The 720: Japan Semis, Components & SPE, Trip.com, CATL, Shin-Etsu, Hyundai Mobis, HSBC, China Clean Tech, US FOMC

Research evidence excerpt

The 720: Japan Semis, Components & SPE, Trip.com, CATL, Shin-Etsu, Hyundai Mobis, HSBC, China Clean Tech, US FOMC

ppt, potentially driving VLCC freight rates to rebound to

US$170k/day from the current US$110k/day. Furthermore, the blockade removes a

market overhang for COSCO Shipping Holdings by preventing a return to the Red Sea

that would have otherwise released effective container capacity and pressured freight

rates. Herbert Lu

Australia Banks – August Results Preview. We believe the recent rally in Australian bank

stocks highlights a growing disconnect between negative market sentiment and robust

earnings fundamentals, as the anticipated cliff in asset quality and credit demand has

yet to materialize. With credit growth remaining strong and higher rates benefiting net

interest margins on low-cost deposits, we expect the upcoming August updates to

exceed cautious market expectations before a broader deceleration begins in 2027. We

make modest earnings revisions to reflect updated housing credit growth forecasts and

continue to prefer ANZ and Westpac (both Neutral) for their disciplined cost profiles,

which should provide a critical earnings buffer over the next 12 months. Conversely, we

remain cautious on Commonwealth Bank and NAB, as their heavy business investments

could leave earnings more exposed to downside risks in a slowing revenue environment.

Brendan Sproules

Results | CATL, Shin-Etsu, Hyundai Mobis, Kia, Hyundai Rotem, Hana FG, Tata

Consumer Products, Chugai Pharmaceutical

CATL – 2Q26 inline, record buyback, and robust demand outlook – Buy. CATL reported

inline 2Q26 net profit of Rmb22.55bn (+36% yoy) and announced a record Rmb20-40bn

A-share buyback plan. Revenue beat our estimates by 3% at Rmb147.79bn driven by