The 720: China AI Models, Global Strategy, Wuxi Apptec, China Games, China Mobility Tech, MUFG, Kinsus, S-Oil, Yen, US & EU Conviction Lists

研报英文原文证据摘录

The 720: China AI Models, Global Strategy, Wuxi Apptec, China Games, China Mobility Tech, MUFG, Kinsus, S-Oil, Yen, US & EU Conviction Lists

or given limited global capacity additions

and approximately 6.5mb/d of capacity outages across Russia and the Middle East. We

believe the stock’s risk-reward is highly favorable, supported by strong middle distillate

exposure and a potential free cash flow inflection from the Shaheen project in early

2027. We raise our 12m TP to W163,000. Nikhil Bhandari

Xinyi Solar – 1H26 in line; improving domestic and overseas outlook – Buy. We raise our

12m TP to HK$3 from HK$2.8 following 1H26 net profit which was in line with guidance

and buffered by the solar farm business and higher overseas exposure. Management

guided for an improving outlook, expecting industry supply discipline to drive domestic

pricing above cost levels and anticipating a 2H26 recovery in overseas shipments

following the extension of India’s solar PV cell ALMM waiver. Consequently, we raise our

2026E EBITDA forecast by 57% to reflect higher shipment volumes and lower costs, as

we see an earnings inflection driven by improving industry supply/demand dynamics and

rising overseas capacity. Mengwen Wang

Maruti Suzuki India – 1Q Miss on Temporary RM Settlement Change – Buy (on CL). We

revise our 12m TP to Rs16,700 following a 1Q EBIT miss driven by a temporary shift in

the supplier raw material settlement cycle. This shift to a one-month lag caused a 110bp

margin impact, though adjusted EBIT margins of 5.9% were broadly in line with our

estimates. We expect recent metal price corrections to flow directly into 2Q margins

alongside festive season operating leverage, further supported by a newly

commissioned 250k-unit capacity expansion. We adjust FY27/FY28/FY29 EPS by