","tags":"","summary":"DMart Q4 FY2026 - revenue up 18.9% YoY, operating income up 27.9%."},{"url":"/analysis/isat/2023-06/","title":"A 41.5% Profit Drop That Was Really Just a Rp3.6 Trillion Comparison Base Problem","ticker":"isat","company":"","quarter":"Q2 2023","tags":"","summary":"Indosat's H1 2023 profit fell 41.5% YoY only because H1 2022 had a one-off gain; normalized profit grew 37%, debt fell 29% in two quarters."},{"url":"/analysis/grab/2022-03/","title":"Down 51% in a Quarter - Did the Business Get Worse, or Just the Stock?","ticker":"grab","company":"","quarter":"Q1 2022","tags":"","summary":"Grab's GMV beat guidance by 32%, but revenue grew just 6% as incentive spending outpaced volume - and the stock fell 51% in the quarter."},{"url":"/analysis/isat/2021-12/","title":"The Merger Became Effective Four Days After Indosat's Fiscal Year Closed","ticker":"isat","company":"","quarter":"Q4 2021","tags":"","summary":"Indosat's FY2021 profit hit Rp6,750.9 billion on one-off gains, and the Ooredoo-Hutchison merger became legally effective Jan 4, 2022."},{"url":"/analysis/sofi/2026-03/","title":"Record Profit, Record Revenue - So Why Did the Stock Halve From Its November High?","ticker":"sofi","company":"","quarter":"Q1 2026","tags":"","summary":"SoFi Q1 2026: record $1.1B revenue, $166.7M net income, but stock down 46% from its November high. Segments, footnotes, and a real valuation range."},{"url":"/analysis/bmri/2023-09/","title":"Deposits Came Back in Q3 - So Why Is Mandiri's Loan-to-Deposit Ratio Still Climbing?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q3 2023","tags":"","summary":"Bank Mandiri's 9M 2023 profit rose 27%, but deposits still trail December 2022 levels and Retail Banking's bad loans keep climbing."},{"url":"/analysis/lyft/2024-12/","title":"Lyft Closed 2024 With Its First Full Year of GAAP Net Income - $22.8 Million - and a New $500 Million Buyback Authorization","ticker":"lyft","company":"","quarter":"Q4 2024","tags":"","summary":"Lyft FY2024: first full-year GAAP net income of $22.8M, revenue +31.4% to $5,786.0M, Free Cash Flow $766.3M, new $500M buyback authorized."},{"url":"/analysis/hood/2023-03/","title":"The Founders' Stock Awards Just Got Cancelled - Why Did That Widen the Loss?","ticker":"hood","company":"","quarter":"Q1 2023","tags":"","summary":"Robinhood's Q1 2023 revenue grew 47% and Adjusted EBITDA turned positive $115M, but a $485M founders' RSU cancellation widened the GAAP loss."},{"url":"/analysis/meli/2011-09/","title":"Brazil's Margin Relapse Fully Reversed - So Why Did Unallocated Costs Grow Even Faster?","ticker":"meli","company":"","quarter":"Q3 2011","tags":"","summary":"MercadoLibre Q3 2011 10-Q: every segment margin recovered, but unallocated costs grew 151% YoY as the stock fell 32% and the valuation gap closed."},{"url":"/analysis/lyft/2026-06/","title":"Lyft's Gross Bookings Grew Twice as Fast as Its Rides Again - What's Actually Driving the Gap?","ticker":"lyft","company":"","quarter":"Q2 2026","tags":"","summary":"Lyft Q2 2026: Gross Bookings +22.6% vs Rides +11.8%; record 30.5M Active Riders; net income $50.3M (+25% YoY); Adjusted EBITDA $177.2M (+37%)."},{"url":"/analysis/bbca/2022-09/","title":"Margins Finally Widen as Corporate Lending Stalls Again","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2022","tags":"","summary":"BCA's Q3 2022 NIM hit 5.4% and cost of credit fell to 0.0%, but Corporate loans shrank QoQ and operating cash flow swung deeply negative."},{"url":"/analysis/bfin/2016-06/","title":"The Half-Year a Fast-Growing Lender Suddenly Stopped Growing","ticker":"bfin","company":"","quarter":"Q2 2016","tags":"","summary":"BFI Finance turned cash-flow positive in H1 2016 but used the surplus for debt paydown and buybacks instead of book growth."},{"url":"/analysis/sofi/2025-09/","title":"SOFI Finally Cleared Its January 2021 All-Time High","ticker":"sofi","company":"","quarter":"Q3 2025","tags":"","summary":"SoFi Q3 2025: $139.4M net income, record $276.9M Adjusted EBITDA. Stock closes above its January 2021 all-time high for the first time."},{"url":"/analysis/meli/2012-03/","title":"The Corporate-Cost Problem That Defined Last Year Just Faded - So Why Did Operating Margin Fall Anyway?","ticker":"meli","company":"","quarter":"Q1 2012","tags":"","summary":"MercadoLibre Q1 2012 10-Q: corporate costs finally tracked revenue, but 3 of 5 segments' margins fell - and a 23% stock rally widened the valuation gap."},{"url":"/analysis/bbca/2021-03/","title":"Is a 280% Coverage Ratio Actually as Safe as It Sounds?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2021","tags":"","summary":"BCA's NPL coverage hit a record 280.8% in Q1 2021 as the coverage-ratio gap widened to 251pp and its restructured loan book's quality slipped."},{"url":"/analysis/chym/2025-06/","title":"A $923 Million Quarterly Loss That Isn't What It Looks Like","ticker":"chym","company":"","quarter":"Q2 2025","tags":"","summary":"Chime's $923M Q2 net loss was almost entirely a one-time IPO stock-compensation charge, not a sign the underlying fintech business weakened."},{"url":"/analysis/paytm/2022-09/","title":"The RBI Finally Responded on Paytm's Banking Associate - With No Timeline Attached","ticker":"paytm","company":"","quarter":"Q3 2022","tags":"","summary":"Paytm's Q2 FY23 revenue grew 76% and net loss narrowed 11% QoQ, but RBI gave no timeline for lifting its payments-bank restriction."},{"url":"/analysis/icicibank/2022-12/","title":"The Contingency Buffer Just Grew Another Rs. 1,500 Crore — Still No Explanation","ticker":"icicibank","company":"","quarter":"Q4 2022","tags":"","summary":"ICICI Bank's Q3 FY23 profit rose 34% YoY on a 4.65% NIM, but its unexplained contingency buffer grew again, now Rs. 11,500 crore."},{"url":"/analysis/dnet/2022-09/","title":"The Reversal Was Approved in May. The Balance Sheet Still Hasn't Moved.","ticker":"dnet","company":"","quarter":"Q3 2022","tags":"finance","summary":"DNET's 9M 2022 net income rose 132% YoY, though its FiberStar ownership stake still shows the pre-reversal 66.76% four months after a shareholder vote."},{"url":"/analysis/jiofin/2023-09/","title":"The Debut Quarter Where 94% of the Balance Sheet Was One Stock","ticker":"jiofin","company":"","quarter":"Q3 2023","tags":"","summary":"JFS's first quarterly report: PAT more than doubled to Rs. 668 crore, but a Rs. 6,836 crore comprehensive-income loss sits alongside it."},{"url":"/analysis/bbca/2018-12/","title":"A Fresh Bad-Loan Record Landed the Same Year Operating Cash Flow Got Cut in Half","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2018","tags":"","summary":"BCA's FY2018 nominal NPL hit a fresh high while full-year operating cash flow roughly halved - Q4 alone swung cash-negative."},{"url":"/analysis/dmart/2025-09/","title":"Finance Costs More Than Doubled. This Is a Trend, Not a Blip.","ticker":"dmart","company":"","quarter":"Q3 2025","tags":"","summary":"DMart Q2 FY2026 - revenue up 15.5% YoY, finance costs more than double for a third straight accelerating quarter, employee costs hit a new high."},{"url":"/analysis/bird/2017-03/","title":"Why Did the Stock Rally 29% While the Business Kept Shrinking?","ticker":"bird","company":"","quarter":"Q1 2017","tags":"","summary":"Blue Bird's Q1 2017 revenue fell 18.4% even as the stock rallied 29% on a Go-Jek tie-up - a re-rating the numbers don't yet support."},{"url":"/analysis/meli/2008-09/","title":"The Quarter Every Metric Improved, and the Stock Fell 41% Anyway","ticker":"meli","company":"","quarter":"Q3 2008","tags":"","summary":"MercadoLibre Q3 2008: revenue +76.6%, margin expands, FCF turns positive - but the stock fell 41% in the September credit crisis."},{"url":"/analysis/meli/2014-06/","title":"First Quarterly Loss Since the IPO Just Landed - Is the Business Actually Broken?","ticker":"meli","company":"","quarter":"Q2 2014","tags":"","summary":"MELI Q2 2014 10-Q: first quarterly net loss since the 2007 IPO on a Venezuela impairment; currency gap 48.4pp; $330M notes issued."},{"url":"/analysis/bmri/2024-12/","title":"Every Banking Segment Shrank in 2024 - So Why Did Profit Still Grow?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q4 2024","tags":"","summary":"Bank Mandiri's FY2024 profit grew just 1.3%, down from 33.7% in FY2023 - and every core banking segment's profit actually fell. Bank-only LDR hit 98.04%."},{"url":"/analysis/lyft/2023-09/","title":"Lyft's Net Loss Shrank to $12 Million as Revenue Crossed $1.15 Billion - and Active Riders Just Became the Headline Metric, Not a Discontinued One","ticker":"lyft","company":"","quarter":"Q3 2023","tags":"","summary":"Lyft Q3 2023: revenue +9.9% YoY to $1,157.6M, net loss $(12.1)M, Adjusted EBITDA $92.0M - Active Riders becomes a headline metric, not discontinued."},{"url":"/analysis/bmri/2026-06/","title":"Mandiri's Revenue Fell 13% This Quarter - So Why Did Profit Jump 33%?