Accessible version Asustek Upgrade to Buy: neocloud AI delivery; raised server guidance; lift PO to NT$1,320 Rating Change: BUY | PO: 1,320 TWD | Price: 996.00 TWD Upgrade to Buy: solid AI delivery; lift PO to NT$1,320 We upgrade Asustek (Asus) to Buy from Neutral, given its strong delivery in the server business, leading to better margins/earnings. We lift our 2026-28E EPS by 52-54% to reflect the 2Q26 beat and solid sales/earnings, led by the server business. We lift PO to NT$1,320 (17x 2027E EPS) from NT ...

Accessible version Natl Aust Bank 3Q26: Unrivalled profitable growth Reiterate Rating: BUY | PO: 42.50 AUD | Price: 41.37 AUD Key takeaways Reiterate Buy and A$42.50 PO We reiterate our Buy rating given leading underlying profit growth and resilient credit quality. June 2026 quarter Cash profit grew +2% vs the prior half matched CBA and WBC; but NAB's outlook appears better. 3Q26 cost growth was tracking favourably and we continue to see upside to consensus from FY27 guidance. We lower EPS by 1.2% on averag ...

GTCAP reported 2Q profit of Php7.5bn (-19% YoY), bringing 1H26 net income to Php16.4bn (-11% YoY). This lags our FY26Ef orecast. Results reflected slower macro environment which affected consumer confidence and GTCAP's consumer-driven businesses. MBT and MPI remained resilient, partially offsetting weaker auto and property. Banking and auto continued to dominate earnings however, contributing 79% of earnings (1H25: 80%). While near-term earnings appear pressured, we maintain our Buy rating on GTCAP as banki ...

Accessible version The pipeline is building up, suggesting a busy September. Secondary market: BWIC volume elevated thanks to CLOs BWIC volume (our only observable indicator of secondary market activity in Europe) was down by nearly 20% WoW but remained at an elevated level (c. EUR748mn). The level was driven by EUR CLOs, as usual (up nearly 30% WoW). The dominance of AAAs however may help ease the explanation: taking profit in preparation for new investment opportunities: supply surge (the pipeline buildup ...