Sales & Trading J P M O R G A N 10 June 2026 EM FX RUB Usd/rub dropped like a stone yesterday, hitting a low of 71.30 just around the 10 a.m ndf fix. It did bounce a little later in the session but it's hard to fight against the ever present onshore supply, even if it does feel very much on the low side. Ndf flows were very sparse.. perhaps corporates have already bought all they need? Laoise Ni Thighearnaigh AC laoise.nithighearnaigh@jpmorgan.com JPMorgan Chase Bank N.A, London Branch ZAR 1Q26 SA GDP surpr ...

Apr + May '26 average actively-managed equity-oriented flows at ~Rs316 bn; similar to average in 4QFY26/trailing 12M CITI'S TAKE Actively-managed equity-oriented flows (equity+ELSS+balanced advantage+equity savings) dipped to Rs232 bn in May'26 (SMID mix tops at 40%; highest since Dec'23) from Rs401 bn in Apr'26. Nevertheless, average Apr'26+May '26 flows at Rs316 bn was similar to average levels in 4QFY26/trailing 12M at Rs309/323 bn. SIP flows remained steady at Rs309.5bn. Consequently, MoM dip reflects h ...

Flash | MonotaRO (3064.T) May sales somewhat negative – drop-out of one-off Middle East demand apparent since late May CITI'S TAKE May parent sales were ¥28.8bn (+15.5% YoY, average daily sales by business day +28.4%), missing our forecast of ¥29.9bn. The daily growth rate decelerated slightly versus last month (+30.9%). MonotaRO commented that May's outperformance versus plan was between 5-10%. Most of the plan outperformance came from increased sales of petroleum-derived products affected by the Middle Ea ...

业绩总结 - 中国制造业资本支出在2025年第一季度恢复正增长，预计2026年将进一步回升[1][2] - 2024年第一季度，中国制造业资本支出总额为29,075百万人民币，预计到2026年将达到57,968百万人民币[25] - 预计2026年整体收入将达到2,156,330百万，显示出市场的长期增长潜力[1] 用户数据 - 物流行业在2024年第一季度的收入为29,470百万，同比增长89.6%[1] - 医药行业在2026年预计总收入为15,080百万，较2024年增长约15.7%[1] - 比亚迪在2024年第一季度的收入为26,094百万，预计到2025年第四季度将增长至41,875百万[1] 资本支出 - 电池行业的资本支出在2026年第一季度同比增长28%[3] - 中国电力设备行业的资本支出在2026年预计达到12,925百万人民币，较2025年增长80%[24] - 物流行业的资本支出在2026年第一季度同比增长69%[3] 市场展望 - 预计2026年整体资本支出将继续环比增长2-4%，受电池和电子行业的支持[4] - Jefferies预计中国工业自动化需求将在2026-2028年保持上升趋势[6] - 2022年中国太阳能装机容量为217GW，预计到2028年将增长至317GW[1] 新产品和技术研发 - 3C行业在2026年第一季度的资本支出同比增长33%，主要得益于人工智能相关投资的增加[3] - CATL在2026年的资本支出预计为60,311百万人民币，较2025年增长60%[24] - Gotion Hightech在2026年的资本支出预计为9,352百万人民币，较2025年增长40%[24] 并购与市场扩张 - 主要公司如Inovance、Yiheda和Xinje在2026年展现出强劲的市场需求，计划增加产能以应对增长[5] - 预计Leader Harmonious在2026-2029年期间，收入和净利润将分别实现77%和72%的CAGR[63] - Xinje在2025年的市场份额预计为8%，并有潜力在中型PLC市场实现显著的进口替代[52] 其他新策略 - Jefferies的评级分布中，62.07%的股票被评为买入，33.30%为持有[123] - 报告强调投资者需考虑自身的投资目标和财务状况，做出独立的投资决策[120] - 主要风险包括锂电池和太阳能资本支出低于预期，以及竞争加剧[103][104][106]