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q2 2026","tags":"","summary":"BMRI H1 2026: profit rose 24% as BSI's deconsolidation fully hit Q2 revenue, CAR fell sharply, and shares hit a two-year low."},{"url":"/analysis/bbca/2025-12/","title":"Is Profit Growth Finally Running Out of Steam?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2025","tags":"","summary":"BCA's FY2025 profit hit a record Rp57.5tn but grew just 4.9% while loans rebounded in three of four segments."},{"url":"/analysis/meli/2016-12/","title":"The Stock Is Already Above Its Own Anti-Dilution Ceiling - Does the Full-Year Number Justify It?","ticker":"meli","company":"","quarter":"Q4 2016","tags":"","summary":"MELI FY2016 10-K: net revenue +29.6% to $844.4M, net income +28.9%, but the stock closed the year above its own convertible-note capped-call ceiling."},{"url":"/analysis/baba/2026-03/","title":"Why Did Profit Fall Only 20% When Operating Income Cratered 64%?","ticker":"baba","company":"","quarter":"Q1 2026","tags":"finance","summary":"Alibaba's FY2026 operating income fell 64% in a quick-commerce subsidy war; investment gains masked it, and free cash flow turned negative."},{"url":"/analysis/bbri/2017-09/","title":"The Presentation Deck Answered What the Filing Wouldn't","ticker":"bbri","company":"","quarter":"Q3 2017","tags":"","summary":"BRI's Q3 2017 investor deck reveals Corporate Non-SoE NPL jumped from 3.44% to 4.44% in one quarter, resolving a two-quarter data gap."},{"url":"/analysis/dmart/2025-12/","title":"Employee Costs Jumped 30% the Same Quarter the CEO Announced His Exit","ticker":"dmart","company":"","quarter":"Q4 2025","tags":"","summary":"DMart Q3 FY2026: employee costs rose 30% as the board announced a CEO transition, while finance-cost growth slowed after three quarters of acceleration."},{"url":"/analysis/bbca/2018-09/","title":"The Bad-Loan Improvement Lasted Exactly One Quarter","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2018","tags":"","summary":"BCA's early-warning loan bucket cooled off as predicted, but total NPL hit a new nominal high the same quarter - reversing Q2's improvement."},{"url":"/analysis/jiofin/2023-12/","title":"The Quarter That Erased Last Quarter's 101% Profit Headline","ticker":"jiofin","company":"","quarter":"Q4 2023","tags":"","summary":"JFS's PAT fell 56% QoQ as last quarter's one-off dividend income vanished - plus an unreviewed Rs. 51,446 crore associate swing."},{"url":"/analysis/icicibank/2022-09/","title":"Why Won't ICICI Bank Say What Its Rs. 10,000 Crore Buffer Is For?","ticker":"icicibank","company":"","quarter":"Q3 2022","tags":"","summary":"ICICI Bank's Q2 FY23 profit jumped 37% YoY, but management wouldn't explain its Rs. 10,000 crore contingency buffer despite four analysts asking."},{"url":"/analysis/dnet/2022-12/","title":"A Full Year of Growth, a Restated Quarter, and a Q4 Cash Reversal","ticker":"dnet","company":"","quarter":"Q4 2022","tags":"finance","summary":"DNET FY2022 net income rose 39% and its FiberStar stake rose to 71.97%, but Q4 alone erased nine months of positive operating cash flow."},{"url":"/analysis/grab/2021-12/","title":"A record debut quarter - with a DOJ investigation left out of the deck","ticker":"grab","company":"","quarter":"Q4 2021","tags":"","summary":"Grab's debut public earnings beat GMV and revenue targets, but a DOJ anti-corruption self-report and two lawsuits stayed out of the release."},{"url":"/analysis/grab/2023-06/","title":"Grab's Breakeven Guidance Jumped $165 Million in One Quarter - Here's What's Actually Behind It","ticker":"grab","company":"","quarter":"Q2 2023","tags":"","summary":"Grab's Q2 2023 breakeven guidance jumped $165M in one quarter - a June layoff round, not just organic growth, did real work getting there."},{"url":"/analysis/isat/2022-03/","title":"The Merged Indosat's Revenue Jumped 48%, But Profit Fell 25%","ticker":"isat","company":"","quarter":"Q1 2022","tags":"","summary":"Merged Indosat's Q1 2022 revenue jumped 48.0% on the H3I combination, but net profit fell 25.2% as merger-related costs bit into the gain."},{"url":"/analysis/sofi/2025-12/","title":"A Ninth Straight Profitable Quarter Closes Out SoFi's Best Year Yet","ticker":"sofi","company":"","quarter":"Q4 2025","tags":"","summary":"SoFi FY2025: $481.3M net income (higher quality than 2024's tax-inflated figure), Adjusted EBITDA up 58% to $1.05B. Ninth straight profitable quarter."},{"url":"/analysis/isat/2019-06/","title":"The One-Off Gain That Was the Only Thing Keeping 2018 Profitable","ticker":"isat","company":"","quarter":"Q2 2019","tags":"","summary":"Indosat's Q2 2019 profit beat 2018's - but 2018's profit relied entirely on a one-off gain; without it, operations were losing money."},{"url":"/analysis/paytm/2022-12/","title":"Paytm Says It Hit Profitability - So Why Is the Loss Still Rs 392 Crore?","ticker":"paytm","company":"","quarter":"Q4 2022","tags":"","summary":"Paytm's Q3 FY23 hit EBITDA-before-ESOP profitability 3 quarters early, but the real net loss stayed at Rs 392 crore on a recurring ESOP charge."},{"url":"/analysis/hood/2022-06/","title":"Why Did the Balance Sheet Suddenly Grow $4.8 Billion Without a Dollar of Real Growth?","ticker":"hood","company":"","quarter":"Q2 2022","tags":"","summary":"Robinhood's Q2 2022 revenue fell 44% and a new SEC crypto-custody rule added $8.6 billion to its balance sheet as crypto markets crashed."},{"url":"/analysis/amrt/2016-06/","title":"Why Did Profit Jump 76% in a Half Where Short-Term Bank Debt Tripled?","ticker":"amrt","company":"","quarter":"Q2 2016","tags":"","summary":"Alfamart's H1 2016 profit jumped 76% as short-term bank debt tripled and the founder sold land to the Company the week a dividend was approved."},{"url":"/analysis/icicibank/2005-03/","title":"Net Income Jumped 63%. So Did the Share Count — By a Fifth.","ticker":"icicibank","company":"","quarter":"Q1 2005","tags":"","summary":"ICICI Bank's net income jumped 63% in FY2005, but EPS grew only 38% after a 19.6% share dilution funded its retail-lending pivot."},{"url":"/analysis/adyen/2018-12/","title":"The Stock Went Nowhere for Six Months — So Why Did Its Earnings Multiple Get Cut in Half?","ticker":"adyen","company":"","quarter":"Q4 2018","tags":"","summary":"Adyen's FY2018 report shows H2 EBITDA margin near 58% while the stock stayed flat, cutting its earnings multiple nearly in half."},{"url":"/analysis/dnet/2026-03/","title":"The IDX Stock Pricing an Unlisted Retailer at 105.7 Times Its Earnings","ticker":"dnet","company":"","quarter":"Q1 2026","tags":"finance","summary":"DNET's market cap implies its unlisted 40% Indomaret stake is worth ~105.7x FY2025 profit, while Q1 2026 operating cash flow fell 49% YoY."},{"url":"/analysis/dmart/2021-03/","title":"Profit Grew Three Times Faster Than Revenue. Is That Sustainable?","ticker":"dmart","company":"","quarter":"Q1 2021","tags":"","summary":"DMart Q4 FY2021 results - revenue up 18.5% YoY, net profit up 52.6%, as margins fully recover from the COVID-19 disruption tracked across FY2021."},{"url":"/analysis/adyen/2025-12/","title":"The Take-Rate Reversal Held All Year — So Why Did the Stock Get Cheaper?","ticker":"adyen","company":"","quarter":"Q4 2025","tags":"","summary":"Adyen's FY2025 take rate rose again to 17.0 bps, yet its P/E and EV/EBITDA multiples compressed sharply despite better numbers."},{"url":"/analysis/bbri/2015-06/","title":"The Loan Book Grew 6.5%. Profit Fell 5.6% Anyway.","ticker":"bbri","company":"","quarter":"Q2 2015","tags":"","summary":"BRI's loan book rebounded 6.5% in Q2 2015, but profit fell 5.6% QoQ as loan-loss provisioning jumped 60.8% and NPLs kept rising."},{"url":"/analysis/grab/2025-03/","title":"Grab's Cash Flow Base Grew Again - So Why Did The Stock Fall?","ticker":"grab","company":"","quarter":"Q1 2025","tags":"","summary":"Grab's Q1 2025 Adjusted EBITDA hit a record $106M and trailing FCF grew to $157M, but the stock fell - what an updated DCF shows."},{"url":"/analysis/bbri/2017-12/","title":"The Loan Category That 'Recovered' in Q1 Just Became the Worst One","ticker":"bbri","company":"","quarter":"Q4 2017","tags":"","summary":"BRI's FY2017 filing shows Corporate Non-SoE NPL didn't reverse - it jumped to 6.48%, becoming BRI's worst loan-mix category for the first time."},{"url":"/analysis/isat/2024-06/","title":"A Clean 43% Profit Jump Arrived Alongside an \"AI Native Telco\" Strategy Pitch","ticker":"isat","company":"","quarter":"Q2 2024","tags":"","summary":"Indosat's H1 2024 profit grew 43.3% cleanly; the company also unveiled an AI-focused strategy roadmap at its first Capital Markets Day."},{"url":"/analysis/sofi/2021-03/","title":"A SPAC Shell Just Restated Its Books and Disclosed a Material Weakness - Right Before Taking SoFi Public","ticker":"sofi","company":"","quarter":"Q1 2021","tags":"","summary":"SoFi's SPAC shell restates warrant accounting, posts a $60.4M loss, discloses a material weakness, and faces shareholder suits before the merger closes."