June 6, 2025 12:19 AM GMT REITs | North America NAREIT Recap: Not Quite Duty Free But Better We highlight key stock and sector takeaways across +38 meetings Key Takeaways Apartments: Fundamental tailwinds for apartment REITs continued to shine through at NAREIT: 1) deliveries are declining and the lack of recent starts supports the thesis that supply will remain materially lower for the next 2-3+ years; and 2) we see solid job growth combined with greater relative affordability, driven by low levels of for- ...

June 6, 2025 12:02 AM GMT OMA | Latin America M Update May Traffic: Tracking Slightly Above 2Q Expectations Source: Company Data, Morgan Stanley Research Exhibit 2: Traffic Y/Y Change 0.6% 0.4% -5.0%-5.4% 0.6% -2.4% -4.2% -6.6% -5.2%-4.8% 9.9% 9.1% 9.9% 5.2% 11.8% 18.8% 6.9% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% Source: Company data, Morgan Stanley Research Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+ OMA's total passenger traffic increased 6.9% Y/Y in May, outperforming both GAP (+2.9%) ...

June 6, 2025 12:19 AM GMT Novonesis | Europe Unpacking The Debate Further The key debate and pushback we got from our Overweight initiation centered around mid-term growth expectations and NSISB's sensitivity to oil price volatility. In contrast, we see the combination of structural growth drivers, NSISBs unique offering and operational gearing as basis to defuse concerns Overweight thesis intact, PT DKK577 - We initiated coverage of Novonesis last week at Overweight. Our deep-dive analysis of key end marke ...

摩根士丹利发布研报称，计及最新外汇预测后，将同程旅行(21.5,-0.45,-2.05%)（00780）目标价上调 8%，由26港元升至28港元，而盈利预测及其他重要预测则维持不变，续予"增持"评级。大摩预计，今年中国 旅游需求将保持强劲，消费将由购物转向旅游或体验，而同程将在低线城市、交叉销售（cross-selling）上 升、新业务和国际扩张的带动下，继续扩大市场份额 摩根士丹利 同程旅行(00780):升目标价至28港元,评级"增持" ...

Investment Rating - The report assigns an "Overweight" rating to Kunlun Energy (00135) [1] Core Views - Morgan Stanley slightly lowered the target price for Kunlun Energy by 2.2%, from HKD 9.1 to HKD 8.9 [1] - The update includes a new model incorporating 2024 performance and introduces forecasts for 2027 [1] - The earnings forecast for the company has been reduced to reflect a more conservative outlook on overall industry growth and a decrease in natural gas sales volume growth [1] - Given the increasing concerns about the macro environment, the market is expected to place more emphasis on the stock's defensive characteristics, leading to a slight premium in valuation [1]

May 23, 2025 06:24 AM GMT Amorepacific | Asia Pacific China business bottoming out Key Takeaways In 1Q25, AP turned around China OP. We expect China OP to improve from a W96bn loss in 2024 to a W4bn profit in 2025. M Update Morgan Stanley & Co. International plc, Seoul Branch+ Kelly H Kim, CFA Equity Analyst Kelly.Kim@morganstanley.com +82 2 399-4837 Jenna Lee Equity Analyst Jenna.Lee@morganstanley.com +82 2 399-4938 Amorepacific (090430.KS, 090430 KP) S. Korea Consumer | S. Korea | Stock Rating | | | Overw ...

May 23, 2025 06:52 AM GMT Asahi Group Holdings (2502) | Japan Recent Key Debates Further to implications of Oct soft drink price hikes, we explain why we see no need for concern on recent investor questions. Given strong earnings progress in 1Q, we view recent share price adjustment as a good chance to buy the dip. Japan soft drinks business: Asahi announced on May 22 that it would be hiking prices for its soft drinks in Oct. The hikes affect ~70% of products on a volume basis (essentially a hike for nearly ...

Results week of: 2nd June - 6th June Ferguson (Overweight, PT $195, GBp 15,000) 3Q25 Results, Tuesday 3rd June Exhibit 1: Business Services: Earnings and Events Calendar May 23, 2025 03:00 AM GMT Business Services | Europe Previews: 2nd June - 6th June | Due | Company | Event | | --- | --- | --- | | 03-Jun-25 | Ferguson | 3Q25 Results | | 17-Jun-25 | Ashtead | FY25 Results | Source: Company Data, Morgan Stanley Research | M | | | | --- | --- | --- | | | | Update | | May 23, 2025 03:00 AM GMT | | | | Busines ...

May 23, 2025 04:34 AM GMT China Healthcare | Asia Pacific CSPC (+): 1) SYS6010 (EGFR ADC) in combo with SYH2051 (Ph1) showed preliminary efficacy for 2L advanced gastrointestinal cancers - mPFS of 5.8 mo in 6 gastric cancer and 4.2 mo in 9 KRAS-wt colorectal cancer pts (data not mature). G3+ TRAE rate of 48% is consistent with earlier AACR data (note), and compares favorably to Biokin's BL-B01D1. In addition, for 2L EGFRm NSCLC treatment, sac- TMT showed cORR of 45.1% and HER3-DXd showed ORR of 35.2%, which ...

Surufatinib + KN046 in 1L PDAC - Better response and safety, with still-maturing mPFS competitive against SoC (link), albeit small samples (n=16, link). IBI363 +/- beva in MSS/pMMR CRC - Continues to demonstrate next-gen IO potential, with consistent ORR in larger samples (12.7%/23.5% +/- beva), and potential best-in-class mDoR of 7.5m/NR and mOS 16.1m/NR for monotherapy and combination therapy, respectively (link). See inside for peer data comparison. May 23, 2025 12:06 AM GMT China Healthcare | Asia Pacif ...