17 August 2026 | 8:02AM AEST Equity Research The a2 Milk Co. (ATM.NZ): First Take: Weak FY27 outlook on sales/marketing to win back customers GS View: FY26 3% NPAT beat due to lower tax rate on US/Pokeno losses. FY27 guidance is the key negative with MSD revenue growth below consensus at ~8% and EBITDA margin 15% below consensus 15.9%. Combined this implies FY27 EBITDA ~8% below VA consensus / 5% below GSe and NPAT below by 7%/3% (based on D&A guidance and 30% effective tax rate). The revenue guidance miss ...

17 August 2026 | 5:22AM HKT Equity Research Milkyway (603713.SS) Earnings Review: 2Q26 results largely inline; customer mix optimization the key to watch ahead; Buy 603713.SS 12m Price Target: Rmb80.70 Price: Rmb65.56 Upside: 23.1% Milkyway reported its 2Q26 results after market close on Aug 13 and held an analyst briefing call on Aug 14. Despite an unfavorable FX environment, 2Q26 delivered a record-high NP (up +10% yoy to Rmb197mn), largely inline with our expectations. This robust bottom-line performance ...

17 August 2026 | 6:23AM JST Equity Research Japan Industrial Electronics: 1Q wrap/overseas read-across: Earnings growth likely to continue, partly on new optical/power technologies We summarize 1Q earnings for the Japan industrial electronics sector and the read-across to our coverage from earnings at related overseas companies. Overview of Japan industrial electronics earnings Nine of the 11 companies revised up their full-year operating profit guidance, with an average upward revision of 10%. Fujikura, Hi ...

17 August 2026 | 6:08AM IST Equity Research PhysicsWallah Ltd. (PHYS.BO) 1QFY27 review: Below expectations but improving online mix accretive to margins; Neutral | PHYS.BO | | --- | | 12m Price Target: Rs133.00 | | Price: Rs117.20 | | Upside: 13.5% | PhysicsWallah had a mixed quarter. The online segment continued to benefit from strong traction in newer categories and the lack of competition, while the offline segment was negatively impacted by the timing of NEET and slower-than-expected centre additions. T ...

17 August 2026 | 10:34AM AEST Equity Research National Australia Bank (NAB.AX): 3Q26 Trading Update: Better-than-expected asset quality anchors an otherwise in-line result NAB has reported 3Q26 cash earnings of ~$1.83bn, which was slightly ahead of GSe ($1.80bn) but slightly behind VA consensus ($1.86bn). Key Takeaway: NAB has delivered a 3Q26 trading update which revealed that its cash earnings, ex notable items, grew 2% qoq. Across the board, there are no surprises with revenue, operating costs and BDDs a ...

17 August 2026 | 7:20AM HKT Equity Research The 720: Global Views, SMIC, Asics, Luxshare, JP Industrial Electronics, GDS, Ebara, Miniso, Moutai, LGE India, JD.com In Focus | Global Views Global Views – They're Not Hiking. A rate hike at the September FOMC meeting has become very unlikely following a broad softening in US consumption and employment coupled with materially better inflation news. Marine Le Pen is the frontrunner in the 2027 French presidential election, especially if she faces far-left Melench ...

17 August 2026 | 7:27AM HKT Economics Research This Week in Asia-Pacific Macro: 17 - 23 August (Audio) A quick summary of our macro insights on the past week's developments and upcoming events in Asia-Pacific — including economic data, central bank policies, and more. Related Research 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. ...

17 August 2026 | 5:34AM IST Equity Research India Aerospace & Defense: Reliance Industries and Rolls-Royce join hands for AMCA engine; +ve read through for PTC Industries and Azad Reliance Industries (covered by GS analyst Nikhil Bhandari) and Rolls-Royce (covered by GS analyst Sam Burgess) have announced a strategic intent to partner and develop India's indigenous combat engine for the Advanced Medium Combat Aircraft (AMCA) programme. In our view, the development is significant as it blends Rolls-Royce's e ...

17 August 2026 | 9:14AM AEST Equity Research JB Hi Fi Ltd. (JBH.AX): FY26 First Take: FY26 in line, weak trading update GS View: FY26 results were broadly in line with consensus with JB Australia EBIT -1% on weaker sales and gross margins offset by The Good Guys +7% ahead on gross margins. JB Australia LFL sales growth turned negative in 4Q26 at -0.8%. The July sales trading update is well below consensus FY27 expectations with JB Australia LFL sales growth -1.4% vs. VA consensus +2.5% FY27 and TGG -1.7% vs ...

In our sector initiation report published in October 2025, we highlighted indigenization and exports as key themes for India Aerospace and Defense. Furthermore, the government's focus on drones, counter-drones and space is likely to benefit covered companies such as Solar Industries and Astra Microwave. The PM also highlighted the rapid progress made around Sudarshan Chakra (indigenized air defence system), which will likely benefit covered companies such as Solar Industries, Bharat Electronics and Bharat D ...