},{"url":"/analysis/meli/2016-09/","title":"The Stock Doubled From January's Low - Does the Bull Case Still Clear It?","ticker":"meli","company":"","quarter":"Q3 2016","tags":"","summary":"MELI Q3 2016 10-Q: FCF surged to $78.7M, convertible notes became convertible as the stock hit $185, and the bull-case DCF no longer clears the price."},{"url":"/analysis/hood/2024-03/","title":"The Most-Watched User Metric Just Stopped Being Reported - Why Now?","ticker":"hood","company":"","quarter":"Q1 2024","tags":"","summary":"Robinhood's Q1 2024 revenue grew 40% and net income hit $157M on a crypto rally, the same quarter it stopped reporting MAU as a KPI."},{"url":"/analysis/bbca/2025-09/","title":"Is a 26% Stock Slide Bigger Than the Actual Slowdown?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2025","tags":"","summary":"BCA's stock fell 26% YoY even as 9M25 profit grew 5.7% and LDR eased. All four loan segments contracted QoQ at once."},{"url":"/analysis/lyft/2021-06/","title":"Lyft Posted Its First-Ever Positive Adjusted EBITDA Quarter - Then Closed the $550 Million Toyota Deal Two Weeks Later","ticker":"lyft","company":"","quarter":"Q2 2021","tags":"","summary":"Lyft Q2 2021: first-ever positive Adjusted EBITDA ($23.8M) as revenue rose 125.5% YoY, and the $550M Woven Planet/Toyota sale closed July 13, 2021."},{"url":"/analysis/lyft/2023-12/","title":"Lyft Posted Its First Positive Quarterly Free Cash Flow While the Stock Rallied 63% in a Single Quarter","ticker":"lyft","company":"","quarter":"Q4 2023","tags":"","summary":"Lyft FY2023: revenue +7.5% to $4.40B, Adjusted EBITDA $222.4M, first positive quarterly FCF in Q4, stock +63.5% to $14.99."},{"url":"/analysis/bmri/2024-09/","title":"Mandiri's LDR Just Jumped to a Record 93% in One Quarter - Should That Worry You?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q3 2024","tags":"","summary":"Bank Mandiri's Q3 2024 profit growth hit ~11.8% YoY, but bank-only LDR jumped to a record 93.15% in a single quarter - its biggest jump yet."},{"url":"/analysis/xyz/2016-03/","title":"Did the Loss Really Double, or Is $50 Million of Litigation Distorting It?","ticker":"xyz","company":"","quarter":"Q1 2016","tags":"","summary":"Square's operating loss doubled, but a one-time $50M litigation charge - not the underlying business - explains almost all of it."},{"url":"/analysis/meli/2008-12/","title":"Did the 2008 Crash Finally Show Up in the Numbers?","ticker":"meli","company":"","quarter":"Q4 2008","tags":"","summary":"MercadoLibre FY2008 10-K: revenue +61%, net income +94%, but Q4 broke its seasonal pattern and a slice of profit came from an FX accounting gain."},{"url":"/analysis/paytm/2026-03/","title":"Paytm's First-Ever Profitable Fiscal Year Arrives With Its Own Bank in Wind-Down","ticker":"paytm","company":"","quarter":"Q1 2026","tags":"","summary":"Paytm posted its first profitable fiscal year (Rs 552 crore) right as RBI cancelled Paytm Payments Bank's license post year-end."},{"url":"/analysis/bird/2016-06/","title":"Profit Fell 38% Last Quarter. This Quarter It Fell 59%.","ticker":"bird","company":"","quarter":"Q2 2016","tags":"","summary":"Blue Bird's Q2 2016 revenue fell 13.5% and net income fell 58.9% as Jadetabek erosion quadrupled to ~19%, even as the Supreme Court cleared its trademark."},{"url":"/analysis/sofi/2022-09/","title":"Deposits Doubled Again to $5 Billion - But So Did the Debt They Were Supposed to Replace","ticker":"sofi","company":"","quarter":"Q3 2022","tags":"","summary":"SoFi Q3 2022: deposits hit $5.03B, Adjusted EBITDA hits $44.3M, but debt grows again and stock falls to $4.88."},{"url":"/analysis/paytm/2025-09/","title":"The Payment Aggregator License Is Finally Back - So Why Did Profit Crater 90%?","ticker":"paytm","company":"","quarter":"Q3 2025","tags":"","summary":"Paytm's Q2 FY26 EBITDA improved and its payment aggregator license was restored, but a gaming-ban loan write-off crushed reported profit."},{"url":"/analysis/meli/2015-03/","title":"Net Income Fell 94% This Quarter - the Venezuela Bill Finally Came Due","ticker":"meli","company":"","quarter":"Q1 2015","tags":"","summary":"MELI Q1 2015 10-Q: Venezuela's SIMADI shift cost $36.6M, net income fell 94% to $1.7M, even as revenue grew 28% and margin compression eased sharply."},{"url":"/analysis/bbca/2026-03/","title":"Why Did the Stock Fall 20% This Quarter Even as Profit Kept Growing?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2026","tags":"","summary":"BCA's Q1 2026 loan growth slowed to 5.6% YoY as Consumer loans shrank for the first time, even as CASA funding and profit both grew and the stock fell 24%."},{"url":"/analysis/dmart/2022-09/","title":"Profit Grew 64%. A One-Off Tax Benefit Did Much of the Work.","ticker":"dmart","company":"","quarter":"Q3 2022","tags":"","summary":"DMart Q2 FY2023 - profit up 64% YoY, but the company itself flags a one-off tax benefit distorting the comparison; pre-tax profit grew 31.8%."},{"url":"/analysis/jiofin/2024-09/","title":"How Jio Financial Collects Reliance's Dividend Twice","ticker":"jiofin","company":"","quarter":"Q3 2024","tags":"","summary":"JFS's Q2 FY25 PAT jumped to Rs. 689 crore as Reliance's dividend flowed through two JFS entities in the same quarter."},{"url":"/analysis/dnet/2025-09/","title":"A Second New Joint Venture Just Appeared. Nobody's Explained the First One Either.","ticker":"dnet","company":"","quarter":"Q3 2025","tags":"finance","summary":"DNET 9M 2025 net income rose 12.6% as Indomaret's growth decelerated sharply and a new, unexplained joint venture appeared in the filing."},{"url":"/analysis/lyft/2019-09/","title":"Lyft's Adjusted EBITDA Loss Shrank By Half - But an $86 Million Insurance Surprise Tells a Different Story","ticker":"lyft","company":"","quarter":"Q3 2019","tags":"","summary":"Lyft's Q3 2019: Adjusted EBITDA loss narrows 51% YoY, but an $86.6M insurance reserve charge and a 38% stock decline complicate the story."},{"url":"/analysis/bbca/2022-12/","title":"Two of 2022's Threads Finally Untangle, a Third Gets Worse","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2022","tags":"","summary":"BCA's FY2022 profit rose 29.6% as NIM hit 5.9% and Corporate lending rebounded, but Stage 2 commitments jumped 15x and a reconciliation gap persists."},{"url":"/analysis/meli/2011-12/","title":"Every Segment Got a Better Margin in 2011 - So Why Did Full-Year Operating Margin Fall Anyway?","ticker":"meli","company":"","quarter":"Q4 2011","tags":"","summary":"MercadoLibre FY2011 10-K: every segment margin improved, but operating margin fell as corporate costs grew 118% - and a rally reopened the valuation gap."},{"url":"/analysis/meli/2013-06/","title":"The Corporate-Cost Discipline of a Year Just Reversed in a Single Quarter","ticker":"meli","company":"","quarter":"Q2 2013","tags":"","summary":"MELI Q2 2013 10-Q: revenue grew 26.3% but operating margin fell 4.29pp as corporate costs grew 43.4% - reversing a year of cost discipline."},{"url":"/analysis/lyft/2024-09/","title":"Lyft Slipped Back to a Net Loss One Quarter After Its First-Ever Profit, Even as Operating Cash Flow Hit a New High","ticker":"lyft","company":"","quarter":"Q3 2024","tags":"","summary":"Lyft Q3 2024: revenue +31.5% YoY to $1,522.7M, net loss of $(12.4)M after Q2's first profit, Free Cash Flow $242.8M."},{"url":"/analysis/bmri/2023-12/","title":"Mandiri's Deposits Finally Caught Up in Q4 - So Why Didn't the LDR Come All the Way Back Down?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q4 2023","tags":"","summary":"Bank Mandiri's FY2023 profit rose 33.7% to Rp55.06 trillion as deposits finally topped their Dec 2022 level, but loan growth outpaced the rebound."},{"url":"/analysis/bbca/2020-06/","title":"Why Did Net Profit Fall Even as Restructuring Stayed 'Current'?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2020","tags":"","summary":"BCA's H1 2020 net income fell 4.8% YoY as restructured loans hit Rp69.3tn (~20% of loans by mid-July) while the NPL ratio stayed at just 2.1%."},{"url":"/analysis/baba/2021-03/","title":"Revenue Grew 41%, the Fastest in Three Years, But Operating Income Actually Fell","ticker":"baba","company":"","quarter":"Q1 2021","tags":"finance","summary":"Alibaba's FY2021 net income grew just 0.8% as an RMB18.2bn SAMR antitrust fine hit results, alongside Ant's IPO suspension and Sun Art's consolidation."},{"url":"/analysis/isat/2021-09/","title":"A Nine-Month Rumor Became a Signed Merger Deal With CK Hutchison","ticker":"isat","company":"","quarter":"Q3 2021","tags":"","summary":"Indosat's 9M 2021 results were steady, but the real news was Ooredoo and CK Hutchison signing definitive agreements to merge on Sept 16, 2021."},{"url":"/analysis/meli/2011-06/","title":"Brazil's Margin Just Undid the Recovery Story Told Last Quarter","ticker":"meli","company":"","quarter":"Q2 2011","tags":"","summary":"MercadoLibre Q2 2011 10-Q: revenue grew 32.1%, but Brazil's segment margin relapsed and consolidated operating margin fell 4.8 points."},{"url":"/analysis/bbca/2022-06/","title":"Did Q1's Provisioning Spike Turn Out to Be Noise After All?