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.
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).
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
Chikai Tanaka, CFA
apac consumer & leisure corporate day
china 618 shopping festival preview
- 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
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Rating changes (last 24 hrs)
EPS changes (10% or more, last 24 hrs)
Price target changes (10% or more, last 24 hrs)
46th Annual Global Healthcare Conference
9-11 Jun 2025 | Florida
Register | Agenda
29th European Financials Conference
10-12 Jun 2025 | Berlin
Register | Agenda