Equity Research
APAC Conviction List - Directors' Cut
NEW ADDITION: Goodman Group
European Conviction List - Directors' Cut
NEW ADDITIONS: ING Groep NV, LVMH and Atlas Copco
Read the report | Listen to the podcast
US Conviction List - Directors' Cut
NEW ADDITIONS: Duke Energy, Huntington Ingalls and Kontoor Brands
Last week increased expectations of a more dovish Fed (Exhibit 1), de-escalation of Middle East tensions (Exhibit 2) and progress in U.S. trade negotiations (including removal of section 899) supported growth pricing across assets.
1 Jul 2025 | 5:11am| 31pg| Research | Portfolio Strategy-Andrea Ferrario and others
We identify 25 stocks that have most frequently preannounced in July in years past and also have a recent history of releasing results early. Year-to-date, we estimate there have been 393 preannouncements and the average stock has moved +/-6.1% on the two days around these events. This year, stocks made positive moves following these events 48% of the time. As is typical, Healthcare and Consumer Discretionary names have dominated year-to-date activity.
2 Jul 2025 | 5:02pm| 9pg| Research | Options-John Marshall and others
The intensity of competition between eCommerce players and local services leader Meituan in food delivery/instant shopping has elevated to a new level. Unlike previous investments by eCommerce players that were scaled back within a few quarters, we believe the duration of investments this time will extend for longer— given all of the companies are shifting focus to become China's 'everyday app' for transactions across goods and services.
Webinar: China Internet: The 'everyday app' Battle in eCommerce
4 July @ 8:30am HKT | REGISTER
3 Jul 2025 | 2:10am| 59pg| Research | Equity-Ronald Keung, CFA and others
Reflecting the stronger-than-expected momentum in May-June and our expectation that the busy concert/event schedule will continue to drive more gamblers to Macau, as highlighted in our prior report (Jun 2), we raise our FY25E GGR growth forecast from +4% to +6% yoy, which implies +10%/6% yoy growth in 3Q/4Q25E (vs. +1%/+8% in 1Q/2Q25), followed by steady +6% in FY26E as we believe the impact of illegal money exchange crackdown should lapse by then (this has been a drag on GGR since 4Q24).
Macau gaming names TP and rating change summary
Source: Datastream, Company data, Goldman Sachs Global Investment Research
2 Jul 2025 | 11:18pm| 42pg| Research | Equity-Simon Cheung, CFA and others
IN THE SPOTLIGHT
We continue to expect a combination of factors to drive medium-term fundamental outperformance in the Australian gold sector: 1) Margins/cash generation, 2) Volume growth/exploration upside (including M&A/regional consolidation), and 3) Balance sheet strength/capital returns. We initiate on six Australian gold miners benefiting from this gold equities cycle, where with gold price volatility in focus, we assess our expanded gold coverage in relative baskets on gold price leverage/size.
2 Jul 2025 | 87pg | Research | Equity - Hugo Nicolaci and others
Also see: Metals & Mining: Gold: Addressing key questions in gold equities
- Company HighlightsHSBC (HSBA.L/0005.HK): 2Q preview: pin pointed focus on ~US$42bn FY25 banking NII guidance2 Jul 2025 | 4:51pm| 11pg| Research | Equity-Gurpreet Singh Sahi, CFA and othersGrab (GRAB): Raising our Deliveries GMV outlook as new product execution bears fruit; Buy2 Jul 2025 | 6:54pm| 10pg| Research | Equity-Pang Vittayaamnuaykoon and othersApple Inc. (AAPL): June 2025 App Store Spending +12% yoy; +11% C2Q253 Jul 2025 | 5:14am| 8pg| Research | Equity-Michael Ng, CFA and othersNetflix Inc. (NFLX): Q2 '25 Earnings Preview2 Jul 2025 | 12:02pm| 19pg| Research | Equity-Eric Sheridan and othersYum China Holdings (YUMC): 2Q25 preview: Topline growth to accelerate with one-off impact removed and steady SSSG; Buy2 Jul 2025 | 4:13pm| 10pg| Research | Equity-Michelle Cheng and othersConstellation Brands (STZ): A slight Q1 miss but FY26 guidance reaffirmed & likely doable - Reiterate Buy3 Jul 2025 | 3:24am| 16pg| Research | Equity-Bonnie Herzog and others
