Equity Research
In this report, we rebalance our sector-neutral baskets of S&P 500 firms with the highest sales exposure to the United States (ticker: GSTHAINT) and foreign regions (GSTHINTL) and our baskets of Russell 1000 stocks with the most sales exposure to Western Europe (GSTHWEUR) and EM regions (GSTHBRIC). In addition, we include lists of S&P 500 companies with the highest revenue exposure to various non-US regions, including Greater China, Japan, Latin America, and the United Kingdom, along with an appendix with the geographic sales exposure data for each S&P 500 stock.
15 Jul 2025 | 5:50am| 34pg| Research | Portfolio Strategy-David J. Kostin and others
President Trump signed an extension of the tariff deadline to August 1st and announced higher tariff rates on a number of countries, including 30% on the EU over the weekend. Overall, the impact of tariff and tariff uncertainty on markets has been small, with the S&P 500 reaching new all-time highs last week and our Risk Appetite Indicator hitting 0.6 on Friday.
15 Jul 2025 | 3:14am| 29pg| Research | Portfolio Strategy-Andrea Ferrario and others
In our latest eCommerce tracker, we refresh our Alibaba and JD estimates given the higher-than-expected intensity of food delivery & on-demand competition in the near-term, as the 'everyday app' battle by eCommerce players continues.
16 Jul 2025 | 6:07am| 23pg| Research | Equity-Ronald Keung, CFA and others
DiDi is well positioned to capture growing global mobility opportunities, is at the forefront of autonomous driving, and has an undemanding valuation (14X 2026E domestic P/E vs. 8%/44% revenue/EPS 2024-27E CAGR). We expect sustained compounding of domestic profit/FCF streams, one of the fastest profit growths within our China Internet coverage, through domestic GTV margin expansion on market leadership, int'l mobility profit expansion and narrowing losses from other initiatives (incl. robotaxis). At US$25bn market cap (18X FY26E P/E) vs. UBER at US$200bn (27X FY26E P/E), both players leading in respective domestic markets with int'l growing, we believe DiDi's valuation is attractive vs. global peers with positive risk-reward. Initiate at Buy.
15 Jul 2025 | 59pg | Research | Equity - Ronald Keung, CFA and others
Since we launched our China robotaxi industry estimates in May, we have seen robotaxi operators remain positive on the long-term outlook. We remain positive on Robotaxi industry growth, due to: (1) Technology (2) New riding experience (3) Supporting online ride-hailing mobility and (4) New business model...
15 Jul 2025 | 9pg | Research | Equity - Allen Chang and others
- Baidu.com Inc. (BIDU): Announcing cooperation with Uber on Robotaxi global expansion (15 Jul 2025)
- Pony AI Inc. (PONY): Mgmt. call: Robotaxi fleet size expansion with unit economics to turn around; Buy (8 Jul 2025)
WEBCAST: China Robotaxis: The Road to Commercialization
16 Jul 2025 | 8:30pm HK
With Allen Chang, Ronald Keung, Verena Jeng, Lincoln Kong, Tina Hou, and Caleb Chan
REGISTER
16 Jul 2025 | 8:30pm HK
With Allen Chang, Ronald Keung, Verena Jeng, Lincoln Kong, Tina Hou, and Caleb Chan
REGISTER
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Ronald Keung, CFA |
Allen Chang |
Lincoln Kong, CFA |
J.P. Morgan Chase & Co. (JPM): 2Q25 EPS: Guidance and estimates revised higher; reiterate Buy
16 Jul 2025 | 4:43am| 7pg| Research | Equity-Richard Ramsden and others
Citigroup Inc. (C): 2Q25 EPS: Q2 results underscore C is on track for a 10-11% ROTCE target
16 Jul 2025 | 5:03am| 7pg| Research | Equity-Richard Ramsden and others
Wells Fargo & Co. (WFC): 2Q25 EPS: Slightly lower estimates, although market response overdone, as long-term story intact
16 Jul 2025 | 4:52am| 7pg| Research | Equity-Richard Ramsden and others
BlackRock Inc. (BLK): Stock pullback overdone, as EPS outlook is unchanged and organic growth remains solid
16 Jul 2025 | 9:49am| 8pg| Research | Equity-Alexander Blostein, CFA and others
Bank of New York Mellon Corp. (BK): First Take: Solid 2Q25, updated outlook implies 2H25 PPNR roughly in line with Street
15 Jul 2025 | 8:25pm| 9pg| Research | Equity-Alexander Blostein, CFA and others
