Credit Bulletin: Deleveraging and Growth Story Intact Despite Leadership Churn
BP is a large, globally diversified, integrated energy company based in the UK. Historically, BP operated three main business segments: (i) Oil Production &…
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Global Data Watch: Asia: China’s 2H recovery contingent on fiscal
The market interprets China's 2Q GDP miss as broad-based weakness, but the data reveals a structural divergence between export-driven production and domestic…
Man Group (EMG.L): Estimate changes ahead of 1H26
Market believes Man Group's performance fees will remain under pressure from macro uncertainty, but positive 1H26 performance has already driven an 8% upgrade…
CHINA WEEKLY KICKSTART: MXCN gained 3% while A-shares lost 1%; PBoC Governor Pan unveiled package to support CNH market in HK; CPI inflation softened in June
The market treats China's equity market as a single entity driven by macro factors, but actual data reveals a structural divergence between offshore and…
PKO Bank Polski (PKO.WA): Structural alpha and medium-term upside in a transformed landscape; reiterate Buy
The market prices PKO Bank Polski as a cyclical bank, but data reveals its non-interest income generation is a structural counterweight to net interest margin…
Erste Group (ERST.VI): Augmenting structural growth; reinstate at Buy
The market treats Erste Group as a low-growth Austrian bank, but the Poland acquisition reveals a structural shift into higher-growth CEE markets. This…
Larsen & Toubro (LART.BO): A structural beneficiary of the Saudi resilience-led capex wave; Buy
The market prices Larsen & Toubro as a cyclical EPC play exposed to GCC capex slowdown, but the reality is that Saudi's resilience-led capex wave is…
J&T Express - H: Initiate at OW: Share price reflects excessive pessimism, but growth and margin inflection in sight
The market treats J&T Express - H as a cyclical logistics player capped by China price wars and SEA margin erosion, but data reveals a structural…
BlueScope Steel (bsl.AX): Reinstate at Buy on valuation, FCF inflection & tailwinds from US steel spreads
The market treats BlueScope as a single cyclical steel company, but the structural divergence between US and Asian steel spreads is creating a regional…
EHang - ADR: Downgrade to Underweight; commercialization delayed, first-mover advantage diminished
The market treats EHang's certification milestones as a gateway to commercialization, but the reality is that regulators continue to add operational…
Rohm (6963): Maintain Overweight: Raise price target, reflecting analog/discrete semiconductor squeeze, Kioxia‘s share price rise
The market treats Rohm as a cyclical trough in analog/discrete semiconductors, but Si-MOSFET export data reveals a structural supply squeeze driven by AI…
Baltic Classifieds Group (BCG) | Europe FY26: 1% Revenue Miss, Softer FY27 Guide, Capital Returns Supportive
The market interprets BCG's FY27 growth guide as a structural slowdown, but B2C advertiser data across Real Estate, Auto, and Jobs/Services remains resilient…
Japan: May production rises amid lower inventories
The market misreads Japan's May industrial production miss as a weakening trend, but declining inventories and accelerating electronics output reveal the…
Novartis (NOVN.S): Multiple disconnected from the risks - remain Sell
The market treats Novartis (NOVN.S) as a stable growth story with a supportive pipeline, but the reality is that its current valuation already prices in full…
TIME dotCom Berhad: Valuations to compound with earnings – initiate with OW
The market treats TIME dotCom as a typical Malaysian telco facing stagnant growth, but data reveals a structural divergence driven by its cost advantage that…
Cochlear Ltd. (COH.AX): Pathway of growth recovery in place but will take time; Neutral
The market treats Cochlear's growth as decelerating toward low single digits, but actual implant volumes grew 8.8% YoY in FY24A, and the upcoming UK NHS…
Global Data Watch: Asia: Oil Down, Dollar Up: A Rotation in Asian Central Banks
The market assumes synchronized easing across Asian central banks, but the crude price collapse is creating a structural policy divide between oil importers…
Orange (ORAN.PA): Scope for guidance upgrade with H126 results, reiterate Buy
The market treats Orange as a uniformly declining telecom, but the data reveals a structural divergence between accelerating Spain revenue and contracting…