- Industry HighlightsUS Autos & Industrial Tech: Tesla and Rivian 2Q25 vehicle deliveries results takeaways3 Jul 2025 | 9:05am| 9pg| Research | Equity-Mark Delaney, CFA and othersIndia Restaurants: India QSR 1QFY26 preview: Stable demand trends, Jubilant to sustain growth outperformance2 Jul 2025 | 10:24pm| 9pg| Research | Equity-Arnab Mitra and othersAmericas Branded Consumer Goods: Apparel & Accessories: Competitive market dynamics offsetting idiosyncratic momentum; initiate DECK & CROX at Sell, UAA at Neutral2 Jul 2025 | 12:32pm| 54pg| Research | Equity-Brooke Roach, CFA and othersAmericas Banks: 2025 CCAR: Interim SCBs broadly in line with expectations although dividend increases are a bright spot2 Jul 2025 | 9:48am| 9pg| Research | Equity-Richard Ramsden and othersAmericas Insurance: 2Q25 Preview: Balancing Cyclical Pressures with Idiosyncratic Opportunities3 Jul 2025 | 4:06am| 68pg| Research | Equity-Robert Cox and othersAmericas Technology: Internet: Ridesharing & Delivery Q2'25 Preview: Analyzing the Industry Debates & Estimates2 Jul 2025 | 4:20am| 25pg| Research | Equity-Eric Sheridan and others
- PORTFOLIO STRATEGYUS Weekly Kickstart: Look for early impact of tariffs during 2Q 2025 earnings season28 Jun 2025 | 4:44am| 22pg| Research | Portfolio Strategy-David J. Kostin and othersAsia-Pacific Portfolio Strategy: Asian equity market daily update2 Jul 2025 | 8:14pm| 11pg| Research | Portfolio Strategy-Timothy Moe, CFA and othersGOAL Risk Keeper: Hedging stagflation and reflation tails into H226 Jun 2025 | 12:01pm| 21pg| Research | Portfolio Strategy-Andrea Ferrario and others
- OPTIONSOptimal Overwrites this week (30-Jun-25)30 Jun 2025 | 9:55pm| 17pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (28-Jun-2025)28 Jun 2025 | 10:23pm| 1pg| Research | Options-John MarshallWeekend Cross-asset Dislocations (26-Jun-2025)26 Jun 2025 | 11:27pm| 1pg| Research | Options-John Marshall
RATING AND LIST CHANGES
- All
- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Macau Gaming: Inflection to positive earnings revisions. Still close to trough valuation. Upgrade MGM China to Buy. Downgrade SJM
2 Jul 2025 | 11:18pm| 42pg| Research | Equity-Simon Cheung, CFA and others
Australia Metals & Mining: Initiate on six Growth & Leveraged Gold mid-caps; Buy: VAU, WGX, PNR; Neutral: GGP, GMD, RMS
2 Jul 2025 | 8:20pm| 87pg| Research | Equity-Hugo Nicolaci and others
I
APAC Conviction List - Directors' Cut: July Update - Adding Goodman; removing Panasonic, Anhui Conch, Iluka & NextDC
2 Jul 2025 | 5:00pm| 27pg| Research | Equity-Michael Snaith and others
±CL
MENA Banks: Expanding our coverage; initiate on Qatar & Kuwait banks; Buy QNB & CBQ; Sell NBK
2 Jul 2025 | 1:01pm| 76pg| Research | Equity-Ashwath P T, CFA and others
I
Latest research
Americas Retail: Updating our scenario analysis for Vietnam tariff announcement for softlines and home furnishings
3 Jul 2025 | 10:02am| 11pg| Research | Equity-Brooke Roach, CFA and others
All Ring (6187.TWO)/GPTC (3131.TWO): Advanced packaging to embark on its next frontier; Buy [Presentation]
3 Jul 2025 | 9:15am| 13pg| Research | Equity-Evelyn Yu and others
US Autos & Industrial Tech: Tesla and Rivian 2Q25 vehicle deliveries results takeaways
3 Jul 2025 | 9:05am| 9pg| Research | Equity-Mark Delaney, CFA and others
Americas Energy: Oil - Refining: Green Shoots: Early Signs of a Refining Recovery; Buy Valero
3 Jul 2025 | 7:59am| 11pg| Research | Equity-Neil Mehta and others
The 720: APAC Conviction List, China Internet, Macau Gaming (MGM China upgrade), HSBC, Yum China, Australia Gold Initiations
3 Jul 2025 | 7:18am| 9pg| Research | Equity-Michael Snaith and others
Boeing Co. (BA): Monthly aircraft delivery tracker: June looks strong
