Equity Research
US Conviction List - Directors' Cut
NEW ADDITIONS: Capital One Financial, Universal Display, OneStream and
Mid-American Apartment Communities
Research Unplugged >
European Conviction List - Directors' Cut
NEW ADDITIONS: ABI, Enel, Prosus and Zalando
Research Unplugged >
APAC Conviction List - Directors' Cut
NEW ADDITIONS: TSMC, Reliance Industries and Huaqin
Global dividend markets have experienced a sharp sell-off and recovery since the beginning of the year, performing roughly in line with equities. Dividends are still facing headwinds from negative earnings revisions due to tariffs and related uncertainty. Similarly, the risk of another equity drawdown might pick up again in case of deteriorating macro fundamentals, especially weaker hard data, and equity valuations are high again.
2 Jun 2025 | 12:05pm| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
The global music industry experienced a marked slowdown in 2024 (+6.2% after +15.6% in 2023), which in our view reflected a mix of structural, cyclical and one-off factors. We lower our 2025-2030 CAGR forecasts to +6.8% (+7.5% prior) and introduce our 2031-2035 CAGR forecast of +4.8%. This still implies the global music market will reach nearly $200bn in 2035, nearly doubling vs. 2024 levels ($105bn).
3 Jun 2025 | 10:10am| 92pg| Research | Equity-Lisa Yang and others
On the back of dual-rising investor concerns about the terminal value of Google Search (AI as a potentially disintermediating force + changes to the search distribution landscape as a result of judicial matters) and the company hosting a series of events displaying AI innovation and the evolution of their search product, we examine the current and future potential for Google’s Search & Other segment and continue to find Alphabet strategically well positioned for the AI era of consumer internet.
31 May | Research | Equity - Eric Sheridan and others
IN THE SPOTLIGHT
We view Fujitsu as the next installation in our Japan Transformers series focusing on companies undergoing transformation. The driver of change at Fujitsu is its business model shift to high-growth/high-margin IT services business.
Chikai Tanaka, CFA
Japan IT Services | Tokyo
2 Jun 2025 | 2:34pm| 44pg| Research | Equity-Chikai Tanaka, CFA and others
apac consumer & leisure corporate day
China Resources Beer (0291.HK): Consumer & Leisure Corporate Day: Continued solid performance in May led by Heineken; Thoughts on instant delivery channel
2 Jun 2025 | 10:23pm| 6pg| Research | Equity-Leaf Liu and others
Anta Sports Products (2020.HK): Consumer & Leisure Corporate Day: Guidance reiterated; Jack Wolfskin deal complete; Fila reforms on the way
2 Jun 2025 | 9:22pm| 7pg| Research | Equity-Michelle Cheng and others
Xtep International Holdings (1368.HK): Consumer & Leisure Corporate Day: Full-year outlook reiterated; confidence in Saucony's category/consumer cohort expansion; Buy
2 Jun 2025 | 10:42pm| 6pg| Research | Equity-Michelle Cheng and others
china 618 shopping festival preview
China Spirits Tracker: Strong 618 spirits sales early colors, likely negative impact on offline pricing; AGMs continue to focus on more balanced portfolio
2 Jun 2025 | 11:44pm| 16pg| Research | Equity-Leaf Liu and others
Topsports Intl Holdings (6110.HK): Consumer & Leisure Corporate Day: A year of transitioning; niche vertical brands the bright spots; Neutral
2 Jun 2025 | 7:30pm| 7pg| Research | Equity-Michelle Cheng and others
- Company HighlightsUniversal Display Corp. (OLED): Revisiting the blue-sky scenario for blue as commercialization ramp approaches; Buy (also on the CL)2 Jun 2025 | 5:10pm| 11pg| Research | Equity-Brian Lee, CFA and othersNEC (6701.T): Raising GSe/TP; strong domestic IT/defense orders suggest high growth to continue above guidance in FY3/26; highly defensive; Buy2 Jun 2025 | 2:38pm| 14pg| Research | Equity-Chikai Tanaka, CFA and othersApple Inc. (AAPL): April and May 2025 App Store Spending grows +12/+13% yoy3 Jun 2025 | 3:05am| 8pg| Research | Equity-Michael Ng, CFA and othersRegeneron Pharmaceuticals Inc. (REGN): Ph2 muscle-sparing data in obesity warrants further assessment; Rights acquisition of Chinese GLP-1/GIP expands the portfolio3 Jun 2025 | 2:19am| 10pg| Research | Equity-Salveen Richter, CFA and othersSummit Therapeutics Inc. (SMMT): Management meeting underscores confidence in ivonescimab per recent data3 Jun 2025 | 2:46am| 9pg| Research | Equity-Salveen Richter, CFA and othersTSMC (2330.TW): Risk/reward now skews to the upside; reiterate Buy with TP of NT$1,1452 Jun 2025 | 2:14am| 11pg| Research | Equity-Bruce Lu and others
