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 ...

November 5, 2025 09:04 PM GMT Zijin Mining Group | Asia Pacific A Rarity Among Copper Stocks Volume growth in both copper & gold, good cost control and attractive valuation, make Zijin one of the rare jewels in global copper stocks. We resume coverage on Zijin Mining H and A shares with OW ratings and PTs of HK$46.1 and Rmb42.2, respectively. Key Takeaways Sustained volume growth is rare: Recent major global copper mine accidents have led to a supported copper price outlook, and left a limited number of cop ...

November 6, 2025 12:18 AM GMT China Autos & Shared Mobility | Asia Pacific China EVs - 3Q25 preview – Could 4Q be the profitable season for all? As EV start-ups' 3Q prints kick off from mid-November, investors are likely to scrutinize OEMs' progress in achieving their guided operational turnaround in 4Q and how new model pipeline/ pricing strategies could help them buck cyclical headwinds in 2026. Key Takeaways M Idea Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 284 ...

5 November 2025 | 4:24PM EST Equity Research ARM Holdings (ARM): First Take: Strong quarter and guidance driven by a recovery in royalty revenue Key stock takeaways: We expect the stock to move higher following revenue and EPS guidance that was well above the Street, driven by higher royalty revenue. We believe investor expectations were low for the quarter, and hence a significantly stronger quarter should drive the stock higher. On the conference call, we expect investors to focus on : (1) updated thought ...

Positions of Active Long-only Managers in China/HK Foreign inflows into Chinese equities moderated to US$2.2bn in October amid US-China uncertainties and weaker risk appetite toward year-end. It was driven by US$3.2bn inflows from passive funds and US$1.0bn outflow from active funds. Foreign funds added their UW to China in September. Key Takeaways A-shares saw weakening retail participation and equity mutual funds AUM growth. Meanwhile, foreign passive funds to CSI300 recorded notable outflow in October. F ...

November 5, 2025 09:00 PM GMT China's Emerging Frontiers M Asia Pacific Insight C-REITs: A New Investment Chapter for the Next Decade After 25 years of big construction, China's property industry is writing a new chapter, where it transitions from new-build homes to rental asset operations amid a growing REIT market. The shift may alter the competitive landscape of developers, reshaping the industry's long-term investment thesis. Key Takeaways Why it matters now: Since 3Q25, incremental policy tailwinds hav ...