14 August 2026 | 4:57AM EDT Equity Research Vertex Pharmaceuticals Inc. (VRTX): Physician discussion frames the outlook for VRTX's prospective endocrinology vertical We hosted an investor call with two to discuss assets VRTX would gain in the proposed CRNX acquisition, including oral small molecules Palsonify in acromegaly (excess growth hormone) and atumelnant in classic congenital adrenal hyperplasia (CAH; Phase 3 in adults with data likely in 2027; Phase 2/3 in pediatrics/adolescents; and Phase 1/2 in AC ...

Uniao Pet (AUAU3.SA): 2Q26 results in line with expectations PetzCobasi reported 2Q26 results in line with expectations. SSS came in at +7% yoy and total revenue grew +8% yoy. In spite of the digital channel gaining share in the sales mix (+50bp yoy), gross margin increased by +10bp, supported by pricing discipline and higher private label penetration. The opex ratio improved 20bp yoy, reflecting operating leverage and lower pre-operating expenses related to store openings. All in all, adjusted EBITDAmargin ...

Our view post H1 2026 earnings Following RENK's H126 results, we maintain our Neutral rating and 12-month target price of €65. Vehicle Mobility Solutions remains the key growth and earnings driver, supported by strong international demand, improving production throughput and higher capacity utilisation. With more than 90% of planned FY26 revenue covered by fixed backlog, we continue to expect a back-end-loaded year. Our FY26 forecasts of approximately €1.58bn in revenue and €276mn in adjusted EBIT imply a 1 ...

14 August 2026 | 6:06PM JST Equity Research Rakus Co. (3923.T) Earnings Review: 1Q in line with expectations; progress in profitability improvement, feature enhancements, and investment in SaaS companies; Neutral 3923.T 12m Price Target: ¥1,100 Price: ¥1,171 Downside: 6.0% 1Q3/27 sales of ¥14.2 bn and operating profits of ¥4.8 bn, reported after the August 14 close, were in line with our estimates (¥14.2 bn and ¥4.7 bn, respectively). Both sales and profits were ahead of guidance in terms of initial expecta ...

14 August 2026 | 3:05PM IST Equity Research We update our model for Solar Industries to correct a modeling error which miscalculated FY27 quarterly estimates. With this note we revise 2Q/3Q/4Q FY27 estimates to Rs52.5/58.8/76.9. There is no change to our investment view, and our target price and full year estimates remain unchanged. Price Target Risks and Methodology - Solar Industries We derive our 12-month target price for SOIL on a P/E-based methodology. Specifically, we discount SOIL's FY31E EPS by its ...

14 August 2026 | 5:05PM AEST Equity Research Nanosonics (NAN.AX) Preparing for CORIS launch; Buy NAN.AX 12m Price Target: A$4.20 Price: A$3.55 Upside: 18.3% The key considerations for NAN ahead of its result include (1) Ability to maintain strong capital upgrade growth (Gse 2H26: 32%), (2) GM% outlook given inflationary pressures and (3) Progress on CORIS with several important milestones targeted across FY27. Whilst we view the US hospital capex environment as largely stable, we anticipate the company is l ...

Awaiting a rise in development pipeline expectations; maintain Sell 4528.T 12m Price Target: ¥2,200 Price: ¥2,433 Downside: 9.6% 14 August 2026 | 4:38PM JST Equity Research Ono Pharmaceutical (4528.T) Ono Pharmaceutical's share price has risen significantly since the October 2025 announcement of top-line PoC trial results for selective EP4 antagonist ONO-4578 (in development for gastric/colorectal cancer) and S1P5 receptor agonist ONO-2808 (in development for multiple system atrophy(MSA)). We attribute thes ...

14 August 2026 | 5:05AM EDT Equity Research Marex Group (MRX): Growth trends remain robust despite slower volume environment; Reiterate Buy post mgmt meeting We hosted a meeting with Buy-rated MRX's CEO Ian Lowitt on the back of 2Q26 EPS. We come away with more conviction in the firm's ability to compound growth through the cycle. We expect 2026 to see continued momentum (with QTD trends tracking at 1H26 levels) alongside a more consistent revenue profile and multi-year margin expansion beyond 2026. The mee ...

Max Healthcare reported 1Q broadly in line with our expectations, with consolidated sales/EBITDA growing 15%/16% yoy, respectively, as growth continues to accelerate sequentially as the company recovers from the impact of CGHS caps on onco business and some delays in commissioning of new beds. Overall margins came in below estimates at ~23.8% (-16bps vs. GSe) as better gross margins was offset by higher opex in hospitals. We continue to see Max Healthcare as among our preferred picks in the large cap India ...

6592.T 12m Price Target: ¥1,500 Price: ¥1,742 Downside: 13.9% 14 August 2026 | 5:29PM JST Equity Research Mabuchi Motor (6592.T) 2Q beat, but little to raise growth expectations; maintain cautious stance Mabuchi Motor's 2Q operating profits of ¥7.8 bn, announced at 12:30 JST on August 14, were above our estimate of ¥6.3 bn. The company also raised its full-year guidance slightly, from ¥26.0 bn to ¥26.5 bn (assumes ¥155/US$ in 2H). Key points from the results briefing are as follows: (1) 1Q→2Q operating prof ...