28 May 2025 | 5:53PM EDT US Economics Analyst The Impact of Tariffs on US Companies: A View from the Equity Market (Peng) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie ...

Investment Rating - The report maintains a bullish view on AAA and A mall-oriented portfolios owned by Multiplan and Iguatemi, indicating strong performance and growth potential in these segments [1][2][6]. Core Insights - Multiplan malls outperformed Allos malls with an average rent growth of +5% year-over-year, aligning with inflation, while Allos malls experienced a growth of +3.4%, resulting in negative real rent performance [1][6]. - Sales growth for both Multiplan and Allos malls was impacted by the Easter shift, but they grew at the same pace as rent [6]. - AAA malls demonstrated the strongest performance, with a rent growth of +9.4% and nominal sales growth of +9% [7]. - Investor interest in malls has increased, with Brazilian mall stocks rising +26% year-to-date, outperforming the iBovespa index [2]. Summary by Sections Mall Performance Analysis - Multiplan's malls showed a +5% year-over-year increase in rent per square meter, while Allos reported +3.4%, indicating a -1.6% real rent growth for Allos [6][11]. - AAA malls, such as Morumbi Shopping and Barra Shopping, achieved +6% rent growth and +9% nominal sales growth, outperforming A and B tier malls [7][8]. - Allos had a higher percentage of malls with rent increases (90% of NOI) compared to Multiplan (80%), but Multiplan's rent growth for those malls was higher by +100 basis points [7][11]. Market Trends - The implied cap rate spreads for both Iguatemi and Multiplan have compressed significantly, indicating a tightening market, yet they remain above historical averages [2]. - Malls are perceived as rate-sensitive investments, with historical data showing that they were more sensitive to interest rate changes compared to homebuilders prior to the COVID-19 pandemic [2]. Tiered Mall Summary - The report provides a detailed tiered summary of mall performance, highlighting that AAA malls had a monthly rent of BRL 441 and monthly sales of BRL 3,801, with a rent growth of +9.4% [8]. - A tier malls had a monthly rent of BRL 199 and sales of BRL 2,289, with a rent growth of +4.6% [8]. - B and C tier malls showed lower performance metrics, with B malls experiencing a rent growth of +3.3% and C malls declining by -0.9% [8].

Investment Rating - The report assigns a "Buy" rating for Pony AI Inc. with a 12-month price target of US$26.00, indicating an upside potential of 21.8% from the current price of US$21.35 [12]. Core Insights - Pony AI is expanding its Robotaxi fleet in overseas markets, particularly in Dubai, and is experiencing rising commercialization in the Chinese market, which presents significant market opportunities and a path to profitability [1][9]. - The report highlights the advantages of Chinese robotaxi companies, such as lower Bill of Materials (BoM) costs due to a comprehensive automotive supply chain, which supports hardware cost reduction and breakeven achievement [3][8]. - The report anticipates that the fleet of robotaxis in China will grow from 1,000 in 2024 to 4,000 in 2025, and then to 11,000 in 2026, driven by lower hardware costs, improved software, and supportive regulations [9]. Summary by Sections Overseas Expansion Strategy - Key factors for robotaxi companies' market entry include population density, infrastructure quality, policy receptiveness, and local partnerships, which can facilitate market expansion and ease entry challenges [2][6]. Opportunities in Overseas Expansion - Chinese robotaxi companies benefit from lower hardware costs and extensive operational experience, which enhances user satisfaction. Pony AI has achieved an average of 15 orders per day in 2024, surpassing local ride-hailing drivers [3][7]. Challenges in Overseas Expansion - Key challenges include technology acceptance and consumer safety concerns, which require time for user trials and safety record accumulation. Fleet coverage must also increase to reduce waiting times [6][8]. Competition Dynamics - The robotaxi industry is still in its early stages with limited direct competition. Pony AI is expected to capture a 35% market share in China's robotaxi market by 2035, with various service offerings tailored to different passenger groups [7][9]. Financial Projections - Revenue projections indicate growth from US$75 million in 2024 to US$150.4 million in 2027, with expectations of breakeven at the gross margin line by 2026 [12].

29 May 2025 | 12:11AM GST Turkey Banks We update our estimates for Turkish banks following 1Q25 reporting season to reflect the latest industry and macro trends. Following an (unexpected) rate hike in Turkey to 46% in April'25 (from 42.5%), we expect the NIM recovery for Turkish banks to be paused by one quarter (e.g. remain broadly unchanged) and continue to improve from 3Q25. Based on TCMB data, TL consumer/commercial loan yields have expanded by 4-5pp since the end of Mar'25, while TL deposit yields have ...

