The average of Nomura’s four valuation measures shows the dollar is overvalued by 14.7% and Asian currencies are undervalued by 8.6% on average; meanwhile, emerging-market funds’ allocation to the Indian rupee has rebounded, and bond supply outlooks differ across Asian countries.
Nomura estimates that Lao Pu Gold’s third-quarter sales showed no clear improvement from the second quarter. A retreat in gold prices and a weaker wealth effect weighed on consumption; the bank cut its earnings forecasts for the next three years but remains positive on the brand’s long-term position.
In the third quarter of 2026, the company's revenue and gross margin both improved quarter on quarter, and profit exceeded Nomura Orient International's previous expectations. The firm raised its earnings forecasts while cutting its target price from 66 yuan to 51 yuan.
In the third quarter of 2026, the company's revenue was nearly flat and net profit fell year on year, with both functional and sports drinks weaker than Nomura Orient expected. The firm expects tea drinks to become a growth driver and has cut its earnings forecasts for the next three years.
Same-store sales at KFC and Pizza Hut both fell 3% in the third quarter, but restaurant margins improved. The company raised its full-year net new store target, while Nomura maintained its Buy rating and lowered its earnings forecasts and target price.
AXT’s InP substrate revenue and gross margin have surged alongside data center demand. Nomura expects capacity expansion and price increases to continue driving growth, but competition, export permits and capital tied up in expansion will affect its realization.
A Nomura expert interview suggests that transitional arrangements can cushion the near-term impact, but the actual effects will depend on the specific company list, contract implementation and scope of investment restrictions.
The central bank will raise the foreign currency deposit reserve requirement from 15 November. Nomura estimates the move could absorb 24 billion dollars of long-term onshore foreign currency liquidity and believes the policy is focused on slowing the pace of appreciation.
Higher memory chip prices and sales volumes drove quarter-on-quarter increases in GigaDevice’s third-quarter revenue and gross margin, but fair-value changes weighed on net profit. Nomura Orient raised its earnings forecasts for the next three years while lowering its valuation multiple.
Guolian Minsheng Securities is optimistic about opportunities for vendors as edge AI commercialization accelerates; Orient Securities believes NSFOCUS could benefit from the rollout of AI security projects, but a profit turnaround still depends on a recovery in revenue.
The company’s third-quarter revenue was broadly in line with market expectations, while its fourth-quarter revenue and earnings guidance exceeded expectations. Management expects automotive shipments to recover in the first quarter of 2027 as supply increases.
Evercore ISI expects Intel’s revenue for the third quarter of 2026 to exceed market consensus, mainly on improved server CPU pricing and product mix; PC demand, capacity constraints and valuation limit the scope for optimism.
BofA’s model shows that weakening trends and rising volatility are prompting CTAs to cut equity exposure. Systematic flows could differ sharply over the coming week depending on whether global equities fall, remain flat or rise.
SMB demand indicators remain weak, but traffic improved quarter over quarter. Citi expects enterprise customers to deliver a modest earnings beat and is watching the impact of AI services team expansion on margins in 2027.
Semiconductors rallied ahead of the election, but the Texas governor’s race could affect data center approvals; software and Apple earnings also show revenue growth alongside pressure on orders and margins.
Third-quarter performance diverged across five companies: AMD and Arista’s fourth-quarter revenue guidance exceeded Wall Street expectations, while ALAB grew rapidly but faced rising expenses; BKNG saw slowing travel demand, and DUOL’s user growth outpaced monetization.
From 2024 to 2026, US department-store points of sale for comparable brands fell 15%, while street locations increased 6%. Bernstein believes brands still have room to enter affluent, underserved areas while streamlining overlapping points of sale.
Digitization allows a single outdoor location to carry more advertisements and opens up programmatic buying channels; however, rents, capital expenditure and competition for concession renewals limit returns. Bernstein maintains its Market Perform ratings on JCDecaux and Ströer.
In the third quarter of 2026, Kweichow Moutai’s revenue returned to year-on-year growth, with the improvement driven by its series liquor products and iMoutai, while traditional channels continued to decline. JPMorgan believes the full-year earnings consensus is achievable and maintains its neutral rating.
The additions offer exposure to aircraft engine capacity expansion, bond issuance and growth in Canadian wireless services; Boeing’s delayed cash flow and reduced growth expectations for T-Mobile were reasons for their removal.
