17 August 2026 | 10:03AM HKT Equity Research MTR Corp. (0066.HK) 1H26 results above on development property booking; Ongoing margin pressure for HK recurring businesses +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Alpha Wang +852-2978-1984 | alpha.wang@gs.com Goldman Sachs (Asia) L.L.C. Zhaoheng Chen +852-2978-0901 | zhaoheng.chen@gs.com Goldman Sachs (Asia) L.L.C. 0066.HK 12m Price Target: HK$34.70 Price: HK$33.24 Upside: 4.4% MTRC reported headline net profit of HK$15.9bn in 1H26 (vs. ...

17 August 2026 | 2:07AM HKT Economics Research Korea Views: August MPC Preview—Hawkish Hold, But a Close Call Goohoon Kwon, CFA +852-2978-0048 | goohoon.kwon@gs.com Goldman Sachs (Asia) L.L.C. Irene Choi +82(2)3788-1722 | irene.choi@gs.com Goldman Sachs (Asia) L.L.C., Seoul Branch Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclo ...

17 August 2026 | 11:49AM JST Economics Research Japan: Preliminary Q2 Real GDP +1.1% QoQ Annualized, Below Market Forecast BOTTOM LINE: The first estimate of Q2 real GDP growth came in at +1.1% qoq annualized, maintaining positive growth for the third consecutive quarter, but it fell below the market forecast of +2.0%. Private consumption and capex declined, highlighting the weakness of private sector domestic demand. On the other hand, external demand made a large positive contribution due to a modest incr ...

Ping An Bank Co. (000001.SZ) Earnings Review: Largely In Line; Continued Improvement in Retail Asset Quality with Focus on Wealth Management and Shareholder Returns Upside 000001.SZ 12m Price Target: Rmb11.82 Price: Rmb11.11 Upside: 6.4% PAB reported 2Q26/1H26 revenue of Rmb 35.3bn/Rmb 70.6bn and net profit of Rmb 11.2bn/Rmb 25.7bn, -1%/+2% and +4%/+3% yoy, respectively. Overall, results were broadly in line with our expectations. The modest earnings beat vs. GSe was primarily driven by lower-than-expected ...

17 August 2026 | 2:22AM HKT Equity Research JD.com Inc. (JD): NDR highlights: JD Retail growth inflecting; with new business investment discipline; Buy We hosted JD's CFO Mr. Ian Shan and the Investor Relations team post-results. Key investor focus areas/topics discussed included 1) JD Retail revenue growth inflecting into 2H26, with July growth outpacing June (which was the fastest month of growth in 2Q); 2) stable profit margin outlook for JD Retail into 3Q; 3) further sequential food delivery loss narrow ...

16 August 2026 | 2:04PM HKT Equity Research Kweichow Moutai (600519.SS): 2Q26 Review: Topline/NP slightly below mainly on Series Spirits but NPM better than GSE; i-Moutai beat GSE/as Kweichow Moutai reported 1H/2Q26 financial results on Aug 14th with 1H26 total revenue up 1.3% yoy to Rmb92.3bn (c.3% below GSe) and net profit down 2.0% yoy to Rmb44.5bn (c.2% below GSe Rmb45.4bn). Implied 2Q26 total sales were down 5.2% yoy to Rmb37.6bn, due mainly to weaker than expected Series Spirits sales (down 25% yoy in ...

17 August 2026 | 1:10AM IST Economics Research ASIA IN FOCUS India: Food Inflation Risks from El Niño Offset by Softer Core Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclo ...

IG market share potential from competitor supply challenges CSL.AX 12m Price Target: A$150.60 Price: A$136.50 Upside: 10.3% 17 August 2026 | 6:40AM AEST Equity Research CSL Ltd. (CSL.AX) Media articles have recently reported that Grifols (Not Covered) has paused its plasma collections in Canada. These articles have also indicated that Health Canada, the regulatory authority on plasma collections in the region, had issued Grifols a formal notice of non-compliance for failure to follow blood regulations. Whil ...

17 August 2026 | 6:57AM HKT Equity Research Z.AI Co. (2513.HK): GLM-5.3 performance uplift brings post-training scaling at the focus; Neutral We view the GLM-5.3 launch as another meaningful step-up in Chinese AI model progress, as Zhipu (Z.ai) attributed the performance uplift entirely from post-training scaling (on GLM-5.2, with unchanged 744bn parameter size, and outperformed the latest DeepSeek V4 Pro of 1.6T parameter sizes across various benchmarks). GLM-5.3 achieved material gains in coding, long-hor ...

16 August 2026 | 11:35PM BST Economics Research Israel: GDP Expands by +15.4%qoq annl, in Large Upside Surprise Bottom Line: Israel's GDP expanded by +15.4%qoq annl in Q2 (+3.6%qoq), following a -2.2%qoq annl contraction in Q1 (revised up from -3.3% in the flash print and -3.8% following the second release). This was a large upside surprise to consensus expectations (+8.3%qoq annl.) and our forecast (+7.1%). Israeli GDP data are relatively volatile from quarter to quarter, and this volatility has been signi ...