Equity Research
- Macro risk has moderated but outlook remains uncertain: emphasize idiosyncratic opportunities which offer better risk/reward parameters.
- Leaning into Korea: domestic positives outweigh global cyclical risks: raise to OW on 13%/16% 12m USD price/total return (KOSPI 3100 target)
- Toning up Taiwan: raise to MW following sharp ytd underperformance and more balanced risk/reward. 10% 12m USD price return (TAIEX 23,500 target)
- Moderating ASEAN: lower Singapore to MW following strong ytd outperformance, and Indonesia to UW on continuing earnings downgrades. Stay OW Philippines, MW Malaysia, UW Thailand.
- Regional refresh: moderate beta, ample alpha: expect 8%/11% 12m USD price/total returns on 675 MXAPJ index target. Remain OW China, Japan; UW Australia, Hong Kong. Raise tech hardware & semiconductors to MW. Favored themes include weaker dollar, shareholder yield, earnings quality, revision momentum, defense, and AI applications. We provide a screen of all GS Buy-rated names in Korea.
7 Jun 2025 | 4:17am| 12pg| Research | Portfolio Strategy-Timothy Moe, CFA and others
We see both upside and downside risks to the market's pricing of economic growth. A significant deterioration in economic data may challenge the ability of investors to look through near-term weakness. In contrast, there is room for further improvement in soft data, which would support continued upside for equities.
7 Jun 2025 | 4:47am| 24pg| Research | Portfolio Strategy-David J. Kostin and others
With this report, we update our global EV battery and cathode supply-demand models, earnings/TPs, stress test analysis and long-term bull/bear risk-reward scenarios. Four key points: Rebound in Europe TAM, but market share dynamics less favourable.
8 Jun 2025 | 9:01am| 22pg| Research | Equity-Nikhil Bhandari and others
SECTION 899 PROPOSED TAX CHANGES IN FOCUS
US Daily: Section 899: A Potential Deterrent to Foreign Investment in the US
5 Jun 2025 | Research | Economics - Alec Phillips, William Marshall, Ben Snider, Michael Cahill and others
Strategy Espresso: UK stocks heading to the US: Section 899 & Wise re-listing
6 Jun 2025 | Research | Portfolio Strategy - Sharon Bell and others
UPCOMING WEBCAST: Section 899 & Implications on Europe
9 Jun @ 2:30 PM LDN | REGISTER
With Alec Phillips, Guillaume Jaisson and Sahar Islam
9 Jun @ 2:30 PM LDN | REGISTER
With Alec Phillips, Guillaume Jaisson and Sahar Islam
Also read:
Europe Energy: EU Big Oils: Sensitivity to Section 899
Europe Banks: Assessing sensitivities from Section 899 proposed tax changes
Strategy Espresso: Section 899 and European Equities: Navigating Risks, Unlocking Flows
We highlight Nippon Paint Holdings as the next installation in our Japan Transformers series focusing on companies undergoing transformation. The company's core decorative paints business is largely unaffected by reciprocal tariffs and is a beneficiary of stabilizing petrochemical raw material prices. Its "asset assembler" business model also provides a key source of competitiveness. We expect Nippon Paint to deliver an EPS CAGR of +20% over FY12/24-27E, yet from a valuation standpoint, the shares trade at an FY12/26 P/E of 13X, well below the 10-year average of c.20X for global paint companies that specialize in decorative paints. With newly consolidated subsidiary AOC making a full contribution from 2Q12/25 (c.24% of our 2Q operating profit forecast) and profit momentum set to strengthen (yoy +41%, qoq +40%), we see now as an attractive entry point and upgrade Nippon Paint to Buy, from Neutral (34% upside).
Atsushi Ikeda
Japan Chemicals | Tokyo
8 Jun 2025 | 4:08pm| 36pg| Research | Equity-Atsushi Ikeda and others
IN THE SPOTLIGHT
We recently met with key gas producers and developers around the Australia Energy Producers Conference in Brisbane. Industry sentiment continues to improve as recent approvals highlight the essential role gas will contin...
