The 720: China AI Models Primer, Knowledge Atlas initiation, Minimax, Amorepacific upgrade, Oil, Japan Exchange, Fast Retailing, Kingslide

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The 720: China AI Models Primer, Knowledge Atlas initiation, Minimax, Amorepacific upgrade, Oil, Japan Exchange, Fast Retailing, Kingslide

Goldman Sachs The 720

China Batteries Sector Initiation | 830am HK | Access Webinar | with Nick Zheng, Michael

Snaith

New | Amorepacific upgrade to Buy

Amorepacific – Improving Western-Bound Momentum – Buy. We upgrade Amorepacific

to Buy from Neutral and raise our 12m TP to W150k from W140k, as we believe the

market is underappreciating its transition toward a more diversified and higher-quality

global earnings structure. We see structural improvements driven by brand

diversification beyond Laneige, early evidence of US channel expansion into Amazon

alongside Sephora, and increasing traction in higher-margin Western markets. Reflecting

stronger growth and margin expansion potential across the US and EMEA, we raise our

2026-2028E operating profit estimates by 3-19% and net profit by 6-22%. Eric Cha

Themes in Play | Oil, Japan Exchange

Oil – Prices at the Pump: Persistently Pricey. We expect fuel retail prices to remain

elevated versus crude prices due to tight refining fundamentals, ongoing geopolitical

risks to refined product supply, and asymmetric passthrough. The global average fuel

retail price remains high at $202/bbl, with the gap versus Brent at an all-time high of

$128/bbl. We forecast 2027 US 3-2-1 product margins of $27, well above historical

averages, as combined refinery outages in the Middle East and Russia remain nearly

5mb/d above seasonal norms. Daan Struyven

Japan Exchange Group – Raising target price on higher trading value and turnover – Buy.

We raise our 12m TP by 23% to ¥2,400, reflecting strong recent earnings, robust trading

value trends, and changes in the interest rate environment. With April-June 2026 ADTV