Equity Research

ALL | AMERICAS | EUROPE | ASIA

This inaugural conference will bring together thought leaders and senior executives from the most important companies listed in Asia Pacific to present their corporate strategy, current trends and challenges. Running in parallel with the main presentations, companies will be hosting one-on-one and small group meetings.

Participating companies: 1x1/group meetings

Strategy Espresso: Europe has few parallels to US speculative trading activity boom

Our US strategists new Speculative Trading Indicator has increased sharply during the last few months. It now sits at its highest level on record outside of 1998-2001 and 2020-2021 (Pandemic and SPAC boom), although it remains well below the highs reached in those episodes. The rise in the indicator reflects the elevated recent share of trading volumes in unprofitable stocks, penny stocks, and stocks with elevated EV/sales multiples.

29 Jul 2025 | 12:01pm| 9pg| Research | Portfolio Strategy-Sharon Bell and others

Novo Nordisk (NOVOb.CO): Profit warning likely to drive further questions over the long-term obesity opportunity, new CEO announced

Today (July 29th) Novo Nordisk announced reduced expectations for FY25, driven by no change in the compounded semaglutide headwinds and slower-than-expected commercial progress for both Ozempic and Wegovy, with reimburse...

29 Jul 2025 | 8:14pm| 7pg| Research | Equity-James Quigley and others

IN THE SPOTLIGHT

China Machinery: 2Q/1H25 Preview: Earnings lagging shift in demand momentum; mix remains key; Buy Weichai (on CL), Dingli

Our China machinery coverage companies are scheduled to report 2Q25/1H25 results towards end-August. In this note, we preview the upcoming prints based on the latest data from industry association as well as the export trend as suggested by China Customs data. We also make changes to our industry forecasts based on the ytd developments and correspondingly EPS estimates for our coverage companies (by -9%~+40%).

Also read:
Richful (300910.SZ): 2Q25 Preview: Delayed Middle East revenue recognition but still a solid quarter overall; Buy
Milkyway (603713.SS): 2Q25 Preview: Expecting a solid set of results; Buy

Nick Zheng
China Industrials | Hong Kong

Earnings Season
Previews and analysis of the latest results

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Spotify Technology S.A. (SPOT): Q2'25 Earnings Review: Management Emphasizes the Road Ahead is Focused on Growth Investments Against the Long-Term Opportunity Set

30 Jul 2025 | 4:08am| 9pg| Research | Equity-Eric Sheridan and others

Krafton (259960.KS): 2Q25 review: Stronger PUBG momentum expected in 2H25, mgmt focus on mid-to-LT strategy; Buy (CL)

30 Jul 2025 | 12:22am| 13pg| Research | Equity-Eric Cha and others

Advantest (6857.T): Earnings Review: 1Q above expectations; quarterly volatility likely, but company upbeat on outlook into FY3/27; reiterate Buy

29 Jul 2025 | 8:55pm| 8pg| Research | Equity-Shuhei Nakamura and others

Booking Holdings Inc. (BKNG): Q2'25 Earnings First Take

30 Jul 2025 | 4:30am| 7pg| Research | Equity-Eric Sheridan and others

Company Highlights
CSL Ltd. (CSL.AX): ROIC accretion on track assisted by R&D changes
29 Jul 2025 | 6:00pm| 19pg| Research | Equity-Davin Thillainathan, CFA and others
CoreWeave Inc. (CRWV): Durability in AI Infrastructure Demand, Early Momentum in Lowering Cost of Capital - F2Q25 Preview
30 Jul 2025 | 6:04am| 12pg| Research | Equity-Kash Rangan and others
Nike Inc. (NKE): Takeaways from management meeting
30 Jul 2025 | 5:13am| 7pg| Research | Equity-Brooke Roach, CFA and others
Microsoft Corp. (MSFT): Deep Dive on Long-Term Growth Drivers
29 Jul 2025 | 7:00am| 31pg| Research | Equity-Kash Rangan and others
United Parcel Service Inc. (UPS): 2Q EPS Slightly Ahead; But Cost and Macro Pressure Domestic Margin Outlook
30 Jul 2025 | 3:39am| 9pg| Research | Equity-Jordan Alliger and others
Hengrui Medicine (600276.SS): BD momentum continued; Licensing-out a PDE3/4i to GSK
29 Jul 2025 | 11:31pm| 7pg| Research | Equity-Ziyi Chen and others

