July 13, 2026 06:37 AM GMT Emirates Central Cooling Systems Corp | Europe Full Speed on New Contracts Key Takeaways Bottom-line: slightly positive. The agreement is a meaningful single-project addition to Empower's pipeline, equivalent to ~1.9% of contracted capacity at end- 1Q26. It improves medium-term visibility on connected-load growth and reinforces the company's ability to capture large master-planned developments in Dubai. We usually mention that a key ST/MT driver for Empower is to narrow the gap be ...

July 13, 2026 06:39 AM GMT Investor Presentation | Japan M Foundation Japan Summer School: Japan Transportation This presentation provides an overview of the key fundamentals and major discussion points regarding the shipping industry (with a focus on the container shipping outlook) and the outlook for passenger demand following the de-escalation of Middle East tensions. Key Takeaways Morgan Stanley MUFG Securities Co., Ltd.+ Takuya Osaka Equity Analyst Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438 Sha ...

July 13, 2026 06:46 AM GMT Italian Banks | Europe M Idea 2Q26E and M&A update: stick to UCG and BPE We see Q2 as a solid quarter, as we position ahead of consensus, mainly on NII and costs, for all names. We rerun the EPS and CET1 sensitivity for UCG and BPER on M&A and reiterate Overweight on both names. Into Q1: We are 5% ahead of VA consensus on core earnings and CET1 ratio for BMPS, while we expect a beat to core PPP for BAMI, ISP, UCG and BPER in the low- single-digits. We are constructive on BPER on t ...

July 13, 2026 06:56 AM GMT Kongsberg Gruppen ASA | Europe M Update 2Q26 Results: Weak On Margin and B2B Slowdown; FY26 Guidance Confirmed Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Our View: We believe 2Q26 results are soft due to 1) a slowdown in B2B ratio compared to the last 2 quarters (at 1.6x compared to 1Q26 at 2.9x and ...

July 13, 2026 06:49 AM GMT Page Group PLC | Europe Weakens our thesis Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways 2Q26: Q2 gross profit declined -0.2% cc to £197.6m, c.6% above consensus. Temp was down slightly (-1.4%) while perm was broadly flat at +0.2%, with activity characterised as mixed across the Group; regionally, UK was -5.3% cc, EMEA -4.8% within which Fr ...

July 13, 2026 06:13 AM GMT Investor Presentation | Japan M Foundation IT & Software: AI-Driven and AI-Native Development Accelerate IT Service Company Efficiency: AI-Driven Margin Improvement Begins 0.0% 10.0% 20.0% 30.0% 40.0% FY1991 FY1997 FY2003 FY2009 FY2015 FY2021 FY1991 20.99% FY2023 30.50% FY2024 33.54% Source: JISA "Basic Statistical Survey of Information Technology Services Industry", Morgan Stanley Research Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuro Tsusaka, CFA Equity Analyst Tetsuro.Tsusa ...

July 13, 2026 04:56 AM GMT Semiconductors | North America Weekly: NVDA road show feedback We address feedback from last week's NDR; NVDA remains our Top Pick in semis, and we think some of the themes from this NDR could be key in unlocking the value that we see. Feedback post the NVIDIA road show. Last week, we hosted several meetings with NVDA CEO Jensen Huang, CFO Collette Kress, and head of IR Toshiya Hari. We wrote a note about it on Friday (link), and have had dozens of investor interactions with signi ...

July 13, 2026 05:01 AM GMT Thales SA | Europe M Idea H1 Preview and Exail Pro Forma Analysis | What's Changed | | | | --- | --- | --- | | Thales SA (TCFP.PA) | From | To | | Price Target | €280.00 | €253.00 | If completed, the proposed acquisition of Exail will position Thales in high-growth priority areas of defence spend. The deal looks modestly accretive to earnings, although comes at a full price. We provide a pro forma analysis of the announced deal, alongside a rebuild of our Defence division model. H ...

July 13, 2026 05:00 AM GMT Luxury | Europe Talk from the trade What's new? We recently ran a fresh round of luxury goods channel checks with a select group of European wholesalers and retailers. While our sample is not statistically representative, the feedback was directionally insightful and offers useful colour on current trading conditions. Balenciaga (-) Overall, momentum remains weak, although there are tentative signs that the rate of deterioration may be moderating versus prior quarters. Bottega Ven ...

July 13, 2026 04:01 AM GMT US Equity Strategy | North America Micro Meets Macro: 2Q Earnings Preview We expect the broadening to continue driven by earnings resiliency from the median stock. Our preferred cyclical trades— Discretionary and Transports—are showing relative strength in terms of earnings revisions breadth. Our systematic transcript analysis shows momentum building around AI adoption. M Idea Morgan Stanley & Co. LLC Michael J Wilson Equity Strategist M.Wilson@morganstanley.com +1 212 761-2532 An ...