J P M O R G A N Asia Pacific Equity Research 10 June 2026 Eagers Automotive Limited Following the AGM briefing, we have adjusted our model to incorporate updated Outside Equity Interest (OEI) considerations. Our earnings revisions reflect a moderation in ANZ OEI assumptions, relating to BYD RJV contributions and revised OEI assumptions post completion of the CanadaOne acquisition. Importantly, our Revenue/PBT estimates remain largely unchanged. Our key earnings changes are highlighted below. Figure 1: APE - ...

市场趋势 - 市场对即将发布的美国CPI数据持谨慎态度，预计将出现高通胀数据，这可能会影响美元的走势[1] - 近期美元的整体仓位已从上周的长期持有转为中性，尽管仍持有部分多头头寸[2] - 欧元在经历了一段时间的窄幅震荡后，市场情绪有所回升，但仍需等待CPI和欧洲央行的决策[3] - 英镑市场因伊朗局势和科技股IPO的影响而变得活跃，市场对美元的看法存在分歧[4] - 澳元在风险情绪低迷的情况下表现不佳，但预计在全球经济仍然强劲的背景下，未来可能会反弹[11] 货币政策与经济数据 - 加拿大央行预计将维持利率不变，尽管5月份的就业报告表现强劲，但经济增长和通胀仍然疲软[12] - 挪威通胀数据为3.4%同比，超出市场预期，但对挪威克朗的影响有限[14] - 瑞典的月度GDP数据反弹，但因数据噪音大，市场反应较小[14] 投资者情绪 - 市场对美元的看法在高通胀预期和股市波动之间存在不确定性[4] - 投资者对即将到来的美国CPI数据的反应将对短期内的货币走势产生重要影响[10]

Flash | 10 Jun 2026 04:14:26 ET │ 11 pages Yantai Jereh Oilfield Services Group (002353.SZ) Jereh Management Call Report – Key Takeaways CITI'S TAKE We joined Jereh's management business update call today. Key takeaways are provided below. YTD orders for gas turbines power generators significantly exceeded initial guidance of US$600-800m, leading to an upward revision for the full-year 2026 forecast. The company is experiencing continuous price increases for its gas turbine power generators, validating tigh ...

June 10, 2026 08:28 AM GMT Wistron Corporation | Asia Pacific May sales up 2% m/m, +39% y/ y Key Takeaways Our view: Wistron Corporation (3231.TW, 3231 TT) Greater China Technology Hardware | Taiwan | Stock Rating | | | Overweight | | | --- | --- | --- | --- | --- | | Industry View | | | In-Line | | | Price target | | | NT$210.00 | | | Up/downside to price target (%) | | | | 33 | | Shr price, close (Jun 10, 2026) | | | NT$158.00 | | | 52-Week Range | | | NT$201.00-109.00 | | | Sh out, dil, curr (mn) | | | 3 ...

10 June 2026 | 7:46AM BST Equity Research WH Smith (SMWH.L): 3Q26 trading update: FY26 guidance downgraded and capital raise announced WH Smith issued a trading update this morning (10 June) for 3Q26 (the period of 14 weeks to June 6th). On a LFL basis, revenue was up +2% yoy (vs. the first 7 weeks of 3Q26: +2%), with 3Q LFL growth weaker across North America and RoW, but stronger in the UK vs. the prior current trading period: UK at +2% (vs. the first 7 weeks of 3Q26: +0%), North America at -1% (vs. the fi ...

10 June 2026 | 3:35PM CST Equity Research China Healthcare: May 2026 China hospital equipment bidding: Single-month bidding value marginally turned positive yoy We continue to track bidding data for 9 types of medical equipment. After five consecutive months of yoy decline since last December, the total bidding value of these 9 equipment categories recorded a slight yoy increase of +0.1% in May. We believe this is in line with our previous expectation that the sector would move from a mild yoy decline to a ...

10 June 2026 | 7:38AM BST Equity Research Pennon Group (PNN.L): FY 2026 results: EPS downgrades a negative, focus to shift to strategic update Pennon released its FY 2026 results this morning (June 10). The key highlights were: Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single fa ...

