The start of a rate cut cycle in the Philippines is likely positive for conglomerates. Following positive 2Q results from its underlying listcos, we raise our estimates for AC and reiterate our preference for the stock over SM.

With home prices likely declining from 2H, we reiterate our Underweight ratings on Singapore developers.

After the order win on Apple, we believe Taiwanese DDI Design houses could expand the TAM to tier 1 panel makers in Korea. The largest beneficiary is Novatek, where we remain OW.

Crude oil markets remain in deficit, but are likely as tight as they will be for some time. By 4Q, the balance will likely return to equilibrium, and we estimate a surplus in 2025. In the short term, Brent prices appear oversold, but we stick to our estimate of Brent in the mid-$70s this time next year.

We believe the share price will rise in absolute terms over the next 30 days. This is because of an earnings release. EHang achieved adjusted net income of Rmb1.2mn (ex. share-based compensation) for the first time, quicker than our expectation, but GAAP net loss widened to Rmb72mn in 2Q24 on higher SBC cost of Rmb73mn. EHang delivered 49 units of EH216 series product during the quarter with...

We remain optimistic about the bonder market due to a combination of cyclical and secular tailwinds. The cyclical recovery that many were expecting in 2H24 is likely pushed out. However, we do expect the cycle to turn in 1H25 and coincide with material growth for TC and Hybrid bonders.

Policymakers returned from summer break and are reportedly considering using government bonds to promote consumption and housing inventory buybacks. We think this will prove insufficient in view of more entrenched deflation.

We believe OMB conversion and additional transformation cost savings should deliver a positive financial outcome by FY26. However, the combination of an uncertain near-term earnings outlook, upfront costs, and potential OMB customer attrition risk is likely to weigh on multiples. We stay UW.

We like Bochu's strong pricing power in the laser supply chain, which keeps it immune from fierce competition. We project a 30% EPS CAGR in 2024-26 supported by solid laser exports, market share gains in high-power lasers, and business scope expansion. Reiterate OW.

IFL's new CEO is doubling down by accelerating the transformation in Platforms and Wealth. But this comes with larger upfront costs, so IFL has paused dividends and we don't expect a resumption until FY27E. IFL looks cheap at ~7.5x FY26E P/E but needs to transform to re-rate.

India's steel output via the non-coking coal sponge iron route is outpacing that from blast furnaces. This could be one of several factors behind the weaker than anticipated met coal price performance in recent weeks, and could dampen the strength of the expected post-Monsoon demand recovery.

GDS laid out self-help strategies for its China (deleverage) and overseas (second growth engine) businesses in 2023, and the past year of execution bought early benefits on financials. We believe it is just the start of a multiyear recovery, with multiple future catalysts/milestones.

While it's too early to call the bottom for share prices in the broker industry, we highlight CITICS and East Money as likely be more resilient, and their franchise strengths should enable them to lead peers once ROE rebounds.

We raise our core FFO estimates ~1% on average between 24e-26e driven higher NOI estimates. EGP's shallow bay product type is performing materially better than that of all industrial product types, implying less risk to LT internal growth estimates relative to all industrial.

We have increased conviction that AHR can grow FFO +5%/+10% or more in '25e/'26e (vs. 4-5% for REITs) and close multiple gap (-15% discount to REITs) as impressive organic growth (~11% in '24e) contributes to natural de-leveraging; additional upside from external growth and Trilogy purchase.

It appears that BXB has navigated a "goldilocks" downturn with consumer and destocking trends now shifting favourably. We now see scope for a “unicorn” 12 months as BXB delivers top-line growth, incremental earnings leverage and strong cash flow. Retain OW.

SinoPac's current share price has reached our previous price target and full valuation, reflecting the low base of Bank profit, strong growth in wealth management fees, and significant ADT growth this year.

WTC's full year FY24 results + 1st time guide for FY25 + update on new product pipeline have increased conviction in our positive investment thesis. Keep OW, raise our base case PT to A$120/share (was A$95); bull case to A$150/share (was A$125).