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2022","tags":"","summary":"BCA's Q2 2022 profit rose 23.8% QoQ as cost of credit fell to 0.6%, but the restructured loan book's NPL tier grew a ninth straight quarter."},{"url":"/analysis/bbca/2020-12/","title":"The Restructuring Wave Guided Down Twice - Then Still Undershot","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2020","tags":"","summary":"BCA's FY2020 Covid restructuring hit 16.9% of loans, below its own 18-20% guidance, while NPL coverage hit a record 260.9% as LAR coverage stayed low."},{"url":"/analysis/bmri/2023-06/","title":"Retail's Credit Costs Tripled, Treasury's Margin Nearly Vanished - Profit Still Rose 25%","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q2 2023","tags":"","summary":"Bank Mandiri's H1 2023 profit rose 25%, but new segment data shows Retail and Treasury banking actually lost profit this half."},{"url":"/analysis/meli/2013-12/","title":"Margins Recovered for the First Time All Year - So Why Did Free Cash Flow Collapse 77%?","ticker":"meli","company":"","quarter":"Q4 2013","tags":"","summary":"MELI FY2013 10-K: revenue up 26.5% to $472.6M, but free cash flow collapsed 77% as capex surged and the São Paulo tax claim moved to court."},{"url":"/analysis/chym/2026-03/","title":"First Profitable Quarter Ever - and the Market Paid Less For the Stock Anyway","ticker":"chym","company":"","quarter":"Q1 2026","tags":"","summary":"Chime's first profitable quarter as a public company came with a stock near its post-IPO low and a compressed EV/Revenue multiple - Q1 2026 decoded."},{"url":"/analysis/se/2017-09/","title":"73% Growth on the Cover, 4% in the GAAP Line","ticker":"se","company":"","quarter":"Q3 2017","tags":"","summary":"Sea Limited's Q3 2017: 73% \"Group Monetization\" growth vs. just 3.9% actual GAAP revenue growth. Here's the accounting gap behind the headline."},{"url":"/analysis/isat/2023-09/","title":"Adjusted Operating Income Grew 46.6% in 9M 2023, But Debt Paydown Stalled","ticker":"isat","company":"","quarter":"Q3 2023","tags":"","summary":"Indosat's 9M 2023 adjusted operating income grew 46.6% YoY; reported profit fell 24.4% on a mismatched one-off comparison base."},{"url":"/analysis/baba/2023-03/","title":"Alibaba Voted to Split Into Six Companies the Same Year Profit Finally Recovered","ticker":"baba","company":"","quarter":"Q1 2023","tags":"finance","summary":"Alibaba's FY2023 profit recovered 17%, but the filing's real story is the board voting to split the company into six independent units."},{"url":"/analysis/bbca/2019-03/","title":"Why Did a Bad-Loan Ratio That Kept Improving Suddenly Crack?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2019","tags":"","summary":"BCA's Q1 2019 NPL ratio worsened alongside a fresh nominal high, even as a seasonal lending pause flipped cash flow sharply positive."},{"url":"/analysis/meli/2017-03/","title":"Free Cash Flow Went From Negative $26 Million to Positive $94 Million in a Single Year - What Changed?","ticker":"meli","company":"","quarter":"Q1 2017","tags":"","summary":"MELI Q1 2017 10-Q: revenue +73.8% to $273.9M, FCF swung from -$26M to +$94M, but Mexico's segment margin turned negative this quarter."},{"url":"/analysis/hood/2025-09/","title":"Native American Tribes Just Filed a RICO Suit Over the Event Contracts - What's the Claim About?","ticker":"hood","company":"","quarter":"Q3 2025","tags":"","summary":"Robinhood's Q3 2025 revenue doubled to $1.27B and net income hit $556M, as tribal nations filed RICO suits over its event contracts."},{"url":"/analysis/bbca/2024-03/","title":"Why Did the Capital Ratio Just Fall Off a Cliff?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2024","tags":"","summary":"BCA's bank-only CAR fell 3.1pp to 26.3% in Q1 2024 as a Rp28tn dividend hit equity, even as consolidated loans grew a record 17.1% YoY."},{"url":"/analysis/bmri/2025-03/","title":"Every Lending Segment Shrank Again - Is the Head Office Trick Running Out?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q1 2025","tags":"","summary":"Bank Mandiri's Q1 2025 profit grew 2.9% YoY, but every core lending segment's profit fell again - the same Head Office offset pattern FY2024 first showed."},{"url":"/analysis/bird/2016-12/","title":"The One Growing Segment Just Stopped Growing","ticker":"bird","company":"","quarter":"Q4 2016","tags":"","summary":"Blue Bird's FY2016 revenue fell 12.4% and profit fell 38.4%, and Non-Taxi - its lone growth engine - posted its first-ever quarterly decline."},{"url":"/analysis/sofi/2020-09/","title":"Before There Was a Merger Target, There Was Already a 20% Promote","ticker":"sofi","company":"","quarter":"Q3 2020","tags":"","summary":"Before SoFi existed as a public company, its SPAC shell had already locked in a 20% sponsor stake worth millions, months before any merger target."},{"url":"/analysis/groww/2026-06/","title":"The Quarter a Wrong Answer on the Call Actually Mattered","ticker":"groww","company":"","quarter":"Q2 2026","tags":"","summary":"Groww's Q1 FY27 PAT rose 94% YoY, but its CFO misstated where Fisdom and Groww AMC's revenue sits on the P&L - the third straight quarter of this pattern."},{"url":"/analysis/grab/2024-09/","title":"A Full Trailing Year Of Positive Cash Flow Finally Exists - So Why Doesn't The Math Support The Price?","ticker":"grab","company":"","quarter":"Q3 2024","tags":"","summary":"Grab's Q3 2024 Adjusted FCF hit $138M and the trailing year turned positive - but a first real DCF still values the stock below its market price."},{"url":"/analysis/jiofin/2026-09/","title":"Bank of America Just Priced a Subsidiary at Double the Parent's Own Multiple","ticker":"jiofin","company":"","quarter":"Q3 2026","tags":"","summary":"Bank of America priced Jio Credit at ~2.5x book, over double Jio Financial's own ~1.1x multiple, as Lending overtook Investing by revenue."},{"url":"/analysis/dmart/2020-09/","title":"The Recovery Quarter That Still Wasn't a Recovery","ticker":"dmart","company":"","quarter":"Q3 2020","tags":"","summary":"DMart's Q2 FY2021 results show revenue down 11.4% and profit down 38.5% YoY as India's economy gradually reopened from lockdown."},{"url":"/analysis/icicibank/2025-06/","title":"Retail Loan Growth Just Halved — Is ICICI Bank Deliberately Slowing Down?","ticker":"icicibank","company":"","quarter":"Q2 2025","tags":"","summary":"ICICI Bank's Q1 FY2026 profit rose 15.5% YoY to Rs. 12,768cr even as retail loan growth halved to 6.9% and corporate loans shrank sequentially."},{"url":"/analysis/bbri/2015-12/","title":"The Segment That Never Disappoints Just Fell 15% in One Quarter","ticker":"bbri","company":"","quarter":"Q4 2015","tags":"","summary":"BRI's FY2015 net income rose 4.9%, but Corporate posted its second straight Q4 net loss, and even Micro's Q4 profit fell 15%."},{"url":"/analysis/isat/2026-06/","title":"An 84% Profit Jump That Was Mostly a Fiber-Network Sale","ticker":"isat","company":"","quarter":"Q2 2026","tags":"","summary":"Indosat's H1 2026 profit jumped 84.5%, but a Rp1.5tn one-off fiber-divestiture gain drove most of it - underlying growth was closer to 20%."},{"url":"/analysis/isat/2024-12/","title":"FY2024 Closed Indosat's Cleanest Year Yet, With the Stock Split Now Fully Reflected in the Numbers","ticker":"isat","company":"","quarter":"Q4 2024","tags":"","summary":"Indosat's FY2024 revenue grew 9.1%, profit grew 9.0% cleanly against a one-off-inflated FY2023 base; adjusted operating profit grew 19.3%."},{"url":"/analysis/bbri/2017-06/","title":"The Best Turnaround Story in the Loan Book Just Lost Its Only Data Source","ticker":"bbri","company":"","quarter":"Q2 2017","tags":"","summary":"BRI's H1 2017 filing has no segment or loan-mix note at all, so last quarter's Corporate Non-SoE NPL reversal can't be verified this time."},{"url":"/analysis/dmart/2023-03/","title":"The Margin-Compression Streak Hits a Fourth Straight Quarter","ticker":"dmart","company":"","quarter":"Q1 2023","tags":"","summary":"DMart Q4 FY2023 - revenue up 20.6% YoY, profit up just 7.8% as expenses outgrew revenue for a fourth straight quarter, this time led by Other Expenses."},{"url":"/analysis/adyen/2025-06/","title":"Take Rate Finally Rose — But Is It a Real Reversal or Just One Customer Shrinking?","ticker":"adyen","company":"","quarter":"Q2 2025","tags":"","summary":"Adyen's take rate rose in H1 2025, but a single mega-customer's volume slump - not real pricing power - explains most of the move."},{"url":"/analysis/dnet/2024-03/","title":"Associate Profit Nearly Vanished. Fast Food's Loss Nearly Tripled.","ticker":"dnet","company":"","quarter":"Q1 2024","tags":"finance","summary":"DNET Q1 2024 associate profit fell 92.6% as Fast Food Indonesia's loss nearly tripled and Cyberindo's revenue share collapsed to 30.4%."},{"url":"/analysis/jiofin/2025-03/","title":"First Debt, First Dividend: Did FY25 Finally Turn the Story Real?","ticker":"jiofin","company":"","quarter":"Q1 2025","tags":"","summary":"JioFin's FY25: first-ever debt raise, first dividend, and a payments bank buyout - while full-year profit stayed almost exactly flat."