M Update October 20, 2024 11:00 PM GMT | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------- ...

Source: FactSet, Morgan Stanley Research Source: Company data, Morgan Stanley Research estimates October 17, 2024 01:19 AM GMT M Idea Healthcare REITs 3Q24 Earnings Preview | North America Bull Is the New Base: Expect Continued Outperformance in 25e, Raise PT for WELL to $135, VTR to $65 & AHR to $27 Expect solid 3Q results with upside risk to estimates driven by strong fundamentals and investment activity; expect healthcare to continue outperformance in '25e supported supply-demand tailwind. We mark to mar ...

M Update China Equity Strategy | Asia Pacific October 17, 2024 09:00 PM GMT Source: CEIC, Bloomberg, Wind, RIMES, Morgan Stanley Research. Data as of October 16, 2024. A-Share Sentiment Falls Sharply as Market Volume Recedes Sentiment dropped as trading volume declined amid weaker macro data and underwhelming policy follow-through. We expect market volatility to remain relatively high, and advise focusing on dividend yield plays and earnings certainty. A-share investor sentiment fell significantly vs. prior ...

Europe Equity Research 17 October 2024 J P M O R G A N Wind Snippet Germany announces a package of measures for the wind industry | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------| | | | | The German Economy and Energy ...

M Idea Microsoft | North America October 17, 2024 04:01 AM GMT 1Q25 Preview – Seeing the Forest Through the Trees Investor sentiment has turned more negative as a 'wall of worry' around Gross Margins, Capex, GenAI monetization and the OpenAI relationship builds. Given Microsoft's leading positioning in the nascent GenAI opportunity, these concerns likely prove transitory, providing an attractive entry point. Share underperformance and negative investor sentiment on Microsoft, create an attractive set up for ...

October 17, 2024 04:34 AM GMT M Foundation Investor Presentation | Asia Pacific Policy Pivot: What Triggered It, and What's Next? Morgan Stanley Asia Limited+ Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 For important disclosures, refer to the Disclosure Section. M Foundation Section 1: Cyclical Outlook 2 M Foundation 2024/25 Economic Outlook Modest QoQ Growth Improvement, but Sustainable Reflation Remains Distant But reflation remains a long and drawn-out battle Policy pivot ...

October 17, 2024 10:57 AM GMT M Update | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|----------------- ...

M Update Largan Precision | Asia Pacific October 17, 2024 03:53 PM GMT 3Q24 Results In Line, but 4Q24 Outlook Lackluster with Order Cut Reaction to earnings In-line Financial results versus consensus Strengthens our investment thesis Impact to our investment thesis Source: Company data, Morgan Stanley Research | --- | --- | --- | |-------|-------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | Largely unchanged | | | | | | | | Impact to next 12-month | | | | | | | | | | Althou ...

Asia Pacific Equity Research 17 October 2024 J P M O R G A N TSMC First Take: 3Q24 Strong GM beat; 4Q guidance better, with continued upside in AI in 2025; OW Our First Take: TSMC's 3Q results were a strong beat with GM coming in well above guidance (57.8% vs mid-point of guidance at 54.5% and JPMe 54.8%). 4Q revenue guidance of 13% qoq growth is also better than expected, while 4Q GM guidance suggests further GM increase. The GM uptick in 2H24 is coming in mainly from better utilization (N5 and N3 running ...

Global FX Strategy 17 October 2024 J P M O R G A N FX Macro Quant Pause macro drivers during elections Figure 1: G10 carry has shown a decent rebound after the last US payrolls; EM and Global portfolios rebounds were more moderate Total return index of nominal Global/EM/G10 carry baskets (top-bottom 5/3/2 equal USD notional). Monthly rebalancing. Calculation as of 15/10/2024. See page 16 for analyst certification and important disclosures. +6% -7% 0% 90 95 100 105 110 115 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 ...