Equity Research
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Carbonomics: Innovating US energy — The hydrocarbon and renewables race We update our modeling of the US energy system, first published in 2023 in the wake of the Inflation Reduction Act, to reflect the substantial changes to these tax incentives under the recently passed budget legislation as well as accelerating AI-driven power demand requiring more energy from all sources. We draw five key conclusions relative to our prior forecast. 25 Jul 2025 | 45pg | Research | Equity - Michele Della Vigna, CFA and others
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GS SUSTAIN: Green Capex: The power of Power amid updated US energy incentives While the passage of the One Big, Beautiful Bill Act (OBBBA) should meaningfully reduce government outlay initially meant to stimulate diverse sources of Green Capex, we continue to see resilient levels of US power sector Green Capex -- we estimate $2.0 trillion in 2023-32. 24 Jul 2025 | 37pg | Research | Equity - Brian Singer, CFA and others |
Our new Speculative Trading Indicator has increased sharply during the last few months. The indicator now sits at its highest level on record outside of 1998-2001 and 2020-2021, although it remains well below the highs reached in those episodes.
25 Jul 2025 | 5:09am| 11pg| Research | Portfolio Strategy-Ben Snider and others
SK Hynix (Hynix) reported 2Q25 revenue of W22.2tn (+26% qoq, +35% yoy) and operating profit of W9.2tn (+24% qoq, +68% yoy), where revenue was higher compared to both GSe of W21.4tn and Bloomberg consensus estimate of W21.0tn, while operating profit was inline with GSe/BBGe of W9.0tn/W9.1tn. We believe the better revenue was driven by higher-than-expected volume for both conventional DRAM and NAND more than offsetting lower-than-expected pricing, while OP was inline as stronger conventional DRAM profit offset the weaker NAND profit.
24 Jul 2025 | 11:18pm| 12pg| Research | Equity-Giuni Lee and others
Trade and Tariffs
Japan Economic Flash: Raising our GDP Forecasts Slightly Following Japan-US Trade Deal
24 Jul 2025 | 12:39pm| 12pg| Research | Economics-Tomohiro Ota and others
Japan Economics Analyst: Is the Current Capex Uptrend Different From the Past? Implications for Future Capex (Otani)
23 Jul 2025 | 11:02am| 16pg| Research | Economics-Akira Otani and others
SK Hynix (Hynix) reported 2Q25 revenue of W22.2tn (+26% qoq, +35% yoy) and operating profit of W9.2tn (+24% qoq, +68% yoy), where revenue was higher compared to both GSe of W21.4tn and Bloomberg consensus estimate of W21.0tn, while operating profit was inline with GSe/BBGe of W9.0tn/W9.1tn. We believe the better revenue was driven by higher-than-expected volume for both conventional DRAM and NAND more than offsetting lower-than-expected pricing, while OP was inline as stronger conventional DRAM profit offset the weaker NAND profit.
