GS EUROPEAN EXPRESS: BMW | ASML | Heineken | WOSG | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: BMW | ASML | Heineken | WOSG | Macro | Global | Corporate Access

Equity Research

2 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: BMW | ASML | Heineken | WOSG | Macro |

Global | Corporate Access

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BMW (BMWG.DE): Takeaways from US Capital Market Event: Constructive US

outlook, all-new X5 and Spartanburg localisation - We highlight key takeaways

from BMW’s Spartanburg event, ahead of the 2Q results (30 July) and 2 weeks after

its profit warning. It reinforced the part of the equity story that remains intact:

BMW’s US growth as an offset to China weakness, and its industrial and battery

localisation strategy. On the US, the tone was constructive, guiding to another

potential record US sales year in 2026 on the back of a resilient premium segment

and strong brand strength. There were showcases of products with more details in

the note and a battery factory tour which showcased the pilot efforts with humanoid

robots. On the digital front, BMW is embedding AI across customer targeting and

dealer support, with a customer-facing AI guide due to launch in

September/October. Buy with 47% upside. (Christian Frenes)

ASML Holding (ASML.AS): Updating estimates and 12M PT to factor in Memory

datapoints and capex investments, reiterate Buy - We update our ASML estimates

ahead of 2Q26 results (due July 15), raising FY27-30 EPS by 5-8% to reflect an

incrementally more positive view on leading-edge semis demand, especially from

Memory where increased capex investments (Micron guiding c.$10bn in 4QFY26,

Samsung announcing W2,450tn over 2026-2040 with ~76% allocated to