Accessible version Parkin Company 2Q26: Convincing quarter; upside remains constrained. Reiterate Underperform Reiterate Rating: UNDERPERFORM | PO: 5.55 AED | Price: 5.58 AED Convincing beat, but upside remains limited Parkin delivered a strong 2Q beat on revenues (+14% YoY; +12/+14% vs. BofAe/cons) and net income (+12% YoY; AED166m vs. 152/143), driven by public parking revenues and seasonal cards sales. Public parking benefitted from c.8k new spaces in the quarter and resilient utilisation, both ahead of ...

Accessible version Valuation Trends Val. Trends #943: Defense Tech – software defined hardware, dual-use tech movement Industry Overview What is Defense Tech? We hear the term "Defense Tech" a lot from investors, but what does it mean? Sometimes it feels like it is a catchall term used for small- and mid-cap defense companies. Are they all Defense Tech? It is used to distinguish them from the defense primes like Lockheed Martin (LMT), RTX (RTX), Northrop Grumman (NOC), Boeing (BA), and General Dynamics (GD) ...

Accessible version Liquid Insight Peripheral resilience: Balance sheet approach Key takeaways By Edvard Davidsson & Nathan Thomas Chart of the day: Government balance sheets have recovered post-COVID, with Italy lagging Government balance sheet component of our Domestic Balance Sheet Indicator relative to GE (z-scores) Source: BofA Global Research -10 -8 -6 -4 -2 0 2 4 2000 2005 2010 2015 2020 2025 PT vs GE ES vs GE IT vs GE GR vs GE BofA GLOBAL RESEARCH Domestic balance-sheet strength indicator As the onse ...

Accessible version Basic Materials - China Copper Firmed; Lithium Rebounded; Steel Stayed Resilient Industry Overview Copper Supported by Macro Tailwinds; Lithium Rebounds Softer US macro data, domestic policy support and ongoing Middle East tensions supported copper prices during the week, while low domestic inventories continued to underpin fundamentals despite weak import arbitrage, seasonal demand softness and subdued spot trading activity. LME copper rose 1.4% WoW to US$14,394/t, while Changjiang coppe ...

Accessible version Kweichow Moutai Co. Ltd. (A) 2Q miss but 2H recovery still on track; key beneficiary of fund flows Reiterate Rating: BUY | PO: 1,630 CNY | Price: 1,342 CNY 2Q26 result highlights 1) Moutai liquor's sales were -5.2% in 2Q26 (core Moutai -1% & series liquor -25%). In terms of volumes, we estimate Feitian/customized liquor to be +10%+ /-20%+. In terms of revenue, we estimate Feitian/customized liquor to +20%+ /-30%+. 2) Advance payment from customers was -42% YoY/+5% QoQ, due to a revenue mi ...

Accessible version Sansiri 2Q in line; presales should beat 2026 target Maintain Rating: BUY | PO: 1.66 THB | Price: 1.51 THB No liquidity concern; maintain Buy Despite 1.5x net gearing ratio at end-2Q26, we have no concern about liquidity risk due to SIRI's Bt25bn bank credit line that covers its Bt8.7bn debentures due to mature in 2H26 and Bt15.5bn in 2027. SIRI announced interim DPS of Bt0.05 (slightly above our estimate of Bt0.04, 51% payout ratio and XD on 27 Aug). 1H26 core profit comprised 44% of our ...

Market update: Continued reset activity, active secondary On the CLO primary, 1 new issue deal and 6 resets priced. YTD gross new issuance exceeds €38bn whilst reset/refi volume is above €44bn. On the secondary, CLO BWIC volume reached almost €580mn, with strong triple-A and double-B supply. Single-A to single-B spreads tightened a bit. European CLO Weekly Negative par build, increase in out-of-RP OC test breaches Accessible version Most CLOs have had negative par build YTD Around 80% and 82% of in-RP CLOs ...

Accessible version Sinopec Engineering Soft 1H26 and slight DPS miss, yet buyback and record backlog support Buy Maintain Rating: BUY | PO: 6.30 HKD | Price: 5.18 HKD 1H26 earnings weighed by Saudi projects losses SEG reported 1H26 NPAT of RMB1.1bn (-18% YoY), representing 53% of our FY26 forecast. The earnings decline was primarily attributable to losses in the Construction segment, reflecting lower profitability on the Saudi Marjan and Berri projects, as previously disclosed in the FY25AR. Both projects h ...

Accessible version Lakala Payment Co Ltd-A (A) New Underperform: Domestic pain before cross-border/SaaS gain Initiating Coverage: UNDERPERFORM | PO: 14.20 CNY | Price: 15.37 CNY Mature domestic acquiring faces growth headwinds We initiate coverage of Lakala with an Underperform rating and RMB14.2 PO. The investment narrative has shifted toward cross-border payments and technology services, but we believe their earnings contribution remains too small to offset pressure in the core domestic acquiring business ...

Accessible version Food Retailers Food, Value & Services Retailers Weekly: DG sales decelerating in recent weeks Earnings Preview KR & ACI sales improved but transactions remain negative SFM Observed Sales decelerated to -3.8% during week ending 8/9, mainly driven by a - 3.5% decline in Observed Transactions. KR and ACI Observed Sales improved sequentially, to -4.9% and -2.3% respectively, as negative Observed Transactions were partially offset by Average Transaction Value growth. BOBS web traffic remained ...