August 17, 2026 02:30 PM GMT Retail Credit Research | North America M Foundation TJX Cos. (TJX): Great Finds, Tight Spreads We initiate with a constructive fundamental view on TJX, but see the curve as rich. Net cash, ~0.3x leverage, and >150% FCF/debt support A-category quality. We prefer the 2030/2031s within the curve, but would wait for spreads to widen. Key Takeaways We take comfort that TJX's credit strength is supported by more than low leverage. The company is the leader in off-price, with 5,262 sto ...

August 17, 2026 02:29 PM GMT Yamato Holdings (9064) | Japan M Update F3/27 1Q Results Follow-up: Focus on Next Mid-term Plan, But Sustained Execution is Key Our view following discussions with management: 1) TA-Q-BIN parcel volume trends: Parcel volumes in both the TA-Q-BIN segment (individuals and small business customers) and the corporate segment (large corporate customers) appear to be tracking broadly in line with company plans. We believe the shortfall in corporate parcel volumes in 1Q was primarily d ...

August 17, 2026 02:30 PM GMT Retail Credit Research | North America M Foundation PVH Corp. (PVH): Brands Need a Fitting We initiate credit coverage with a cautious fundamental view on PVH Corp. (PVH). Revenue and EBITDA growth are anemic, licensing accounts for a disproportionate share of profit, and shareholder returns absorb most free cash flow. The small capital structure limits market liquidity vs. larger IG peers. With no visible catalyst for spread compression, we recommend selling the 2030s. Key Take ...

August 17, 2026 02:30 PM GMT Retail Credit Research | North America Nike Inc. (NKE): A Tight Fit We initiate credit coverage of NIKE (NKE) with a neutral fundamental view and a tight valuation view. NIKE's scale, liquidity and low leverage provide meaningful downside protection, but current spreads offer little compensation for an uneven recovery, in our view. We recommend no active trade at current levels. Key Takeaways NIKE is improving, but the operating recovery remains incomplete. FY26 revenue was roug ...

Asia Pacific Equity Research 17 August 2026 Sumitomo Mitsui Financial Group (8316) J P M O R G A N Remain Overweight; expect focus on guidance revisions and shareholder return actions in 1H We maintain our Overweight rating for Sumitomo Mitsui Financial Group (SMFG). We reflect new assumptions for the BoJ's policy interest rate in our earnings model and assume a 2.0% policy rate will benefit earnings for most of FY2028 (we previously assumed the policy rate would only rise to 1.5%). We forecast ROE of 12.4% ...

August 17, 2026 02:40 PM GMT PagSeguro Digital | Latin America Risk Reward Update What's Changed Updated Components EPS Risk Reward for PagSeguro Digital (PAGS.N) has been updated Reason for change Updating EPS estimates on the back of 2Q26 results M Update Morgan Stanley & Co. LLC Jorge Kuri Equity Analyst Jorge.Kuri@morganstanley.com +1 212 761-6341 PagSeguro Digital (PAGS.N, PAGS UN) Brazil Financial Institutions | Brazil | Stock Rating | | | Underweight | | | --- | --- | --- | --- | --- | | Industry Vie ...

August 17, 2026 02:50 PM GMT Canada Economics | North America Morgan Stanley & Co. LLC M Update July CPI: Concentrated Headline, Contained Core Key Takeaways Arunima Sinha Global Economist Arunima.Sinha@morganstanley.com +1 212 761-4125 Mayank Phadke, CFA Economist Mayank.Phadke@morganstanley.com +1 212 761-1531 For important disclosures, refer to the Disclosure Section, located at the end of this report. Downloaded by zouguanzhong@cramc.hk Not for redistribution without written consent of Morgan Stanley • ...

August 17, 2026 02:52 PM GMT A2 Milk Company Ltd | Asia Pacific FY27 a transition year | What's Changed | | | | --- | --- | --- | | A2 Milk Company Ltd (ATM.NZ) | From | To | | Price Target | NZ$10.80 | NZ$10.20 | | A2 Milk Company Ltd (A2M.AX) | | | | Price Target | A$8.90 | A$8.50 | New FY27 guidance is below expectations, though we are confident in the building blocks to improved 2H27 margins. Key Takeaways Supply issues see 1H27 a transition period: Lingering impacts of supply issues drove softer than e ...

M Update GDP Forecast Table Update (After Prelim Apr-Jun GDP) We have modestly marked up our 2026 real GDP growth forecast, while revising up our nominal GDP growth forecast more noticeably due to a smaller-than-expected erosion in terms of trade. Our underlying view on the real growth outlook is unchanged. Key Takeaways MTM adjustment to GDP forecasts after Apr-Jun GDP release: Following the release of the first prelim estimate of Q2 GDP, we have made a mark-to-market adjustment to our GDP forecasts ( Exhi ...

J P M O R G A N Asia Pacific Equity Research 17 August 2026 Mitsubishi UFJ Financial Group (8306) Maintaining Overweight rating; expect FY2027 share buybacks to return to FY2025 level We maintain our Overweight rating on Mitsubishi UFJ Financial Group (MUFG). We reflect new assumptions for the BoJ's policy interest rate in our earnings model and assume a 2.0% policy rate will benefit earnings for most of FY2028 (we previously assumed the policy rate would only rise to 1.5%). We forecast ROE of 13.0% in FY20 ...