Equity Research
UPCOMING WEBCASTS
Asia Macro: Tariffs First Take
3 Apr 2025 | 2pm HK
Speakers: Andrew Tilton and Michael Snaith
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Tariffs - Our First Take...
3 Apr 2025 | 1pm LN | 8am NY
Speakers: Alec Phillips, James Ellery, Rich Privorotsky, Jan Scheffel, Shawn Tuteja, Adam Crook and John Flood
ACCESS WEBCAST | Password (Case Sensitive): Goldman1
READ:
US: A Further Increase in Our Tariff Assumptions (30 Mar 2025)
Yields: Lowering Yield Forecasts on a More Severe Tariff Baseline (1 Apr 2025)
Oil: Reciprocal Tariffs: Potential Significant Upside to Refined Product Margins; Modest Upside to Light Crude Oil Prices (1 Apr 2025)
Europe: European Daily: EU—Ready for Retaliation Against US Tariffs (2 Apr 2025)
US Equities: Higher tariffs and weaker growth reduce our earnings estimates and S&P 500 return forecasts (30 Mar 2025)
Europe Equities: Trump, Trade and Tariffs impact; downgrading EPS and return forecasts (31 Mar 2025)
Asset Allocation: Cross-asset repricing of growth and inflation with rising tariff risks - shifting more defensive (31 Mar 2025)
ENCORE: POTENTIAL IMPACT OF US TARIFFS ON ASIA-PACIFIC
Asia: Decoding US-China trade balance: tariffs and economic impact (30 Mar 2025)
Asia Equities: Gauging the potential impact of US tariffs on AsiaPac equities (18 Feb 2025)
Japan: Tariff Q&A Ahead of April 2 Announcement(26 Mar 2025)
India: Dealing with potential "reciprocal tariffs" from the US (18 Feb 2025)
Korea: Reassessing US Tariff Risks for Korea's Exports--A Scenario Analysis (21 Mar 2025)
Aus Equities: Well positioned to navigate rising US risks; recent underperformance unwarranted (2 Apr 2025)
Japan Games & Entertainment: Sector Outlook, Key Debates, Ideas (1 Apr 2025)
Minami Munakata
Leaf Liu
- Company HighlightsBudweiser APAC (1876.HK): New CEO Meeting & 1Q25 Preview: AP East continues to gain shares with price hike from 1 April; while AP West still focus on healthy channel inventory2 Apr 2025 | 10:17pm| 10pg| Research | Equity-Leaf Liu and othersTrent Ltd. (TREN.BO): Raising estimates on 4Q store adds surprise; reiterate Buy3 Apr 2025 | 7:25am| 10pg| Research | Equity-Saurabh Kundan and othersTesla Inc. (TSLA): 1Q25 vehicle deliveries results takeaways; global Tesla consumer survey data3 Apr 2025 | 10:29am| 10pg| Research | Equity-Mark Delaney, CFA and othersApple Inc. (AAPL): March 2025 App Store Spending +11% yoy; +13% C1Q252 Apr 2025 | 10:45pm| 8pg| Research | Equity-Michael Ng, CFA and othersDelta Air Lines Inc. (DAL): Reducing outlook primarily on worse-than-expected revenue; reiterate Buy2 Apr 2025 | 8:33am| 8pg| Research | Equity-Catherine O'Brien and othersShenzhen Inovance Technology Co. (300124.SZ): March 2025 IA order growth accelerated to 30% yoy; Buy3 Apr 2025 | 7:01am| 7pg| Research | Equity-Jacqueline Du and others
- Industry HighlightsTaiwan PCB/CCL: Addressing investor concerns on less PCB/CCL content in ASIC AI server; solid monthly revenue the next catalyst2 Apr 2025 | 11:41pm| 11pg| Research | Equity-Chao Wang and othersIndonesia Banks: Higher dividend payout achievable near-term, balance needed further out; Buy BBCA2 Apr 2025 | 10:00pm| 14pg| Research | Equity-Melissa Kuang, CFA and othersAmericas Payment Technology: Choppy macro in 1Q to limit near term upside to spending; Upgrading FI to Buy and JKHY to Neutral2 Apr 2025 | 5:00pm| 35pg| Research | Equity-Will Nance and othersAmericas Banks: 1Q25 Preview: An uncertain outlook despite strong fundamentals1 Apr 2025 | 2:04pm| 47pg| Research | Equity-Richard Ramsden and othersAmericas Multi-Industry: C1Q25 EPS preview: With tariffs looming, has short cycle stalled?2 Apr 2025 | 8:04am| 16pg| Research | Equity-Joe Ritchie and othersAmericas Investment Banks & Brokers: 1Q25 Preview: Cyclically slowing? Base case remains longer-term growth, but increasing probability of weaker cap markets & retail trading2 Apr 2025 | 2:57pm| 30pg| Research | Equity-James Yaro and others
- PORTFOLIO STRATEGYGlobal Strategy Paper: 25 Years on; Lessons from the bursting of the technology bubble28 Mar 2025 | 3:11am| 22pg| Research | Portfolio Strategy-Peter Oppenheimer and othersStrategy Espresso: Europe equity inflows, but can it last?28 Mar 2025 | 9:04pm| 10pg| Research | Portfolio Strategy-Sharon Bell and othersAsia-Pacific Portfolio Strategy: Asian equity market daily update2 Apr 2025 | 8:48pm| 11pg| Research | Portfolio Strategy-Timothy Moe, CFA and others
- OPTIONSWeekly Options Watch: Option Buying for April Preannouncement Season2 Apr 2025 | 5:00pm| 12pg| Research | Options-John Marshall and othersWeekend Cross-Asset Dislocations (30-Mar-2025)30 Mar 2025 | 11:02pm| 1pg| Research | Options-John MarshallTrade Close: Close Options Recommendation on JEF & CTAS28 Mar 2025 | 7:13pm| 5pg| Research | Options-John Marshall and others
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