Hankuk Carbon 2Q26 in-line: OPM back to >20% territory Maintain Rating: BUY | PO: 48,000 KRW | Price: 27,250 KRW Accessible version 2Q26 OPM returns to >20% territory Hankuk Carbon printed W243bn 2Q26 revenue (+5%/+15% YoY/QoQ) and W50bn OP (20.7% OPM, +59%/+23% YoY/QoQ), which stood in-line with our/consensus estimates. OPM returned to >20% territory for the first time since 3Q20, thanks to topline/profit growth buoyed by 1) KRWUSD depreciation, 2) >25% QoQ shipment growth from PU insulation panels associa ...

Accessible version Rx Supply Chain For GLP-1s, cash is now (almost) king Industry Overview Cash-pay GLP-1 Rx reaches 48% of total in June Cash-pay continues to grow rapidly, reaching an estimated ~48% of total Zepbound, Wegovy, and Foundayo Rx in June, up from 45% two months ago, 37% in January and single digits in early 2025 (Exhibit 2). Obesity TRx growth was ~70% y/y in June, but we estimate non cash-pay (insurance) Rx growth slowed to just ~8% y/y from mid-teens growth in early 2026, highlighting the in ...

Accessible version The Coca Cola Company BofA Bottler Checks – 2Q26 recap Maintain Rating: BUY | PO: 100.00 USD | Price: 87.42 USD Updated country level UCV analysis for KO system post 2Q In our quarterly BofA Bottler Checks recap report (see latest recap & preview report here) we use inputs from our analyst team across the globe (BofA Global Research has coverage of 8 of the 9 global public KO bottlers). Using company disclosures, we correlate bottler performance with KO's reported results to enhance visib ...

Accessible version CMBS Commentary CMBS rating actions review for the week ending August 14th Key takeaways Rating actions summary During the week ending August 14th, 304 bonds across 34 deals were subject to rating actions. 9 bonds from 2 deals received upgrades, and 39 bonds from 9 deals received downgrades last week. 12 bonds from 5 deals received outlook/trend/watch revisions last week. FITCH upgraded bonds from CSAIL 2016-C5, and FS 2023-4SZN and downgraded bonds from JPMCC 2019-BKWD. KBRA downgraded b ...

Accessible version Capital Goods Compelling opportunities into H2 Industry Overview We identify four most interesting sub-sectors into 2H26 Cap Goods Q2 earnings were almost universally strong, making it hard for investors to choose between sub-sectors. We review sector EPS revisions & re/de-rating so far this year, and conclude there are four especially compelling sub-sectors for H2: (1) Electricals incl. cables (second best sub-sector YTD, but further positive revisions ahead); (2) Power (highest YTD EPS ...

Accessible version Log Commercial Properties Great model, demanding price, Downgrading to Underperform Rating Change: UNDERPERFORM | PO: 22.00 BRL | Price: 22.00 BRL Priced for volumes and rents LOG has yet to deliver We downgrade Log to Underperform and cut our PO to R$22/sh (from Buy and R$32/sh). We see LOG's model of building and selling assets as highly value-creative, but in our view the market is already pricing in too much. In our model, we assume: i) an average of ~360th sqm sold/year until 2030, a ...

Accessible version Consumer - Korea Consumer/Internet- Takeaways from Asia marketing Industry Overview Beauty - Consistently strong export Investors were incrementally more positive on the consistent strength in Korean beauty brands' export globally, largely driven by N America and Europe which triggered 2Q earnings surprise. On the potential catalysts, we highlighted that most brands 1) continue to grow in N America, 2) are at an early stage in EU, 3) could find additional opportunities in the underpenetra ...

Solid capitalization but moderately weaker asset quality In terms of asset quality, the NPL ratio rose 6bp YoY and remained very low at c.0.4%. The impairment loan coverage ratio also decreased 28ppt YoY to 128.9% at end-1H26. The asset quality deterioration was mainly driven by the corporate exposure associated with JoongAng Group's rehabilitation filing, which we view as a one-off based on our equity team's analysis (please see One-off provisions weigh on earnings; new value-up plan supports shareholder r ...

Accessible version CA adjustment: from deficits to balance The current-account deficits that defined the SDC era have largely disappeared. This shift to balance/surplus has proved relatively resilient through several shocks. From this perspective, the periphery appears to have moved onto a more stable external footing. Did CA adjustment translate into better NIIP? Not always However, stock adjustment has been considerably more uneven than flow adjustment. Italy has moved from a net debtor to a creditor posi ...

Accessible version Geely 2Q26 in-line; core NP +64% YoY; core NP per car at RMB7.2k; new PO at HKD27.6 Reiterate Rating: BUY | PO: 27.60 HKD | Price: 18.67 HKD 2Q26 core earnings +64% YoY; core NP per car +62% YoY Geely reported 2Q26 results and hosted a post-results conference call on 17 August. In 2Q26, revenue was RMB89.8bn, up 14% YoY/7% QoQ, with deliveries of 714k vehicles, +1% YoY/+1% QoQ, while ASP was up 15% YoY/flat QoQ at RMB112k. GPM came in at 18.4%, up 1.4ppt YoY/0.9ppt QoQ, driven by better s ...