业绩总结 - 新西兰航空的2026-2028财年EBITDA预估分别下调1%[1] - 2028财年EBITDA预估保持基本不变，目标价维持在NZ$0.43，评级为中性[1][2] - 2025财年收入中，客运、货运和其他业务分别占比约87%、7%和6%[2] - 公司计划到2028财年实现额外NZ$300-400百万的EBITDA，年均增长8%[2] - 截至2026财年上半年，公司已实现NZ$145百万的转型收益，预计到2028财年累计收益将达到NZ$350百万[2] - 预计未来三年EBITDA年均增长率为9%，主要受收入和成本转型推动[2] - 预计2026财年净债务将达到EBITDA的5.8倍，2028财年降至约2.5倍[2] - 目标价NZ$0.43对应的NTM EV/EBITDA为4.2倍，较全球航空公司折价27%[2] 风险因素 - 新西兰航空面临恢复运力的挑战，且国际市场暴露风险较大，84%的可用座公里来自国际航线[2] - 关键风险包括燃料价格波动和中东冲突带来的宏观不确定性[5]

业绩总结 - Pennon在2026财年的基础EBITDA为5.19亿英镑，调整后的每股收益（EPS）为28.3便士，略低于市场共识的52.1亿英镑和27.1便士[3] - Pennon预计2027财年EBITDA将增长5-10%，即达到5.45亿至5.70亿英镑，低于路透社共识的6.13亿英镑和Goldman Sachs预期的6.16亿英镑[3] - SSE在2026财年的业绩更新后，预计2027-2029财年的每股收益（EPS）将平均提高约1%[4] - Pennon预计在2027财年将面临净ODI罚款，整体结果被视为负面[3] 用户数据 - Pennon的水务集团预计年收入将增加5000万至7000万英镑[3] - 数据中心的电力需求预计将推动电力消费的显著增长，当前欧洲的数据中心管道估计为280吉瓦，较九个月前增加约65%[9] 市场展望 - 欧盟计划到2035年动员250亿欧元用于地中海地区的可再生能源和清洁技术投资[5] - 全球风能理事会呼吁加快海上风电项目的发展，预计到2035年全球海上风电容量将增加到420吉瓦[6] - 预计2025-2030年，电气化复合增长率（CAGR）将达到9%，在更乐观的假设下可能达到11%[8] 投资评级 - Goldman Sachs对Pennon的评级为中性，预计投资者关注将转向2026年9月底的战略更新[3]

业绩总结 - Royalty Pharma Plc (RPRX) 的合成特许权收入在生物制药融资中占比从约3%增长至5%[2] - 预计2025年收入为23.78亿美元，2026年为27.12亿美元，2027年为30.55亿美元，2028年为34.25亿美元[5] - 预计2025年EBITDA为16.49亿美元，2026年为25.42亿美元，2027年为28.35亿美元，2028年为31.89亿美元[5] - RPRX 的市值为243亿美元，企业价值为361亿美元[5] - 公司股票在市场中表现优于大多数生物技术公司，提供了相对稳定的投资机会[2] 用户数据与市场展望 - 公司与大型制药企业（如MRK、JNJ、TEVA等）建立了研发风险共享合作关系，成为新的增长领域[2] - RPRX 正在关注中国市场，积极建立关系以期未来达成交易[2] - 公司在过去一年审查了创纪录数量的交易，专注于双赢的交易结构[2] - RPRX 的12个月目标股价为59美元，当前股价为55.63美元，潜在上涨幅度为6.1%[5] 风险与合规 - 公司面临的下行风险包括产品销售低于预期、特许权市场竞争加剧及临床试验的挫折[3] - 报告强调，投资市场存在风险，过去的表现并不代表未来的结果，投资者可能会面临资本损失[39] - Goldman Sachs的研究报告仅供客户使用，未经公司书面同意，不得转售或再发布[44] - 强调了信息的保密性和知识产权的重要性，确保不被用于未经授权的目的[45] - 指出任何违反使用条款的行为将面临法律后果[45]