- Company HighlightsAnta Sports Products (2020.HK): In-line 2Q25 and full year guidance reiterated with positive tone into 2H25; Buy (on CL)15 Jul 2025 | 10:58pm| 9pg| Research | Equity-Michelle Cheng and othersPop Mart (9992.HK): Profit alert: 1H25 above GSe/Consensus but in-line with buyside expectation15 Jul 2025 | 10:49pm| 8pg| Research | Equity-Michelle Cheng and othersSino Biopharmaceutical (1177.HK): First take on LaNova acquisition; strengthen oncology pipeline with ADCs and BsAbs16 Jul 2025 | 6:42am| 9pg| Research | Equity-Ziyi Chen and othersAlkermes (ALKS): Orexin portfolio updates to drive share appreciation; Initiate at Buy15 Jul 2025 | 2:04pm| 27pg| Research | Equity-Andrea Newkirk, Ph.D. and othersRevolution Medicines (RVMD): Leading RAS(On) inhibitor portfolio is poised to unlock blockbuster opportunities; Initiate at Buy15 Jul 2025 | 2:03pm| 23pg| Research | Equity-Andrea Newkirk, Ph.D. and othersKymera Therapeutics (KYMR): A potentially best-in-class oral targeted protein degrader platform for immunology; Initiate at Early-Stage Biotech15 Jul 2025 | 2:02pm| 29pg| Research | Equity-Andrea Newkirk, Ph.D. and others
- Industry HighlightsChina Cloud/Data Centers: Improved chip availability to better capture AI demand15 Jul 2025 | 9:58pm| 9pg| Research | Equity-Timothy Zhao and othersAsia REITs: What proactive measures can J-REIT/S-REIT managers take to revitalize the market?15 Jul 2025 | 4:55pm| 40pg| Research | Equity-Sachiko Okada and othersChina Consumer Durables: RVC 2Q25 preview: Stay cautious on competition risk despite market optimism15 Jul 2025 | 6:55pm| 17pg| Research | Equity-Nicolas Yi and othersChina Spirits Tracker: Policy Impact Kicking In, Profit Alert by Swellfun/Jiugui, Expect more Shipment suspension16 Jul 2025 | 4:50am| 13pg| Research | Equity-Leaf Liu and othersNavigating China Internet: Top AI/apps tracker: Focus around chip supply and AI application adoption; solid June app engagement15 Jul 2025 | 10:46pm| 27pg| Research | Equity-Ronald Keung, CFA and othersAmericas Healthcare: Biotechnology: 2Q EPS preview; Remaining selective on names with strong launch execution and alpha-generating catalysts15 Jul 2025 | 2:09pm| 42pg| Research | Equity-Andrea Newkirk, Ph.D. and others
- PORTFOLIO STRATEGY2025 GOAL Asset Allocation: An overview of our core views across assets [PRESENTATION]16 Jul 2025 | 4:17am| 37pg| Research | Portfolio Strategy-Peter Oppenheimer and othersUS Weekly Kickstart: Investor feedback to our revised S&P 500 forecasts12 Jul 2025 | 4:16am| 25pg| Research | Portfolio Strategy-David J. Kostin and othersAussie Weekly Kickstart: CBA drove more than 40% of the ASX 200's FY25 return, becoming a significant headwind to domestic fund manager performance15 Jul 2025 | 2:42am| 23pg| Research | Portfolio Strategy-Matthew Ross and others
- OPTIONSMacro Catalyst Reactions (15-Jul-2025)15 Jul 2025 | 9:11pm| 1pg| Research | Options-John MarshallOptimal Overwrites this week (14-Jul-25)14 Jul 2025 | 10:34pm| 17pg| Research | Options-Rohith Medarametla and othersTop 25 Tactical Trades for Earnings Season10 Jul 2025 | 5:03pm| 28pg| Research | Options-John Marshall and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
CNH Industrial (CNH): Down to Neutral post strong YTD performance
16 Jul 2025 | 7:57am| 30pg| Research | Equity-Daniela Costa and others
Latam Steel: Usiminas Down to Neutral; Profitability Pressure to Remain, More Capex Required
16 Jul 2025 | 5:08am| 25pg| Research | Equity-Marcio Farid and others
DiDi Global Inc. (DIDIY): Global mobility growth at the forefront of robotaxi commercialization; initiate at Buy
16 Jul 2025 | 4:12am| 59pg| Research | Equity-Ronald Keung, CFA and others
I
Nutanix Inc. (NTNX): Hybrid Multi-Cloud Orchestrator for the Modern Enterprise; Initiate Buy, $95 PT
15 Jul 2025 | 3:59pm| 55pg| Research | Equity-Matthew Martino and others
I
Latest research
BlackRock Inc. (BLK): Stock pullback overdone, as EPS outlook is unchanged and organic growth remains solid
16 Jul 2025 | 9:49am| 8pg| Research | Equity-Alexander Blostein, CFA and others
India Industrials: Industrial Data and 'Make in India' tracker: Activity indicators moderate; Q1FY26 capex momentum remain weak
16 Jul 2025 | 9:45am| 18pg| Research | Equity-Pulkit Patni and others
China Passenger Vehicle Monthly Chartbook: Jun 2025 - Lower inventory months but more MSRP cuts with larger magnitude; BYD domestic market share +3.1pp mom