Giuni Lee
Asia-Pacific Technology | Seoul
24 Jul 2025 | 11:18pm| 12pg| Research | Equity-Giuni Lee and others
Alphabet Inc. (GOOGL): Q2'25 Review: Core Businesses Gain in Momentum; Continued Focus on Investments to Drive AI Ecosystem Scaling
24 Jul 2025 | 12:00pm| 11pg| Research | Equity-Eric Sheridan and others
Apple Inc. (AAPL): F3Q25 preview: Expect strong revenue trends; beat on gross margins, forex
24 Jul 2025 | 4:08am| 35pg| Research | Equity-Michael Ng, CFA and others
Nidec (6594.T): Above expectations; further enhancing its earnings execution and inflection point looks near; Buy
24 Jul 2025 | 8:00pm| 8pg| Research | Equity-Daiki Takayama and others
MARUWA (5344.T): Earnings Review: In line; AI-related sales growth solid, but auto applications impacted by inventory adjustments; lower TP, maintain Buy
24 Jul 2025 | 7:53pm| 8pg| Research | Equity-Mitsuhiro Icho and others
- Company HighlightsTesla Inc. (TSLA): Improved 2Q gross margin; Ability for revenue and profits to reaccelerate likely to be key debate from here24 Jul 2025 | 11:27am| 11pg| Research | Equity-Mark Delaney, CFA and othersKB Financial Group (105560.KS): 2Q25 Review: Surpassing expectations on shareholder return; Buy24 Jul 2025 | 10:02pm| 10pg| Research | Equity-Sinyoung ParkFortescue Metals Group (FMG.AX): 4Q FY25 result: FY26 hematite cost guidance positive, but other costs higher; Neutral24 Jul 2025 | 5:57pm| 10pg| Research | Equity-Paul Young and othersServiceNow Inc. (NOW): AI Execution, Platform Expansion Anchor Durable High-Growth Trajectory24 Jul 2025 | 10:36am| 9pg| Research | Equity-Kash Rangan and othersShin-Etsu Chemical (4063.T): Earnings Review: 1Q/guidance low side, mainly due to PVC; strong semi materials, mainly for AI; Buy24 Jul 2025 | 8:53pm| 8pg| Research | Equity-Atsushi Ikeda and othersBlackstone Group (BX): First Take: Strong 2Q25 results on multiple fronts, with accelerating momentum ahead24 Jul 2025 | 8:32pm| 9pg| Research | Equity-Alexander Blostein, CFA and others
- Industry HighlightsAmericas Healthcare: Emerging BioPharma: Initiate ARQT at Neutral, BOLD at Early-Stage Biotech; Seeking Commercial Growth & Clinical Clarity25 Jul 2025 | 4:33am| 36pg| Research | Equity-Richard Law, Ph.D. and othersAmericas Technology: Internet: US Online Gaming Q2'25 Preview: Analyzing the Industry Debates & Estimates24 Jul 2025 | 12:08pm| 25pg| Research | Equity-Ben Miller and othersPowering Up Europe: Iberdrola capital raise highlights the secular growth opportunity for the broader industry24 Jul 2025 | 12:29pm| 5pg| Research | Equity-Alberto Gandolfi and othersMetals & Mining: Feedback on Iron Ore & Steel Market Developments, Sentiment Shifts, and 2H Outlook24 Jul 2025 | 5:13am| 9pg| Research | Equity-Matt Greene and othersEurope Healthcare: Biotechnology: Previewing 2Q25 for commercial-stage companies24 Jul 2025 | 5:35am| 26pg| Research | Equity-Rajan Sharma and othersAmericas Capital Markets: 2Q25 EPS Wrap-up: NTRS and CME24 Jul 2025 | 7:33am| 10pg| Research | Equity-Alexander Blostein, CFA and others
- PORTFOLIO STRATEGYUS Thematic Views: The resurgence of the S&P 500 index inclusion effect24 Jul 2025 | 4:00am| 12pg| Research | Portfolio Strategy-Ryan Hammond and othersAsia-Pacific Portfolio Strategy: Asian equity market daily update24 Jul 2025 | 8:32pm| 11pg| Research | Portfolio Strategy-Timothy Moe, CFA and othersGOAL Kickstart: Goldilocks lingers despite temporary Fed independence concerns22 Jul 2025 | 4:06am| 31pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
