AMTD // AMTD IDEA Group each representing three hundred sixty (360) (Class A)

DES <GO> NYSE RQD COCKPIT → CIK 0001769731 ↗

Financials • Finance: Consumer Services

$20.68 ▲ +0.38 (+1.85%)

MKT CAP: $33.0M • VOL: 2.0K

52W L $20 52W H $77

ROARABLE / RQD

C- • 59/100

PIOTROSKI

6 / 9

AMTD // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 59/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

59 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

9 / 20

WARNING

FCF +200% vs NI +25.5% • ROIC-WACC -4.1% • Z 3.2

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

12 / 20

NEUTRAL

52W RANGE 76% • VS 200D +6.2% • RSI 61.2

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

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04 FRED 90D r-MATRIX

Macro Regime Fit

16 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

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ALERT

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AMTD // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -66.86%▼ DESCENDING CHANNEL

2026-10-30O $20.87H $21.60L $19.64C $20.68VOL 4.4K

RES: $45.74SUP: $15.29SMA50: $38.78SMA200: $53.13

AMTD // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 55/100

BEAR 0

100 BULL

AMTD IDEA Group each representing three hundred sixty (360) (Class A) (AMTD) exhibits 45.0% gross margins and 4.9% return on invested capital within Financials (Finance: Consumer Services), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into — operating margin and 4.9% ROIC, outpacing sector cost of capital.

ROIC: 4.9% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +25.8% paired with 2.80% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +25.8% // FCF YLD: 2.80%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 6/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $20.68 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Finance: Consumer Services require continuous execution to defend 66.4% net margins.

NET MARGIN: 66.4% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E —

EV / EBITDA —

FCF YIELD —

GROSS MARGIN —

OPERATING MARGIN —

NET MARGIN 66.4%

ROIC % 4.9%

REV GROWTH YOY +25.8%

DILUTED EPS TTM —

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 31.6

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // AMTDPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $18.92

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for AMTD & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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AMTD VS BAC

MARGINS ROIC VALUATION