},{"url":"/analysis/lyft/2021-12/","title":"Lyft Closed 2021 With Its First Full Year of Positive Adjusted EBITDA - While an Alameda Court Ruled Proposition 22 Unenforceable","ticker":"lyft","company":"","quarter":"Q4 2021","tags":"","summary":"Lyft FY2021: first full year of positive Adjusted EBITDA ($92.9M), revenue +35.7% to $3.2B, but Alameda court ruled Prop 22 unenforceable."},{"url":"/analysis/paytm/2024-03/","title":"What Happens When a Fintech Loses Its Own Bank?","ticker":"paytm","company":"","quarter":"Q1 2024","tags":"","summary":"RBI's action against Paytm Payments Bank forced a mid-quarter bank migration - Q4 FY24 revenue fell 3% and net loss widened to Rs. 550 crore."},{"url":"/analysis/meli/2008-06/","title":"The Cash Flow Reversal Reversed Again, and This Time Margin Went With It","ticker":"meli","company":"","quarter":"Q2 2008","tags":"","summary":"MercadoLibre Q2 2008: FCF swings negative again, operating margin compresses YoY, and Mexico's margin decline runs a second quarter."},{"url":"/analysis/meli/2014-09/","title":"The Loss Is Gone and Profits Are Back - But the Currency Gap Just Hit a Record 69 Points","ticker":"meli","company":"","quarter":"Q3 2014","tags":"","summary":"MELI Q3 2014 10-Q: profits return, but the local-currency growth gap widens to a record 68.8pp and GMV falls even as revenue rises on fee hikes."},{"url":"/analysis/hood/2026-03/","title":"Why Did The Stock Crash 53% While Revenue Kept Growing?","ticker":"hood","company":"","quarter":"Q1 2026","tags":"","summary":"Robinhood's Q1 2026 revenue grew 15% and EBITDA grew 14%, yet the stock fell 53% from its peak - here's what actually happened underneath."},{"url":"/analysis/lyft/2023-06/","title":"Lyft's Adjusted EBITDA Definition Rewrote Its Own Q2 2022 History, Turning a $79 Million Profit Into a $196 Million Loss","ticker":"lyft","company":"","quarter":"Q2 2023","tags":"","summary":"Lyft Q2 2023: revenue +3.0% YoY to $1,020.9M, Adjusted EBITDA $41.0M vs a restated $(196.3)M loss a year earlier, and a 26%-of-headcount restructuring."},{"url":"/analysis/sofi/2023-03/","title":"Deposits Crossed $10 Billion the Same Month SVB Collapsed - And SoFi Says It Didn't Lose Any","ticker":"sofi","company":"","quarter":"Q1 2023","tags":"","summary":"SoFi Q1 2023: deposits hit $10.09B through the SVB crisis, Adjusted EBITDA up to $75.7M, stock rallies 32% to $6.07."},{"url":"/analysis/isat/2020-03/","title":"A Telecom Reports a Loss Right as COVID-19 Reaches Indonesia","ticker":"isat","company":"","quarter":"Q1 2020","tags":"","summary":"Indosat's Q1 2020 revenue grew 7.9%, but a doubled employee-cost line widened its net loss to Rp605.6 billion as COVID-19 reached Indonesia."},{"url":"/analysis/grab/2023-12/","title":"A First-Ever Profitable Quarter Comes With A First-Ever Buyback - So Why Is Cash Flow Barely Positive?","ticker":"grab","company":"","quarter":"Q4 2023","tags":"","summary":"Grab posted its first-ever net profit and announced a $500M buyback in Q4 2023 - but core operating cash flow was still negative."},{"url":"/analysis/dmart/2025-06/","title":"Finance Costs Just Grew 84%. The Company Still Hasn't Said Why.","ticker":"dmart","company":"","quarter":"Q2 2025","tags":"","summary":"DMart Q1 FY2026 - revenue up 16.3% YoY but net profit flat as operating income grows just 1.6% and finance costs jump 84%."},{"url":"/analysis/dnet/2020-12/","title":"Revenue Nearly Doubled. Net Income Fell 37% Anyway.","ticker":"dnet","company":"","quarter":"Q4 2020","tags":"","summary":"DNET profit fell 37% in 2020 as its KFC franchisee swung to a Rp377 billion loss, even as FiberStar broadband revenue nearly doubled."},{"url":"/analysis/dnet/2022-06/","title":"The Dilution Overhang Just Reversed Itself","ticker":"dnet","company":"","quarter":"Q2 2022","tags":"finance","summary":"DNET H1 2022 net income rose 121% YoY as a shareholder vote reversed the FiberStar ownership dilution flagged in the FY2020/2021 posts."},{"url":"/analysis/amrt/2016-12/","title":"Why Did Free Cash Flow Turn Negative in the Year Net Income Jumped 33%?","ticker":"amrt","company":"","quarter":"Q4 2016","tags":"","summary":"Alfamart's FY2016 net income rose 33%, but free cash flow flipped negative and a related party took a stake in its e-commerce unit."},{"url":"/analysis/chym/2025-09/","title":"Why Did the Stock Fall 42% the Quarter Adjusted EBITDA Finally Turned Real?","ticker":"chym","company":"","quarter":"Q3 2025","tags":"","summary":"Chime's Q3 2025 saw real Adjusted EBITDA profit and positive free cash flow for the first time, yet the stock still fell 42% on slowing growth."},{"url":"/analysis/hood/2022-12/","title":"FTX Just Collapsed - Why Does the DOJ Now Own 7.6% of the Company?","ticker":"hood","company":"","quarter":"Q4 2022","tags":"","summary":"Robinhood's FY2022 revenue fell 25% and the DOJ seized a 7.6% Bankman-Fried-linked stake after FTX's collapse, plus a $57M trading error."},{"url":"/analysis/paytm/2022-06/","title":"Four Straight Quarters of Margin Gains, and a Loss That's Finally Shrinking Too","ticker":"paytm","company":"","quarter":"Q2 2022","tags":"","summary":"Paytm's Q1 FY23 revenue grew 89% and net loss narrowed 15% QoQ to Rs 645 crore, its first real loss-narrowing quarter since listing."},{"url":"/analysis/adyen/2018-06/","title":"Priced at 144x Earnings Weeks After Listing — Do the Numbers Back It Up?","ticker":"adyen","company":"","quarter":"Q2 2018","tags":"","summary":"Adyen's first public report: net revenue outgrew volume, but the stock traded at 144x earnings and one merchant held rights to 5% of the company."},{"url":"/analysis/lyft/2025-03/","title":"Lyft Posted Its First-Ever Profitable First Quarter, and Bought Back $50 Million of Stock Under Its New Program","ticker":"lyft","company":"","quarter":"Q1 2025","tags":"","summary":"Lyft Q1 2025: first-ever profitable Q1, net income $2.6M, revenue +13.5% YoY to $1,450.2M, Free Cash Flow $280.7M, $50M in buybacks."},{"url":"/analysis/sofi/2025-06/","title":"Financial Services Is Now Within 23% of Overtaking Lending as SoFi's Top Segment","ticker":"sofi","company":"","quarter":"Q2 2025","tags":"","summary":"SoFi Q2 2025: $97.3M net income, record $249.1M Adjusted EBITDA. Financial Services nears Lending; capital ratio falls to 14.4%; $1.7B raised."},{"url":"/analysis/bfin/2016-09/","title":"Is the \"Safer\" Half of a Multifinance Company's Loan Book Getting Riskier?","ticker":"bfin","company":"","quarter":"Q3 2016","tags":"","summary":"BFI Finance hit a two-year share-price high in 9M16, but its core lease book shows a second straight quarter of rising overdues."},{"url":"/analysis/isat/2019-03/","title":"A 47% Stock Price Collapse While the Actual Loss Was Narrowing","ticker":"isat","company":"","quarter":"Q1 2019","tags":"","summary":"Indosat's Q1 2019 loss narrowed 27.8% YoY and EBITDA grew, but its stock fell ~47% over the year to a record-cheap valuation."},{"url":"/analysis/dnet/2019-12/","title":"The Indomaret Stake Trading at 76 Times Earnings on Almost No Volume","ticker":"dnet","company":"","quarter":"Q4 2019","tags":"","summary":"FiberStar revenue nearly doubled in 2019, but all of DNET profit came from Indomaret, KFC, and Sari Roti stakes pledged as bank collateral."},{"url":"/analysis/lyft/2025-12/","title":"A $2.9 Billion Tax Benefit Pushed Lyft's Full-Year Net Income to $2.84 Billion - Even as Its GAAP Operating Loss Widened","ticker":"lyft","company":"","quarter":"Q4 2025","tags":"","summary":"Lyft FY2025: net income $2,844.0M on a $2.9B tax benefit; GAAP operating loss widened to $(188.4)M; revenue +9.2% to $6,316.3M."},{"url":"/analysis/meli/2010-09/","title":"It Just Made Payments Free in Its Two Biggest Markets — And Every Segment Margin Absorbed the Bill","ticker":"meli","company":"","quarter":"Q3 2010","tags":"","summary":"MercadoLibre Q3 2010: revenue growth crashed to 10.6% as MercadoPago went free in Brazil, and segment margins absorbed the cost."},{"url":"/analysis/hood/2022-03/","title":"Revenue Got Cut Nearly in Half - Did Costs Follow Fast Enough to Matter?","ticker":"hood","company":"","quarter":"Q1 2022","tags":"","summary":"Robinhood's Q1 2022 revenue fell 43% year-over-year as crypto and equities trading collapsed, prompting the company's first workforce reduction."},{"url":"/analysis/bbca/2023-09/","title":"Do This Bank's Own Quarterly Numbers Actually Add Up?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2023","tags":"","summary":"BCA's 9M23 PPOP grew 19% YoY, but the bank's own presentation shows a quarterly path that doesn't reconcile with its filed interim numbers."},{"url":"/analysis/grab/2023-03/","title":"Revenue 'Grew' 130% - The Comparable Number Is 58%","ticker":"grab","company":"","quarter":"Q1 2023","tags":"","summary":"Grab's Q1 2023 revenue \"grew\" 130% YoY, but its own footnote says the comparable growth rate was 58% - the biggest headline-to-real gap yet."