July 14, 2026 06:30 AM GMT Asia Summer School | Asia Pacific M Foundation Korea Economics: Start of a Paced Hiking Cycle Morgan Stanley Asia Limited Kathleen Oh Chief Korea/Taiwan Economist Kathleen.Oh@morganstanley.com +852 2848-7340 M Foundation 2 For important disclosures, refer to the Disclosure Section, located at the end of this report. M South Korea Summer School 2026 Foundation Morgan Stanley Research 3 Downloaded by zouguanzhong@cramc.hk Not for redistribution without written consent of Morgan Stan ...

ESG Down Under: El Niño↑ We zoom in on stock impacts from the FY27 "Super" El Niño – the Bureau of Meteorology's Niño3.4 index is +1.47°C (as of 12 July 2026, threshold +0.80°C). M Key Takeaways Agriculture: El Niño years historically see lower Australian yields, owing to lower rainfall and increased frost risk. Stock exposures: grain logistics (AZJ); dairy processing/distribution (A2M, BGA); medium term wine inventories (TWE). July 14, 2026 06:15 AM GMT Australia Sustainability | Asia Pacific Utilities & E ...

July 14, 2026 06:15 AM GMT British Land | Europe Sustained Leasing Momentum Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research British Land published a trading update for the three months to end June. We are Overweight. Key Takeaways Strong leasing, again. After last financial year's record leasing (see here), British Land said that "Leasing momentum has contin ...

July 14, 2026 06:15 AM GMT Ashmore Group PLC | Europe M Update AuM in-line, improving flows Reaction to earnings Unchanged In-line 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 Outlook remains highly macro-dependent, but with geopolitical tensions easing, management remains confident in underlying subscription trends, and Ashmore's track record should position it well as visibilit ...

July 14, 2026 06:07 AM GMT China Economics | Asia Pacific M Update June Trade: Tech Leads, the Rest Catch Up Key Takeaways Beyond tech, export breadth is improving…: Auto exports rose 12% MoM SA, taking YoY growth to 70%, from 39% in May. Exports of labor-intensive consumer goods increased 4.2% MoM SA. Upstream exports were also strong. Refined petroleum exports rose another 9% MoM SA, after a 13% increase in May, while aluminum exports surged 17% MoM SA after a cumulative 25% increase over January–May. The ...

July 14, 2026 06:07 AM GMT Investor Presentation | Asia Pacific China Autos & Shared Mobility: Autos Overview M Foundation Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 Shelley Wang, CFA Equity Analyst Shelley.Wang@morganstanley.com +852 3963-0047 Joey Xu, CFA Equity Analyst Joey.Xu@morganstanley.com +852 3963-0337 Peggy Wang Research Associate Peggy.Pc.Wang@morganstanley.com +852 3963-3934 China Autos & Shared Mobility Asia Pacific Industry View In-Line Mo ...

July 14, 2026 05:44 AM GMT Ericsson | Europe 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 Further details: Q2 soft; Q3 guide implies margin pressure building Reaction to earnings | M Downloaded by zouguanzhong@cramc.hk | | | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | --- | --- | | | | | | Update | | July ...

J Sainsbury PLC | Europe July 14, 2026 05:00 AM GMT M Update Could this be the year Sainsbury's beats guidance? | What's Changed | | | | --- | --- | --- | | J Sainsbury PLC (SBRY.L) | From | To | | Price Target | 345p | 360p | While on paper we could see up to ~5% upside to Cssus EBIT, we stop short of forecasting a beat. The grocery pricing environment is becoming more complex. That said, we think profit risks are skewed to the upside. Stay Equal-weight. We refresh estimates post FY1Q27 results. Overall we ...

July 14, 2026 04:50 AM GMT IBM | North America 2Q26 Earnings Preview / IBM State of The Union- Estimate Upside Largely Priced-In | What's Changed | | | | --- | --- | --- | | IBM (IBM.N) | From | To | | Price Target | $267.00 | $293.00 | While we see upside to Infra and potentially to SW ests, we think this is already in the price. CIO checks tell us the IBM spending landscape hasn't changed materially, making (1) FCF upside and/or (2) M&A/Quantum the next legs needed for IBM to outperform. M2M valuation rai ...

July 14, 2026 05:00 AM GMT India Industrials | Asia Pacific M Idea F1Q27: Earnings Preview Near-term, markets are likely to focus on F27 guidance calibration, summer season performance, margin resilience amid commodity/DRAM inflation, and the pace of new-age business ramp-up (OSAT, semis, defence exports, precision components). Market focus: 1) Summer sell-through - key for AC/cooler players given strong pre- season stocking; monsoon onset timing to influence June-end demand. 2) Order inflow momentum post a ...