Price Target Risks and Methodology - Anjoy Foods Group We are Buy rated on Anjoy A/H with 12m TPs of Rmb82.0/HK$71.0. Our TP for Anjoy-A is based on a target P/E multiple of 16x applied to our 2026E EPS estimate and discounted back to mid-2026E at a CoE of 9.9%. Our TP for Anjoy-H is based on 20% discount to the to A-share multiple (referencing the last 3M avg H-A share price Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware th ...

August 28, 2025 07:59 AM GMT Japan Quantitative Strategy | Japan Investment Opportunities in Japanese Equities Amid Declining Tariff Uncertainty The July 22 announcement of a 15% reciprocal tariff agreement significantly reduced trade-related uncertainty. First quarter earnings also exceeded expectations despite concerns. Amid this decline in uncertainty, we screened Japanese equities for names that are likely to benefit. Key Takeaways | M August 28, 2025 07:59 AM GMT | | Idea | | --- | --- | --- | | Japan ...

Investment Rating - The report maintains a target for the TOPIX at 2,900 points for Q2 2026, with a base case EPS growth forecast of 1% for 2025 and 8% for 2026 [7][9]. Core Insights - The report suggests a strategic shift from high volatility stocks to high-dividend stocks, anticipating a cautious outlook during the April–June earnings season and an increased preference for cash flow among investors [6]. - External pressures include US tariff hikes, which have increased from 10% to 25%, creating uncertainty in trade negotiations, particularly in the auto sector [6]. - The upcoming Upper House election is expected to influence sectors such as defense, retail, real estate, and utilities, depending on the ruling coalition's performance [6]. - The Financial Services Agency (FSA) plans to revise Japan's Corporate Governance Code, which may lead to renewed interest in cash-rich stocks [6]. Summary by Sections Economic Outlook - The report anticipates a cautious economic environment with potential political shifts post-election affecting fiscal and monetary policies [6]. - The demand for infrastructure investment is expected to grow, enhancing the performance of national resilience-related sectors over the medium to long term [6]. Sector Preferences - Domestic demand-oriented sectors are favored over external demand-driven sectors, with a net overweight position in the financial sector [18][20]. - Specific sectors such as pharmaceuticals, retail, and construction materials are highlighted for their growth potential, while export-oriented sectors may face challenges [17][21]. Focus List - The focus list includes companies with a cautious view on cyclical large-scale external demand stocks and a bullish view on domestic demand growth stocks [21]. - Companies such as Kajima, Japan Tobacco, and Cosmos Pharmaceutical are rated as Overweight, indicating strong potential for returns [21].