16 Jul 2025 | 9:41am| 29pg| Research | Equity-Tina Hou and others
Shiseido (4911.T): Revising quarterly forecasts, investment view unchanged
16 Jul 2025 | 9:12am| 7pg| Research | Equity-Takashi Miyazaki and others
Europe Branded Consumer Goods: Luxury Goods: Macro Tracker: China data mixed but incrementally positive; monitoring US demand ahead of 2H
16 Jul 2025 | 9:11am| 12pg| Research | Equity-Louise Singlehurst and others
Coca-Cola HBC AG (CCH.L): Key takeaways from Nigeria presentation; confident mid-term outlook
16 Jul 2025 | 8:27am| 14pg| Research | Equity-Aron Adamski and others
J.B. Hunt Transport Services Inc. (JBHT): 2Q25 EPS Results Slightly Ahead; Intermodal Margins Finding Stability
16 Jul 2025 | 8:26am| 8pg| Research | Equity-Jordan Alliger and others
Innolight (300308.SZ): Growth re-accelerating; 2Q net profit of Rmb2.4bn at mid-point, +79% YoY/+53% QoQ; Buy
16 Jul 2025 | 8:06am| 7pg| Research | Equity-Jin Guo and others
CNH Industrial (CNH): Down to Neutral post strong YTD performance
16 Jul 2025 | 7:57am| 30pg| Research | Equity-Daniela Costa and others
The 720: Didi Initiation, China Robotaxi, China Cloud/Data Centers, Taiwan CCL, Namura Shipbuilding, Anta, MakeMyTrip, China Macro
16 Jul 2025 | 7:22am| 9pg| Research | Equity-Michael Snaith and others
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Featured Media
55:41
Research Unplugged: GOAL 2H Outlook: Goldilocks and the three bears16 Jul 2025 | 6:15am| Equity Research
DAILY ROUNDUPS
The 720: Didi Initiation, China Robotaxi, China Cloud/Data Centers, Taiwan CCL, Namura Shipbuilding, Anta, MakeMyTrip, China Macro
16 Jul 2025 | 7:22am| 9pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: high...
16 Jul 2025 | 1:02am| 8pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
15 Jul 2025 | 8:33pm| 14pg| Research | Equity-Chris Hussey and others
UPCOMING EVENTS & CONFERENCES
Global Investment Research
webcast: Asia
16 Jul 2025 | 4pm HK | 4am NY | 9am LN
We will discuss the impact of anti-extravagance policy on the China staples sector, preview 2Q results, and highlight our key stock ideas.
Leaf Liu, China Consumer Staples Analyst
Valerie Zhou, China Consumer Staples Analyst
Caleb Chan, Asia Research Merchandising
Global Investment Research
webcast: Asia
16 Jul 2025 | 8:30pm HK | 8:30am NY | 1:30pm LN
We will discuss the path to commercialization for robotaxis in China, opportunities along the value chain, and address key debates.
Allen Chang, Head of Greater China Tech Research
Ronald Keung, CFA, Head of Asia Internet Research
Verena Jeng, Greater China Tech Analyst
Lincoln Kong, CFA, Asia Internet Analyst
Tina Hou, China Autos Analyst
Caleb Chan, Asia Research Merchandising
Passcode: 104250; Meeting ID: 962 5970 9291
Global Investment Research
webcast: Global
17 Jul 2025 | 5:30pm HK | 5:30am NY | 10:30am LN
We will discuss our initiation of 26 stocks across the semiconductor, semi cap equipment, and EDA software industries, including 12 fresh Buy...Read more
James Schneider, Ph.D., US Semis, Telecom & IT Services Analyst
Allen Chang, Head of Greater China Technology Research
Passcode: 901701; Meeting ID: 990 6692 7562
Global Investment Research
webcast: Global
17 Jul 2025 | 8am NY | 1pm LN | 8pm HK
We will discuss our views on the supply-demand picture for silicon wafers, SiC substrate, GaN devices, and IGBT, and highlight the implications for...Read more
Allen Chang, Head of Greater China Technology Research
Atsushi Ikeda, Japan Chemicals Analyst
Daiki Takayama, Head of Asia Technology Research
Verena Jeng, Greater China Technology Analyst
Alexander Duval, EU Technology Analyst
Chris Hussey, Head of US Research Merchandising
Passcode: 356792; Meeting ID: 990 4937 0586
UPCOMING FEATURED CONFERENCES
European AI and Semis Symposium
30-31 Jul 2025 | London
Register | Agenda
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
Register
Communacopia + Technology Conference
8-11 Sep 2025 | San Francisco
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European Communacopia Conference
16-17 Sep 2025 | London
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14th German Corporate Conference
22-24 Sep 2025 | Munich
Register
PAST CONFERENCES REPLAYS / TAKEAWAYS
