10 June 2026 | 10:54AM JST Equity Research SUMCO (3436.T): Formosa SUMCO monthly data: May sales confirm recovery and expansion trend; Buy SUMCO's Taiwan subsidiary (FST) disclosed its May 2026 monthly sales. Revenue reached NT$1,218mn, up 24% YoY, confirming strong top-line growth. Supported by a reversal in prior inventory destocking trends—partly driven by Middle East disruptions—and strong AI server demand, the recovery is evident across both advanced and legacy nodes. Following growth of +16% YoY in Ma ...

10 June 2026 | 12:08PM JST Equity Research Murata Mfg. (6981.T): First Take: We assume no impact at this juncture from either the Philippines earthquake or zirconia export restrictions We have received inquiries from investors regarding two points: (1) the impact of the Philippines earthquake on Murata's factory operations (an article suggesting an impact was published on the Chinese site Sohu (LINK)), and (2) concerns about the supply of zirconia due to Chinese export restrictions. We confirmed the situati ...

经济与政策动态 - 日本经济在中东紧张局势加剧的情况下依然保持强劲，没有显著恶化[2] - 由于日本银行（BOJ）行长上田的鹰派言论，预计6月将加息，而非之前预期的7月[11] - BOJ预计在2027年1月进行下一次加息，终端利率将达到1.5%[17] - BOJ将逐步减少日本国债（JGB）购买，预计在2027年3月之前维持现有计划，之后每月购买约2万亿日元[22] - 尽管消费者信心指数有所下降，但硬数据仍然强劲，显示出经济的韧性[3] - 企业对企业（B2B）价格显著上升，预计将对消费者价格产生向上压力[7] - BOJ预计在6月加息后，未来的加息将大约每六个月进行一次[18] - BOJ的政策利率将在2027年7月达到1.5%，与中性利率相等[20] - BOJ将稍微调整其前瞻性指引，以维持鹰派立场，同时暗示接近中性利率[15] - 加息的具体时机将受到市场发展和与政府沟通进展的显著影响[21] 研究与合规信息 - 高盛澳大利亚及其附属机构不提供银行服务，研究报告仅面向“批发客户”[30] - 在巴西，主要负责本研究报告内容的分析师需遵循CVM第20号决议的相关规定[30] - 加拿大的研究信息仅供参考，不构成证券交易的广告或招揽[30] - 在印度，高盛可能持有被研究公司的1%或以上的证券[30] - 日本的高盛注册为金融工具交易商，受相关金融监管机构监管[33] - 高盛全球投资研究提供的研究产品面向全球客户，涵盖多个行业和宏观经济领域[34] - 高盛在英国的研究已获得金融行为监管局的批准[35] - 研究报告基于当前公共信息，可能不完全准确，投资者需自行判断[37] - 研究不构成个别投资建议，投资者应考虑自身的投资目标和风险状况[43] - 研究报告的传播方式和服务水平可能因客户需求和法律法规而异[46]

10 June 2026 | 10:28AM JST Economics Research Japan: May CGPI: Continued MoM Increase, but Decelerates from April's Surge BOTTOM LINE: The domestic corporate goods price index (CGPI) decelerated from a +2.8% mom increase in April—which was the sharpest rise since April 1980 (+3.1%), excluding the effects of consumption tax hikes—but still rose +0.9% mom in May. In yoy terms, the index accelerated to +6.3% (April: +5.3%), the largest increase since March 2023 (+7.4%). Import prices also continued to rise, bu ...

EH216-S commercial operations update following new requirements; 1Q26 miss; Buy EH 12m Price Target: $16.90 Price: $6.68 Upside: 153.0% EHang's 1Q26 revenues were -2% YoY/ -86% QoQ to Rmb26m, lower than our previous estimates of Rmb54m, due to the decreased sales volume of eVTOL aircrafts (4 units in 1Q26 vs. 11/ 61 units in 1Q25/ 4Q25) and weak seasonality. Despite the adjustment of revenues in 2025 after the reassessment (Link), the company expects to gradually receive the payment this year, and maintains ...

More encouraging color on near-term trends: 1) 618 performance targeting DD% yoy growth: Management shared performance to date is broadly on track, with May already returning to positive yoy growth and they expect the full 618 period (May + June) to deliver more than DD% growth yoy; 2) By channel, mgmt commented on seeing similar improvement trends on both Tmall and Douyin, while seeing only minor timing-related disruption on JD.com. Offline remained broadly stable and in line with expectations. 3) 1H26 Sal ...

J P M O R G A N Asia Pacific Credit Research 10 June 2026 APAC Credit Roundup APAC Credit, Nippon Life Insurance, China Tech APAC Credit - 2026 Conference takeaways The mood was constructive at our eighth annual Asia Credit Conference. Questions of how to deploy funds seemed to receive more air time than discussions of risks. The theme of increasing flow of capital across borders took on greater prominence than in past years as demand for cross-border products is exceptionally high and as Asia witnesses str ...

Please note that the Analyst Focus List is not a model portfolio. The monthly publication is a complete refresh, replacing previous editions; therefore, prior ideas should no longer be relied upon. Mid-month additions and removals. (1) New ideas can be added mid-month, with analysts publishing the rationale for all mid-month changes in a research note; (2) stocks may be removed mid-month if a valuation target has been largely or wholly achieved, or if the original rationale is deemed no longer valid; and (3 ...

Point | The Point for Europe Wednesday, 10 June 2026 Top Call | Company | Industry | Key Rating and Target Price Changes TopCall Smith & Nephew PLC (SN.L) - Expert Surgeon Insights event takeaways: Incremental positives across LANDMARK and CORI We attended Smith & Nephew's (S&N) Expert Surgeon Insights event in London. This event followed the NYC CMD last December where we listened to KOLs sharing their (positive) experience with and latest thoughts on S&N products across all divisions. Compared to the Dece ...

Europe Equity Research Europe First to Market 10 June 2026 Today's Morning Meeting | Also Published Today | Key Changes | JPM Events | Upcoming Earnings Today's Morning Meeting AFL | UMG & Vivendi (Daniel Kerven) UMG … a hairy peach UMG is a peach of an asset. However, it has a lot of hair on it. The "hair" is frustrating for existing shareholders, but in our view represents an opportunity for those on the sidelines. The peach continues to get bigger and juicier each year given secular growth, Streaming 2.0 ...