J P M O R G A N North America Equity Research 22 June 2026 AbbVie Quick Thoughts on Acquisition of Apogee Therapeutics – Strong Strategic Fit, Builds Out Immunology Pipeline This morning, ABBV announced the acquisition of Apogee Therapeutics for ~ $11bn, and we see the deal as a solid fit for AbbVie as it further builds out the company's pipeline in immunology / atopic dermatitis with the lead asset zumilokibart (long acting IL-13). Thus far, zumilokibart Ph2 data in atopic dermatitis offers efficacy that i ...

业绩总结 - 中国资源地产（CR Land）在2026年第一季度的销售增长加速，5月销售同比增长38%[1] - 预计2026年净利润为227亿人民币，稀释每股收益（EPS）为3.188元，增长1.1%[6] - 2026年市盈率（P/E）为8.4，市净率（P/B）为0.6，股息收益率为4.4%[6][11] - 当前股价为31.18港元，目标价为43.00港元，预计股价回报为37.9%[7] - 预计2026年经营现金流为-34亿人民币，显示出流动性压力[11] 用户数据 - 5M26的同店销售增长（SSSG）预计为10%，超出5%的目标，奢侈品零售表现优于整体市场[4] - 2026年5月新土地收购总面积为2,554,162平方米，预计总建筑面积为2,373,545平方米[12] - 2026年5月，深圳龙岗区的土地收购面积为476,800平方米，成本为7,045万元人民币，单平方米成本为14,776元[12] 市场展望 - 预计2026年上半年收益相对稳定，销售增长将在第三季度加速[15] - 预计2026-2030年，开发物业将占收入的70-75%，并贡献40%的利润[22] - 预计2026年上半年通过成都购物中心的分拆可实现超过20亿人民币的收益，为收益和股息提供缓冲[14] 新产品与技术研发 - CR Land计划在2026年推出4500亿人民币的资源，其中35%的新项目将在第三季度推出[2] - 2026年计划通过REIT回收5-6个购物中心，预计可实现100-150亿人民币的收入[22] 土地收购与市场扩张 - CR Land在5M26的土地收购支出为297亿人民币，同比增长5%[5] - 管理层计划在下半年以更好的土地价格进行收购[5] - 中国资源地产在关键城市的土地储备质量良好，包括杭州、成都和东莞等地[14] 风险因素 - 主要风险包括中国及全球经济增长低于预期，可能影响房地产市场买家情绪[24] - Citi Research的股票评级分布中，61%为买入，32%为持有，8%为卖出[39]

M Idea 5 Reasons To Buy June 22, 2026 02:00 PM GMT American Healthcare REIT, Inc. | North America We are more constructive post June NAREIT and see a compelling entry point with favorable risk reward. Key Takeaways Exhibit 1: AHR Valuation 12.6% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 1Q24A 2Q24A 3Q24A 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A Current FFO Multiple Premium to REIT Industry Source: Factset, SNL Financial, Morgan Stanley Research as of 6/18/2026 Morgan Stanley & Co. LLC Ronald ...

Vi e w p o i n t | 22 Jun 2026 09:50:44 ET │ 9 pages Canada Economics Few signs of upward pressure on core inflation CITI'S TAKE Headline CPI rose 1.0%MoM and to 3.2%YoY in May, stronger than our and consensus expectations. This followed a much weaker than expected reading in April, and many of the components that were surprisingly soft in April (food at home, recreation services) rebounded in May. Details like shelter inflation continue to slow and importantly, core measures remain modest around target (so ...

June 22, 2026 02:22 PM GMT China Property | Asia Pacific M Update Weekly Database Tracker #25 Key Takeaways Weekly primary registered unit sales in 50 cities decreased 16% YoY (vs. -3% YoY in the previous week) for the week ended June 21, partly due to the calendar effect from the Dragon Boat Festival, bringing YTD sales to -12% YoY: Tier 1 city sales declined 15% (vs. +2% YoY). Tier 2 city sales dropped 12% YoY (vs. -7% YoY). Tier 3 city sales fell 28% YoY (vs. +9% YoY). Weekly secondary registered unit sa ...

Vi e w p o i n t | 22 Jun 2026 10:17:18 ET │ 19 pages Roblox Corp (RBLX.N) Week 25 CCU Growth — During week 25 (June 15th to June 21st 2026), RoMonitor's average peak CCUs were 15.3 million, down 5% over the year-ago period. QTD CCUs are still positive, up ~7%. Bookings Implications — There are two key assumptions required to link CCUs to bookings: i) Payers per CCU and ii) Bookings per Payer. Based on historical averages, we believe the QTD CCU trends are consistent with 2Q26 bookings of $1.57 billion. Thi ...

Model Update CITI'S TAKE Rémy Cointreau (RCOP.PA) Flash | 22 Jun 2026 10:17:05 ET │ 11 pages We update our Rémy Cointreau estimates following the group's FY26E results (see NOTE). Management's new RC Forward strategy is set to bring new energy and ambitions to the group, with a greater focus on new opportunities for growth in EMs and GTR as well as new territories/channels in the US and China. In the near-term, the group expects FY27E OSG to return to sustainable growth (we estimate +3.3%) with a slight imp ...

Flash | 22 Jun 2026 10:02:19 ET │ 12 pages OPmobility SE (OPM.PA) Model Update CITI'S TAKE We update OPMobility numbers post pre-close call. Overall, our FY26 revenues, EBIT, and FCF estimates are little changed albeit more 2H skewed than we would typically expect. Specifically, we now model 1H26/FY26 consolidated sales growth of –3%/–0.3%, of which 1H26/FY26e LFL growth is seen at 0.2%/0.3% as 2Q26 FX headwinds reduce in strength. Higher cost inflation in 1H steers an assumed decline in 1H26 EBIT at €247m ...

June 22, 2026 02:33 PM GMT M Update Latin America Transportation & Infrastructure | Latin America Weekly Scheduled Capacity Tracker No major changes W/W, as scheduled seat capacity remained broadly stable across airlines and airports. Key Takeaways Our weekly capacity tracker monitors capacity for airports and airlines under our coverage, using OAG flight schedule data. For Airports, we track capacity using aircraft seats, which historically correlates with passenger traffic. For Airlines, we track ASKs/ASM ...

Asia Pacific Equity Research 22 June 2026 China SMid Insurance China Taiping: Niche robot insurance as a SMid-cap catalyst Unlike China large-cap insurers, which are primarily driven by earnings consensus revisions, life sales growth expectations, and attractive 4%-6% dividend yields, SMid-cap insurers trade on different growth narratives. ZhongAn Online P&C is a clear example. It has not paid a dividend since its 2017 IPO, instead reinvesting excess capital into organic growth. Its share price has been sup ...