Henry Meyer
Australia Energy | Sydney
8 Jun 2025 | 3:50pm| 11pg| Research | Equity-Henry Meyer and others
- Company HighlightsMosaic Co. (MOS): Revising estimates following intra-quarter update9 Jun 2025 | 10:20am| 7pg| Research | Equity-Duffy Fischer and othersBioArctic (BIOAb.ST): CMD highlights potential differentiation of BrainTransporter9 Jun 2025 | 9:53am| 9pg| Research | Equity-Rajan Sharma and othersKuaishou Technology (1024.HK): Kling AI revenue/booking trending stronger than expected into 2Q; Buy6 Jun 2025 | 1:41pm| 9pg| Research | Equity-Lincoln Kong, CFA and othersDaifuku Co. (6383.T): Beyond the Cycle: High visibility on growth outlook in China/cutting-edge semiconductors; reiterate Buy6 Jun 2025 | 11:13pm| 7pg| Research | Equity-Yuichiro Isayama and otherseToro Group (ETOR): A differentiated, tech-enabled business drives compelling European market share gain story; initiate at Buy9 Jun 2025 | 8:51am| 32pg| Research | Equity-James Yaro and othersSea Ltd. (SE): 6.6 tracking shows mixed trends across markets but broadly stable competition overall6 Jun 2025 | 1:52pm| 13pg| Research | Equity-Pang Vittayaamnuaykoon and others
- Industry HighlightsAustralia Energy: AEP 2025 conference: Restored support for gas, QLD CSG backfill and Beetaloo shale could extend Australian LNG prominence8 Jun 2025 | 3:50pm| 11pg| Research | Equity-Henry Meyer and othersGlobal Automation: Schaeffler China trip takeaways: proactive in humanoid robot motion system; global competition underestimated9 Jun 2025 | 10:22am| 6pg| Research | Equity-Jacqueline Du and othersIndia Banks: RBI's surprise move to lower CRR Requirement to drive “V” shape improvement in NIMs from 3Q’26; Maintain constructive view on the sector6 Jun 2025 | 11:03pm| 8pg| Research | Equity-Rahul Jain and othersAmericas Branded Consumer Goods: Apparel & Accessories: May store traffic update9 Jun 2025 | 10:53am| 8pg| Research | Equity-Brooke Roach, CFA and othersIndia Banks: BULA on the horizon; Potential risk to asset quality in NT; Positive for formal sector in long-run9 Jun 2025 | 9:18am| 12pg| Research | Equity-Rahul Jain and othersChina Machinery: Field trip takeaways: domestic divergence driven by policy; exports and electrification in focus8 Jun 2025 | 9:00pm| 9pg| Research | Equity-Nick Zheng, CFA and others
- PORTFOLIO STRATEGYIndex Strategy: FTSE Global Equity Index Series Rebalancing Review and Flow Implications (June 2025)8 Jun 2025 | 12:57pm| 23pg| Research | Portfolio Strategy-Alvin So, CFA and othersJapan Weekly Kickstart: Low AGM Approval End-Game8 Jun 2025 | 11:27am| 23pg| Research | Portfolio Strategy-Bruce Kirk, CFA and othersGOAL Kickstart: Emerging EM resilience with weaker Dollar despite tariff uncertainty3 Jun 2025 | 6:10am| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
- OPTIONSWeekend Cross-asset Dislocations (8-Jun-2025)8 Jun 2025 | 7:35pm| 1pg| Research | Options-John MarshallTrade Close: Close Options Recommendation on SNOW & MDB6 Jun 2025 | 6:30pm| 5pg| Research | Options-John Marshall and othersWeekly Options Watch: June Analyst Day Call-buying Opportunities4 Jun 2025 | 4:55pm| 14pg| Research | Options-John Marshall and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
eToro Group (ETOR): A differentiated, tech-enabled business drives compelling European market share gain story; initiate at Buy