},{"url":"/analysis/isat/2022-06/","title":"Another Deconsolidation Gain Padded Indosat's Profit, Just Like Last Year","ticker":"isat","company":"","quarter":"Q2 2022","tags":"","summary":"Indosat's H1 2022 profit fell 41.8% YoY to Rp3,260.3 billion, but both periods carry large one-off gains that distort the comparison."},{"url":"/analysis/isat/2020-12/","title":"A Pandemic Year Ends With a Loss, a Satellite Exit, and a Hutchison MoU","ticker":"isat","company":"","quarter":"Q4 2020","tags":"","summary":"Indosat's FY2020 revenue grew 6.9%, but a one-off 2019 gain not repeating swung net income to a loss, as a Hutchison merger MoU emerged."},{"url":"/analysis/sofi/2021-06/","title":"SoFi Finally Has an Operating P&L - And It Lost $165 Million Anyway","ticker":"sofi","company":"","quarter":"Q2 2021","tags":"","summary":"SoFi's first quarter as a public operator: revenue up 101% YoY, Adjusted EBITDA turns positive, but a $165M net loss driven by warrant accounting."},{"url":"/analysis/sofi/2023-12/","title":"SoFi Just Posted Its First-Ever GAAP-Profitable Quarter","ticker":"sofi","company":"","quarter":"Q4 2023","tags":"","summary":"SoFi Q4 2023: first-ever GAAP-profitable quarter ($47.9M net income), record $181.2M Adjusted EBITDA, FY2023 revenue $2.12B."},{"url":"/analysis/paytm/2026-06/","title":"Paytm's Highest-Ever Quarterly Profit Comes Right as Its Government Subsidy Runs Out","ticker":"paytm","company":"","quarter":"Q2 2026","tags":"","summary":"Paytm posted record Q1 FY27 EBITDA of Rs 203 crore, up 182% YoY, its first full quarter without the PIDF subsidy."},{"url":"/analysis/paytm/2024-12/","title":"Did Paytm Just Trade Its Japanese Stake for a Year of Runway?","ticker":"paytm","company":"","quarter":"Q4 2024","tags":"","summary":"Paytm's Q3 FY25 loss narrowed to Rs 208 crore as revenue grew 10% QoQ, and selling its PayPay stake boosted cash to Rs 12,850 crore."},{"url":"/analysis/hood/2024-06/","title":"A Deal to Buy a Global Crypto Exchange Just Landed - Why Bitstamp, Why Now?","ticker":"hood","company":"","quarter":"Q2 2024","tags":"","summary":"Robinhood's Q2 2024 revenue grew 40% and net income hit $188M, the quarter it also agreed to buy crypto exchange Bitstamp for $200M."},{"url":"/analysis/lyft/2021-03/","title":"Lyft Just Sold Its Self-Driving Unit to Toyota for $550 Million - Weeks After Reporting Its Smallest Quarterly Revenue Since 2017","ticker":"lyft","company":"","quarter":"Q1 2021","tags":"","summary":"Lyft Q1 2021: revenue still down 36% YoY, but the quarter's real news came after close - a $550M Level 5 sale to Toyota and the Prop 22 injunction's end."},{"url":"/analysis/jiofin/2025-12/","title":"Why Profit Fell 61% Quarter-on-Quarter, Again","ticker":"jiofin","company":"","quarter":"Q4 2025","tags":"","summary":"JFS's PAT fell 61% QoQ on dividend timing again, even as Q3 FY26 revenue from operations doubled YoY to Rs. 900.90 crore."},{"url":"/analysis/dmart/2021-06/","title":"The Second Wave Hit Harder Than the Headline Growth Number Shows","ticker":"dmart","company":"","quarter":"Q2 2021","tags":"","summary":"DMart Q1 FY2022 - revenue up 33.5% YoY but down 30% sequentially as India's second COVID wave (April-June 2021) hit stores again."},{"url":"/analysis/icicibank/2024-09/","title":"The Margin Keeps Sliding — Is ICICI Bank Still the Cheap-Deposit Bank?","ticker":"icicibank","company":"","quarter":"Q3 2024","tags":"","summary":"ICICI Bank's Q2 FY2025 profit rose 14.5% YoY but NIM fell to 4.27%, its lowest yet, as CASA slid to 38.9% from 44.6% two years earlier."},{"url":"/analysis/dnet/2024-12/","title":"Indomaret Just Posted Its Best Year Ever. Fast Food's Loss Nearly Doubled.","ticker":"dnet","company":"","quarter":"Q4 2024","tags":"finance","summary":"DNET FY2024 net income rose 48.7% on Indomaret's record year, but Fast Food Indonesia's loss nearly doubled and the stock nearly doubled too."},{"url":"/analysis/dmart/2023-12/","title":"The Festive Quarter Where the Margin Squeeze Finally Stalled","ticker":"dmart","company":"","quarter":"Q4 2023","tags":"","summary":"DMart Q3 FY2024 festive quarter - revenue up 17.3% YoY and profit up 17.1%, the closest match since the margin-compression arc began six quarters ago."},{"url":"/analysis/dnet/2026-06/","title":"Net Income Fell 26%. The Market Paid an Even Higher Multiple Anyway.","ticker":"dnet","company":"","quarter":"Q2 2026","tags":"finance","summary":"DNET's H1 2026 net income fell 26% YoY as Fast Food Indonesia reversed to a loss, yet the market's implied Indomaret multiple rose to ~113x."},{"url":"/analysis/grab/2025-06/","title":"Grab Finished Its Buyback With Borrowed Money - Is That Capital Discipline?","ticker":"grab","company":"","quarter":"Q2 2025","tags":"","summary":"Grab's Q2 2025 Adjusted EBITDA hit a record $109M, but its buyback was funded by $1.5B of new convertible debt. An updated DCF and the details."},{"url":"/analysis/isat/2024-03/","title":"The First Fully Clean Quarter Since the Merger Grew Net Profit 39%, No One-Off Attached","ticker":"isat","company":"","quarter":"Q1 2024","tags":"","summary":"Indosat's Q1 2024 profit grew 39.3% with no one-off gains distorting the comparison for the first time since the 2022 merger."},{"url":"/analysis/bbri/2015-03/","title":"The Loan Book Shrank, the Margin Fell, and Profit Still Grew 3.5%","ticker":"bbri","company":"","quarter":"Q1 2015","tags":"","summary":"BRI's Q1 2015 net income rose 3.5%, but NIM, ROA, and the loan book all fell as cash shifted from loans into government bonds."},{"url":"/analysis/bbri/2016-09/","title":"Its Core Capital Ratio Jumped 2.3 Points in One Quarter. Total Capital Barely Moved.","ticker":"bbri","company":"","quarter":"Q3 2016","tags":"","summary":"BRI's Tier 1 CAR jumped 2.3 points in Q3 2016, but Total CAR slipped, revealing a Tier 2-to-Tier 1 reclassification, not new capital."},{"url":"/analysis/bird/2016-03/","title":"Why Profit Fell 38% on Revenue That Barely Moved","ticker":"bird","company":"","quarter":"Q1 2016","tags":"","summary":"Blue Bird's Q1 2016 revenue was flat, but operating income fell 27.2% and net income fell 38.1% as costs outgrew a shrinking Jakarta taxi core."},{"url":"/analysis/meli/2009-09/","title":"The Currency Gap Finally Narrowed, But the Stock Priced In Even More Than That","ticker":"meli","company":"","quarter":"Q3 2009","tags":"","summary":"MercadoLibre Q3 2009: currency gap narrows, Brazil turns positive, but the stock's two-quarter rally has outrun its own valuation multiples."},{"url":"/analysis/meli/2015-06/","title":"The Venezuela Drama Finally Stopped - So Why Did Real Profit Just Fall 39%?","ticker":"meli","company":"","quarter":"Q2 2015","tags":"","summary":"MELI Q2 2015 10-Q: no Venezuela charges this quarter, but net income still fell 38.7% on a clean basis as costs outgrew 17% revenue growth."},{"url":"/analysis/fintech-arms-meli-se-goto-comparison/","title":"Whose Fintech Side-Business Is Actually the Better Business: MELI's, SE's, GOTO's, or GRAB's?","ticker":"meli","company":"","quarter":"","tags":"NYSE:SE IDX:GOTO NASDAQ:GRAB fintech","summary":"MELI, SE, GOTO, and GRAB fintech segments compared quarter by quarter: revenue, users, loans, and EBITDA margin trends over two years."},{"url":"/analysis/lyft/2022-09/","title":"A $135.7 Million Impairment Drove Lyft's Net Loss to $422 Million - Its Largest Ever - While Adjusted EBITDA Fell Sequentially for the First Time","ticker":"lyft","company":"","quarter":"Q3 2022","tags":"","summary":"Lyft Q3 2022: revenue +21.9% YoY to $1,053.8M, Adjusted EBITDA fell 16.3% QoQ, and a $135.7M impairment pushed net loss to a record $(422.2)M."},{"url":"/analysis/bmri/2025-12/","title":"Mandiri's Profit Decline Reversed in Q4 - So What Actually Changed?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q4 2025","tags":"","summary":"Bank Mandiri FY2025: profit barely grew for the year, but Q4 alone jumped ~35% YoY as impairment charges and salary growth both eased sharply."},{"url":"/analysis/bbca/2026-06/","title":"Why Is Profit Growth Grinding to a Halt While Corporate Loans Boom 14%?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2026","tags":"","summary":"BCA's H1 2026 profit grew just 1.8% YoY as NIM compressed and vehicle lending kept collapsing, even as Corporate loans grew 13.6%. Stock hit a new low."},{"url":"/analysis/bbca/2024-12/","title":"Is the Bank Running Out of Cheap Deposits to Lend Against?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2024","tags":"","summary":"BCA's FY2024 loan-to-deposit ratio jumped 8.2pp to 78.4% as loan growth (13.8%) outran deposit growth (2.9%) for a second straight year."},{"url":"/analysis/meli/2017-12/","title":"One Month of Venezuela Just Erased 90% of a Full Year's Profit","ticker":"meli","company":"","quarter":"Q4 2017","tags":"","summary":"MELI FY2017 10-K: Venezuela deconsolidation cost $85.8M, crushing net income 90% to $13.8M, even as revenue grew 65.6% and the stock hit a new high."