Equity Research
Fueled by strong policy push following the release of "Nine Measures" in April 2024, coupled with a history of conservative cash return practices, robust cash flows, and substantial cash reserves, Chinese listed companies delivered unprecedented cash returns to shareholders in 2024. Looking ahead, we expect aggregate dividends/buybacks to reach Rmb3.0tn/0.6tn (+10%/+35% yoy) in 2025, despite varying financial characteristics influencing the choice of return methods.
6 Jul 2025 | 10:07pm| 19pg| Research | Portfolio Strategy-Kevin Wang, CFA and others
In this edition of the Japan SMID Monitor, we breakdown the H1 CY2025 performance of the TSE Growth 250 index (TSEMOTHR). The index out-performed TOPIX by 13ppts during the first 6 months of the year (Exhibit 5), after c...
6 Jul 2025 | 5:07pm| 20pg| Research | Portfolio Strategy-Bruce Kirk, CFA and others
Indian financials (Nifty Bank) have delivered 14% returns since 7 April (see our upgrade note), on multiple factors. We believe the reasons to remain constructive on the sector still exist, as we expect the sector to deliver strong earnings growth, driven by both improving ROAs as credit costs subside post 1Q/2Q earnings and NIM improves from 3Q onwards, while loan growth should pick up from 2HFY26E, thereby giving confidence to discount FY27 earnings.
5 Jul 2025 | 12:02am| 37pg| Research | Equity-Rahul Jain and others
Reliance Industries (RELI.BO): Strong 1Q likely across segments; set up for refining more constructive into 2Q; Buy (on CL)
6 Jul 2025 | 8:53pm| 15pg| Research | Equity-Nikhil Bhandari and others
China Energy: Oil: 2Q25 Preview: Preference remains on FCF; Stay Buy PetroChina and CNOOC
4 Jul 2025 | 4:36pm| 14pg| Research | Equity-Nikhil Bhandari and others
Australia Insurance: Downgrade SUN to Neutral; SUN / IAG FY25 Preview
6 Jul 2025 | 3:28pm| 20pg| Research | Equity-Julian Braganza, FIAA
ASX Ltd. (ASX.AX): Strong 2H25E volume / revenue trends but risks remain; FY25E preview; Sell
7 Jul 2025 | 8:12am| 15pg| Research | Equity-Julian Braganza, FIAA
IN THE SPOTLIGHT
On Jul. 4, SKT's share price corrected by -6% post the Ministry of Science and ICT (MSIT) announcing the conclusion of its investigation into SKT's data breach incident which first surfaced in Apr. MSIT found SKT liable ...
Eric Cha
Korea Internet and Games | Telecommunications | Seoul
6 Jul 2025 | 10:43pm| 9pg| Research | Equity-Eric Cha and others
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.
- Company HighlightsHuaqin Technology (603296.SS): AI servers and Switch in expansion; Data center to up to 51% of revenues by 2028E; Buy (on CL)7 Jul 2025 | 7:34am| 8pg| Research | Equity-Verena Jeng and othersChina Feihe Ltd. (6186.HK): 1H25 profit alert: Sales/NP miss on cons. inv., less govt grant & impairment; Rmb1bn buyback w/Rmb2bn div.7 Jul 2025 | 7:25am| 7pg| Research | Equity-Leaf Liu and othersQuanta (2382.TW): Mgmt. call; AI Servers in triple-digit growth; R&D capability and capacity vital to support growth; Neutral7 Jul 2025 | 3:58am| 6pg| Research | Equity-Allen Chang and othersQBE Insurance Group (QBE.AX): Re-rate potential; Strong ROE / Rate adequacy & diversification; Buy6 Jul 2025 | 3:27pm| 12pg| Research | Equity-Julian Braganza, FIAAAntero Midstream Corp. (AM): 2Q25 Preview: Quiet Quarter Despite Macro Volatility; Focus on Cap Allocation7 Jul 2025 | 8:08am| 8pg| Research | Equity-John Mackay and othersNorthern Star Resources Ltd. (NST.AX): First Take: FY25 in-line; FY26 sales/capex guidance in-line with GSe, AISC higher7 Jul 2025 | 7:55am| 8pg| Research | Equity-Hugo Nicolaci and others
