Flash | 27 Jul 2026 11:49:06 ET │ 9 pages China Battery Materials Cynthia Wu +852-2868-7813 cynthia.d.wu@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations China Battery Supply Chain on the Ground: Another round of new capacities unfolds CITI'S TAKE Another round of new battery capacities unfolds as expected in Aug-26, whereas major battery makers (incl CATL, CALB, REPT and others) are expediting new capacities ramp up for the upcoming traditional pe ...

Ac t i o n | 28 Jul 2026 03:11:09 ET │ 19 pages Cadence Design Systems, Inc. (CDNS.O) Beat and Raise; Revenue Momentum to Continue through 2027 CITI'S TAKE CDNS reported a solid beat-and-raise quarter and raised FY26 revenue guidance by $125M to $6.30B (up 19% YoY), its largest upward revision since 2023, driven by strong IP growth from hyperscaler chip design activity and record EDA hardware growth amid rising chip complexity. We see revenue momentum extending through 2027, supported by record backlog of $ ...

28 Jul 2026 03:02:53 ET │ 11 pages Merlin Properties (MRL.MC) Data centre progress strong with positive growth in shopping centre, office and logistics CITI'S TAKE Merlin published H1 results with positive rental growth particularly in shopping centres but also office and logistics. Data Centre build and leasing remains strong and in this ramp up phase FFO per share guidance of €0.55 was noted (2025: €0.58). Flash | Data centre execution ahead of their plan — Merlin noted their Mega Plan data centre executi ...

Flash | 28 Jul 2026 03:05:43 ET │ 11 pages Man Group (EMG.L) 1H26 – Strong P&L & AUM Beats + Encouraging Recovery In Absolute Return Flows CITI'S TAKE | Year to 31 Dec | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | Net Income ($M) | 381.0 | 321.0 | 476.4 | 451.7 | 550.8 | | Diluted EPS (¢) | 32.0 | 27.6 | 41.4 | 41.3 | 53.6 | | Diluted EPS (Old) (¢) | 32.0 | 27.6 | 41.4 | 41.3 | 53.6 | | PE (x) | 12.4 | 14.5 | 9.6 | 9.7 | 7.4 | | P/BV (x) | 2.7 | 2.8 | 2.4 | 2.4 | 2.2 | | ...

Flash | 28 Jul 2026 02:58:20 ET │ 12 pages Orange (ORAN.PA) H1 beats consensus, led by A&ME and Europe; guidance upgraded CITI'S TAKE Orange has reported strong H1 results, with 2026 EBITDAaL and organic cash flow guidance upgraded to reflect strength in Africa & Middle East (A&ME) and Europe, as well as consolidation of MasOrange from the start of June. Q2 revenue of €10,853m was 1.8% above company-compiled consensus (or €191m ahead), mainly caused by A&ME (3.6% or €83m ahead of consensus), Europe (3.6% or ...

14 9 12 13 11 10 8 Europe Risk Risk Risk Risk Risk Risk Risk Ret'n Ret'n Ret'n Ret'n Ret'n Ret'n Ret'n Current 1 Day Current 11 Days Current 1 Day Current 8 Days Current 2 Days Current 2 Days Current 2 Days Prev Rec St O/W (1d) Prev Rec O/W (6d) Prev Rec St O/W (1d) Prev Rec U/W (3d) Prev Rec St O/W (16d) Prev Rec U/W (1d) Prev Rec U/W (2d) 1 0 1 0 1 0 0 27-Jul-26 Strong Underweight Strong Underweight Overweight Strong Underweight Overweight Strong Underweight Overweight Value Growth Low Risk Size Quality P ...

Point | The Point for Latin America Tuesday, 28 July 2026 Company | Industry | Global | Key Rating and Target Price Changes Company Grupo Mexico (GMEXICOB.MX) - Model Update: Incorporating Saavi Energia; Maintain Neutral and Raise TP to P$220/sh We are updating our Grupo México model following the company's 2Q26 results and Citi's SCCO model update. Overall, we are making limited changes to 2026 estimates, as operating trends remain broadly consistent with our previous expectations. The key changes are rela ...

28 Jul 2026 03:55:13 ET │ 11 pages Askul (2678.T) July monthly data - negative YoY trend continues, return to pre- ransomware levels distant CITI'S TAKE Askul announced July parent sales on July 28. July sales were ¥28.2bn (- 16.6% YoY), with the Askul business (B2B) at ¥25.1bn (-16.8%) and the Lohaco business at ¥3.1bn (-15.0%), marking double-digit negative growth, as in June. After adjusting for working days, Askul business sales appear to be -15.1% YoY. Breaking down the Askul business, the July custome ...

Flash | 28 Jul 2026 03:47:39 ET │ 10 pages BT Group PLC (BT.L) Ofcom proposes to intervene on Openreach offer CITI'S TAKE Following on from the Openreach commercial offers proposed in June, Ofcom has today launched a consultation, proposing to intervene and direct Openreach to withdraw its 'Incremental New to Openreach Offer' on the basis of fair and reasonable pricing. As such, we believe Openreach could come back with a similar offer, but with smaller discounts. Ofcom is content with Openreach's 'Geograph ...

Flash | 28 Jul 2026 02:17:03 ET │ 11 pages Sun Communities (SUI.N) Actions Speak Louder; Thoughts on SUI's 2Q26 Earnings Report CITI'S TAKE We thought this was a positive report from SUI for the following reasons: 1) the dilution from the UK exit is likely 50-70bps less than Citi originally estimated (link), as SUI is assuming ~$86m of full-year UK FFO contribution in 2026 guidance versus our assumption of ~$92M (resulting in less core FFO loss next year from the eventual sale), 2) SUI raised its core FFO g ...