},{"url":"/analysis/dnet/2023-09/","title":"Fast Food Indonesia Just Posted Its Worst Loss among the periods covered here (FY2019 to Q3 2023)","ticker":"dnet","company":"","quarter":"Q3 2023","tags":"finance","summary":"DNET 9M 2023 revenue rose 36.4% but net income attributable to owners fell 36.4% as Fast Food Indonesia's loss deepened."},{"url":"/analysis/dmart/2024-09/","title":"Three Straight Quarters of ~27%+ Employee-Cost Growth Is a Trend, Not Noise","ticker":"dmart","company":"","quarter":"Q3 2024","tags":"","summary":"DMart Q2 FY2025 - revenue up 14.4% YoY but operating income up just 6% as employee costs grow 27% for a third straight quarter."},{"url":"/analysis/bbca/2019-12/","title":"The Bad-Loan Spike That Un-Happened by Year-End","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q4 2019","tags":"","summary":"BCA's NPL ratio round-tripped from 1.62% back to 1.3% by Dec 2019 as coverage recovered to 189.2%, while full-year operating cash flow surged nearly 10x."},{"url":"/analysis/dher/2017-06/","title":"A Record Growth Half-Year, With a Net Loss That Grew Even Faster","ticker":"dher","company":"","quarter":"Q2 2017","tags":"","summary":"Delivery Hero's IPO half-year revenue jumped 94% to €253.2 million, yet its net loss grew even faster, up 76% to €221.4 million."},{"url":"/analysis/bfin/2017-06/","title":"Why Did Profit Jump 55% While Cash Flow Went Deeply Negative?","ticker":"bfin","company":"","quarter":"Q2 2017","tags":"","summary":"BFI Finance's H1 2017 growth outran collections, flipping operating cash flow negative and reversing an NPL improvement since December."},{"url":"/analysis/sofi/2024-09/","title":"Four Straight Profitable Quarters, and Financial Services Is Now the Second-Biggest Earner","ticker":"sofi","company":"","quarter":"Q3 2024","tags":"","summary":"SoFi Q3 2024: $60.7M net income, fourth straight profitable quarter. Financial Services profit nearly triples to $99.8M, overtakes Tech Platform."},{"url":"/analysis/meli/2013-03/","title":"The Estimated Venezuela Hit Was $5.7 Million - The Actual One Came In 12% Worse, and Took Net Income Down With It","ticker":"meli","company":"","quarter":"Q1 2013","tags":"","summary":"MELI Q1 2013 10-Q: Venezuela's devaluation cost $6.4M, worse than the $5.7M estimate, and net income fell 11% even as revenue grew 22.7%."},{"url":"/analysis/hood/2021-09/","title":"Did Robinhood's Growth Story Peak the Quarter It Went Public?","ticker":"hood","company":"","quarter":"Q3 2021","tags":"","summary":"Robinhood's first quarter as a public company saw revenue fall 35% and users shrink as the crypto trading mania that fueled its IPO cooled."},{"url":"/analysis/bbca/2020-03/","title":"Why Did Corporate Borrowers Draw Down 10% More Credit in Six Weeks?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2020","tags":"","summary":"BCA's Q1 2020 corporate loans jumped 9.9% on Covid-era credit-line drawdowns as coverage hit 229.8% and shares fell 17% on Rupiah stress."},{"url":"/analysis/paytm/2023-09/","title":"Why Did a \"Record\" Growth Quarter Still Post a Loss?","ticker":"paytm","company":"","quarter":"Q3 2023","tags":"","summary":"Paytm's Q2 FY24 revenue grew 32% and EBITDA before ESOP turned positive, but a Rs. 292 crore net loss complicates the 'record quarter' framing."},{"url":"/analysis/dher/2017-12/","title":"Why Did the Loss Grow 79% in a Year the Business Actually Got Better?","ticker":"dher","company":"","quarter":"Q4 2017","tags":"","summary":"Delivery Hero's first full year public saw revenue up 87.6% and margins improving, yet net loss widened 78.6% to €348.1 million."},{"url":"/analysis/grab/2022-09/","title":"Deliveries Broke Even Three Quarters Early - At What Cost to Growth?","ticker":"grab","company":"","quarter":"Q3 2022","tags":"","summary":"Grab's Deliveries segment hit Adjusted EBITDA breakeven three quarters early in Q3 2022, but Q4 guidance shows the segment's growth decelerating sharply."},{"url":"/analysis/dmart/2026-09/","title":"The Cash Flow Statement Doesn't Match the Company's Own Slide.","ticker":"dmart","company":"","quarter":"Q3 2026","tags":"","summary":"DMart's Q2 FY27 revenue grew 18%, but its own cash flow statement shows real operating cash at under a third of what its investor slide claims."},{"url":"/analysis/bbca/2019-06/","title":"The Write-Off Surge That Vanished a Quarter Later","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2019","tags":"","summary":"BCA's H1 2019 net income rose 12.6% as a sharp Q1 write-off surge all but disappeared in Q2, even as Special Mention loans hit a fresh high."},{"url":"/analysis/bmri/2023-03/","title":"Where Did Rp108 Trillion in Deposits Go in Three Months?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q1 2023","tags":"","summary":"Bank Mandiri's Q1 2023 profit rose 25%, but Rp108 trillion in deposits vanished in a quarter, pushing its loan-to-deposit ratio up 7 points."},{"url":"/analysis/paytm/2021-09/","title":"A 592% Jump in Contribution Profit, and a Loss That Grew Anyway","ticker":"paytm","company":"","quarter":"Q3 2021","tags":"","summary":"Paytm debut earnings show 64% revenue growth and a 592% jump in Contribution Profit, but net loss still widened 8.4% YoY to Rs 473.5 crore."},{"url":"/analysis/chym/2026-06/","title":"Growth Reaccelerated for the First Time in a Year - Then the CFO Quit","ticker":"chym","company":"","quarter":"Q2 2026","tags":"","summary":"Chime's growth reaccelerated across every metric in Q2 2026 on Chime Prime's launch, but its IPO-era CFO is leaving and an exposure gap widened again."},{"url":"/analysis/meli/2011-03/","title":"The Segments Recovered From Free Payments - So Why Did Operating Margin Fall Again?","ticker":"meli","company":"","quarter":"Q1 2011","tags":"","summary":"MercadoLibre Q1 2011 10-Q: revenue grew 33.8%, segment margins recovered from the free-payments hit, but consolidated operating margin still fell."},{"url":"/analysis/hood/2023-09/","title":"The Shares the DOJ Seized From Sam Bankman-Fried Just Got Bought Back","ticker":"hood","company":"","quarter":"Q3 2023","tags":"","summary":"Robinhood bought back the 55.3M DOJ/FTX-seized shares for $608M, closing an 18-month overhang, while Q3 2023 revenue grew 29%."},{"url":"/analysis/baba/2018-03/","title":"Net Income Grew 47%, But a New Non-Cash Gain Arrived the Same Year an Old One Reversed","ticker":"baba","company":"","quarter":"Q1 2018","tags":"","summary":"Alibaba's FY2018 net income jumped 46.7% on offsetting non-cash items - a Cainiao consolidation gain and an Alibaba Pictures impairment reversal."},{"url":"/analysis/bbca/2022-03/","title":"Restructured-Loan NPLs Rose Again in Q1 2022 - Was Q4's Profit Dip a One-Off?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q1 2022","tags":"","summary":"BCA's Q1 2022 restructured-loan NPL tier grew 16.1% QoQ and net profit fell for a second straight quarter as provisioning jumped 68.2% QoQ."},{"url":"/analysis/bfin/2017-12/","title":"Did Operating Cash Flow Really Get Worse in 2017, or Just Get Reclassified?","ticker":"bfin","company":"","quarter":"Q4 2017","tags":"","summary":"BFI Finance's FY2017 operating-cash-flow metric became non-comparable after a reclassification, as a decade-old share dispute resurfaced."},{"url":"/analysis/groww/2026-03/","title":"The Quarter the Scoreboard Changed","ticker":"groww","company":"","quarter":"Q1 2026","tags":"","summary":"Groww's Q4 FY26 PAT rose 122% YoY, but it retired Adjusted EBITDA and rebased market-share math the same quarter - what changed and what didn't."},{"url":"/analysis/isat/2025-09/","title":"GB200 Capacity Is Now Fully Contracted, But 9M 2025 Profit Is Still Down 7.5% YoY","ticker":"isat","company":"","quarter":"Q3 2025","tags":"","summary":"Indosat's 9M 2025 profit fell 7.5% YoY, but Q3 alone improved sharply and GB200 AI server capacity is now fully contracted."},{"url":"/analysis/baba/2025-03/","title":"Profit Jumped 63%, and This Time the Filing Actually Says Why","ticker":"baba","company":"","quarter":"Q1 2025","tags":"finance","summary":"Alibaba's FY2025 net income jumped 63% to RMB130.1bn as AI capex grew 168% and free cash flow roughly halved funding the 'AI + Cloud' pivot."},{"url":"/analysis/bmri/2025-06/","title":"Mandiri's Profit Just Fell 18% in a Single Quarter - So Why Is There No Segment Note to Explain It?","ticker":"bmri","company":"PT Bank Mandiri (Persero) Tbk","quarter":"Q2 2025","tags":"","summary":"Bank Mandiri's H1 2025 profit fell 7.89% YoY - Q2 standalone dropped ~18.7%. Here's what drove it."},{"url":"/analysis/meli/2015-12/","title":"Every Segment's Margin Fell This Year - Mexico's Collapsed by 13.7 Points","ticker":"meli","company":"","quarter":"Q4 2015","tags":"","summary":"MELI FY2015 10-K: net income up 46% but almost entirely a one-time Argentina tax gain - every segment's margin actually fell for the year."},{"url":"/analysis/meli/2017-06/","title":"Mexico's Direct Contribution Just Went to Negative 112% - Is This a Segment or a Sinkhole?","ticker":"meli","company":"","quarter":"Q2 2017","tags":"","summary":"MELI Q2 2017 10-Q: revenue +58.6%, net income -66.5% on a Venezuela currency shock, and Mexico's segment margin collapsed to -112%."