Third-quarter solid waste pricing and volumes exceeded Citi’s expectations, but higher diesel prices created cost pressure. Citi raised its target price while lowering its 2026 earnings-per-share forecast.
Higher third-quarter freight rates did not fully offset pressure from costs and shipping volumes, but BofA expects only a modest decline in fourth-quarter rates and has sharply raised its 2027 earnings forecast while maintaining underperform ratings on the A and H shares.
Third-quarter revenue rose 25% quarter on quarter and net profit rose 9%; flooding in Thailand affected shipments at the end of the month. BofA lowered its earnings forecasts and valuation multiple, but believes customer orders and new product shipments still support growth in 2027–2028.
A quarter-on-quarter turnaround in refining lifted Sinopec’s third-quarter net profit attributable to shareholders to 13.6 billion yuan. Bank of America raised its 2026 earnings forecast and A- and H-share price targets, but profits from refined oil product sales, chemicals, and oil and gas production weakened from the previous quarter.
European oil majors that have reported results beat market consensus for third-quarter profit and operating cash flow. Bank of America is positive on European gas prices this winter, but buybacks concentrated in the fourth quarter and rising costs on some projects limit the extent to which strong cash flow can be extrapolated into long-term shareholder returns.
The ramp-up of a new platform and shipment delays slowed third-quarter revenue, but improving yields and higher utilization at the Thailand plant support BofA’s fourth-quarter outlook; expansion costs also prompted the bank to cut its earnings forecasts and price target.
In the third quarter of 2026, packaging and testing and electronics manufacturing drove 28% quarter-on-quarter revenue growth. The company raised its advanced packaging sales outlook; Bank of America is positive on capacity utilization and pricing but expects expansion to keep free cash flow under pressure.
After the Federal Reserve’s October meeting, short-term yields fell and long-term yields rose. BofA expects further US rate hikes and compares interest-rate opportunities in Europe, the UK and Canada.
Midea Group’s revenue fell 3.9% year over year in the third quarter of 2026, while net profit rose 25.9% and core net profit fell 15.7%. Bank of America believes overseas own-brand and business-to-business operations provide a buffer, but the impact of air-conditioning channel reforms will continue into the first quarter of 2027.
Third-quarter results matched earlier guidance, but as of 26 October, interconnect chip orders scheduled for fourth-quarter delivery showed faster growth. Bank of America raised its earnings forecasts for the next three years, betting on growth in both server demand and the number of chips per server.
Price increases, global demand and market-share gains drove third-quarter revenue growth of 38%; BofA raised its earnings forecasts and price target but maintained its Underperform rating.
Third-quarter revenue rose 6% year over year, while net profit fell 62%. Weak consumer electronics demand and a slower-than-expected margin recovery prompted BofA to cut its earnings forecasts; the liquid-cooling business could begin contributing revenue in 2027.
Copper and coking coal production fell short of company-compiled market expectations, while thermal coal performed strongly. BofA cut its 2026 earnings forecasts and is also watching copper project expansions, asset sales and commodity marketing profits.
Impairments of overseas assets brought CNOOC’s third-quarter net profit below JPMorgan and buy-side expectations. Management maintained its full-year production guidance, making the planned fourth-quarter restart of Lingshui 17-2 a key factor.
Stabilizing net interest margins and asset expansion supported interest income, while fee income generally declined and fair-value gains also contributed to non-interest income growth. Postal Savings Bank of China’s margin and asset-quality indicators came under pressure, while Industrial and Commercial Bank of China warned that revenue growth could face headwinds in 2027.
China Merchants Bank’s year-on-year growth in third-quarter revenue and pre-provision operating profit accelerated, with both exceeding JPMorgan’s expectations; higher impairment charges kept net profit growth at 3%. Meanwhile, wealth management fee income turned downward, and retail loan special-mention and overdue indicators weakened.
Taiwan’s third-quarter economic growth and South Korea’s industrial production in September both exceeded expectations. JPMorgan believes technology exports, non-technology exports and domestic investment are jointly supporting growth, but inflation and policy pressures differ across economies.
Large volumes of copper inventories are being absorbed by the United States, while Chinese smelter maintenance, tighter scrap copper supplies and disruptions at mines are supporting the near-term spot market. Morgan Stanley expects the tightness to ease as US tariff policy and mine supply change in 2027.
Morgan Stanley says concerns about returns on AI investment triggered by technology earnings weighed on US stocks and supported Treasuries. Meanwhile, Middle East supply risks pushed up oil prices, and noteworthy changes also emerged in European bond markets, the Bank of Japan and China’s monetary policy framework.
Third-quarter revenue slightly exceeded consensus, but net profit attributable to shareholders fell about 13% short. Bernstein expects rising volumes of copper interconnects and optical modules to accelerate earnings growth from 2027.
