Our view post H126 earnings We update our forecasts following Dassault Aviation's H126 results, while reiterating our Sell rating and maintaining our 12-month target price of €300. 17 August 2026 | 5:01AM BST Equity Research Dassault Aviation (AM.PA): Updating estimates post H126 Within Falcon, we modestly reduce our FY27-30 assumptions to reflect the delayed entry into service of the Falcon 10X as management attributed the revised timetable to the longer certification process required. This lowers our divi ...

17 August 2026 | 6:45AM BST Equity Research Sandoz Group AG (SDZ.S): Further expands best-in-class pipeline with collaboration with Henlius for up to 10 biosimilars This morning (Aug 17), Sandoz announced a strategic collaboration with Shanghai Henlius Biotech (covered by Ziyi Chen) on up to 10 biosimilars (incl. monoclonal antibodies and/or antibody-drug conjugates), further expanding its best-in-class biosimilar pipeline from 36 to 39 (with a potential to increase to up to 46). The initial agreement cover ...

GS European Research Factor Barometer Chris Fremantle: +44-20-7051-7751 As of August 17, 2026 Performance Valuation Primary Factors: Fundamental and Technical | | | | Performance (Total Return) | | | | --- | --- | --- | --- | --- | --- | | | | | | Trailing | | | Factor1 - Market Neutral 2025 | | YTD | 3M | 1M | 1W | | Value (Cheapest vs. Richest) 11.8% | | 9.1% | 5.5% | 4.6% | 0.3% | | Integrated (High vs. Low) 7.4% | | 2.5% | 5.1% | 2.3% | -0.7% | | Financial Returns (High vs. Low) -6.6% | | -4.3% | 2.2% | ...

Our take: The previous CEO was appointed only in March of this year, and as such, we would expect investors may be unsettled by this rapid change made by the board. Investors with whom we have spoken were generally constructive on the previous CEO's capacity to execute based on his previous work at FLSmidth, and had high expectations on what could be achieved at SIG. That said, the new CEO has been involved in most of the initiatives being implemented to help restructure the company, and as such, we believe ...

17 August 2026 | 5:02AM BST Equity Research Royal Unibrew (RBREW.CO) Finland data points to Q2 volume miss, but we expect resilient EBIT RBREW.CO 12m Price Target: Dkr530.00 Price: Dkr474.80 Upside: 11.6% What's new? Finland's beverage market contracted in Q2 despite favourable weather, with industry volumes down -1.8%. The Finnish Brewing and Soft Drinks Industry Association cited weaker purchasing power and higher prices as headwinds. Beer and long drinks each declined by around -2%, soft drinks fell -7.6 ...

GLOBAL HEALTHCARE The Obesity Evolution: Framing the generic semaglutide opportunity in Canada and Brazil 17 August 2026 | 5:45AM BST Equity Research Shyam Kotadia +44(20)7051-6153 | shyam.kotadia@gs.com Goldman Sachs International Goldman Sachs Global Healthcare James Quigley +44(20)7051-3800 | james.quigley@gs.com Goldman Sachs International Gustavo Miele +55(11)3371-0834 | gustavo.miele@gs.com Goldman Sachs do Brasil CTVM S.A. Theodora Rowe Beadle +44(20)7552-0177 | theodora.beadle@gs.com Goldman Sachs I ...

Georgina Fraser, Ph.D. +44(20)7552-5984 | georgina.fraser@gs.com Goldman Sachs International 17 August 2026 | 8:03AM GST Equity Research Novonesis (NSISb.CO): 2Q26 Preview: Beat expected (+170bps OSG vs. Cons) into more cautious investor sentiment; reiterate Buy (on CL) Novonesis will release 2Q26 results on 20 August. We anticipate 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 conversations around tougher comparable ...

17 August 2026 | 6:56AM HKT Equity Research JD Health International (6618.HK) 1H26 review and NDR takeaways: Demonstrating strong execution amid regulation uncertainty; 2H26 set to accelerate; Buy 6618.HK 12m Price Target: HK$59.00 Price: HK$39.50 Upside: 49.4% JD Health reported largely inline 1H26 results and mgmt's refreshed FY26 guidance reiterates our view that JDH is demonstrating strong execution capabilities and further gaining share across segments, despite the nutrition/GLP related regulation unce ...

Our key points from the FY26 conference call below: Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analys ...

17 August 2026 | 6:47AM SGT Equity Research Schneider Electric Infrastructure Ltd. (SEIN.BO): First Take: Q1FY27 - A weak start; execution drives operating deleverage; order book builds up The quarter: Schneider Electric Infrastructure (SEIN) reported revenue growth of 5% yoy with 1% growth in order inflow (both accounting for 16%/21% of GS FY27E). This resulted in an order book build-up with a growth of 33% yoy. Gross margins were largely flat QoQ (declined 270bps YoY) while EBITDA margins declined more sh ...