28 May 2025 | 11:38PM IST Cohance Lifesciences Ltd. (COHA.BO) 4Q25 inline: FY26 to see an earnings rebound; retain Buy COHA.BO 12m Price Target: Rs1,275.00 Price: Rs1,107.75 Upside: 15.1% Cohance Lifesciences (COHA) standalone revenue/EBITDA grew +59%/+31% yoy, largely inline with GSe. CDMO segment grew 31% yoy (+20% qoq) while we also saw a sharp recovery in Spec chem (+75% yoy) following consolidating in 1H partially offset by API segment that reported flattish trends. EBITDA margin (adjusted, standalone) ...

Investment Ratings - Zomato: Buy [3][12] - MakeMyTrip (MMYT): Buy [5][13] - Bharti Airtel: Buy [6][14] - Info Edge: Buy [11][21] - Paytm: Neutral [10][19] - Nykaa: Neutral [10][20] - HCL Technologies: Neutral [16] - Wipro: Sell [17] - Tech Mahindra: Sell [18] - Indus Towers: Hold [22] - Vodafone Idea: Sell [15] Core Insights - Investor sentiment towards Zomato has improved compared to earlier in the year, with potential catalysts including improved profit margins and market share growth from Blinkit [1][3] - MakeMyTrip is favored due to strong growth prospects in the travel sector and lack of significant competition [5][6] - Bharti Airtel is viewed positively for its growth potential, although valuation concerns persist [7][14] - Indus Towers is expected to deliver strong short-term earnings and has multiple revaluation opportunities [7] - The IT sector is viewed neutrally, with expectations of improving news flow, but valuations remain unattractive [8][11] Summary by Sections Zomato - Investors are cautiously optimistic about Zomato, with expectations that stable profit margins may take time to achieve [3] - Blinkit's potential market share growth is not yet reflected in Zomato's current stock price, which could act as a catalyst [3][12] MakeMyTrip - MakeMyTrip is highlighted as a top pick in the TMT sector due to its strong execution and favorable growth outlook [5][13] Bharti Airtel - Bharti Airtel is appreciated for its execution capabilities, but investors express concerns over valuation and potential tariff increases [6][7][14] Indus Towers - Indus Towers is seen as having strong short-term earnings potential and opportunities for revaluation, with minimal operational disruptions expected for Vodafone Idea [7][22] IT Sector - The IT sector is generally viewed with neutrality, with expectations of improving news flow, although concerns about valuations and potential negative impacts from generative AI remain [8][11][16] Paytm and Nykaa - Paytm's outlook is neutral, with significant potential benefits if UPI payment service fees are realized [10][19] - Nykaa is also rated neutral, with growth in the BPC sector but valuations largely reflecting this growth [10][20] Other Companies - HCL Technologies and Wipro are rated neutral and sell respectively, with Wipro facing challenges in IT spending and competition [16][17][18]

Investment Rating - The report suggests a broad theme of USD weakness and recommends various trade ideas focused on Asian currencies and rates [2][4][8]. Core Insights - The report emphasizes that the pressure on Asian FX currencies has diminished, allowing for a more favorable environment for receiving Asia rates [2][4]. - It highlights that higher US rates do not necessarily lead to weaker emerging market assets in the context of ongoing de-dollarization [2]. - The report anticipates a further decline in the RMB CFETS index in line with a weaker DXY [8]. Trade Ideas - Short the RMB CFETS index while buying 6-month USDJPY options with a strike of 135, EURUSD options above 1.16, and USDCNH options above 7.0, with a target return of approximately 9% [4]. - Buy 1-month USDKRW 1350-1300-1250 put fly options at around 60 basis points, with a maximum leverage of 6.4x [4]. - Buy 3-month USDTWD 28 binary puts while selling 3-month USDTWD 30.2 binary calls at zero cost [5]. - Short 1-month USDMYR with a preferred entry at 4.25, targeting a move to 4.0 with a stop loss above 4.30 [5][6]. Rates Strategies - Buy KTB 2 ⅝ 03/10/27 Corp bonds with a preferred entry at 2.35%, hedged with a 1-month FX swap for yield enhancement [7]. - Receive 2-year CNY NDIRS at 1.49%, targeting a move to 1.2% with a stop loss above 1.65% [7]. - Receive 1-year HKD IRS at 2.7%, targeting a move to 2.4% with a stop loss above 2.85% [7]. - Long 5-year IndoGB (FR104) at 6.42%, with an extended target of 6.2% and a tightened stop loss at 6.55% [7].

