Accessible version Minerva Luxembourg SA Pricing holds, but FCF deferred to 2H26; move 33s & 36s to MW Earnings Review Pricing supports revenue, but margins keep under pressure Minerva delivered a sequentially better 2Q26, although YoY profitability remained under pressure. Net revenue increased +1% YoY to R$14.1bn despite broadly flat sales volumes of 506kt, as export prices rose +15% to US$6.1/kg and domestic pricing increased +3% to R$28.6/kg. Export volumes declined -6%, partly offset by an +8% increase ...

Accessible version Asics (7936) Briefing reinforces confidence in 27 SS demand outlook Reiterate Rating: BUY | PO: 6,200 JPY | Price: 5,148 JPY Raising earnings estimates and PO following 1H results We raise our earnings forecasts following the 1H results. We also increase our price objective (PO) to ¥6,200 from the prior level. Taking into consideration changes in equity market conditions, we set PO based on c.27x FY27E P/E (vs c.30x previously). Given the continued strength of the company's brand momentum ...

Accessible version Banks - Thailand Resilient wealth fees with room to run Industry Overview A deeper look at a key pillar of fee-income recovery thesis In our recent banking sector report, we argued that fee income is becoming a more meaningful earnings driver as the structural erosion of traditional fees moderates and wealth-management, capital-market and eventually credit-related fees take a larger role. Wealth management is particularly important given its relatively capital-light nature and lower direc ...

Accessible version Airlines Monthly Scorecard: updated thoughts, estimates post-2Q26 earnings season Price Objective Change A look at Airline supply, demand, valuations, and returns Coming into 2Q26 earnings season, we had expected airlines to speak to strong demand trends and accelerating unit revenues into 3Q26, with lower fuel prices providing an earnings tailwind into the second half of the year (see our 2Q26 preview here). While unit revenues are broadly accelerating and demand remains strong, the +33% ...

Grupo Casas Bahia SA 2Q26 - Heavy reserves add to operating losses; judicial recovery Reiterate Rating: UNDERPERFORM | PO: 0.80 BRL | Price: 0.47 BRL Accessible version Revenue +1.6%; adj. EBITDA -9.4%; R$10.1bn loss Reit. Underperform, dilution, loss of scale, contingency We cut our estimates to reflect 2Q charges, weak sales and high financing costs. We lower our price objective from R$1.00 to R$0.80. Given wider losses and rising uncertainty we shift from an EV/EBITDA to EV/revenue valuation metric, whic ...

Accessible version Social Media ARPU, Time Spent, User, and Downloads benchmarking Time spent: Pinterest highest growth in US, IG in Int'l In July, Pinterest has the highest growth (up 21% y/y) in US daily average time spent per active user, followed by Instagram (up 12% y/y), X (up 9% y/y), YouTube (up 7% y/y), and TikTok (up 3% y/y). Reddit had the largest decline (down 11% y/y), followed by Yelp (down 6% y/y), FB (down 6% y/y), and Snap (down 2% y/y). Internationally, IG had the highest y/y growth (up 10 ...

Accessible version Tencent Holdings HK investor Meetings Takeaway: Offensive AI, Enduring moat Reiterate Rating: BUY | PO: 780.00 HKD | Price: 440.00 HKD Winning the new Battle of Midway We hosted Tencent CSO Jame Mitchell, CFO John Lo & IR team to meet investors in HK post 2Q26 results (first take). Investor questions were overwhelmingly centered on AI strategy - capex outlook, AI monetization roadmap, compute market dynamic, model progress (see pg 3 for details). We continue to believe AI is not a single- ...

Accessible version LG Electronics India 1QFY27: Earnings beat on margin improvement Reiterate Rating: BUY | PO: 1,911 INR | Price: 1,730 INR Strong quarter on margin expansion LG registered strong earnings growth of 27% YoY (11%/7% beat vs BofA/consensus estimates) led by EBITDA margin expansion of 106bps YoY to 12.5% on the back of operating leverage, improvement in product mix, calibrated price hikes, and robust Home Entertainment demand. Topline too saw strong 15.5% YoY growth. Localization, premiumizati ...

Accessible version Office REITs 2Q26 Quarterly: leasing momentum broadening across key markets Industry Overview 2Q beats & bumps driven by stronger leasing & occupancy 2Q26 Office earnings season was positive, with mostly beats and several guidance increases driven by stronger leasing and better occupancy. BXP, CUZ, HPP, SLG and AHRT raised 2026 guidance, KRC maintained, DEI lowered its midpoint by -1c on higher interest expense, and VNO does not provide guidance but 2026 is progressing ahead of expectatio ...

Accessible version Australia Quant Panorama Record offshore interest Offshore investors increase exposure to Australia Our "Global Positioning in Stocks" analysis shows long-only funds globally have bought more shares in Australia in the last year (+$20.6bn) than at any time since data began in 2015. Given Australia's limited exposure to the global AI theme, investors may have been using Australia as an Anti-AI trade. The latest monthly positioning data shows funds bought +$4.4bn of Australia shares, includ ...