Equity Research
Last week US equities closed at ATH on continued positive macro data (Exhibit 1) and a strong US earnings season so far. Data from core retail sales rose (+0.5% in June), and the Philly Fed manufacturing index was above ...
22 Jul 2025 | 4:06am| 31pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
Since the Central Commission for Financial and Economic Affairs (CCFEA) meeting on July 1st where President Xi called for building a “united national market”, discouraging local protectionism, as well as regulating disorderly price competition and excessive competition among producers, share prices for our covered Polysilicon companies (Tongwei/GCL/DQ) rallied by an average of 32% (vs. +13% for the rest of our China Solar coverage and +3%/+2% for CSI300/HSI). We believe it is a reflection of market expectations on potential “Anti-Involution” in the Solar space (the Poly segment in particular) as a pilot for more broad-based industry roll-out to address overcapacity.
China Macro to Micro: Anti-Involution - Reform or Reprieve?
24 Jul @ 4pm HK | REGISTER
22 Jul 2025 | 6:22pm| 14pg| Research | Equity-Mengwen Wang and others
IN THE SPOTLIGHT
Early in the morning of July 23, the US government announced that it had reached a major agreement with Japan in tariff negotiations. The agreement reduces reciprocal tariffs on Japan from 25% to 15%. According to NHK, the agreement also includes a reduction in auto tariffs from 27.5% (existing tariff of 2.5% + additional tariff 25%) to 15% (existing tariff of 2.5% + additional tariff 12.5%). In addition, NHK reported that Japan will invest ¥80 tn in the US, create hundreds of thousands of jobs in the US, and open up the country to trade in automobiles, trucks, and other US agricultural products.
Kota Yuzawa
Head of Asia Autos Research | Tokyo
23 Jul 2025 | 10:19am| 6pg| Research | Equity-Kota Yuzawa and others
Americas Technology: Internet: Online Travel Q2'25 Preview: Analyzing the Industry Debates & Estimates
23 Jul 2025 | 4:05am| 30pg| Research | Equity-Eric Sheridan and others
MakeMyTrip Ltd. (MMYT): 1QFY26 review: Earnings compounding to resume again; Buy
23 Jul 2025 | 3:20am| 13pg| Research | Equity-Manish Adukia, CFA and others
Coca-Cola Co. (KO): A Q2 top/bottom line beat despite negative volumes; FY25 dollar EPS guide slightly raised
23 Jul 2025 | 6:50am| 18pg| Research | Equity-Bonnie Herzog and others
Philip Morris International Inc. (PM): Q2 profit delivery and FY25 guidance raise - Sell-off overdone - Reiterate Buy
23 Jul 2025 | 10:05am| 18pg| Research | Equity-Bonnie Herzog and others
Eternal Ltd. (ETEA.BO): Earnings Review: Upside risks to both growth and margins; raise TP to Rs340; Buy
22 Jul 2025 | 9:09am| 15pg| Research | Equity-Manish Adukia, CFA and others
- Company HighlightsMUFG (8306.T): Investor Day 2025 takeaways: Progress toward targets steady despite uncertain environment22 Jul 2025 | 8:57pm| 7pg| Research | Equity-Makoto Kuroda and othersTexas Instruments Inc. (TXN): Remain constructive on analog; we see disappointing margins and market commentary as company-specific23 Jul 2025 | 9:15am| 9pg| Research | Equity-James Schneider, Ph.D. and othersSAP (SAPG.DE): 2Q25 CCB and revenues in-line, EBIT & FCF well ahead; FY25 guidance reiterated23 Jul 2025 | 9:04am| 9pg| Research | Equity-Mohammed Moawalla and othersHalliburton Co. (HAL): Softer than Anticipated 2H25 Guide, but See Mean Reversion Potential Given Magnitude of Underperformance; Buy23 Jul 2025 | 4:08am| 8pg| Research | Equity-Neil Mehta and othersExxon Mobil Corp. (XOM): 2Q25 Preview: Highlight Strength in Premium Assets, But Remain Mindful of Relative Valuation; Focus on M&A Outlook23 Jul 2025 | 9:56am| 7pg| Research | Equity-Neil Mehta and othersGeneral Motors Co. (GM): 2025 guidance unchanged; 2Q25 EPS wrap23 Jul 2025 | 5:32am| 10pg| Research | Equity-Mark Delaney, CFA and others
- Industry HighlightsMulti-Industry Capex Tracker: Medium-term capex picture strengthens despite spending being deferred in 202523 Jul 2025 | 6:29am| 57pg| Research | Equity-Daniela Costa and othersANZ Data Centres: Highlighting recent datapoints and sector preferences into FY25 earnings; Buy GMG (on CL), NXT and DGT22 Jul 2025 | 8:37pm| 10pg| Research | Equity-Kane Hannan, CFA and othersAmericas Energy: Oil - Refining: 2Q Preview: Refreshing Select SMID Estimates; Focus on Cash Generation and Capital Returns23 Jul 2025 | 10:39am| 7pg| Research | Equity-Neil Mehta and othersKorea Financials & Fintech: US marketing feedback: Investors tuned into Korean financials seen as the beneficiary of gov't policy drives22 Jul 2025 | 3:13pm| 6pg| Research | Equity-Sinyoung ParkThailand Banks: 2Q25 Earnings Review: ahead on gains, masking underlying operational challenges22 Jul 2025 | 11:27pm| 19pg| Research | Equity-Melissa Kuang, CFA and othersAmericas Technology: Internet: Q2'25 Gaming Industry Preview – Analyzing the Industry Debates & Estimates Ahead of Earnings23 Jul 2025 | 5:48am| 28pg| Research | Equity-Eric Sheridan and others
