March 12, 2025 11:22 PM GMT 30 for 2027 | North America Quality Stocks for a Long-Term Holding Period We refresh a cornerstone Morgan Stanley analysis, '30 for 2027," which represent our best long-term picks based on the sustainability and quality of the business model, and opportunity to widen their competitive advantage. Our view remains that high-quality stocks are the place to be given elevated uncertainty. The Quality factor is outperforming YTD, and we think it makes sense to stay up the quality curve ...

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Technology Ye Liu AC (86-21) 6106-6200 ye.liu@jpmorgan.com Bloomberg JPMA YLIU SAC Registration Number: S1730521090001 Billy Feng AC (86-21) 6106 6359 billy.feng@jpmorgan.com SAC Registra ...

March 12, 2025 09:00 PM GMT China Coal Power Utilities | Asia Pacific How to Position amid Declines in Power Tariffs and Coal Prices Sharp declines in coal prices raising earnings expectations for coal IPPs after trading down in recent months on power tariff concerns. While HNP is better positioned with more market coal and fewer tariff declines, we see more upside potential for CRP given healthy dividend yields. Coal power tariff declines already priced in: We think China IPP stocks' de-rating since Octobe ...

Global Research ASML Deep dive into 2024 annual report We analysed the key points from the annual report ab 12 March 2025 In 2024, ASML reported performance obligations of €43bn (vs €45bn in 23), which represent customer purchase commitments over the next five years. It mainly includes orders related to DUV immersion and EUV (low & high NA) systems. ASML estimates that 59% (vs 57% in 23 & 56% in 22) of these anticipated revs will be recognized during the next 12 months, which covers 79% of 25E guidance (dow ...

March 12, 2025 06:59 AM GMT Future of Energy The Low Decarb Diet Security and competitiveness are increasingly being weighed against transition. Whilst European corporates have retained long-term net zero commitments, policy uncertainty, a slower- than-expected energy transition, infrastructure challenges, returns, and a focus on cash flow are driving a shift in spending. M Key Takeaways Regulatory simplification to improve European competitiveness. Policy uncertainty, among other factors, has been cited by ...

ab 12 March 2025 Global Research We introduce a EURUSD upside option trade with an RKI to capture this view. We also close out our bearish EURJPY digital option. Instead, we enter a basket of long EUR and JPY vs short CHF and GBP to capture likely key beneficiaries of global rebalancing compared to some relative laggards. This week we also nudge our commodity currency forecasts higher on account of USD weakness but acknowledge that the near-term risk environment will remain challenging. Expectations of more ...

12 March 2025 | 7:09AM CST China Industrial Tech Update TPs under AI framework; highlight productivity gain beneficiary CTI; OPT down to Neutral In Premier Li's Government Working Report (GWR) delivered on Mar 5 at the Two Sessions, "embodied AI" and "smart robotics" were mentioned multiple times. We view this as laying out future policy emphasis and pointing to the most important drivers for the sector ahead. According to the latest updates from corporates, 45% of our coverage names are proactive in expand ...

March 12, 2025 09:00 PM GMT Asia EM Equity Strategy | Asia Pacific Asia/EM Market Allocation – Defensive and Domestic Rotation: Move UW Australia and Increase Taiwan UW With valuations and trade exposure coming under pressure, we move to an UW stance on Australia and increase our Taiwan UW. We advise positioning in India, Japan (especially domestics), Singapore and UAE, with China tech-related sectors also likely to outperform in a deeper global equity correction. US growth downgrade and policy uncertainty ...

March 12, 2025 05:00 AM GMT Quantitative Equity Research Quant Matters – Alpha Opportunities in Index Tracking M Minimising tracking errors in index funds may increase trading costs by buying high and selling low. Our study in the US, Europe, and Japan suggests investors should act quickly post- index changes to secure alpha. Key Takeaways The 4 Dimensions Update (framework in this report) & Factor Views: Europe – Up vs Down EPS Revisions (3ma) (+), Net Buyback Yield (+), FCF Yield (+). We revise the 10Y re ...

USA | Energy Equity Research March 12, 2025 Lower-than-Expected Crude Inventory Build; Distillate and Gasoline Draw Inventories drew this week, with total crude oil, gasoline, and distillate inventory decreasing ~5.85mn bbl vs BBG estimate of a ~0.39mn bbl build. Full accounting within. Within, we graphically break down inventories (including & excluding SPR) and demand by both product and PADD, while comparing results to weekly, quarterly, and year-ago levels. Exhibit 1 - Weekly Change in Oil and Products ...