Earnings Review · 10 November 2026
The print
Revenue $7.50B. EPS $5.06 vs $3.89 expected.
What changed versus going in
Earnings came in at $5.06 a share against $3.89 expected, a beat of 30% (+$1.17 a share). Revenue of $7.50B compares with $9.30B expected, 19.3% below consensus.
Did the flow confirm the move?
Underlying money flow is neutral (21-day Chaikin Money Flow -0.03, five-day price change -4.7%, as of 2026-11-06, desk flow model): no strong accumulation or distribution signature.
Give the business its due
The business itself is genuinely strong: revenue growing about 23%, net margins near 11%, a narrow competitive moat, backed by a 15% return on equity.
Levels that matter
At $249.95 the shares sit 38% below the 52-week high of $400.98 and 9% above the low of $228.63 (12% of the way up the range). The 50-day average is $270.02, above the price. The 200-day average is $278.45, above the price.
The valuation lens
The shares trade close to our fair-value estimate (+9% margin of safety): fairly priced, little cushion for a miss. Fair value lands near $271 against a $249.95 share price, a margin of safety of about 9%. The trailing multiple sits around 26 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Pending: Interest check. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, Power Assets Holdings Limited (0006.HK) sits in the same industry (Utilities – Independent Power Producers) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
