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 ...

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 07:34 AM GMT India Consumer | Asia Pacific 4QF25 Paints: Update on competition Key Takeaways 4QF25 conference call takeaways from Grasim (GRAS.NS, covered by Rahul Gupta) on its paints business. | M | | | | --- | --- | --- | | | | Update | | May 23, 2025 07:34 AM GMT | | | | | Morgan Stanley India Company Private Limited+ | | | India Consumer Asia Pacific | Sheela Rathi | | | | Equity Analyst | | | 4QF25 Paints: Update on | Sheela.Rathi@morganstanley.com | +91 22 6118-2224 | | | Archana Menon, ...

May 23, 2025 03:55 AM GMT Managed Care | North America Underscoring the PBM Value Proposition: A Look at Recent LLY/NVO GLP-1 Benefit Offerings; Policy Dynamics Leveraging the PBM Toolkit: Yesterday, CI announced its Evernorth business will offer an enhanced benefit offering for GLP-1s, in its pursuit to further bend the drug cost curve and address key pain points for many of its customers. We discussed the latest offerings with CI, and there are two key components: (1) According to the company, CI has nego ...

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 ...

May 23, 2025 05:03 AM GMT Biotechnology | North America 1st Take on ASCO Abstracts for Our Coverage We provide a first look at key ASCO abstracts for our coverage. For GMAB, initial PhI/II Rina-S EC efficacy is competitive, and we await further context on the Gr5 event. For LEGN, data for Carvykti remain impressive and DLL3 & Claudin 18.2 updates present an intriguing start to the pipeline. Key Takeaways Genmab (GMAB): Abstract 3039 - Rinatabart sesutecan (Rina-S) for patients with advanced endometrial canc ...

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 ...

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 04:01 AM GMT Embodied AI | North America AI Robotics Disruptors: Skild AI A key bottleneck for scaling AI in robotics is a lack of data. You need vision data to train a vision language action (VLA) model. Chatbots train on internet data. Can robots learn by watching YouTube? We profile Skild AI, a startup building general-purpose robotics models leveraging human videos. At a recent dinner party in Rome, I learned how to tie a bow tie by watching a YouTube video (I had to practice a few times be ...

May 23, 2025 06:26 AM GMT M Update Corporate Travel Management Limited | Asia Pacific Risk Reward Update | What's Changed | | | | --- | --- | --- | | Corporate Travel Management Limited (CTD.AX) | From | To | | Price Target | A$11.80 | A$12.50 | | Base Case | A$11.80 | A$12.50 | | Updated Components | | | | EPS | | | | Bull Base Bear Scenarios | | | Risk Reward for Corporate Travel Management Limited (CTD.AX) has been updated Reason for change When CTD cut guidance in early May, we felt the change in trajec ...