9 Jun 2025 | 8:51am| 32pg| Research | Equity-James Yaro and others
I
Nippon Paint Holdings (4612.T): Japan Transformers: High growth phase under “asset assembler” model; upgrade to Buy
8 Jun 2025 | 4:08pm| 36pg| Research | Equity-Atsushi Ikeda and others
South Korea: Batteries: Mixed TAM / market share data-points; capex slowdown still insufficient; L&F down to Sell
8 Jun 2025 | 9:01am| 22pg| Research | Equity-Nikhil Bhandari and others
Americas Healthcare: Generic Pharmaceuticals: Growth opportunities in a defensive industry; Initiate at Buy on TEVA and AMRX, Neutral on VTRS
6 Jun 2025 | 12:54pm| 92pg| Research | Equity-Matt Dellatorre, Ph.D. and others
I
Latest research
Americas Branded Consumer Goods: Apparel & Accessories: May store traffic update
9 Jun 2025 | 10:53am| 8pg| Research | Equity-Brooke Roach, CFA and others
Global Automation: Schaeffler China trip takeaways: proactive in humanoid robot motion system; global competition underestimated
9 Jun 2025 | 10:22am| 6pg| Research | Equity-Jacqueline Du and others
Mosaic Co. (MOS): Revising estimates following intra-quarter update
9 Jun 2025 | 10:20am| 7pg| Research | Equity-Duffy Fischer and others
BioArctic (BIOAb.ST): CMD highlights potential differentiation of BrainTransporter
9 Jun 2025 | 9:53am| 9pg| Research | Equity-Rajan Sharma and others
India Banks: BULA on the horizon; Potential risk to asset quality in NT; Positive for formal sector in long-run
9 Jun 2025 | 9:18am| 12pg| Research | Equity-Rahul Jain and others
eToro Group (ETOR): A differentiated, tech-enabled business drives compelling European market share gain story; initiate at Buy
9 Jun 2025 | 8:51am| 32pg| Research | Equity-James Yaro and others
I
China Transportation: Corporate Day takeaways: Healthy air travel trend; short-term price hike for container shipping may continue
9 Jun 2025 | 8:11am| 9pg| Research | Equity-Herbert Lu and others
The 720: Asia Strategy (Raise Korea to OW, Taiwan to MW), Nippon Paint, Korea Battery, China Machinery, India Banks, Kuaishou
9 Jun 2025 | 7:18am| 10pg| Research | Equity-Michael Snaith and others
Americas Utilities: Power: Power demand growth on track despite macro uncertainty; maintain 2.5% CAGR
9 Jun 2025 | 6:38am| 13pg| Research | Equity-Carly Davenport and others
Taiwan Technology: Monthly revenues preview on Chenbro, Auras, E Ink; ASIC AI servers / e-papers to drive growth; FX affects 2Q25
9 Jun 2025 | 2:01am| 15pg| Research | Equity-Verena Jeng and others
Rating changes (last 24 hrs)
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DAILY ROUNDUPS
The 720: Asia Strategy (Raise Korea to OW, Taiwan to MW), Nippon Paint, Korea Battery, China Machinery, India Banks, Kuaishou
9 Jun 2025 | 7:18am| 10pg| Research | Equity-Michael Snaith and others
GS Equity Radar: Section 899, diversification into Europe & our latest Conviction List
7 Jun 2025 | 2:48am| 12pg| Research | Equity-Sahar Islam and others
Market Intelligence: US Morning Update
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WEEKLY ROUNDUPS
GS TWIG Notes: This Week in Global Research - June 6, 2025
7 Jun 2025 | 4:11am| 12pg| Research | Equity-Chris Hussey and others
End of Week Market Intelligence: 6000
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7 Jun 2025 | 2:48am| 12pg| Research | Equity-Sahar Islam and others
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