October 10, 2024 03:21 AM GMT M Update | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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North America Equity Research 10 October 2024 J P M O R G A N Healthcare Technology & Distribution Top 10 Discussion Topics in Our Space Into Year End | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------- ...

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China Sportswear China sportswear tour takeaways: encouraging Golden Week Holiday performance We hosted the China Sportswear Tour on 9 Oct, with on-the-ground store visits with leading sportswear brands (Li Ning, Anta's Descente and Kolon, Amer's Wilson, Salomon and Arc'teryx, and Bosideng) and talks with industry expert, store managers and senior management. We observed encouraging Golden Week Holiday performance for the leading sportswear brands, echoing the overall trend (see report): 1) Anta/Li Ning ret ...

North America Equity Research 10 October 2024 J P M O R G A N International Refining Singapore Clean Product Inventories Down ~1.3mmbbls w/w Singapore and ARA product inventory data were recently released. Middle distillates in Singapore drew w/w to 10,587kbbls (10,742 kbbls last week), in the middle of the seasonal range. Light distillates drew to 14,189 kbbls (15,314 kbbls last week), in the top half of the seasonal range. Fuel oil inventories built to 17,585 kbbls (16,758 kbbls last week), below seasonal ...

M Idea China Energy & Chemicals | Asia Pacific October 8, 2024 09:00 PM GMT 3Q24 Preview Oil price fell ~$7/bbl QoQ and refining margins contracted due to inventory loss. Wholesale gas profit should rise QoQ thanks to import gas cost deflation. We see a low-teens decline QoQ in earnings in 3Q for PetroChina and CNOOC, and a greater drop for Sinopec due to inventory loss. PetroChina: Although the weakened crude oil price trend and appreciation of Rmb may have dragged PetroChina's upstream profitability in 3Q ...

Japan Economic Research 08 October 2024 J P M O R G A N Japan: SME sentiment slips in September; details more upbeat In the September Economy Watchers Survey, sentiment among small and medium enterprises (SMEs) fell 1.2pt to 47.8 against our forecast of a modest 0.2pt rise, after three consecutive monthly increases. The decline is primarily concentrated in the household-related retail and services sectors, which saw decreases of 1.8 points and 3.5 points, respectively, partially offsetting recent gains. How ...

October 8, 2024 10:26 AM GMT M Update Semiconductor Production Equipment | Japan | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Europe Equity Research 09 October 2024 J P M O R G A N ASML Market too bearish as ASML will likely grow close to 25% in '25 and double-digit % in '26 The investor base has suddenly gotten very bearish on ASML through the summer. Clearly there are some reasons for this, namely the Intel capex cut; the slow recovery of the consumer semi market; and worries about China restrictions on semicap companies. In this note, we argue that the long-term bear thesis on ASML is overstated and in fact 1) Litho intensity i ...