- Industry HighlightsChina commodities: Supply side work expectations - reform or reprieve5 Jul 2025 | 5:29pm| 7pg| Research | Equity-Trina Chen and othersChina Consumer Staples: China reportedly planning to release nationwide child-raising subsidies; IMF/Dairy coverage implications7 Jul 2025 | 6:50am| 7pg| Research | Equity-Leaf Liu and othersChina Software: Product Tracker: AI agents upgraded, multi-modal AI models to unlock use cases; Software projects bidding review7 Jul 2025 | 9:24am| 9pg| Research | Equity-Allen Chang and othersChina Metals & Mining: Chinese metal demand - decomposing the resilient growth, front-loaded demand weighs on outlook4 Jul 2025 | 12:45pm| 15pg| Research | Equity-Trina Chen and othersChina Air Travel Tracker: Summer holiday forward booking airfares weakening while CAAC targets to avoid disorderly low-price competition5 Jul 2025 | 12:50pm| 10pg| Research | Equity-Herbert Lu and othersAmericas Diversified Financials: 2Q25 Preview: A healthy backdrop for retail trading and investment banking, with crypto volumes a notable laggard7 Jul 2025 | 10:04am| 35pg| Research | Equity-James Yaro and others
- PORTFOLIO STRATEGYJapan Weekly Kickstart: Introducing the new 2025 Low AGM Approval screen6 Jul 2025 | 9:34am| 25pg| Research | Portfolio Strategy-Bruce Kirk, CFA and othersChina Weekly Kickstart: MXCN lost 1% while A-shares gained 2%; US lifted export curbs on chip design software to China; Mixed PMIs in June5 Jul 2025 | 1:20pm| 24pg| Research | Portfolio Strategy-Kinger Lau, CFA and othersUS Weekly Kickstart: Look for early impact of tariffs during 2Q 2025 earnings season28 Jun 2025 | 4:44am| 22pg| Research | Portfolio Strategy-David J. Kostin and others
- OPTIONSWeekend Cross-asset Dislocations (6-Jul-2025)6 Jul 2025 | 9:41pm| 1pg| Research | Options-John MarshallWeekly Options Watch: Buy Options for July Preannouncement Season2 Jul 2025 | 5:02pm| 9pg| Research | Options-John Marshall and othersOptimal Overwrites this week (30-Jun-25)30 Jun 2025 | 9:55pm| 17pg| Research | Options-Rohith Medarametla and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
SK Telecom (017670.KS): Bigger than expected data breach aftermath; Downgrade to Sell with new TP of W42k
6 Jul 2025 | 10:43pm| 9pg| Research | Equity-Eric Cha and others
Australia Insurance: Downgrade SUN to Neutral; SUN / IAG FY25 Preview
6 Jul 2025 | 3:28pm| 20pg| Research | Equity-Julian Braganza, FIAA
Shurgard (SHUR.BR): Leading European self-storage player with a differentiated, scalable platform; initiate at Buy
4 Jul 2025 | 6:44am| 39pg| Research | Equity-Jonathan Kownator and others
I
Taiwan Banks: Higher growth sustaining for longer, valuation has caught up; Upgrade ESUN to Neutral
3 Jul 2025 | 7:41pm| 28pg| Research | Equity-Gurpreet Singh Sahi, CFA and others
Latest research
GC Tech: Time Interconnect (1729.HK): High-speed cable and Servers ODM; China Cloud Capex to drive growth ahead
7 Jul 2025 | 10:31am| 6pg| Research | Equity-Verena Jeng and others
Americas Clean Energy: House passes tax bill maintaining Senate provisions for clean energy
7 Jul 2025 | 10:10am| 6pg| Research | Equity-Brian Lee, CFA and others
Americas Diversified Financials: 2Q25 Preview: A healthy backdrop for retail trading and investment banking, with crypto volumes a notable laggard
7 Jul 2025 | 10:04am| 35pg| Research | Equity-James Yaro and others
India 4Ws: 1Q Preview: SUV / Tractors to shine + CV margin improving: Buy M&M (on CL)
7 Jul 2025 | 9:42am| 8pg| Research | Equity-Chandramouli Muthiah and others
China Software: Product Tracker: AI agents upgraded, multi-modal AI models to unlock use cases; Software projects bidding review
7 Jul 2025 | 9:24am| 9pg| Research | Equity-Allen Chang and others
GC Tech: Lens Tech (300433.SZ): Mgmt. Call takeaways: Foldable phones bring new opportunities; Vehicle glass drives diversification
7 Jul 2025 | 9:02am| 6pg| Research | Equity-Verena Jeng and others
ASX Ltd. (ASX.AX): Strong 2H25E volume / revenue trends but risks remain; FY25E preview; Sell
7 Jul 2025 | 8:12am| 15pg| Research | Equity-Julian Braganza, FIAA
Antero Midstream Corp. (AM): 2Q25 Preview: Quiet Quarter Despite Macro Volatility; Focus on Cap Allocation
