Latin America | Diario Equity Research Diario | Latin America Auna, Brazil Tariffs, Charting LatAm, Colombian elections, EM Strategy, Femsa, Global Energy Global Energy | Buffer Ticking. Amid fast-shifting US-Iran dynamics, fundamentals remain in focus. April's disruptions were largely absorbed by buffers, but these are now fading. If the conflict persists, tightening balances are likely, reinforcing structural crude tightness. Refining margins have remained solid and demand remains the key wildcard. In our ...

USA | LNG Equity Research June 10, 2026 Fueling the Next LNG Wave - Mini Conference Full Note On Friday, we hosted a virtual LNG conference with expert speakers from prospective US LNG liquefaction developers, EPC contractors, and LNG industry lawyers & consultants. Overall, sentiment was positive on the continued growth prospects for the sector and the key role the US plays within global LNG markets. Within are the key themes from the event. (1) Iran War Ramifications. Among our experts there was no consen ...

CITI'S TAKE After attending this morning's Wesfarmers investor day, we have come away incrementally more concerned about the competitive risk from Bunnings' expansion into the auto category adversely impacting Bapcor's Autobarn. Separately, we see Amotiv selling to Bunnings through its Narva and Hayman Reece brands and, in our view, this needs to be done in a measured way that doesn't adversely impact the profitability of Amotiv's other retailers (which are currently larger than Bunnings in the category) gi ...

J P M O R G A N Asia Pacific Equity Research 10 June 2026 RYOHIN KEIKAKU (7453) A high-quality, high-growth global large cap; maintain Overweight ▲Price Target (Dec-26):¥4,800 Prior (Dec-26):¥4,650 Japan Equity Research We raise our earnings estimates even further above current Bloomberg consensus estimates. For the domestic business, we expect sales to grow and profitability to improve, while overseas, we expect sales to rise while profitability stays high. Over the next four years from FY25/8 through FY29 ...

June 10, 2026 09:30 AM GMT Bumrungrad International Hospital | Asia Pacific M Update Risk Reward Update What's Changed | Bumrungrad International Hospital (BH.BK) | From | To | | --- | --- | --- | | Price Target | Bt184.00 | Bt187.00 | | Bull Case | Bt238.00 | Bt243.00 | | Base Case | Bt189.00 | Bt192.00 | | Bear Case | Bt126.00 | Bt127.00 | | Updated Components | | | | EPS | | | | Investment Thesis | | | Bull Base Bear Scenarios Risk Reward for Bumrungrad International Hospital (BH.BK) has been updated Rea ...

Jefferies is hosting our Annual Consumer Conference at the White Elephant in Nantucket, MA, on June 16th (Tue) and 17th (Wed). We'll be hosting Mondelez, Hershey, Marzetti, Flowers Foods, J&J Snack Foods, Vital Farms, and B&G Foods from our coverage, with core questions for management included in this note. We look forward to seeing everyone next week and are happy to follow- up post-conference with our takeaways. Jefferies Nantucket Consumer Conference USA | Food Equity Research June 10, 2026 Prepping for ...

2026 MS Financials Conference Recap - Underappreciated Enabler of Cross-Border E- Commerce We continue to believe GLBE is an underappreciated, but critical enabler of cross-border commerce, even as the market remains focused on the impact of AI and the durability of medium-term take rates (both of which we think the company will execute through). We would greatly appreciate your support in the Payments, Processors, and IT Services category in this year's All-America Extel survey. To request a ballet, please ...

June 10, 2026 09:30 AM GMT Corpay Inc | North America Corpay Inc (CPAY.N, CPAY UN) Payments and Processing | United States of America 2026 MS Financials Conference Recap – Diamond in the Rough Our conversation with CFO Peter Walker reinforced our confidence in the durability of CPAY's 10% organic revenue & 20% cash EPS growth profile, the value prop of its cross-border business, and the capital-allocation flexibility awarded by substantial FCF generation. Remain OW with $400 PT. We would greatly appreciate ...

Asia Pacific Equity Research 10 June 2026 Innovent Biologics (1801) Overweight Impressive Next-Gen Obesity & Metabolic Pipeline at the ADA 2026 Innovent Biologics unveiled comprehensive pre-clinical and early clinical data for its next-generation obesity and metabolic pipeline at the 2026 ADA (American Diabetes Association) meeting. The portfolio demonstrates a strategic shift toward enhancing patient convenience and deepening efficacy through diverse mechanisms. Key assets include IBI3032, a novel oral GLP ...

J P M O R G A N Asia Pacific Equity Research 10 June 2026 Mitsui O.S.K. Lines (9104) Key takeaways from small meeting with president: Negative impact from Middle East situation does not seem that large We attended the first small meeting with President Tamura since he took office. There were no significant updates regarding the new medium-term business plan announced in March, business strategy, or capital policy, but Mitsui O.S.K. Lines (MOL) did provide a new update on the impact of the situation in the M ...