3 Jul 2025 | 6:47am| 12pg| Research | Equity-Noah Poponak, CFA and others
Metals & Mining: Gold: Addressing key questions in gold equities
3 Jul 2025 | 6:45am| 10pg| Research | Equity-Hugo Nicolaci and others
Americas Building - Homebuilders: A Heat Map For Housing: Permits Decelerate as Builders Align to Demand
3 Jul 2025 | 6:44am| 18pg| Research | Equity-Susan Maklari and others
Global Media: Advertising: Agency Account Action: Cyclical and structural pressures driving slower growth; Publicis the main share gainer
3 Jul 2025 | 6:15am| 18pg| Research | Equity-Lisa Yang and others
Apple Inc. (AAPL): June 2025 App Store Spending +12% yoy; +11% C2Q25
3 Jul 2025 | 5:14am| 8pg| Research | Equity-Michael Ng, CFA and others
Rating changes (last 24 hrs)
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* Contains active ratings and coverage designation. Source: Goldman Sachs Research
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Featured Media
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Research Unplugged: US Banks: 2025 CCAR Review & the Path for Capital Returns3 Jul 2025 | 12:50am| Equity Research
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DAILY ROUNDUPS
The 720: APAC Conviction List, China Internet, Macau Gaming (MGM China upgrade), HSBC, Yum China, Australia Gold Initiations
3 Jul 2025 | 7:18am| 9pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: teflon?
3 Jul 2025 | 1:06am| 9pg| Research | Equity-Chris Hussey and others
Market Intelligence: US Morning Update
2 Jul 2025 | 8:27pm| 12pg| Research | Equity-Chris Hussey and others
WEEKLY ROUNDUPS
US Idea Radar: Seeking Dependable Growth and Inflections
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UPCOMING EVENTS & CONFERENCES
Global Investment Research
webcast: Asia
3 Jul 2025 | 4pm HK | 4am NY | 9am LN
A year ago we wrote about the imbalance of China's capacity, the outlook for its cyclical inflections and structural consolidation, leveraging our...Read more
Trina Chen, Co-head, Greater China Equity Research
Nicolas Yi, China Consumer Analyst
Eric Shen, China Battery Analyst
Mengwen Wang, China Clean Energy Analyst
Michael Snaith, Asia Research Merchandising
Passcode: 434425; Zoom Meeting ID: 934 0172 1265
Global Investment Research in partnership with Executive Office
webcast: Americas
3 Jul 2025 | 1pm NY | 6pm LN | 1am HK(+1)
Please reach out to your respective sales representative to participate.
Lee Brenner, Goldman Sachs Office of Government Affairs and Head of Cryptocurrency Policy and Advocacy
James Yaro, iBanks & Brokers Research Analyst
Global Investment Research
webcast: Asia
4 Jul 2025 | 8:30am HK | 8:30pm NY(-1) | 1:30am LN
We will discuss our views on the intensifying competition between eCommerce players and local services leader Meituan in food delivery/instant...Read more
Ronald Keung, CFA, Head of Asia Internet Research
Michael Snaith, Asia Research Merchandising
Passcode: 396288; Zoom Meeting ID: 948 4647 4162
Global Investment Research in partnership with FICC & Equities
webcast: Europe
4 Jul 2025 | 11am LN | 6am NY | 6pm HK
Telco Consolidation noise continues to ramp as European authorities appear more open to in-market mobile consolidation with the EU supporting Mario...Read more
Andrew Lee, Head of European Telecoms Research
Sean Johnstone, European TMT Specialist Sales
Kangning Hong, EMEA Equity Derivatives Structuring
Natasha Tiwana, EMEA Custom Baskets
UPCOMING FEATURED CONFERENCES
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3-4 Sep 2025 | London
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32nd Annual Global Retailing Conference
3-4 Sep 2025 | New York
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16-17 Sep 2025 | London
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14th German Corporate Conference
22-24 Sep 2025 | Munich
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