- Industry HighlightsAmericas Asset Managers: Direct Lending Digest: Stable credit and spreads, while 2Q origination activity is running low2 Jun 2025 | 5:09pm| 35pg| Research | Equity-Alexander Blostein, CFA and othersAmericas Healthcare: Pharmaceuticals: Perspectives from the ASCO Sidelines on the BMY/BNTX Collaboration & the PD1/L1xVEGF Bispecific Landscape3 Jun 2025 | 3:09am| 12pg| Research | Equity-Asad Haider, CFA and othersAmericas Healthcare: Biotechnology: Potentially practice-changing data from GILD and REGN at ASCO, among others2 Jun 2025 | 5:10pm| 15pg| Research | Equity-Salveen Richter, CFA and othersAmericas Transportation: Pivot To Trucking: Upgrade LTL/Truckload Stocks to Buy for Operational Torque; Downgrade Rails/JBHT to Neutral2 Jun 2025 | 2:59pm| 30pg| Research | Equity-Jordan Alliger and othersEuropean DivFins Briefing: Volatility normalisation and market re-risking2 Jun 2025 | 12:34pm| 33pg| Research | Equity-Oliver Carruthers, CFA and othersAmericas Homebuilders, Building Products & Wood Products: Revising Key Housing Forecasts as Shifts in the Macro Lower Our Expectations for Growth2 Jun 2025 | 12:11pm| 13pg| Research | Equity-Susan Maklari and others
- PORTFOLIO STRATEGYGOAL Kickstart: Emerging EM resilience with weaker Dollar despite tariff uncertainty3 Jun 2025 | 6:10am| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and othersUS Weekly Kickstart: Assessing the risk to equities from elevated bond yields31 May 2025 | 4:50am| 24pg| Research | Portfolio Strategy-David J. Kostin and othersUS Macroscope: As tariff concerns fade, equity investor focus shifts to the "One Big Beautiful Bill"31 May 2025 | 1:56am| 15pg| Research | Portfolio Strategy-Ben Snider and others
- OPTIONSOptimal Overwrites this week (02-Jun-25)2 Jun 2025 | 11:31pm| 16pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (31-May-2025)31 May 2025 | 7:02pm| 1pg| Research | Options-John MarshallWeekly Options Watch: Options positioning ahead of NVDA earnings28 May 2025 | 4:59pm| 13pg| Research | Options-John Marshall and others
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
APAC Conviction List - Directors' Cut: Monthly Update - Adding TSMC, RIL & Huaqin; removing Mitsui Fudosan
2 Jun 2025 | 6:32pm| 35pg| Research | Equity-Michael Snaith and others
±CL
US Conviction List - Directors' Cut: June 2025 - Two Years On
2 Jun 2025 | 5:01pm| 91pg| Research | Equity-Steven Kron and others
±CL
Americas Transportation: Pivot To Trucking: Upgrade LTL/Truckload Stocks to Buy for Operational Torque; Downgrade Rails/JBHT to Neutral
2 Jun 2025 | 2:59pm| 30pg| Research | Equity-Jordan Alliger and others
aberdeen group plc (ABDN.L): Time to Focus on Interactive Investor: Up to Buy from Neutral
2 Jun 2025 | 12:30pm| 13pg| Research | Equity-Oliver Carruthers, CFA and others
Latest research
Rede D'Or (RDOR3.SA): Updates its organic expansion plan, reducing ~830 hospital beds; slightly negative
3 Jun 2025 | 10:11am| 7pg| Research | Equity-Gustavo Miele
Music in the Air: A slower cadence of growth; framing the long-term industry opportunity
3 Jun 2025 | 10:10am| 92pg| Research | Equity-Lisa Yang and others
Iovance Biotherapeutics (IOVA): New data augment Amtagvi's clinical profile, while KOL panel underscores improving ATC operations
3 Jun 2025 | 9:52am| 10pg| Research | Equity-Andrea Newkirk, Ph.D. and others
Target Corp. (TGT): Takeaways from the Goldman Sachs Alternative Revenue Forum
3 Jun 2025 | 9:37am| 7pg| Research | Equity-Kate McShane, CFA and others
Palo Alto Networks (PANW): Next Gen Security ARR Part II: New Market Offerings & M&A
3 Jun 2025 | 8:54am| 13pg| Research | Equity-Gabriela Borges, CFA and others
Kroger Co. (KR): Takeaways from management meetings
3 Jun 2025 | 8:12am| 7pg| Research | Equity-Leah Jordan, CFA and others
Hyatt Hotels Corp. (H): Key Takeaways from Investor Meeting
3 Jun 2025 | 7:31am| 6pg| Research | Equity-Lizzie Dove and others
The 720: APAC Conviction List (adding TSMC, RIL, Huaqin), Fujitsu, Consumer & Leisure Corp Day, KHI, China Trade-in Program
3 Jun 2025 | 7:20am| 10pg| Research | Equity-Michael Snaith and others
Interactive Brokers Group (IBKR): Monthly: Strong balance sheet, margin lending and account growth, although DARTs fell MoM
3 Jun 2025 | 7:05am| 11pg| Research | Equity-James Yaro and others
Rapport Therapeutics (RAPP): Investor and KOL event provides context for epilepsy data in September
3 Jun 2025 | 6:57am| 10pg| Research | Equity-Salveen Richter, CFA and others
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DAILY ROUNDUPS
The 720: APAC Conviction List (adding TSMC, RIL, Huaqin), Fujitsu, Consumer & Leisure Corp Day, KHI, China Trade-in Program
3 Jun 2025 | 7:20am| 10pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: alpha time
3 Jun 2025 | 1:16am| 9pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
2 Jun 2025 | 8:49pm| 14pg| Research | Equity-Chris Hussey and others
WEEKLY ROUNDUPS
GS TWIG Notes: This Week in Global Research - May 30, 2025
31 May 2025 | 7:26am| 11pg| Research | Equity-Chris Hussey and others
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Following FL Smidth's stronger-than-expected 1Q25margin delivery, we recently upgraded the stock from Neutral to Buy, forecasting that continued SG7A...Read more
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