},{"url":"/analysis/lyft/2020-09/","title":"Lyft's Riders Came Back 44% in a Quarter - So Why Did the Adjusted EBITDA Loss Get Worse?","ticker":"lyft","company":"","quarter":"Q3 2020","tags":"","summary":"Lyft Q3 2020: riders recovered 44% sequentially and margins rebounded, but Adjusted EBITDA losses widened YoY as Prop 22 reshaped the California threat."},{"url":"/analysis/bbca/2024-06/","title":"Did Ending Covid-Era Loan Relief Just Show Up in the NPL Ratio?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q2 2024","tags":"","summary":"BCA's bank-only NPL ratio rose to 2.2% and coverage fell 30pp in Q2 2024, the first full quarter after Covid loan-relief rules expired."},{"url":"/analysis/meli/2008-03/","title":"The Rally Reversed Itself, But the Cash Flow Problem Didn't Come Back With It","ticker":"meli","company":"","quarter":"Q1 2008","tags":"","summary":"MercadoLibre Q1 2008: FCF nearly triples as the FY2007 cash-flow gap reverses, but the stock gives back half its Q4 rally."},{"url":"/analysis/hood/2026-06/","title":"Are Prediction Markets Now A Bigger Legal Risk Than A Growth Driver?","ticker":"hood","company":"","quarter":"Q2 2026","tags":"","summary":"Robinhood's Q2 2026 revenue and EBITDA hit records, but its fastest-growing product now faces eight lawsuits alleging illegal sports betting."},{"url":"/analysis/lyft/2023-03/","title":"California's Court of Appeal Upheld Proposition 22 as Constitutional - Resolving Lyft's Longest-Running Legal Overhang, Just Not Quite Yet","ticker":"lyft","company":"","quarter":"Q1 2023","tags":"","summary":"Lyft Q1 2023: revenue +14.3% YoY to $1,000.5M, Adjusted EBITDA fell 58.6% YoY, and California's Court of Appeal upheld Proposition 22 as constitutional."},{"url":"/analysis/hood/2024-12/","title":"Net Income Tripled to $1.4 Billion - How Much of That Is Actually Operating Profit?","ticker":"hood","company":"","quarter":"Q4 2024","tags":"","summary":"Robinhood's FY2024 revenue grew 58% and net income hit $1.41B, though $424M of that was one-time tax and settlement items, not operations."},{"url":"/analysis/paytm/2024-06/","title":"Can a Fintech Survive Losing Its Own Bank?","ticker":"paytm","company":"","quarter":"Q2 2024","tags":"","summary":"Paytm's Q1 FY25 revenue fell 36% YoY to Rs 1,502 crore and net loss widened to Rs 840 crore, the first full quarter after RBI's PPBL restrictions."},{"url":"/analysis/sofi/2021-12/","title":"The Bank Charter Closed Right After Posting a $484 Million Loss","ticker":"sofi","company":"","quarter":"Q4 2021","tags":"","summary":"SoFi FY2021: revenue up 74% to $984.9M, Adjusted EBITDA turns positive, but net loss widens to $483.9M and Q4 EBITDA slips."},{"url":"/analysis/sofi/2023-06/","title":"Financial Services Nearly Broke Even - After Eight Straight Quarters of Losing More","ticker":"sofi","company":"","quarter":"Q2 2023","tags":"","summary":"SoFi Q2 2023: Financial Services loss narrows to $(4.3)M, Adjusted EBITDA hits $76.8M, stock rallies 37% to $8.34."},{"url":"/analysis/bird/2017-09/","title":"Did the Go-Jek Rally Just Run Out of Road?","ticker":"bird","company":"","quarter":"Q3 2017","tags":"","summary":"Blue Bird's rally cooled to +1.5% in Q3 2017 as operating income rebounded 24.2% QoQ, but the Go-Jek MoU footnote stayed unchanged for a third quarter."},{"url":"/analysis/bbri/2017-03/","title":"The Loan Book That Worsened for Five Straight Quarters Just Got Dramatically Better","ticker":"bbri","company":"","quarter":"Q1 2017","tags":"","summary":"BRI's worst loan segment's bad debt fell from 5.61% to 3.69% in Q1 2017, but provisioning still outpaced revenue growth by 3-to-1."},{"url":"/analysis/grab/2025-12/","title":"Grab Just Posted Its First Full Year Of Profit - The Stock Fell 17% Anyway","ticker":"grab","company":"","quarter":"Q4 2025","tags":"","summary":"Grab posted its first full year of net profit ($200M) and a new $500M buyback, but the stock fell 17% this quarter as the DCF gap narrowed."},{"url":"/analysis/groww/2025-09/","title":"The Quarter Where Profit Grew and the Business Didn't","ticker":"groww","company":"","quarter":"Q3 2025","tags":"","summary":"Groww debut quarterly filing shows a 12% profit jump that is actually a decline once a one-off provision reversal is removed."},{"url":"/analysis/isat/2026-03/","title":"A Telecom That Grew Profit 14% While Its Subscriber Base Shrank","ticker":"isat","company":"","quarter":"Q1 2026","tags":"","summary":"Indosat's Q1 2026 profit grew 13.7% and leverage fell to 0.31x net debt/EBITDA, even as its subscriber base shrank and the stock stayed near a 2-year low."},{"url":"/analysis/dmart/2021-12/","title":"The Festive Quarter Kept Growing. So Did the Skepticism About the Price.","ticker":"dmart","company":"","quarter":"Q4 2021","tags":"","summary":"DMart Q3 FY2022 results - revenue up 22.2% and profit up 23.6% YoY in the festive quarter, with valuation multiples still climbing faster than earnings."},{"url":"/analysis/dnet/2024-06/","title":"Indomaret Bounced Back Hard in Q2. Fast Food's Loss Kept Growing.","ticker":"dnet","company":"","quarter":"Q2 2024","tags":"finance","summary":"DNET H1 2024 associate profit recovered as Indomaret's contribution jumped, but Fast Food Indonesia's loss kept widening and Retail fell YoY."},{"url":"/analysis/jiofin/2025-06/","title":"The 4% Profit 'Growth' That's Actually a Bargain-Purchase Accounting Gain","ticker":"jiofin","company":"","quarter":"Q2 2025","tags":"","summary":"JioFin's Q1 profit rose 4% QoQ, but a one-off SBI buyout gain - not the underlying business - explains most of the increase."},{"url":"/analysis/dmart/2023-06/","title":"Five Quarters In, the Margin Squeeze Keeps Finding a New Cause","ticker":"dmart","company":"","quarter":"Q2 2023","tags":"","summary":"DMart Q1 FY2024 - revenue up 18.2% YoY, profit up just 2.5% as Other Expenses again outgrew revenue for a fifth straight compressing quarter."},{"url":"/analysis/meli/2012-09/","title":"Every Improvement From Last Quarter Reversed at Once - And Net Income Fell Year Over Year","ticker":"meli","company":"","quarter":"Q3 2012","tags":"","summary":"MercadoLibre Q3 2012 10-Q: revenue growth halved to 19%, corporate costs outgrew revenue again, and net income fell YoY."},{"url":"/analysis/bbca/2021-09/","title":"Did Indonesia's Worst Covid Wave Actually Show Up in the Loan Book?","ticker":"bbca","company":"PT Bank Central Asia Tbk","quarter":"Q3 2021","tags":"","summary":"BCA's Q3 2021 NPL coverage held at 230.2% through Indonesia's Delta wave/PPKM Darurat - the deterioration Q2's post expected didn't show up."},{"url":"/analysis/lyft/2025-06/","title":"Lyft Posted a Second Positive Quarter of GAAP Operating Income, and Doubled Its Buyback Authorization to $750 Million","ticker":"lyft","company":"","quarter":"Q2 2025","tags":"","summary":"Lyft Q2 2025: GAAP operating income $2.4M (second positive quarter), net income $40.3M, revenue +10.6% to $1,588.2M, buyback raised to $750M."},{"url":"/analysis/paytm/2022-03/","title":"A 75% Stock Collapse, and the Quarter Paytm Finally Named a Breakeven Date","ticker":"paytm","company":"","quarter":"Q1 2022","tags":"","summary":"Paytm's Q4 FY22 revenue grew 89% and it named a Sept 2023 breakeven date, but the stock fell 75% from IPO as RBI curbed its payments bank."},{"url":"/analysis/sofi/2025-03/","title":"A Sixth Straight Profitable Quarter, Clean of Any One-Time Item","ticker":"sofi","company":"","quarter":"Q1 2025","tags":"","summary":"SoFi Q1 2025: $71.1M net income, sixth straight profitable quarter, clean of one-time items. Financial Services profit nearly quadruples to $148.3M."},{"url":"/analysis/isat/2022-12/","title":"The Merged Indosat's First Full Year Grew Revenue 49% and Still Shrank Profit","ticker":"isat","company":"","quarter":"Q4 2022","tags":"","summary":"Merged Indosat's FY2022 revenue rose 48.9% to Rp46,752.3 billion, but net profit fell 30.0% on heavier post-merger finance costs."},{"url":"/analysis/isat/2020-06/","title":"Revenue Kept Growing Through Indonesia's First COVID-19 Lockdown Quarter","ticker":"isat","company":"","quarter":"Q2 2020","tags":"","summary":"Indosat's H1 2020 revenue grew 9.4% through Indonesia's COVID-19 lockdown, and the loss narrowed as Q2 alone swung back to profit."},{"url":"/analysis/dnet/2022-03/","title":"Associate Profit Jumped Eightfold. That Says More About 2021 Than 2022.","ticker":"dnet","company":"","quarter":"Q1 2022","tags":"finance","summary":"DNET Q1 2022 net income rose 388% YoY on an Indomaret profit rebound, though the base quarter was still pandemic-depressed."},{"url":"/analysis/dmart/2025-03/","title":"Operating Income Fell Year-on-Year for the First Time Outside the COVID Quarters","ticker":"dmart","company":"","quarter":"Q1 2025","tags":"","summary":"DMart Q4 FY2025 - revenue up 16.9% YoY, but operating income fell for the first time outside the COVID quarters and net profit fell too."}]