May 21, 2025 01:07 AM GMT TDK (6762) | Japan Japan Summit 2025: Sales of High Value-added Rechargeable Batteries Likely to Continue Increasing 3 key points from the group meeting with TDK were as follows. (1) TDK's base scenario F3/26 OP guidance of ¥225.0bn is a slight increase from ¥224.2bn in F3/25, assuming FX of ¥140/$. Of the four segments, passive components, sensors, and magnetics are expected to record profit growth, while energy, mainly rechargeable batteries, is expected to decline. (2) The firm' ...

May 21, 2025 02:15 AM GMT Kawasaki Heavy Industries (7012) | Japan Japan Summit 2025 Feedback: Interest in Defense Still High; Elsewhere KHI Says it is Considering Various Strategic Options for Business Restructuring Questions from investors were focused on defense-related business, where orders have increased substantially and margins are improving due to an increase in the government defense budget and better contract margins (OPM for the defense business was 3–4% in the past, but it came in at 6% in F3/2 ...

May 21, 2025 07:03 AM GMT Arclands (9842) | Japan Risk Reward Update What's Changed | Arclands (9842.T) | From | To | | --- | --- | --- | | Price Target | ¥1,500 | ¥1,700 | | Bull Case | ¥4,100 | ¥4,400 | | Base Case | ¥1,500 | ¥1,700 | | Updated Components | | | | EPS | | | | Investment Thesis | | | | Bull Base Bear Scenarios | | | | Investment Drivers | | | Risk Reward for Arclands (9842.T) has been updated Reason for change We revise our estimates after reviewing F2/25 results. | M | | | | | | --- | --- ...

May 21, 2025 02:09 AM GMT The Kraft Heinz Co | North America Packaged Foods | United States of America | Stock Rating | Underweight | | --- | --- | | Industry View | In-Line | | Price target | $28.00 | | Shr price, close (May 20, 2025) | $27.90 | | Mkt cap, curr (mm) | $33,131 | | 52-Week Range | $36.53-27.14 | Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

May 21, 2025 06:06 AM GMT Elia | Europe In-Line 1Q25 Trading Update Elia will report 1H25 results on 2nd June. See our recent notes on Elia: Elia: More to Run – Moving to Analyst Top Pick (6 May 2025) Elia: Equity Overhang Resolved, Back to Fundamentals (9 Apr 2025) Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Guidance by division: Elia provided FY25 divisional guidance for the first ti ...

May 21, 2025 02:45 AM GMT Shiseido (4911) | Japan Japan Summit 2025: Fireside Chat with CFO Ayako Hirofuji M Update Morgan Stanley MUFG Securities Co., Ltd.+ Wakako Sato Equity Analyst Wakako.Sato@morganstanleymufg.com +81 3 6836-8933 Seki Li Research Associate Seki.Li@morganstanleymufg.com +81 3 6836-8934 Shiseido (4911.T, 4911 JT) Cosmetics & Personal Care Products | Japan | Stock Rating | Underweight | | --- | --- | | Industry View | In-Line | | Price target | ¥2,600 | | Shr price, close (May 19, 2025) | ...

May 21, 2025 01:23 AM GMT Canon (7751) | Japan M Update Japan Summit 2025: Developments in Growth Domains We held a group meeting with Canon at our Japan Summit 2025 (with Senior Managing Executive Officer Minoru Asada as the main speaker), where investor interest spanned across US tariffs, restructuring, growth segments, and other topics. The firm indicated that in its new medium-term plan starting in F12/26, it may see a potential expansion of the semiconductor domain. According to the firm, it expects to ...

May 21, 2025 07:31 AM GMT Recruit Holdings (6098) | Japan Japan Summit 2025: Re- evaluation of Corporate Quality and Business Model to Continue as Stock Market Normalizes? Earnings and business environment: Services provided to companies seeking to recruit new employees are affected by market conditions. As a whole, we understand Recruit is seeking the best possible measures and looking for opportunities to review the overall structure of its business. The company is aiming to improve the efficiency of busi ...

May 21, 2025 06:15 AM GMT SSE | Europe FY25 Results Bring Capex Cut Reaction to earnings Strengthens our thesis In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research We expect a positive reaction to SSE's solid FY25 results release, with capex cut a key positive, notwithstanding strong recent performance from April 9th lows. We interpret divisional guidance as giving operating profit & EPS marg ...

May 21, 2025 06:58 AM GMT Intermediate Capital Group PLC | Europe Strengthens our thesis Meaningful upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Solid third-party business performance. FMC revenues were ~5-6% better vs. Cons/Ms with mgmt fees ~3% ahead with main delta coming from catch-up fees of £62m vs. MS at £45m. Performance fees at £86m were also significantly ah ...