Investment Rating - The report maintains a "Buy" rating for Aurobindo Pharma (ARBN.BO) with a 12-month target price of ₹1275.00, indicating a potential upside of approximately 7.1% from the current price of ₹1190.95 [1][2][9]. Core Insights - Aurobindo's Q4 FY25 performance met expectations, with revenue and EBITDA growing approximately 11% and 6% year-over-year, driven by strong growth in the US and EU markets, despite the impact from gRevlimid [1][19]. - The company anticipates achieving high single-digit revenue growth (excluding Revlimid) in FY26, supported by multiple drivers including sustained momentum in the US market and a full recovery in Eugia, aiming for a stable revenue run-rate of $150 million per quarter [1][23]. - The report notes a decline in EBITDA margin to 21.4%, down 62 basis points year-over-year, influenced by a decrease in gross margin and increased operating expenses [1][3]. Financial Performance Summary - Q4 FY25 revenue was ₹83,821 million, reflecting an 11% year-over-year increase, while EBITDA was ₹17,919 million, with a margin of 21.4% [3][25]. - The net profit for Q4 FY25 was ₹9,035 million, down 8% compared to the previous year, with a net profit margin of 10.8% [3][25]. - The report projects revenue growth for FY26 to be driven by new product launches and operationalization of new plants in various regions [1][22][23]. Earnings Forecast Adjustments - The earnings per share (EPS) forecasts for FY26 to FY28 have been revised down by 7-13% to reflect recent performance data and comments from the earnings call [2][27]. - The target price adjustment from ₹1,300 to ₹1,275 is based on a sum-of-the-parts (SOTP) valuation, implying a target P/E ratio of approximately 18.5 times [2][27]. Market and Product Developments - Aurobindo's revenue from the US reached $470 million, with a year-over-year growth of 9%, attributed to strong performance in core business and new product launches [19][20]. - The company has signed a licensing agreement with a global pharmaceutical giant for developing respiratory products, indicating strategic partnerships to enhance product offerings [20][21]. - Aurobindo has a pipeline of 9 biosimilars, with several products in various stages of approval and clinical trials, indicating a robust future growth potential in the biosimilars market [21].

Investment Rating - The report maintains a neutral rating for Fuji Electric [1][15][16] Core Insights - Fuji Electric has growth potential in its data center UPS business and smart meters in the Indian market, but these segments are not large enough to significantly impact overall earnings [1] - The company is adjusting its capital expenditure budget to ensure profitability, but faces challenges in achieving long-term sales growth due to market conditions and competition [1][15] - The operating profit margin guidance for FY3/26 is set at 12.4%, an increase from 10.2% in FY3/25, with a target of 140% growth in energy management orders [3][15] Summary by Relevant Sections Energy Sector - Orders and sales for IDC power and facility systems are expected to grow by 480% and 350% respectively by FY2026 compared to FY2020 [2] - Fuji Electric plans to increase capital expenditure in the energy sector by 46 billion yen in FY2026 to expand production facilities for power transformers and switchgear [2] Semiconductor Sector - The company plans to increase the production capacity of its 6-inch silicon carbide wafers by 2.5 times at its Sapporo plant and by 30% for industrial IGBT modules at its Shenzhen plant [9] - Due to intensified price competition, Fuji Electric aims for an operating profit margin of approximately 15% in the future [10] Automotive Applications - Fuji Electric is launching micro RC-IGBT modules for micro and compact vehicles, with mass production of a 600A product starting in April 2025 [11] - The company expects to see growth in its automotive applications starting from FY3/28, although it remains pessimistic about recovery in FY3/27 [12] Industrial Applications - New IGBT and SiC products for renewable energy applications are in development, with the eighth generation IGBT expected to reduce generation losses by over 15% [13] Food and Beverage Distribution - Growth areas identified include automation in fresh food sales in Japan and increased demand for vending machines due to regulatory changes [14]

Investment Rating - The report maintains a Neutral rating on Starpower, indicating a cautious outlook on its near-term operations due to pricing pressure and competition [2][16]. Core Insights - The demand for power semiconductors is recovering, with NCE Power's management expressing optimism about sales growth in 2025, driven by improving inventory and foundry utilization rates [4][7]. - NCE Power is expanding into higher-end applications, particularly in the automotive sector, focusing on 800V and 48V EV platforms, as well as emerging markets like drones, eVTOL, and AI computing [8] Summary by Sections Demand Outlook - NCE Power sees a positive demand recovery outlook for power semiconductors this year, with increasing demand from most end markets [1][4]. - Management reports that inventory levels are improving and foundries are nearing full capacity utilization [4][7]. Competitive Landscape - Despite the recovery in demand, NCE Power faces significant competition from both domestic and international peers, along with tariff uncertainties that could impact future demand [1][7]. Strategic Expansion - To mitigate competitive risks, NCE Power is focusing on expanding into broader and higher-end applications, particularly in automotive electronics and AI computing [1][8]. - The company aims to accelerate product adoption in the automotive sector and explore growth potential in industrial control applications [8].