10 October 2024 | 6:36PM EDT _ Americas Real Estate: Retail: Takeaways from Private Real Estate Webinar On October 10, 2024, we hosted our Private Real Estate Retail (shopping center) Webinar. Panelists included Mary Rottler from First Washington, Daniel Zatloukal from Inland Real Estate, and Joseph Tichar from Raider Hill. Takeaways from the webinar include views on the consumer, 2025 same store NOI growth, retailer bankruptcies, transaction market and cap rates, and the financing environment. Overall, we ...

11 October 2024 | 2:46PM EDT GS TWIG Notes: This Week in Global Research - October 11, 2024 | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

11 October 2024 | 3:46AM EDT Buy CL | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------------------------------------------------------------------------------------------------------------------------------|--------------|-------|-----------------------------------------------------------------------------|-------|-------------------------|------------------------------|-------| | | | | | | | | | | | | Nvidia Corp. (NVDA) NDR Takeaways: Inference Complexity to Drive Fut ...

11 October 2024 | 1:23PM EDT Energy, Utilities & Mining Pulse: Investors Asking: What Stands Out During Earnings Preview Season? | --- | |------------------------------------------------------------------------------| | | | Neil Mehta +1(212)357-4042 \| neil.mehta@gs.com Goldman Sachs & Co. LLC | | Brian Lee, CFA +1(917)343-3110 \| brian.k.lee@gs.com Goldman Sachs & Co. LLC | | John Mackay +1(212)357-5379 \| john.mackay@gs.com | | Goldman Sachs & Co. LLC Carly Davenport | | +1(212)357-1914 \| carly.davenpor ...

11 October 2024 | 10:20AM EDT Weekly Fund Flows Chasing Mainland China Global fund flows, week ending October 9 n Flows into mutual funds and related investment products showed very strong demand for equities, driven by mainland China, and robust demand for bonds. n Net flows into global equity funds were very strong in the week ending October 9 (+$40bn vs +$5bn in the previous week). The inflows were led by very large inflows into mainland China equity funds, at over 6% of total AUM. The inflows continue t ...

11 October 2024 | 5:55PM BST | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

10 October 2024 | 6:29PM BST Ferrous Tracker: Rising Steel Margins Boost Iron Ore Consumption, But Iron Ore Prices Likely To Fall Unless End Demand Increases n The iron ore price has retreated 5% from Monday's (7 October) three-month high, with the 62%Fe benchmark index now at $104/t. This is still 17% higher than before China announced monetary stimulus on September 24. n Iron ore fundamentals have tightened in recent weeks with a 6% increase in iron ore consumption since the end of August as mills ramp up ...

Investment Ratings - Ajinomoto: Buy, ¥5,816 [14] - Asahi Group: Buy, ¥1,797 [14] - Kao: Neutral, ¥6,901 [14] - Kikkoman: Neutral, ¥1,675 [14] - Nissin Foods Holdings: Buy, ¥4,111 [14] - Rohto Pharmaceutical: Buy, ¥3,564 [14] - Shiseido: Neutral, ¥3,690 [14] - Suntory Beverage & Food Ltd.: Buy, ¥5,249 [14] - Toyo Suisan Kaisha: Buy, ¥9,202 [14] - Unicharm: Buy, ¥5,048 [14] - Yamazaki Baking: Buy, ¥2,821 [14] Core Insights - Strong interest from investors in Japanese consumer products, particularly in beverage and food sectors, with notable mentions of Asahi Group and Suntory Beverage & Food [1][2] - Investors expressed a bullish outlook on Suntory Beverage & Food, expecting double-digit operating profit growth due to recent beverage price hikes [2] - Concerns were raised regarding Asahi's sales trends and lack of catalysts, although its stable profit growth and shareholder returns were viewed positively [2] - Ajinomoto is anticipated to show stronger year-on-year profit growth, while Kikkoman's medium-term growth prospects have improved despite exchange rate concerns [3][6] - Instant noodle makers Nissin Foods and Toyo Suisan are facing challenges in the US market but are considered undervalued by some investors [5] - In the cosmetics sector, Shiseido faces pessimism, with investors wary of share price volatility due to speculation about Chinese economic measures [5][6] Beverage Sector Summary - Overall market trends indicate a 22% year-on-year decline in beer-type product volume, while soft drink volume decreased by 5% [7] - Asahi Group and Kirin Holdings experienced slightly below-market growth in beer-type sales, but Kirin's standard beer volume grew by double digits, aided by new product launches [7] - Suntory Beverage & Food's soft drink sales volume was down 8% year-on-year, attributed to a high base from the previous year [7]

10 October 2024 | 2:15PM CST _ China Automobiles: Takeaways from expert call: 53% order increase at major NEV brands during Golden Week Holiday | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

8 October 2024 | 6:08PM CST revenue recognition will likely accelerate per mgmt as ocean freight congestion eases) and we forecast +28% yoy revenue into 2H24E. Shenzhen Inovance Technology Co. (300124.SZ): Sept IA orders slightly down yoy/up mom | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---- ...