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Industry Highlights
China Spirits Tracker: Policy tracker-Early dispatch of 2nd Central Inspection team; Non-standard Moutai wholesale prices weakening
29 Jul 2025 | 9:15pm| 12pg| Research | Equity-Leaf Liu and others
Australian Travel: Hotel Bed Wholesaling over Corporate; Buy WEB, Neutral FLT
30 Jul 2025 | 7:44am| 19pg| Research | Equity-James Leigh, CFA and others
ANZ Telecoms: Sector well-placed into FY26 with capital management in focus; Buy TLS
29 Jul 2025 | 5:40pm| 10pg| Research | Equity-Kane Hannan, CFA and others
Americas Restaurants: Framing the fast casual/high growth debate; Introducing risk-reward scenarios
29 Jul 2025 | 12:03pm| 21pg| Research | Equity-Christine Cho and others
Healthcare: Pharmaceuticals: Update on Section 232 remains key post EU trade deal
29 Jul 2025 | 2:29am| 7pg| Research | Equity-Matt Dellatorre, Ph.D. and others
Americas Aerospace & Defense: DOGE update shows incremental revisions at DoD; reiterate cautious Gov't IT & Services view
29 Jul 2025 | 2:40am| 7pg| Research | Equity-Noah Poponak, CFA and others

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PORTFOLIO STRATEGY
China Musings: Summer Break(out)
28 Jul 2025 | 2:37am| 14pg| Research | Portfolio Strategy-Kinger Lau, CFA and others
GOAL Kickstart: Goldilocks extends with further declines in trade policy uncertainty
29 Jul 2025 | 2:29am| 30pg| Research | Portfolio Strategy-Andrea Ferrario and others
Japan Weekly Kickstart: Revising up TOPIX Target to 3,200 after US-Japan trade deal; TPX hits an all-time-high
28 Jul 2025 | 6:35am| 28pg| Research | Portfolio Strategy-Bruce Kirk, CFA and others

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OPTIONS
Optimal Overwrites this week (28-Jul-25)
28 Jul 2025 | 9:17pm| 17pg| Research | Options-Rohith Medarametla and others
Weekend Cross-asset Dislocations (27-Jul-2025)
27 Jul 2025 | 7:38pm| 1pg| Research | Options-John Marshall
Tactical Hedging Update (25-July-2025)
25 Jul 2025 | 8:44pm| 1pg| Research | Options-Arun Prakash, CFA

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RATING AND LIST CHANGES

Vanguard International Corp. (5347.TWO): Earnings Review: 2Q25 impacted by FX; ongoing market share gain to secure future growth prospects; upgrade to Neutral, TP up to NT$90

30 Jul 2025 | 6:09am| 12pg| Research | Equity-Bruce Lu and others

Big Yellow (BYG.L): Rental growth inflection, attractive valuation - Upgrade to Buy

30 Jul 2025 | 5:13am| 23pg| Research | Equity-Rebecca Parker and others

Ceres Power (CWR.L): Moving to Neutral from Buy following recent outperformance

30 Jul 2025 | 12:05am| 17pg| Research | Equity-Michele Della Vigna, CFA and others

Copec (COPEC.SN): Down to Sell; Elevated Capex in Times of Profitability Pressure Equals Multi-Year FCF Burn

