October contract data point to conventional DRAM prices in the fourth quarter of 2026 rising 8.3% quarter over quarter; Bernstein expects enterprise SSDs to drive overall NAND prices up about 15%, but consumer weakness is already showing up in wafer spot prices.
On 4 November, TOPIX’s forward P/E fell to 14.4 times. JPMorgan believes Japanese stocks are oversold: results reported for the period from month 7 through September show that, excluding electronics, precision instruments, and electric power and gas, revenue and net profit still grew year over year by 10% and 11%, respectively; however, profits in autos, retail and other sectors are under pressure, and earnings season is not yet over.
Coherent’s data-center and communications revenue in the first quarter of fiscal 2027 exceeded expectations, but its industrial business and free cash flow were weak. The company raised its outlook, while Bernstein believes the main catalysts for gross-margin improvement and optical-interconnect opportunities will not arrive until fiscal 2028.
Goldman Sachs expects export resilience to drive China's port throughput to resume faster growth in the fourth quarter of 2026, with port charges also likely to rise in 2027. The two port operators reported divergent results in the third quarter: COSCO SHIPPING Ports' revenue grew but net profit was flat, while Shanghai International Port Group's net profit growth relied mainly on investment income.
Qualcomm’s fiscal 2026 fourth-quarter revenue exceeded consensus, but handset-chip revenue declined; data-center revenue begins to ramp up next quarter, while low-margin products and investment costs weigh on margin guidance.
DBS believes Anthropic’s improving profitability and cash flow have strengthened confidence in model economics, but its third-quarter revenue growth slowed noticeably; growth, Bookings and margins at U.S. cloud providers will further test the returns on AI investment.
Third-quarter net profit came in below Morgan Stanley’s prior expectations, prompting it to lower its earnings forecast for 2026; the bank also cut its valuation multiple, while maintaining its earnings forecasts for 2027–2028 and its Overweight rating.
The company reaffirmed its full-year 2027 profitability target and plans to significantly reduce R&D expenses; however, Crysvita sales in the third quarter were below market expectations, and the rollout of two gene therapies will affect future growth.
The U.S. retirement and individual life businesses lifted core earnings per share above market consensus, but earnings in Japan declined year over year, and Morgan Stanley maintained its Underweight rating.
The US all-electric vehicle market returned to year-over-year growth in October, but sales of Ultium-platform models were still down 18% year over year. Morgan Stanley believes LG Energy Solution’s EV business may be bottoming, while margin recovery is likely to be more gradual.
Morgan Stanley raised its Brent price assumptions and Harbour Energy earnings forecasts, but believes BASF’s planned exit from its stake could mean that a greater share of the incremental cash-flow benefits from buybacks goes to the seller.
Morgan Stanley raised its EPS forecasts for Eaton for 2026–2028, expecting the two Electrical businesses to sustain faster organic growth, while price and cost pressures will limit margin improvement in the Americas business.
AVLAYAH’s third-quarter sales reached 17.8 million dollars, and fourth-quarter guidance also exceeded expectations. Expanded insurance coverage and clinical-trial patients switching to commercial drug use drove growth, but management expects the growth rate to stabilize thereafter.
JPMorgan expects Dupixent sales to exceed 25 billion euros in 2028, two years ahead of the medium-term target; however, asset sales will weigh on revenue growth in 2027, while pipeline progress remains a factor in valuation assessments.
PayPay’s revenue and adjusted EBITDA both exceeded the upper ends of company guidance, with lower-than-expected loyalty-point expenses possibly the main driver; JPMorgan considers the core business solid, but says this quarter’s results are unlikely to drive a share-price recovery.
A pullback in trading volumes and an adverse foreign-exchange impact weighed on the securities business, leaving Kakao Pay’s third-quarter operating profit below market expectations. Payments and insurance grew quickly, but JPMorgan believes their scale remains insufficient to offset the cyclical fluctuations of the brokerage business.
JPMorgan raised its adjusted earnings-per-share forecasts for Erste Group for 2026–2028 by about 1%–2%. Net interest income was the main uplift, but forecasts for expenses and provisions were also raised.
Market-stabilization funds have driven a rebound in A-share sentiment, but earnings expectations and domestic demand remain weak. Morgan Stanley says the October correction improved the risk-reward profile of some high-quality, oversold stocks, and it continues to favor selective stock picking.
The humanoid form of humanoid robots helps them adapt to existing work environments, but bipedal walking and joint control also impose higher requirements. Institutions are optimistic about the long-term market potential, while 2026 is a key window for validating mass production and deploying applications.
China’s incremental AI computing capacity accelerated in the third quarter of 2026, but chip supply continued to constrain customer onboarding for some operators. Goldman Sachs sees potential returns from integrated computing platforms, while lowering industry target prices amid concerns about financing, returns and valuation contraction.
