Accessible version Emerging Insight Brazil – Moving into the slow lane Key takeaways By David Beker, Natacha Perez and Gustavo Mendes Exhibit 1: Domestic activity is decelerating according to high frequency indicators 3mma sa high frequency indicators (2022 = 100) Source: IBGE, BCB 95 100 105 110 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Services volume Core retail sales Broad retail sales IP IBC-Br BofA GLOBAL RESEARCH Brazil in Focus Brazil's economy is finally showing clearer signs of losing momentum. After rep ...

Accessible version Airlines BofA Seat Tracker: another round of DAL cuts lowers 4Q26 growth to +4.0% Industry Overview BofA Seat Tracker tracks weekly changes in capacity In this report, we track weekly system changes by carrier and outline monthly capacity by domestic, Europe, Latin America, and Asia Pacific regions. We also include changes in the Canadian market on a regional basis, as well as key domestic and leisure markets. DAL, UAL cut 4Q26 domestic, industry growth now +4.0% This week, 4Q26 domestic ...

Accessible version San Miguel Food and Beverage, Inc. FB sees resiliency in 2H26, particularly on seasonal high demand during 4Q across all business units. The proposed increase in excise taxes on fermented liquor and spirits has yet to be deliberated upon and if ever, it may be implemented in 2027. | Estimates (Dec) (PHP) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | Net Income (Adjusted - mn) | 27,274 | 30,128 | 25,263 | 25,442 | 25,454 | | EPS | 4.62 | 5.10 | 4.28 | 4. ...

Accessible version Japan Capital Goods 2Q results wrap: Data centers lead; while supply chain risks and cost inflation mount Price Objective Change Data centers remain the dominant growth theme Semiconductors and data centers remained the dominant themes this results season, underscoring how closely demand across the sector is tied to the global data center buildout. FA remains at the center of this trend, although the benefits are also being felt across other areas of our coverage. Outside of data centers, ...

Accessible version Menicon (7780) Rising expectations for investment returns from FY3/28 Reiterate Rating: BUY | PO: 2,400 JPY | Price: 1,957 JPY Raise PO to ¥2,400; reiterate Buy | Estimates (¥) | 3/25A | 3/26A | 3/27E | 3/28E | 3/29E | | --- | --- | --- | --- | --- | --- | | | Other GAAP | Other GAAP | Other GAAP | Other GAAP | Other GAAP | | EPS | 73.34 | 78.49 | 96.48 | 123.29 | 147.41 | | EPS Change (YoY) | 23.0% | 7.0% | 22.9% | 27.8% | 19.6% | | Consensus EPS (Visible Alpha) | | | 90.92 | 108.92 | 12 ...

Accessible version Argenx SE Positive phase 3 myositis data opens the door for Vyvgart in rheumatology Reiterate Rating: BUY | PO: 1,136.00 USD | Price: 992.39 USD Positive phase 3 data clear the path for Vyvgart in INM Argenx (ARGX) reported positive topline phase 3 data from the ALKIVIA trial evaluating efgartigimod in myositis. The trial met the primary endpoint in the overall population and showed statistical significance in the INM subgroup but not in DM. ARGX is committed to securing a label for INM a ...

Accessible version Aurizon Holdings Limited Coal resets, but the Bulk growth story remains intact Reiterate Rating: BUY | PO: 3.90 AUD | Price: 3.73 AUD Solid FY26, but FY27 guide weaker than expected AZJ delivered a solid FY26 result, with EBITDA broadly in line with expectations, but a softer than expected FY27 guide (EBITDA c.-4%/-3% vs. BofAe/cons). From here, we expect Coal EBITDA to reset lower as contracted volumes drop to 211mtpa in FY27. Coal contract right sizing drives EBITDA reset The FY27 coal ...

Accessible version Japan Equity Strategy Overview of 1Q results: Record earnings; market to focus on stock picking Investment Strategy 1Q results: Strong, broadening base of earnings recovery 1Q results were record-setting strong. RP grew 50.7% YoY and the number of companies raising their guidance was the highest since FY2016. The positive earnings surprise ratio surged to 72%, the highest level in the past 20 years. Share buybacks surpassed the record-high level set last fiscal year. Shift in interest rat ...

Accessible version Chemicals Weekly: New 301 Tariffs, Petchem Sentiment Update, Fertilizer Dynamics Industry Overview New 301 Tariffs Reduce Chemical Exemptions The new Section 301 tariff framework expands the number of plastics and chemicals subject to U.S. import duties by offering fewer broad exemptions than prior tariff regimes. As a result, most plastics and chemical products are now subject to the new 10% and 12.5% tariffs unless they qualify for a specific exclusion category. The administration state ...

Accessible version Obic (4684) Strong top-line growth alongside earnings growth Reiterate Rating: BUY | PO: 5,900 JPY | Price: 4,539 JPY Raise PO to ¥5,900; reiterate Buy We raise our operating profit (OP) forecasts slightly, primarily reflecting a stronger outlook for the SI business, and lift our price objective (PO) to ¥5,900 (ADR: US$38.06) from ¥5,600 (ADR: US$36.13) (FY3/28 applied P/E unchanged at 27x). We reiterate Buy. We continue to view the shares as attractive given the company's growth prospect ...