Flash | 11 Aug 2026 10:05:12 ET │ 11 pages Kasikornbank (KBANK.BK) Mgmt Call Takeaways: Focus on risks-adjusted returns, growing fees, and capital return CITI'S TAKE KBank hosted its midyear 2026 analyst meeting. Key takeaways: (1) Guidance unchanged. Loan growth on upper range of 0–2% driven by corporate loans. Fee income mid- to high-single-digits (1H26 22%yoy/+9% HoH) due to high base, assuming normalized market sentiment and impact of new standardized fee regulation to payment/SME lending-related busine ...

| Price (10 Aug 26 17:30) | €8.30 | | --- | --- | | Target price | €7.80 | | Expected share price return | -6.0% | | Expected dividend yield | 2.5% | | Expected total return | -3.5% | | Market Cap | €9,977M | | | US$11,517M | Flash | 11 Aug 2026 10:01:24 ET │ 10 pages Lufthansa (LHAG.DE) Lufthansa Makes Progress On Union Negotiations, Though Key Unknowns Remain CITI'S TAKE Reuters reporting today that Lufthansa and pilots' union Vereinigung Cockpit (VC) have "agreed a framework aimed at resolving long- runn ...

11 Aug 2026 09:54:45 ET │ 11 pages Ambev (ABEV3.SA) Brazil Beer IPCA July-26: Rational & Inflation-Led CITI'S TAKE Flash | July IPCA showed beer inflation at +4.9%YoY vs headline Brazilian inflation IPCA at +4.4%YoY, bringing the pricing gap to +51bps (vs. -12bps in June and +4bps in May). On a monthly basis, beer prices increased +0.7%MoM, above headline inflation of +0.1%MoM, implying a +63bps gap. Additionally, the at-home channel (+5.6%YoY) continued to support beer pricing, while out-of-home beer infla ...

Ac t i o n | CJ Cheiljedang (097950.KS) 2Q miss, likely another unexciting earnings in 3Q CITI'S TAKE CJ Cheiljedang (CJCJ) reported below consensus OP in 2Q, due to raw material cost / marketing expense burden. Moreover, we find CJCJ's 3Q guidance as unexciting. After lowering FY26-28 NP estimates by 7-15%, we lower our 12-m TP to W204,000. 2Q miss — CJCJ reported W7.4tr revenue (+10% y/y) and W258bn OP (-19% y/y) in 2Q26, with OP coming in at 7% below consensus. Despite sequential OPM improvement in bio b ...

Vi e w p o i n t | Smithfield 2Q26 results — Smithfield 2Q26 group net sales declined 2.3% yoy due to non-recurring sales to its Hog Production JV last year as well as the earlier Easter holiday this year, while adj. OP (adding back plant/office closure expenses) grew 0.7% yoy with growth in hog production partly offsetting decline in packaged meat. By segment, packaged meat net sales declined 2.7% yoy while adj. OP declined 12.0%; fresh pork net sales grew 0.6% yoy while adj. OP declined 59.4% yoy; hog pro ...

Flash | 11 Aug 2026 10:23:36 ET │ 13 pages Capitaland Investment (CAPN.SI) Model Update CITI'S TAKE We cut FY26E/27E core PATMI by 17.8/17.2% to ~S$661/698m, largely due to updated forex assumptions, lower NPI yield on China malls, slower growth in private funds' FUM in FY26E, and higher effective taxes; FY28E core PATMI of S$739m introduced. Our RNAV is consequently reduced by ~3% to S$4.11 due to the above changes, updated fair values/book values of its listed REITs, slightly higher weighted-average multi ...

Flash | 11 Aug 2026 10:54:39 ET │ 11 pages Grupo Cibest (PFCIBEST.CN) Positioned for strong levels of ROE- 2Q26 Call CITI'S TAKE We joined Grupo Cibest's conference call. Management reiterated confidence in delivering ROE of ~21-22% in 2026/27, supported by loan growth, strategic execution, and the bank's asset-sensitive balance sheet. While higher-for-longer rates remain the base case through 2026 and potentially part of 2027, management believes profitability can remain above 20% even as rates normalize. ...

Flash | 11 Aug 2026 10:42:27 ET │ 11 pages Implications — GFI will release 1H'FY26 financial results on 25 Aug. We have a Buy rating on the stock with a TP of ZAR930/sh. Buy | Short-Term View: Downside, expires 14-AUG-26 | | | --- | --- | | Price (11 Aug 26 13:19) | R658.33 | | Target price | R930.00 | | Expected share price return | 41.3% | | Expected dividend yield | 5.3% | | Expected total return | 46.6% | | Market Cap | R589,221M | | US$36,369M | | Ephrem RaviAC Gold Fields Ltd (GFIJ.J) +44-20-7986-2462 ...

11 Aug 2026 09:06:22 ET │ 11 pages MR D.I.Y. (MRDI.KL) Flash | Implications — We maintain our Buy on MRDIY. Buy | Price (11 Aug 26 17:00) | RM1.52 | | --- | --- | | Target price | RM2.10 | | Expected share price return | 38.2% | | Expected dividend yield | 5.4% | | Expected total return | 43.6% | | Market Cap | RM14,406M | | | US$3,522M | Gan Huan WenAC +60-3-2383-3449 1H26 dividend payout ratio is 142% of earnings CITI'S TAKE 2Q26 adj NP of RM134m (QoQ: -30%, YoY: -15%) brought 1H26 adj. NP to RM327m (YoY: ...

11 Aug 2026 09:01:19 ET │ 18 pages Ac t i o n | Capstone Copper (CSC.ASX, CS.TO) Capstone: Cost Concerns Ease; Deleverage Continues; TP raised CITI'S TAKE We update our model following 2Q26 and raise our target price to C$18.50/sh (A$18.70/sh), reiterating Buy. While investors remain focused on the risk of higher sulphuric acid costs and potential margin pressure across the Chilean operations, we believe these concerns are increasingly offset by lower acid exposure at Mantoverde, stronger by-product credits ...