November 5, 2025 03:58 AM GMT Advanced Micro Devices | North America No surprises on qtr; all eyes on the analyst day | What's Changed | | | | --- | --- | --- | | Advanced Micro Devices (AMD.O) | From | To | | Price Target | $246.00 | $260.00 | Reaction to earnings Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research AMD had upside in 3q, guided in line with our estimate/slight ...

5 November 2025 | 12:06PM HKT Economics Research China: Unofficial services PMI edged down in October; October inflation and credit preview Bottom line: The headline RatingDog China Services PMI (formerly the Caixin services PMI) edged down to 52.6 in October from 52.9 in September, suggesting services sector activity continued to expand but at a slightly slower pace. Key numbers: S&P Global services PMI: 52.6 in October (Bloomberg consensus: 52.5), vs. 52.9 in September. Main points: 1. The RatingDog China ...

4 November 2025 | 8:52PM EST Equity Research Advanced Micro Devices Inc. (AMD): Strong Datacenter ramp with OpenAI on the horizon, but near-term operating leverage is limited Key stock takeaways: We expect the stock to be range bound following a beat-and-raise quarter driven by upside in the Datacenter and Client segments, largely offset by lower margins - against a backdrop of elevated expectations. We believe investors were constructively positioned heading into the report given the company's recent partn ...

November 5, 2025 05:35 PM GMT M Idea Suzhou TFC Optical Communication Co Ltd. | Asia Pacific 3Q25 Earnings Miss Reflected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | Suzhou TFC Optical Communication Co Ltd. (300394.SZ) | From | To | | Rating | | Underweight Equal-weight | | Reaction to earnings | | | | Strengthens our thesis | Modest shortfall | Modest revision lower | | Impact to our thesis | Financial results versus consensus | Direction of next 12-month | | | | consensus EPS | Source: Com ...

5 November 2025 | 3:27PM CST Equity Research China Healthcare: Insulin 3Q25 wrap-up: Ample room for domestic substitution in insulin analogs After two rounds of VBP, China's insulin industry has seen a major opportunity for domestic substitution, and the two companies we cover in this segment have continued to deliver strong revenue growth. According to our tracked database Pharmcube, the localization rates of three representative insulin analogs - insulin glargine, insulin aspart, and insulin aspart premix ...

November 5, 2025 05:01 AM GMT Shopify Inc | North America 3Q25 Results – Delivering Against a High Bar | What's Changed | | | | --- | --- | --- | | Shopify Inc (SHOP.O) | From | To | | Price Target | $165.00 | $192.00 | Reaction to earnings Unchanged Modest 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 Leading market positioning, rapid innovation and strong execution combined to sus ...

Gurpreet Singh Sahi, CFA +852-2978-1287 | gurpreet.s.sahi@gs.com Goldman Sachs (Asia) L.L.C. Wing Huang 6 November 2025 | 3:57AM HKT Equity Research Hong Kong Exchanges (0388.HK) Three factors to drive further re-rating; raise EPS/TP; Buy 0388.HK 12m Price Target: HK$562.00 Price: HK$423.60 Upside: 32.7% HKEX's 3Q25 earnings beat GSe, led by better-than-expected investment income. Core profits (ex. investment income) were in-line with our expectation, and grew by +101% yoy on +141% yoy growth of cash ADT. W ...

5 November 2025 | 6:58PM HKT Equity Research Kelun Biotech (6990.HK): APAC Healthcare Corporate Day 2025 — MSD/Blackstone deal read-across; eyes on broader pipeline in 2026 Presenters: Richard Zhou - Chief Financial Officer, Secretary of the Board Bottom line: Management shared that: 1) they view the MSD/Blackstone deal on sac-TMT R&D as acknowledgment / commitment, 2) FY25 guidance unchanged with more meaningful growth after NRDL coverage, and 3) data readouts in 2026 could provide visibility on the breadt ...

November 5, 2025 03:08 PM GMT Kingdee International Software Group | Asia Pacific M Update 2025 Changemaker Conference Takeaways We attended Kingdee's 2025 Changemaker Conference in Shanghai. Kingdee has upgraded its strategy to be an enterprise AI platform rather than a cloud platform. Kingdee officially changed its product strategy from Kingdee Cloud to Kingdee AI: The company released the Kingdee AI Suite with Xiao K Agent, AI-enhanced SaaS, Kingdee Data Cloud and Kingdee AI Cosmic Platform ( Exhibit 1 ) ...

5 November 2025 | 1:19AM EST Equity Research Amphenol Corp. (APH): Key takeaways from field trip We hosted an investor field trip on 11/4 to Amphenol's headquarters in Wallingford, Connecticut and met with President & CEO Adam Norwitt, SVP & CFO Craig Lampo, and VP of Strategy & IR Sherri Scribner. We spoke on topics including the strength of the datacenter market, Amphenol's competitive positioning in the industry, the company's view on having a diversified portfolio, and margins. Our key takeaways from th ...