KLA expects revenue to keep growing sequentially over the next few quarters, and management believes it can outperform the wafer fab equipment market in 2027. Citi raised its forecasts while cutting its price target from $290 to $275 because of a lower valuation multiple.
ASE Technology Holding’s third-quarter net profit rose 28% quarter on quarter. Management expects advanced packaging revenue to double in 2027, and Citi raised its earnings forecasts, but capacity constraints and high capital expenditure continue to affect the pace of growth and cash flow.
Morgan Stanley maintains its $43 price target, with most of its valuation coming from data centers; lease terms for Helios II and debt costs for the next phase are key variables. Digital assets gross profit grew, but adjusted EBITDA swung to a loss.
Morgan Stanley raised its forecast for the share of KLA’s business from memory in 2027, expecting process-control demand for advanced DRAM to drive growth, but the cost of memory chips needed in the equipment itself will offset some of the margin improvement.
Samsung’s third-quarter semiconductor profit exceeded JPMorgan’s forecast, and HBM4 sales more than tripled quarter over quarter; but rising memory prices also weighed on its mobile business, and an additional shareholder return plan will have to wait until January 2027.
The MSCI China Index’s forward price-to-earnings ratio has fallen to 9.3 times, and central government-backed funds resumed buying in the second half. JPMorgan favors A-shares and large caps, but earnings estimate cuts, weak domestic demand and external trade restrictions remain constraints.
Revenue growth slowed to 4.4% year on year in the third quarter of 2026, while overseas sales continued to grow rapidly. Citi expects exports, domestic demand and easing cost pressures to lift net profit growth to 18% in 2027.
Annualized gross bookings rose 35% year over year in the third quarter, and pricing on new deals increased 12%; Goldman Sachs raised its price target, while higher fourth-quarter maintenance capital spending will weigh on AFFO.
Third-quarter revenue rose 30.7% year on year, while net profit grew just 4.5%. Nomura Orient International Securities cut its earnings forecasts and target valuation while remaining optimistic about the long-term revenue support from overseas orders and new capacity.
Large orders and early placements raised the third-quarter comparison base. Management expects fourth-quarter orders to fall sequentially but remain significantly above the prior-year level. Goldman Sachs raised its earnings forecasts while maintaining a Neutral rating.
INT combined with Keytruda increased the two-year recurrence-free survival rate in melanoma patients by 12.2 percentage points, but the distant metastasis benefit was weaker than in phase II, and overall survival data remain immature. Barclays sees substantial room in postoperative adjuvant treatment and maintains its Overweight rating on Merck.
JPMorgan tracking shows retail inflows fell to $3.3 billion from 22 October to October 28. Investors continued to buy tech stocks but took limited positions ahead of earnings; a sharp fall in Brazilian equities attracted unusually strong dip buying.
Third-quarter search revenue fell short of expectations, while cloud growth was constrained by computing capacity. Goldman Sachs maintained its buy rating but cut its price target from $435 to $385 following revisions to its earnings forecasts and valuation.
Refining throughput and profit per barrel both exceeded Goldman Sachs’ expectations, helping third-quarter EBITDA come in slightly above its forecast; capital spending progressed slowly in the first three quarters, and free cash flow has already exceeded the bank’s full-year forecast.
Since the Iran conflict began, the hit to emerging-market growth and inflation has been smaller than Goldman Sachs initially expected, but further oil price increases could still have a significant impact. The bank estimates that supply-driven price increases do more damage to growth in oil-importing economies.
A higher share of high-margin infrastructure business pushed third-quarter operating profit 49% above Goldman Sachs’ forecast. The company expects fourth-quarter gross margin to remain near 40%, but Goldman Sachs believes optical communications is ramping up slowly and maintains its sell rating.
The company opened approximately 10 thousand stores in the first three quarters, and its third-quarter gross margin improved year over year, but expansion and marketing investments increased expenses. Goldman Sachs maintained its Buy rating while cutting its earnings forecasts and target price.
Gains in domestic insulin market share drove Tonghua Dongbao’s third-quarter revenue and profit above Goldman Sachs estimates; a one-off gain in the same period last year contributed to a steep year-on-year decline in net profit. Goldman Sachs raised its earnings forecasts but still sees the company’s long-term growth prospects as weaker than those of its major peers.
Slower equipment tenders delayed revenue recognition, while competition and changes in the sales mix compressed gross margin; the company maintained its break-even targets, and Goldman Sachs cut its earnings forecasts and target price.
Foreign exchange and investment fair-value losses weighed on third-quarter net profit, while the HVAC and automotive thermal management businesses continued to grow. Goldman Sachs is positive on liquid-cooling product expansion but has lowered its earnings forecasts and maintains different ratings on the A and H shares.
