Accessible version European Morning Credit Today in European Credit Follow The Flow: Multi-year yield highs and subdued rates volatility continue to support demand for fixed income. Strong inflows persist across HY, IG, sovereign and EM debt. Higher "risk-free" yields favour government bonds as tight spreads reduce credit's relative appeal. See Bonds lead the way for more details. (IA) Financials Grenke (GLJGR): We note the comments from S&P on Grenke's loss rates which were published on Friday evening and ...

CPU package substrate expansion to accelerate profit growth; Buy, PO ¥26,400 Accessible version Ibiden (4062) Reiterate Rating: BUY | PO: 26,400 JPY | Price: 21,580 JPY Reiterate Buy, raise PO to ¥26,400 Following strong 1Q FY3/27 results, we raise our earnings forecasts for Ibiden (FY3/27 operating profit [OP]: from ¥98.7bn to ¥133.9bn; FY3/28 OP: from ¥162.5bn to ¥190.3bn). Accordingly, we raise our PO from ¥23,900 to ¥26,400. We reiterate our Buy rating. The basis for our PO remains unchanged at a P/E of ...

Accessible version Asset World Corp Earnings accelerate with asset value unlocking Reiterate Rating: BUY | PO: 3.60 THB | Price: 3.02 THB Strong RevPAR in July and forward bookings in 2H26 We have positive feedback from the analyst meeting. RevPAR accelerated to 26% YoY in July (vs 3% YoY in 2Q26) with the OCC rate increasing by 8ppt YoY and ADR by 11% YoY. Key growth destinations are Pattaya (+43%), Chiang Mai (+38%), Samui (+21) and Bangkok (+16%). Overall, we expect RevPAR to grow by ~18% YoY in 3Q. In a ...

Accessible version Maintain Rating: UNDERPERFORM | PO: 6.00 PHP | Price: 15.08 PHP 1H/2Q26 core profit +14.5%/-12% YoY; Underperform Emperador Inc. (EMI) reported 1H/2Q26 core profit of Php3.1/1.6bn, +14.5%/-12% YoY. Soft 2Q26 core profit weighed down 1Q26 core earnings growth of 66% YoY and was attributed to higher opex (+36% to Php2.9bn in 2Q26), reversing the 9% YoY opex decline in 1Q26 (Exhibit 1). An aggressive 2Q26 domestic ad campaign launched new whisky products, and higher interest expenses in 2Q26 ...

Accessible version European Metals & Mining Weekly Steel prices UP. TKA spins. Cobalt anaemic. Results: EREGL, MAADEN, ATYM, ANTO Industry Overview EU Steel: Updating prices, now EUR775/t average FY27 We updated EU steel forecasts, now expecting EUR775/t FY27 average HRC prices (from EUR730/t). Recent price action = faster path to a "new" mid-cycle. Floor: ROIC=WACC for marginal producers at c. EUR730/t. Ceiling: import parity price at c. EUR800-850/t i.e. market balances in this range with mid-point c. EUR ...

Accessible version Yihai Kerry Arawana (A) Rising margin headwinds ahead; retain Underperform Reiterate Rating: UNDERPERFORM | PO: 22.70 CNY | Price: 24.90 CNY Lower estimates and cut PO to RMB22.7 YKA's 1H26 revenue/core NPAT was +6%/+7%. Reported NPAT was +31%, boosted by one-off disposal gain of JV stakes (in 1Q16). Growth was more 1Q loaded with revenue/core NPAT +11%/+17%, given CNY holiday effect and favorable crushing margin. However, softness was witnessed in 2Q, in terms of revenue growth moderatio ...

Accessible version Asia FI & FX Strategy Viewpoint Thailand Strategy – Weaker CA backdrop for THB. Bonds facing issuance risks. THB – weakness led by CA deficits widening… THB NEER has steadily declined this year, fully unwinding 2025 appreciation, even as BoT turned to USD sales to cap USDTHB topside. This is primarily driven by weak CA flows, tracking one of the worst years in the last decade (-3.4% in 2022 vs -5.6% in 1H26). Seasonal improvement in 2H unlikely to not enough to reverse this, extending THB ...

Accessible version Puregold Price Club, Inc. 2Q is a bump, 2026-27 store expansion plan unfazed Maintain Rating: BUY | PO: 57.00 PHP | Price: 40.95 PHP Puregold new stores weigh down 2Q profits; Buy Puregold Price Club, Inc. (PGOLD) net profit fell 2% in 2Q26, lowering 1H26 growth to 11%. 2Q was weighed down by slower revenue growth and SSSG, especially at the mass market Puregold format. This may have resulted from higher fuel prices and inflation that constrained consumer mobility and spending. Additional ...

Accessible version Definium Therapeutics MDD drug launch could be a life-saving trip; Initiate at Buy Initiating Coverage: BUY | PO: 75.00 USD | Price: 45.26 USD BIC data support big upside in large MDD/GAD markets We initiate DFTX at Buy with a $75 PO. DFTX is a late-stage clinical biopharmaceutical company developing proprietary forms of psychedelic and empathogenic drugs for brain health disorders. Their lead asset, DT120 (LSD), is in pivotal studies for major depressive disorder (MDD) and generalized an ...

Accessible version Central Retail Corporation A solid beat, with margins doing the heavy lifting Maintain Rating: BUY | PO: 28.50 THB | Price: 25.75 THB Strong 2Q26 beat; raising earnings and PO CRC reported strong 2Q with net income of Bt2.0bn (+79% YoY). Excluding extraordinary items (i.e. derivative gains/losses, dividend income, insurance claims for Hat Yai floods), core NPAT was Bt1.9bn (+41% YoY), while like-for-like core profit excluding Rinascente doubled YoY. The result was well above our Bt1.4bn e ...