Flash | 27 Jul 2026 20:44:05 ET │ 12 pages CapitaLand Ascott Trust (CAPS.SI) Mixed Operational Performance Amidst Ongoing Renovations CITI'S TAKE CapitaLand Ascott Trust's (CLAS) 1H26 results (DPU likely in-line given seasonally lower 1H) reflected ongoing renovation works for a few hotels (mainly The Cavendish London), mixed operational performance (with stronger Japan and US offset by weaker Singapore and Australia) and ongoing portfolio reconstitution, though its earlier commitment to maintain DPU of 6.1 ...

27 Jul 2026 20:49:59 ET │ 8 pages Citi Express | EverProX Technologies (300548.SZ) EverProX Signs Rmb4.5B Fiber Optic Product Long-Term Agreement with a Key Customer Positive. EverProX announced its subsidiary inked a ~Rmb4.5B long-term fiber-optic product deal through 2030 (~110%/72%/54% of Citi 2026/27/28 revenue estimates), which help secure future orders. Companies Mentioned: EverProX Technologies (300548.SZ; Rmb167.7; 27 Jul 26; 15:00) Kyna WongAC +852-2868-7820 kyna.wong@citi.com See Appendix A-1 for ...

Ac t i o n | 27 Jul 2026 20:41:06 ET │ 16 pages Natura Cosmeticos SA (NATU3.SA) Not Much to Do but Wait; Maintain Neutral/High Risk CITI'S TAKE NATU is scheduled to report Q2 on Aug 10th after the market close. At this stage, we expect limited surprises after the company unveiled a preliminary 2Q26 guidance for group net rev. of R$5.1-5.2bn (CitiE now in the mid-point at R$5.15bn), -10% YoY driven primarily by operational disruptions related to the SAP update. The good news is that Hispanic top-line appears ...

Raises H1 guidance - Voyxact P3 data disclosure, R&D meeting set (August 4 at 09:00) CITI'S TAKE Otsuka announced a significant upward revision to H1 guidance before today's market open. The company raised H1 OP guidance from ¥175bn to ¥278bn. Q2 OP guidance reached ¥151.8bn, significantly exceeding consensus of ¥102.2bn. We view this positively. Contributing factors include lower generic impact, strong sales of Voyxact and Rexulti, yen depreciation, and under-budget R&D. Results will be announced on July 3 ...

Flash | 27 Jul 2026 10:00:20 ET │ 10 pages JSL (JSLG3.SA) filipe.nielsen@citi.com Figure 1. JSL's 2Q'26 operational results (in R$M) | in R$M | 2026 | Citi E | vs. CitiE | 2025 | y-o-y | | --- | --- | --- | --- | --- | --- | | Total Gross Revenue | 2,942.5 | 2,878.3 | +2.2% | 2,789.9 | +5.5% | | Gross Rev. from Services | 2,850.6 | 2,770.8 | +2.9% | 2,681.6 | +6.3% | | Dedicated Services | 2.010.3 | 1.953.2 | +2.9% | 1,973.0 | +1.9% | | Intralog | 611.1 | 642.4 | -4.996 | 568.5 | +7.5% | | Digital | 229.2 | ...

27 Jul 2026 10:01:33 ET │ 9 pages Vi e w p o i n t | US Economics Veronica Clark AC AI demand supports durable goods orders CITI'S TAKE Durable goods orders rose a modest 0.3% MoM in June but with continued strength in orders excluding transportation and in core capital goods orders, with computer orders particularly strong in June. Rising capital goods shipments should mean another increase in business equipment investment in Q2 GDP. But as rising nominal orders and shipments could increasingly reflect hig ...

Vi e w p o i n t | 27 Jul 2026 10:20:35 ET │ 16 pages Latin America Economics & Strategy Daily Brazil Candidates and Fiscal, Mexico Labor Market and Trade, Argentina IMF CITI'S TAKE Today we discuss developments in Brazil, Mexico and Argentina Regional Macro — Market bearishness seems to be pushing back after risk aversion seemed to reach its highest point last Thursday, supported by the pause we have seen in the Middle East conflict. Markets are broadly pricing in a greater likelihood at this stage of some ...

27 Jul 2026 09:48:02 ET │ 15 pages US Digital Assets Vi e w p o i n t | Private Co. Spotlight – Superstate: Regulated Infrastructure for the Tokenization Era CITI'S TAKE In order to deepen our understanding of the emerging "real-world asset" tokenization opportunity, we spent time with Superstate, a private company operating at the intersection of blockchain infrastructure and RWA tokenization. Founded in June 2023 by Robert Leshner, co-founder of Compound Finance, Superstate is registered with the SEC as b ...

Vi e w p o i n t | 27 Jul 2026 09:47:25 ET │ 9 pages Metal Matters India gold imports to face continued headwinds in 3Q'26 India gold imports have been under pressure as Strait of Hormuz tensions and higher oil prices have led to Rupee depreciation, higher duties, and weak investment sentiment. Local gold prices are currently trading at an average discount of ~1% (20dMA), signaling weak underlying demand and elevated selling pressure (see Figure 1). Notably, 2Q'26 saw a rise in old jewelry sold for cash rat ...

Ac t i o n | 27 Jul 2026 10:18:58 ET │ 14 pages Lingering Externalities Likely Curbed 1H26E EBITDA Growth CITI'S TAKE We revise our model to reflect the Cambodian Ministry of Tourism's recently reported weak 1H26 Cambodia inbound international tourist arrivals (-48% YoY). Cambodia appears to be negatively impacted by externalities such as the Thai-Cambodia border tension, security concerns over telecom scams and an oil price hike that may have led to the reduction of inbound flights (khmer, 14-Jul-26). We b ...