29 Jul 2025 | 7:05pm| 16pg| Research | Equity-Marcio Farid and others

most popular research

1
Nike Inc. (NKE): Takeaways from management meeting
30 Jul 2025 | 5:13am| 7pg| Research | Equity-Brooke Roach, CFA and others
2
Spotify Technology S.A. (SPOT): Q2'25 Earnings Review: Management Emphasizes the Road Ahead is Focused on Growth Investments Against the Long-Term Opportunity Set
30 Jul 2025 | 4:08am| 9pg| Research | Equity-Eric Sheridan and others
3
Novo Nordisk (NOVOb.CO): Profit warning likely to drive further questions over the long-term obesity opportunity, new CEO announced
29 Jul 2025 | 8:14pm| 7pg| Research | Equity-James Quigley and others
4
Japan Aerospace & Defense: 2Q read-across: Boeing's aircraft production rate up, Polaris comments on North America market share
30 Jul 2025 | 6:48am| 7pg| Research | Equity-Yuichiro Isayama and others
5
China Machinery: 2Q/1H25 Preview: Earnings lagging shift in demand momentum; mix remains key; Buy Weichai (on CL), Dingli
29 Jul 2025 | 7:17pm| 23pg| Research | Equity-Nick Zheng, CFA and others
6
Microsoft Corp. (MSFT): Deep Dive on Long-Term Growth Drivers
29 Jul 2025 | 7:00am| 31pg| Research | Equity-Kash Rangan and others
7
CoreWeave Inc. (CRWV): Durability in AI Infrastructure Demand, Early Momentum in Lowering Cost of Capital - F2Q25 Preview
30 Jul 2025 | 6:04am| 12pg| Research | Equity-Kash Rangan and others
8
Advantest (6857.T): Earnings Review: 1Q above expectations; quarterly volatility likely, but company upbeat on outlook into FY3/27; reiterate Buy
29 Jul 2025 | 8:55pm| 8pg| Research | Equity-Shuhei Nakamura and others
9
Toyota Motor (7203.T): Aug-Oct global production plan reportedly robust at 2.55 mn vehicles (+5% yoy)
30 Jul 2025 | 6:51am| 7pg| Research | Equity-Kota Yuzawa and others
10
The 720: China Machinery, Advantest, Krafton, Eastroc, NEC, Varun Beverages, CSL, Hengrui
30 Jul 2025 | 7:16am| 9pg| Research | Equity-Michael Snaith and others

Featured Media

27:20

Research Unplugged: Business Services Cross-Sector Spotlight on HRB and TurboTax

29 Jul 2025 | 4:05am| Equity Research

27:59

Research Unplugged: Going Against the Grain – Publicis

26 Jul 2025 | 2:59am| Equity Research

DAILY ROUNDUPS

The 720: China Machinery, Advantest, Krafton, Eastroc, NEC, Varun Beverages, CSL, Hengrui

30 Jul 2025 | 7:16am| 9pg| Research | Equity-Michael Snaith and others

Midday Market Intelligence: shop

30 Jul 2025 | 2:10am| 9pg| Research | Equity-Chris Hussey and others

Market Intelligence: US Morning Update

29 Jul 2025 | 8:37pm| 13pg| Research | Equity-Chris Hussey and others

UPCOMING EVENTS & CONFERENCES

Global Investment Research in partnership with Global Banking & Markets

webcast: Asia

Property | Sector outlook & C-REITs acceleration (in Mandarin)

30 Jul 2025 | 10am HK | 10pm NY(-1) | 3am LN

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This call is a part of China in Motion.

Yi Wang, CFA, Co-Head of Greater China Equity Research

ACCESS WEBCAST

Passcode: 560466; Meeting ID: 960 7894 7390

China: C-REITs (No. 3): From debut to acceleration

China Property Weekly Wrap: Week 29 Wrap - Transactions moderately improved; roll-out of new housing rental regulations

Global Investment Research

conference: Europe

European AI and Semis Symposium

30-31 Jul 2025 | Virtual | Goldman Sachs Office Plumtree Court, 25 Shoe Lane London EC4A 4AU

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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

AGENDA

Participating companies >

Global Investment Research

webcast: Americas

Millrose Properties Inc. (MRP) Virtual Group Meeting

31 Jul 2025 | 2pm NY | 7pm LN | 2am HK(+1)

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Please reach out to your respective sales representative to participate.

Darren Richman, CEO, Millrose Properties Inc.

Garett Rosenblum, CFO, Millrose Properties Inc.

Robert Nitkin, COO, Millrose Properties Inc.

Jesse Ross, Head of Financial Planning and Analysis, Millrose Properties Inc.