业绩总结 - Wesfarmers的FY26净利润预计为28.34亿澳元，FY27预计为31.26亿澳元，FY28预计为33.37亿澳元[6] - FY26e的收入预测从47,161百万澳元修订为47,194百万澳元，变化幅度为0%[29] - FY27e的EBITDA预测从6,676百万澳元修订为6,756百万澳元，变化幅度为1%[29] - FY28e的NPAT（报告）预测从3,321百万澳元修订为3,337百万澳元，变化幅度为0%[29] - Wesfarmers的FY25A至FY28E的收入预计将从457亿澳元增长到515亿澳元，年均增长率为4.8%[44] - EBITDA在同一时期内预计将从60.19亿澳元增长到70.92亿澳元，年均增长率为4.8%[44] - 预计FY25A至FY28E的净利润（NPAT）将从29.26亿澳元增长到33.37亿澳元，年均增长率为6.7%[44] - 每股收益（EPS）预计在FY25A至FY28E期间将从234分增长到294分，年均增长率为6.7%[44] 用户数据 - Bunnings的总可寻址市场（TAM）为1135亿澳元，预计未来五年网络增长将达到10%[5] - 预计Bunnings的同店销售增长在中长期将达到6%，Kmart的同店销售增长为5%[23] - Bunnings的家电销售渗透率若达到美国同行的水平，可能为其带来约20亿澳元的销售[5] - Wesfarmers的各个业务板块，包括Bunnings、Kmart和Officeworks，均显示出稳定的销售增长，Bunnings的销售增长率为3.3%至5.0%[44] 未来展望 - Kmart计划在未来5-10年内将销售和EBIT翻倍，目标是FY27年增长[5] - 预计FY27的每股收益（EPS）将达到2.75澳元，FY28将达到2.94澳元[6] - Wesfarmers的目标价格为73澳元，较当前价格下调12%[7] - 预计每股价值为67.00澳元，经过WACC折现后为72.48澳元[31] 新产品和新技术研发 - Wesfarmers在可持续发展方面设定了到2025年实现100%可回收或可重复使用包装的目标[25] 市场扩张和并购 - Bunnings在企业价值中占比63%，Kmart Group占比20%[35] - WesCEF的锂和氨价格的强劲表现推动了FY26-27的盈利预期上调1-2%[10] 财务健康 - 公司的净债务与EBITDA比率预计将从1.7倍下降至1.5倍，显示出财务杠杆的改善[44] - Wesfarmers的市盈率预计将从35.6倍下降至28.4倍，反映出估值的吸引力提升[44] - Wesfarmers的股息支付比率在FY25A为152%，在FY26E至FY28E期间保持在87%[44] - 预计FY25A至FY28E的股息收益率将从4.3%下降至3.1%[44] 风险因素 - 风险因素包括住房市场状况、消费者信心、工资增长和外汇波动等[46]

JAPAN IT SERVICES 10 June 2026 | 3:41PM JST Equity Research NC company results read-across (8) enterprise accounting software: OBC/Money Forward/freee/Miroku Jyoho Service/PCA In this report, we consider the implications for our IT services sector coverage from visits we made to two Not Covered companies with a core focus on enterprise accounting software, Miroku Jyoho Service (MJS; for mid-sized companies, SMEs, and accounting firms) and PCA (for mid-sized companies and SMEs). We also summarize trends in a ...

June 10, 2026 08:55 AM GMT Investor Presentation | Asia Pacific Asia Summer School: China Materials Supply disruptions, alongside improving demand from ESS & AI, support selective materials exposure. We prefer aluminum, copper, lithium, uranium, gold, and glass fiber equities in this environment. | Downloaded by zouguanzhong@cramc.hk M | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Foundation | | June 10, 2026 08:55 AM GMT | | | | Investor Presentation Asia ...

ASIA-PACIFIC excl. Japan | Internet Equity Research 2H Outlook: Catalysts Not Lacking Amid Undemanding Valuation In this report, we highlight key catalysts across sub-sectors in 2H amid undemanding valuation of the internet sector. As highlighted in our report (link), investors are assessing the the sector from perspectives beyond earnings revisions. We analyze sub-sectors from a bottom-up approach and review AI progress at company level across the board. Our 10 Q&A section addresses key investors' question ...

June 10, 2026 | TARGET ESTIMATE CHANGE | | | --- | --- | | RATING | BUY | | PRICE | ¥3,616^ | | PRICE TARGET % TO PT | ¥4,700 (¥4,500) +30% | | 52W HIGH-LOW | ¥4,105 - ¥2,623 | | FLOAT (%) ADV MM (USD) 189.7% 81.14 | | | MARKET CAP | ¥953.6B $6.0B | | TICKER | 7453 JP | Updating estimates; raise PT: We update our forecasts based on recent monthly trends and FX, with ¥92.1bn in OP this FY and ¥105.4bn next FY. We keep our Buy rating and raise PT to ¥4,700. Japan | Retailers Ryohin Keikaku Equity Research MUJ ...

Japan | Internet MonotaRO Co Ltd. Equity Research May Monthly - More Stocking Up May monthly results were released today at 3:30p.m. JST. While we had expected another strong month of sales, our initial impression was positive. Parent company sales totaled ¥28.8bn (+15.5% you, adjusted +28.4% YoY), exceeding guidance by 7–9%, with the upside largely driven by Iran conflict- related stockpiling of private-brand plastic products. May monthly sales –Beat internal estimates mainly due to Iran conflict impact Mo ...