Equity Research
The US tax “retaliation” from Section 899 targets foreign entities with “unfair” tax regimes—impacting many European companies with US operations. European companies exposed to the US keep underperforming amid higher uncertainty, higher tariffs, higher taxes, and a weaker dollar. As US assets lose appeal, European equity inflows have posted their strongest quarterly inflows in a decade.
We believe the key high-end CCL suppliers (EMC & TUC) will continue to enjoy solid demand from ASIC AI server and 800G switches in June-Sep, considering the increasing orders from key CSP customers, which should expand EMC/TUC's M8 grade CCL revenue contribution to reach 40%/30% in 2H25 (vs. 30%/15% in 1H25), leading to a much more favorable than expected revenue (we expect EMC/TUC revenue will go up by 10%/16% HoH in 2H25) and profitability outlook (M8 grade CCL's GM is generally 45%+ vs. EMC/TUC's 1H25 average GM at 30.4%/24.0%).
IN THE SPOTLIGHT
Alexander Blostein, CFA
- Company HighlightsDISCO (6146.T): Beyond the Cycle: Meeting underlines Disco’s competitiveness; numerous growth drivers in place5 Jun 2025 | 10:18pm| 7pg| Research | Equity-Shuhei Nakamura and othersTesla Inc. (TSLA): Lowering vehicle delivery estimates to reflect weaker monthly datapoints in key regions; latest consumer survey data6 Jun 2025 | 8:55am| 9pg| Research | Equity-Mark Delaney, CFA and othersMengniu Dairy (2319.HK): Consumer & Leisure Corporate Day: UHT milk demand softness persists; investing in channels for share gain5 Jun 2025 | 10:59pm| 6pg| Research | Equity-Leaf Liu and othersZJLD (6979.HK): Consumer & Leisure Corporate Day: Near-term headwinds from recent policy release; Eyes on new product launch5 Jun 2025 | 10:32pm| 6pg| Research | Equity-Leaf Liu and othersSnowflake Inc. (SNOW): Deepening Data Platform Ecosystem and Scaling AI Fuel Compounding Growth Towards $10B+4 Jun 2025 | 11:55pm| 10pg| Research | Equity-Kash Rangan and othersWH Group (0288.HK): Consumer & Leisure Corporate Day: Defensive and resilient; on track for cyclical improvement; Buy5 Jun 2025 | 9:32pm| 7pg| Research | Equity-Valerie Zhou and others
- Industry HighlightsAmericas Asset Managers: State of Retail Alternatives: Multiple structural tailwinds underway despite slower post-April flows6 Jun 2025 | 4:09am| 37pg| Research | Equity-Alexander Blostein, CFA and othersAmericas Transportation: Airlines: Introducing the GS Airport Volume Heatmap6 Jun 2025 | 6:55am| 20pg| Research | Equity-Catherine O'Brien and othersGS Healthcare: Previewing Our 46th Annual Healthcare Conference5 Jun 2025 | 5:31pm| 17pg| Research | Equity-Asad Haider, CFA and othersGS SUSTAIN: AI/Data Center Power Surge & Reliability: How higher costs and US policy shifts impact the Green Reliability Premium5 Jun 2025 | 4:10am| 21pg| Research | Equity-Brian Singer, CFA and othersAmericas Utilities: Power: Levelized Cost of Energy Update: Renewables remain cost competitive even without PTCs as gas costs rise; Buy NEE5 Jun 2025 | 4:16am| 15pg| Research | Equity-Carly Davenport and othersAmericas Technology: Hardware: 650 Group campus networking equipment 1Q25 market share & outlook update6 Jun 2025 | 2:24am| 9pg| Research | Equity-Michael Ng, CFA and others
- PORTFOLIO STRATEGYJapan SMID Monitor: Screening for Japan SMID MBO candidates6 Jun 2025 | 10:24am| 20pg| Research | Portfolio Strategy-Bruce Kirk, CFA and othersAsia Index Strategy: FTSE China Index Series Review and Flow Implications (June 2025)5 Jun 2025 | 7:52am| 6pg| Research | Portfolio Strategy-Alvin So, CFA and othersGOAL Kickstart: Emerging EM resilience with weaker Dollar despite tariff uncertainty3 Jun 2025 | 6:10am| 30pg| Research | Portfolio Strategy-Christian Mueller-Glissmann, CFA and others
- OPTIONSWeekly Options Watch: June Analyst Day Call-buying Opportunities4 Jun 2025 | 4:55pm| 14pg| Research | Options-John Marshall and othersOptimal 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 Marshall
- 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