17 August 2026 | 3:18PM HKT Equity Research Angel Yeast (600298.SS) Yeast Protein emerges as a compelling new growth engine amid rising protein demand and prices; Buy 600298.SS 12m Price Target: Rmb46.60 Price: Rmb43.50 Upside: 7.1% Angel Yeast delivered -0.5% YTD vs. the China consumer staple index reading of -12.6%. We attributed the outperformance to the benefits of a favourable raw material downcycle, with molasses costs falling from an average of Rmb1,128/ton in 2025 to an average of Rmb837/ton in 2026 ...

Australian Clinical Labs Ltd. (ACL.AX) ACL FY26 Result: Cost control delivers earnings upgrade ACL.AX 12m Price Target: A$2.26 Price: A$2.70 Downside: 16.3% The key driver for ACL's FY26 earnings outperformance was largely driven by stronger cost control. The reduction in consumables cost (~80bps reduction as % of revenue 2H vs pcp) was a function of better pricing outcomes, with key suppliers noting the partial assistance by a change in test mix. This cost discipline appears set to continue in FY27 with AC ...

AstraZeneca (AZN.L): Mixed lung cancer updates across the portfolio; eVOLVE-Lung02 discontinuation improves 2027 catalyst set up 17 August 2026 | 8:52AM BST Equity Research This morning, AZN announced: 1) positive topline results from the Phase 3 SAFFRON trial, where Tagrisso plus Orpathys (MET inhibitor) showed positive PFS and OS results in 2L EGFR+ MET+ NSCLC; 2) discontinuation of the Phase 3 eVOLVE-Lung02 trial testing volrustomig (PD-1xCTLA-4) + chemo vs. Keytruda + chemo in PD-L1 low (<50%) NSCLC at ...

Key growth projects are on track for first production and ramp-up in FY27, capex is declining ~A$400mn in FY27, demand in Aus, SE Asia and the US remains robust, and cost out is offsetting inflation. Overall, BSL continues to benefit from near-term positive steel prices, spreads and earnings momentum, a strong balance sheet and improving FCF, and longer-term margin and growth outlook. Key takeaways n Divisional performance: At the divisional level, US (Northstar) EBIT was above GSe on higher volumes and bet ...

17 August 2026 | 3:07PM CST Equity Research Sieyuan Electric (002028.SZ): 2Q26 results: 35% yoy growth in advances from customers implying strong revenue visibility Sieyuan announced 1H26 results that are in line with its pre-announcement (see link). Gross margin came in at 31.6%, recovering 2.6pp qoq (above our expectations), while EBIT came in at 19.8%, also beating our previous estimate of 17.2% due to stringent SG&A expense control. We reiterate our Buy rating, as we view the lower-than-expected 2Q26 re ...

17 August 2026 | 3:48PM SGT Economics Research Thailand: Weaker consumption and public investment drag down activity in Q2 Bottom line: Thailand's economy weakened sharply in Q2, with real GDP growth slowing to 1.9% yoy, from 2.9% in Q1. Domestic demand weakened meaningfully, led by a decline in both private and public consumption. Although private investment rose strongly, the surge was broadly offset by a sharp decline in public investment. With the Q2 GDP outturn coming in slightly below our expectations ...

Our view Sam Burgess +44(20)7774-9651 | sam.burgess@gs.com Goldman Sachs International Jubril Moronfolu +44(20)7051-0985 | jubril.x.moronfolu@gs.com Goldman Sachs International Milind Sikchi +1(332)245-7985 | milind.sikchi@gs.com Goldman Sachs India SPL Aerospace A quiet week after a busy earnings season and Farnborough Airshow. Civil aerospace stocks generally rose low-single-digit despite the STOXX 600 finishing broadly flat. Airbus, Rolls-Royce and Safran gained c.1%, and Melrose c.2%; MTU Aero was the r ...

17 August 2026 | 6:25AM BST Equity Research GS EUROPEAN EXPRESS: Novonesis | Global Healthcare | Paper & Forest Products | Royal Unibrew | Macro | Global | Corporate Access Novonesis (NSISb.CO): 2Q26 Preview: Beat expected (+170bps OSG vs.Cons) into more cautious investor sentiment; reiterate Buy (on CL) - We preview Novonesis's 2Q26 results (due August 20), expecting solid results (9.5% OSG vs. Cons at 7.7%; 37.6% adj. EBITDA margin vs. Cons at 37.8%), but note incremental cautiousness in recent client con ...

17 August 2026 | 7:36AM BST Equity Research Argenx SE (ARGX.BR): Myositis Phase 3 ALKIVIA readout a significant positive with DM representing upside As a reminder, as outlined at ARGX's July R&D event, in the ALKIVIA trial immune-mediated necrotizing myopathy (IMNM) and dermatomyositis (DM) were assessed as separate populations allowing for filing in one or both of the subtypes based on the data generated. As such, the positive IMNM data allows for a regulatory filing where the drug was awarded FDA breakthr ...

17 August 2026 | 8:50AM CEST Equity Research GS Utilities Daily: Germany: Gas draft regulatory paper: Allowed returns proposal a clear setback // Spain extends Almaraz nuclear plant Alberto Gandolfi +39(02)8022-0157 | alberto.gandolfi@gs.com Goldman Sachs Bank Europe SE - Milan branch Ajay Patel +44(20)7552-1168 | ajay.patel@gs.com Goldman Sachs International Mafalda Pombeiro +44(20)7552-9425 | mafalda.pombeiro@gs.com Goldman Sachs International Dhwani Khenwar +1(332)245-7724 | dhwani.khenwar@gs.com Goldman ...