June 24, 2026 03:00 AM GMT AP Moeller - Maersk A/S | Europe Rate Upside Temporary, Downside Structural | What's Changed | | | | --- | --- | --- | | AP Moeller - Maersk A/S (MAERSKb.CO) | From | To | | Price Target | DKr 8,900.00 | DKr 10,000.00 | Ocean rates were boosted in H1 by disruption and seasonality. We expect a guidance upgrade but note this would be backward- looking. We see rates falling in 2H on increasing oversupply, orders and relative normalisation in routes. We explore supply and demand trend ...

24 June 2026 | 6:34AM AEST Equity Research Treasury Wine Estates (TWE.AX) Upside to consensus Penfolds EBITS in FY27/FY28E if all goes to plan... initiate at Neutral. TWE.AX 12m Price Target: A$5.20 Price: A$4.62 Upside: 12.6% We initiate coverage of TWE at Neutral PT $5.20. We see upside to consensus Penfolds FY28E EBITS on a significant step up in sell-in growth (+18% yoy) off the FY27 base impacted by de-stocking. We are +6%/+15% ahead of consensus Penfolds EBITS in FY27/28E. This is partially offset by ...

European Defence | Europe June 24, 2026 03:00 AM GMT M Foundation Eurosatory 2026: Europe's Next Capability Cycle -Follow the Backlog; Not Just Technology Eurosatory highlights Europe's rearmament is a combination of replenishment and capability expansion, with new technologies increasingly integrated onto legacy platforms, partnerships accelerating access to technology and scale, and EU duplication rising as sovereignty drives national solutions. Key Takeaways What's the Edge in this Report? We met 12 defe ...

Opinions from the Japanese central bank's recent meeting show a growing sense of worry about inflation and a need to lift interest rates at a steady pace to avoid falling behind the curve. ...

24 June 2026 | 2:19AM HKT Equity Research Henderson Land (0012.HK): Asia Financials Corp Day Takeaways: Strong HK property sales HK$11bn till Apr-FY26. Market overly concerned We hosted Henderson Land management at our Asia Financials Corporate Day on Jun 23rd. Benefiting from the strong HK housing market sentiment, the group has been able to secure ~HK$11bn property sales in 4M26, tracking ahead at ~60% of HK$19.3bn sales achieved in FY25. They also managed to increase ASP by 13-14% cumulatively since Sep- ...

业绩总结 - FII预计在2026年至2028年期间净收入年均增长率为41%[7] - FII的2026年收入预计达到人民币2,531亿元，其中AI服务器占总收入的73%[8] - FII的2026年目标市盈率更新为23倍，较之前的21.6倍有所上调，反映出更强的未来基本面[13] - FII的2024年收入预计为609,135百万人民币，2025年为902,887百万人民币，2026年为1,575,387百万人民币，2027年为2,530,626百万人民币，2028年为3,852,807百万人民币[13] - FII的2026年净收入预计为63,044百万人民币，2027年为92,516百万人民币，2028年为125,741百万人民币[13] 用户数据 - FII的现金流转周期从2023年的71天改善至2025年的39天，显示出其运营效率的提升[7] - FII的毛利率在2026年预计为6.5%，运营利润率为4.9%，净利润率为4.0%[13] - FII的每股收益（EPS）在2026年预计为3.18元，2027年为4.66元，2028年为6.34元[13] 市场展望 - 美国和中国的云计算服务提供商（CSP）资本支出预计在2026年和2027年分别增长76%和35%[1] - 中国CSP的资本支出预计在2026年和2027年分别增长80%和20%[1] - FII的市场份额增长得益于快速的技术迁移和原材料成本上升，提升了市场准入门槛[7] - FII的2026年和2027年净收入预测较彭博社共识高出2%和12%[12] - FII预计2025-2028年净收入年均增长率为53%，显著高于2021-2024年的5%[13] 新产品和新技术研发 - FII的毛利率在2026年预计为6.5%，较之前的预测有所上调[11] - 主要风险包括AI服务器业务需求低于预期、iPhone组件业务扩展受竞争影响等[19] 其他新策略 - FII的目标价格为107.2元，意味着45%的上涨空间，维持“买入”评级[13] - Inspur因在中国AI服务器市场份额持续下滑和估值过高被下调至“卖出”评级[1] - 2027E的营业利润（OP）预估为44亿人民币，较之前预估下降8%[26] - 2028E的净收入预估为56.45亿人民币，较之前预估下降15%[26] - 2027E的目标市盈率（P/E）更新为21.1倍，较之前的23.8倍有所降低[31]

BOTTOM LINE: The Summary of Opinions from the June Monetary Policy Meeting (MPM) showed that two board members expressed opinions calling for an acceleration in the pace of rate hikes. While these opinions are in the minority at present, the extent to which they will spread to other members going forward will likely depend on future assessments regarding the risk of underlying inflation exceeding 2 percent. MAIN POINTS 24 June 2026 | 10:45AM JST Economics Research Japan: BOJ Summary of Opinions from June MP ...

GS Proprietary Economic Indicators Exhibit 1: Our China Current Activity Indicator (CAI) edged up to +4.6% mom annualized sa in May, vs. +2.9% in April Source: Goldman Sachs Global Investment Research, NBS, CEIC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. 24 June 2026 | 9:49AM HKT Economics Research GS China Econ Proprietary In ...

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J P M O R G A N North America Equity Research 23 June 2026 Helmerich & Payne J.P. Morgan Natural Resources Conference Takeaways We hosted a fireside chat with H&P President & CEO Trey Adams at our J.P. Morgan Natural Resources Conference. Overweight HP, HP US Price (23 Jun 26):$35.59 Oil & Gas Exploration & Production Arun Jayaram AC (1-212) 622-8541 arun.jayaram@jpmchase.com Jason Kim (1-212) 622-1408 jason.b.kim@jpmchase.com Sowmya Vemulapalli (1-212) 270-4660 sowmya.vemulapalli@jpmchase.com J.P. Morgan S ...