- OPTIONSWeekly Options Watch: Attractive Options for Earnings-Day Volatility23 Jul 2025 | 5:04pm| 12pg| Research | Options-John Marshall and othersMacro Catalyst Reactions (22-Jul-2025)23 Jul 2025 | 12:04am| 1pg| Research | Options-John MarshallOptimal Overwrites this week (21-Jul-25)21 Jul 2025 | 9:12pm| 17pg| Research | Options-Rohith Medarametla and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Americas Healthcare: Emerging BioPharma: Initiate ARQT at Neutral, BOLD at Early-Stage Biotech; Seeking Commercial Growth & Clinical Clarity
25 Jul 2025 | 4:33am| 36pg| Research | Equity-Richard Law, Ph.D. and others
I
Reece Ltd. (REH.AX): Headwinds largely intact, but more reasonably priced; upgrade to Neutral
24 Jul 2025 | 4:57pm| 14pg| Research | Equity-Niraj Shah and others
Strike Energy Ltd. (STX.AX): CVN to take 19.9% stake via placement at 20% discount, SE Power capex increase, Walyering reserves downgrade; down to Neutral
24 Jul 2025 | 4:11pm| 13pg| Research | Equity-Henry Meyer and others
Birkenstock (BIRK): Momentum robust and valuation attractive; upgrade to Buy. PT €60 (21% implied upside)
24 Jul 2025 | 1:29pm| 21pg| Research | Equity-Louise Singlehurst and others
Latest research
Multiplan (MULT3.SA): 2Q25 First Take: Margin Expansion Drives Beat
25 Jul 2025 | 10:37am| 6pg| Research | Equity-Jorel Guilloty and others
YDUQS PART (YDUQ3.SA): Announces changes in management team
25 Jul 2025 | 10:13am| 6pg| Research | Equity-Gustavo Miele
Alaska Air Group Inc. (ALK): FY outlook essentially in-line; improving industry demand bolstered by merger synergies ramping
25 Jul 2025 | 10:08am| 7pg| Research | Equity-Catherine O'Brien and others
Fletcher Building (FBU.AX): Earnings cuts on elusive recovery, retain Sell.
25 Jul 2025 | 10:04am| 11pg| Research | Equity-Niraj Shah and others
Hexcel Corp. (HXL): 2Q25 First Take: Mixed quarter
25 Jul 2025 | 9:20am| 7pg| Research | Equity-Noah Poponak, CFA and others
Nongfu Spring (9633.HK): 1H25 Preview: Expect DD% growth across categories with NPM expansion; Potentially brighter 2H25; Buy
25 Jul 2025 | 9:10am| 9pg| Research | Equity-Leaf Liu and others
Keppel DC REIT (KEPE.SI): 1H25 First Take: Strong rent reversion at 51% above expectation; Buy
25 Jul 2025 | 9:03am| 7pg| Research | Equity-Xuan Tan, CFA and others
Moelis & Co. (MC): Strong quarterly beat, with a constructive outlook, and ongoing investment into secondaries
25 Jul 2025 | 8:46am| 7pg| Research | Equity-James Yaro and others
Brazil Payment Technology: 2Q25 preview: Weaker TPV, but still healthy EPS growth
25 Jul 2025 | 8:43am| 17pg| Research | Equity-Tito Labarta and others
O'Reilly Automotive Inc. (ORLY): Strong DIFM comp suggests ORLY continues to take share; Same-SKU inflation to be a modest 2H benefit
25 Jul 2025 | 8:40am| 7pg| Research | Equity-Kate McShane, CFA and others
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WEBCAST REPLAY: MoonLake Immunotherapeutics (MLTX): Our Thoughts on SLK’s Ph. 2 Inverse Dose Response on Upcoming Ph. 3 VELA Readout25 Jul 2025 | 6:43am| Equity Research
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The 720: KB Financial, SK Hynix, Nidec, Japan Industrial Electronics, Ryohin Keikaku, Japan Macro, LVMH
25 Jul 2025 | 7:20am| 9pg| Research | Equity-Michael Snaith and others
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28 Jul 2025 | 8am NY | 1pm LN | 8pm HK
GS’ Consumer Trader (Eric Mihelc) and Specialist (Scott Feiler) will discuss investor positioning ahead of Q2 Consumer Discretionary results.
Kate McShane, CFA, Hardline Retail Analyst, GIR
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Global Investment Research
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This year’s event will delve into key AI & Semis topics including scalability, enterprise adoption, agentic AI & robotics, challenges/bottlenecks,...Read more
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Katie Fogertey, CFO, Shake Shack Inc.
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