7 Jul 2025 | 8:08am| 8pg| Research | Equity-John Mackay and others
Northern Star Resources Ltd. (NST.AX): First Take: FY25 in-line; FY26 sales/capex guidance in-line with GSe, AISC higher
7 Jul 2025 | 7:55am| 8pg| Research | Equity-Hugo Nicolaci and others
GC Tech: Longcheer (603341.SS): Mgmt positive on AI PC and AI/AR glasses growth opportunities; expanding overseas business/capacity
7 Jul 2025 | 7:45am| 6pg| Research | Equity-Verena Jeng and others
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DAILY ROUNDUPS
The 720: India Banks, SKT downgrade, Reliance, China Strategy (cash returns), China Commodities
7 Jul 2025 | 7:18am| 9pg| Research | Equity-Michael Snaith and others
GS Equity Radar: Conviction List additions (LVMH, ING and Atlas Copco), Going Against the Grain with Repsol and key research from the week
4 Jul 2025 | 7:17pm| 12pg| Research | Equity-Sahar Islam and others
GS EUROPEAN EXPRESS: Shurgard | ASML | Adecco | WOSG | SIKA | Global | Corporate Access
4 Jul 2025 | 1:25pm| 14pg| Research | Equity-Sahar Islam and others
WEEKLY ROUNDUPS
GS Equity Radar: Conviction List additions (LVMH, ING and Atlas Copco), Going Against the Grain with Repsol and key research from the week
4 Jul 2025 | 7:17pm| 12pg| Research | Equity-Sahar Islam and others
End of Week Market Intelligence: no sign...
4 Jul 2025 | 12:46am| 10pg| Research | Equity-Chris Hussey and others
GS TWIG Notes: This Week in Global Research - July 3, 2025
4 Jul 2025 | 12:00am| 12pg| Research | Equity-Chris Hussey and others
UPCOMING EVENTS & CONFERENCES
Global Investment Research
webcast: Americas
8 Jul 2025 | 10am NY | 3pm LN | 10pm HK
We're hosting a series of panels with hospital executives including CEOs, CFOs, and Heads of Supply Chain/ Purchasing to discuss key 2Q25 trends...Read more
David Roman, US MedTech and Healthcare IT Analyst
Jamie Perse, CFA, US Healthcare Facilities Analyst
Global Investment Research
webcast: Americas
8 Jul 2025 | 10am NY | 3pm LN | 10pm HK
We will discuss the latest defense budget proposals coming out of the Big Beautiful Bill making its way through Congress, what it means for legacy...Read more
Noah Poponak, CFA, Aerospace and Defense
Anthony Valentini, CFA, Defense Tech
Chris Hussey, US Research Merchandising
Global Investment Research
webcast: Americas
8 Jul 2025 | 11am NY | 4pm LN | 11pm HK
We will discuss RINs and the landfill gas outlook in context of the EPA’s recent Renewable Fuel Standard proposal. Please reach out to your...Read more
Susan Lafferty, Partner at Holland and Knight
Neil Mehta, Head of Americas Natural Resources Equity Research
Duffy Fischer, Head of US Chemicals
Jerry Revich, CFA, US Machinery, Infrastructure, & Sustainable Tech Analyst
Adam Bubes, CFA, US Machinery, Infrastructure and Sustainable Tech
Alexa Petrick, Integrated Oil & Refiners Associate
Josiah Knight, Integrated Oil & Refiners Analyst
Global Investment Research in partnership with Global banking & Markets
webcast: Asia
10 Jul 2025 | 10am HK | 10pm NY(-1) | 3am LN
This call is a part of China in Motion.
Trina Chen, Head of China Basic Materials Research and Co-Head of Greater China Research
Allen Chang, Head of Greater China Technology Research
Tina Hou, China Autos Analyst
Nicolas Yi, China Household Durables Analyst
Mengwen Wang, China Clean Energy Analyst
Passcode: 784747; Meeting ID: 957 9434 6044
UPCOMING FEATURED CONFERENCES
Asia Leaders Conference
3-5 Sep 2025 | Hong Kong with virtual access
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European Medtech & Healthcare Services Conference
3-4 Sep 2025 | London
Register
32nd Annual Global Retailing Conference
3-4 Sep 2025 | New York
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European Communacopia Conference
16-17 Sep 2025 | London
Register
14th German Corporate Conference
22-24 Sep 2025 | Munich
Register
PAST CONFERENCES REPLAYS / TAKEAWAYS