- PORTFOLIO STRATEGYUS Weekly Kickstart: Dollar weakness provides a modest offset to tariff earnings pressure19 Jul 2025 | 4:01am| 24pg| Research | Portfolio Strategy-David J. Kostin and othersIndia Strategy: Domestic funds turn selectively pro-cyclical; Foreign investors favour domestic pockets over exporters18 Jul 2025 | 3:47pm| 11pg| Research | Portfolio Strategy-Amorita Goel, CFA and othersEurope Weekly Kickstart: 2Q-25 Earnings Tracker: Early season, mixed so far18 Jul 2025 | 10:14pm| 30pg| Research | Portfolio Strategy-Sharon Bell and others
- OPTIONSMacro 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 othersWeekend Cross-asset Dislocations (20-Jul-2025)20 Jul 2025 | 9:21pm| 1pg| Research | Options-John Marshall
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Jiumaojiu (9922.HK): Light at the end of the tunnel: New Tai Er format well on track; upgrade to Buy
22 Jul 2025 | 6:36am| 12pg| Research | Equity-Michelle Cheng and others
AMP (AMP.AX): 2Q25 flows bode well for Valuation; but sustainability unclear; D/G to Neutral
22 Jul 2025 | 6:18am| 13pg| Research | Equity-Julian Braganza, FIAA
Liberty Formula One (FWONK): High quality, execution based growth story with potential for outsized capital returns; Reinstate at Buy
22 Jul 2025 | 4:04am| 34pg| Research | Equity-Stephen Laszczyk and others
Hong Kong Real Estate: Cycle inflecting but slowly; NWD to Neutral; Sino down to Sell
21 Jul 2025 | 7:41pm| 25pg| Research | Equity-Gurpreet Singh Sahi, CFA and others
Latest research
Stillfront (SFRG.ST): Updating estimates post 2Q25; Neutral
23 Jul 2025 | 10:41am| 6pg| Research | Equity-Alexander Duval and others
Americas Energy: Oil - Refining: 2Q Preview: Refreshing Select SMID Estimates; Focus on Cash Generation and Capital Returns
23 Jul 2025 | 10:39am| 7pg| Research | Equity-Neil Mehta and others
Japan Automobiles: Japan-US tariff agreement; NHK reports auto tariffs at 15%
23 Jul 2025 | 10:19am| 6pg| Research | Equity-Kota Yuzawa and others
Americas Utilities: Power: PJM capacity auction clears at cap of ~$329/MW-day; bullish for IPPs, mixed for T&D utilities
23 Jul 2025 | 10:17am| 6pg| Research | Equity-Carly Davenport and others
Chubb Ltd. (CB): Commercial Results Mixed as 2Q25 EPS Beats on NA Personal Performance, Offset by higher CATs
23 Jul 2025 | 10:07am| 9pg| Research | Equity-Robert Cox and others
Philip Morris International Inc. (PM): Q2 profit delivery and FY25 guidance raise - Sell-off overdone - Reiterate Buy
23 Jul 2025 | 10:05am| 18pg| Research | Equity-Bonnie Herzog and others
Exxon Mobil Corp. (XOM): 2Q25 Preview: Highlight Strength in Premium Assets, But Remain Mindful of Relative Valuation; Focus on M&A Outlook
23 Jul 2025 | 9:56am| 7pg| Research | Equity-Neil Mehta and others
Genuine Parts Co. (GPC): FY25 guidance lowered on softer 2H outlook; Reiterate Sell as we expect headwinds to remain
23 Jul 2025 | 9:52am| 8pg| Research | Equity-Kate McShane, CFA and others
Vale (VALE): First Take: 2Q25 Production/Sales Report: Good But in Line; Commercial/Production Increasingly More Adaptive
23 Jul 2025 | 9:35am| 8pg| Research | Equity-Marcio Farid and others
Texas Instruments Inc. (TXN): Remain constructive on analog; we see disappointing margins and market commentary as company-specific
23 Jul 2025 | 9:15am| 9pg| Research | Equity-James Schneider, Ph.D. and others
EPS changes (10% or more, last 24 hrs)
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* Contains active ratings and coverage designation. Source: Goldman Sachs Research
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DAILY ROUNDUPS
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23 Jul 2025 | 7:23am| 9pg| Research | Equity-Michael Snaith and others
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webcast: Asia
23 Jul 2025 | 10am HK | 10pm NY(-1) | 3am LN
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23 Jul 2025 | 3pm HK | 3am NY | 8am LN
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23 Jul 2025 | 2pm NY | 7pm LN | 2am HK(+1)
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Global Investment Research
webcast: Global
24 Jul 2025 | 3pm HK | 3am NY | 8am LN
We will discuss our outlook for base metals, demand and supply trends, as well as tariff implications.
Eoin Dinsmore, Head of Industrial Metals Research
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Passcode: 730793; Meeting ID: 966 1833 1565
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