Accessible version Sieyuan Electric (A) 2Q26 earnings in line; Middle East tensions weigh on overseas sales growth Reiterate Rating: BUY | PO: 198.00 CNY | Price: 166.50 CNY ME tension, FX, lower share in JV weigh on 2Q26 earnings Sieyuan announced its 1H26 financial report with revenue of RMB10.8bn +27% YoY and NPAT of RMB1.46bn, +13% YoY, largely in line with its profits alert. 2Q26 NPAT was RMB914mn, +8% YoY. Its gross margin was 31.6% in 2Q26 vs 29% in 1Q26 and 32.6% in 2Q25 due to strong growth of low ...

Accessible version Tariffs = significant earnings re-rate, SZG highly levered SZG provides leverage to higher European steel prices given its import-exposed commodity steel product mix. SZG's historical EBITDA margin cyclicality has been greater than peers' i.e. high 'torque'. We forecast FY27e ave EU HRC price of EUR775/t (currently c. EUR720/t) as reduced import quotas (TRQ) tighten steel markets. Why? 1) European capacity restarts limited so far (producers remain cautious), 2) incremental supply concentr ...

Accessible version Consumer & Retail Summer of supply Industry Overview July Inflation/Spend slows, S&P gets Coffee cautious Last week, economic data was the main macro focus along with ongoing heavy supply ($56bn) and investor re-positioning ahead of a typically busy September season (issuance, conferences & events). July CPI was in line with consensus at +3.4% y/y, subduing September rate-hike concerns. However, July retail sales disappointed at -0.6% m/m (vs. +0.1% est.). The weak month will be colored b ...

Accessible version Security Bank NII-driven 2Q26 growth brings 1H in-line - Buy Maintain Rating: BUY | PO: 81.00 PHP | Price: 67.40 PHP 2Q26 profit rose 11% YoY, 1H26 up 4% - meet SECB 2Q26 net income rose 11% YoY and +25% QoQ to P3.4bn. This is a strong recovery after a mild miss at 1Q26 (-4% YoY) and brought 1H26 net income up 4% YoY to P6.1bn. Results are in-line with BofA at 50% of our FY26E (+5% YoY) and in contrast to mild misses at BDO/BPI. NII beat, up 38%/33% YoY in 2Q/1H26 mainly on NIM expansion ...

Accessible version Rockchip (A) 1H26 results: AIoT SoC demand drives stronger growth; GPM continues to expand Reiterate Rating: BUY | PO: 280.00 CNY | Price: 211.51 CNY In-line 1H26 results; accelerated growth in 2Q26 Rockchip reported its 1H26 results after market close on 17 Aug (Mon). Revenue increased 41% YoY to Rmb2.88bn and net profit grew 62% YoY to Rmb859mn in 1H26, both in line with company's profit alert (see report). For 2Q26, revenue went up 44% YoY to Rmb1.67bn and net profit grew 65% YoY to Rm ...

Accessible version China: An Equity Strategist's Diary (H/A) Weekly wrap (10-14 Aug): AI warms, HK cools Equity Strategy Weekly index performance, Wax & Wane (W&W) indicator HSCEI -2.2%/CSI 300 -0.6%: Following the swift recovery in South Korean memory stocks, AI-related trades warmed up in the A-share market, albeit at a more modest pace, helping the ChiNext Index reclaim the 3,600 level. While reports of a potential US ban triggered a selloff in Chinese optical names last Friday and Monday, most of the lo ...

Wolverine World Wide Nowhere to run to; maintain Marketweight Earnings Review Accessible version Growth story remains intact We maintain our Marketweight on the WWW 4s as risks are low, but the company is unlikely to refinance them early given the low coupon. Merrell and Saucony continue to grow significantly and according to Google trends, search interest remains high. Furthermore, the company is increasing full-price sales due to its clean inventory position. We estimate net leverage declines to 1.7x at t ...

Accessible version Charoen Pokphand Foods Still waiting on China Core operations in Thailand and Vietnam were broadly consistent, while China remained the key source of underperformance. Gross margin, CPF's principal earnings driver, contracted to 15.0% from 15.6% in 1Q26 with domestic livestock margin falling from 15.9% to 14.3%. This reflected the lower hog prices in Vietnam and higher feed costs in Thailand, where flat selling prices over the period point to cost inflation. China remained the more signif ...

Accessible version Fulcrum Therapeutics FULC to merge with Slate Medicines; Move to No Rating Rating Change: NO RATING | PO: NA | Price: 3.84 USD Slate Medicines to enter the clinic with migraine drug FULC announced a merger agreement with Slate Medicines, an early clinical-stage therapeutics company developing antibody therapies for migraine and other headache disorders, expected to close in 4Q26. Recall, FULC's Board of Directors was reviewing strategic alternatives following the discontinuation of the po ...

Accessible version Australian Metals & Mining Weekly Postcards from Asia. NST downgrade. Results commence. Price Objective Change Postcards from Asia. When to get more +ive on miners? We're back from investor meetings in Singapore and Hong Kong. Top-down views topical. Some macro bears positive big miners as an AI proxy. Next round of consensus commodity price upgrades (spot vs base) not obvious here. Higher costs have been a theme into FY27 guidance. Our highlighted Buys are copper-exposed miners: SFR, EVN ...