KLA’s quarterly revenue and guidance for the next quarter both exceeded market consensus. Bernstein is optimistic about fab expansion and demand for process control, but a lower valuation multiple prompted it to cut its price target while raising its earnings forecasts.
Third-quarter revenue and profit both substantially exceeded market consensus. The Americas led growth, but the region’s margin was below expectations. Bernstein believes the results eased concerns about accelerating growth in the second half.
Citi believes the chances of a diplomatic deal and renewed escalation in the conflict over the next two weeks are closer to even; the geopolitical risk premium on crude could rise if Gulf facilities or shipping through the Strait of Hormuz come under threat.
Adjusted net loss narrowed from the previous quarter in the third quarter, but realized selling prices lagged market quotations. JPMorgan lowered its earnings forecasts and price target while monitoring fourth-quarter inventory reduction and industry production cuts.
Loans and the net interest margin supported revenue growth, but new non-performing loan formation accelerated and provision coverage declined. JPMorgan maintains a Neutral rating and believes near-term non-performing loan formation in Hong Kong may remain high amid elevated interest rates.
Industrial enterprise profits rose 14.4% year on year in September, up from 4.2% in August. JPMorgan believes AI demand and upstream prices supported profits, but continued weakness in automotive and consumption-related manufacturing prolonged the divergence.
Third-quarter profit grew faster than revenue, and the company raised its full-year guidance again. JPMorgan sees growth from late-stage projects and commercial manufacturing, but the timing of large-order deliveries and the ramp-up of overseas capacity will affect when results materialize.
JPMorgan believes the key issue for the Chinese and South Korean humanoid robot industries has shifted from capacity targets to actual deployment and unit economics. Chinese component and task-specific vision solutions are progressing more quickly, while South Korean suppliers face tests of cost and customer concentration.
Polaris’s marine revenue rose 29% year over year in the third quarter, but North American pontoon boat retail sales declined. JPMorgan’s channel survey also shows that Yamaha’s US outboard motor end-market sales have shifted to a year-over-year decline of about 10% since August.
JPMorgan believes that continually upward revisions to weather intensity forecasts, lower agricultural output, energy prices and narrowing policy space could together amplify risks in emerging markets; the impact on equities varies by sector and company.
A recovery in refined-product exports and higher plant utilisation drove third-quarter profit growth, but JPMorgan expects crude procurement and freight pressures to weigh on fourth-quarter profit and maintains a neutral rating.
The Nikkei rebounded after holding 62,000, potentially easing pressure from trend traders closing long positions. JPMorgan’s baseline scenario points to a recovery by year-end, but credit-market strains, cybersecurity incidents and the performance of momentum strategies remain tail risks to watch.
JPMorgan reviews energy and metals markets: European natural gas prices are approaching unusually high levels, while rising Russian diesel exports are offset by falling Chinese inventories; as iron ore weakens, lower freight costs improve miners’ free-on-board prices.
JPMorgan expects state-owned banks to outpace joint-stock banks in third-quarter revenue and profit growth and sees support from safe-haven flows. ICBC H-shares are its top pick, while rotation opportunities are also emerging in some joint-stock banks.
Group sales fell 45%–50% year on year in the third quarter, below Morgan Stanley’s previous forecast, with the main shortfall coming from China. The bank expects a sequential recovery supported by physical stores and stabilization overseas, but has cut its earnings forecasts for the next three years and its price target.
Morgan Stanley says Hengrui’s third-quarter revenue and profit were both slightly above market consensus: innovative drug sales accelerated and recognized collaboration revenue increased, but generic drug sales continued to decline and product gross margin also fell.
As excavator industry growth slows, Hengli Hydraulics’ excavator hydraulics business remains resilient. Greater scale in new businesses and at its Mexico plant improved the gross margin quarter on quarter, and management raised its full-year revenue expectation for the precision business.
Third-quarter revenue in 2026 fell 9% year over year, broadly in line with Morgan Stanley’s and market expectations; gross margin was below expectations, while lower expenses cushioned some of the pressure on profit.
Shipping bottlenecks and the product mix weighed on third-quarter results; Morgan Stanley expects shipments to recover, but more than half of the full-year planned monopile shipments remained outstanding as of late October.
Morgan Stanley estimates that Baoshan Iron & Steel’s gross profit per tonne rose by about 4 yuan quarter on quarter in the third quarter, beating its expectations; the recovery in steel prices lagged the rise in raw-material prices, and gross profit from non-steel businesses also declined.
