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Citi: China Pet Foods' third-quarter revenue growth slows as profit continues to fall; Citi expects a fourth-quarter recovery from a low base

In the third quarter of 2026, China Pet Foods' year-on-year revenue growth slowed to 10% from 31% in the second quarter, while net profit attributable to shareholders fell 59% year on year. Citi believes contract manufacturing gross margins, investment in domestic brands and exchange rates jointly weighed on earnings, and has cut its earnings forecasts and target price.

Citi: Envicool’s third-quarter revenue rises without profit growth; Citi cuts target price on liquid-cooling margin concerns

Envicool’s revenue growth accelerated in the third quarter of 2026, but net profit attributable to shareholders was almost flat. Citi expects fourth-quarter earnings growth to be driven by a low base, while worrying that competition and costs will continue to squeeze margins.

Citi: Sinbon’s third-quarter revenue beats expectations as gross margin falls: semiconductor cabinet business brings growth and dilution

Sinbon’s third-quarter revenue exceeded Citi and Bloomberg consensus estimates, but a higher share of low-margin cabinet assembly and increased expenses brought operating profit below expectations. Citi expects the semiconductor business to continue driving growth in 2027.

Citi: Tencent ecosystem conference preview: Citi focuses on the official Hy4 release and WorkBuddy’s progress

Citi expects Tencent may release the official version of Hy4 at the conference running from 29 October to the 30th, and provide updates on WorkBuddy, its enterprise agent platform and the overseas expansion of its cloud business. The workplace agent already has a user base, while Xiaowei remains in the trial stage.

Bank of America: Defensive stocks also showing signs of a bubble as US and European earnings options diverge in pricing

As the AI trade falters, money is shifting into healthcare and consumer staples. BofA’s price indicator shows that the two defensive sectors are approaching the bubble-risk zone. Meanwhile, actual post-earnings moves in large US stocks have exceeded options expectations, while the opposite has been true in Europe.

Citi: London Metal Exchange week: Near-term risks weigh on sentiment; Citi is relatively bullish on aluminium

Participants remain hopeful about the long-term outlook for industrial metals but are becoming cautious about prices in 2027. Citi is more optimistic than the consensus on aluminium, copper in the near term, and lead, but more pessimistic on zinc.

J.P. Morgan: Unimicron revenue beats expectations, but gross margin falls short of JPMorgan’s forecast; earnings growth hinges on product upgrades

In the third quarter of 2026, Unimicron’s revenue rose 23% quarter on quarter. Although gross margin increased to 28.8%, it remained below JPMorgan’s forecast. The bank expects an improved substrate product mix and higher AI HDI yields to drive a fourth-quarter gross margin recovery, and has raised its future earnings forecasts.

Citi: TGOOD’s third-quarter profit growth slows as data-center and overseas orders take the baton

A high-margin Saudi project raised the year-earlier comparison base. TGOOD’s third-quarter revenue grew 18.3% and net profit rose 6.6%. Citi highlights growth in data-center and overseas orders and expects order deliveries to accelerate revenue growth in 2027.

Barclays: Upgrading Tesla: autos, energy storage and Robotaxi improve alongside potential acquisition premium

Barclays raised its Tesla price target from $370 to $450, primarily reflecting a potential SpaceX acquisition premium, while also taking a positive view of vehicle deliveries, energy storage demand and Robotaxi progress; shareholder votes, profits and cash flow remain key constraints.

Bank of America: Accelevation bets on modular data centers: orders grow as margins come under pressure

Bank of America initiates coverage of Accelevation with a Buy rating: orders for modular products and US data center construction support growth, but transition costs, capacity expansion execution and customer concentration constrain the realization of profits.

Bank of America: Federal Reserve decision and tech giants’ earnings: BofA focuses on rate hikes and the cost of AI expansion

BofA expects the Federal Reserve may raise interest rates by 25 basis points and is optimistic about the earnings outlook for Alphabet and Microsoft. Alongside cloud growth, AI capital spending and pressure on cash flow are also key considerations.

Citi: Lula wins in a comeback; Citi cuts losses and exits Brazilian risk positions

The result of Brazil’s presidential runoff went against bets in prediction markets. Citi closed the Brazilian risk positions it had previously increased and removed its overweight in Brazilian equities from its global asset allocation; the bank believes crowded long positions ahead of the election could push asset prices below fair value.

Citi: Li Ning’s third-quarter retail sales improve month by month: children’s wear brings overall sales flat, special dividend under discussion

Citi says Li Ning’s retail sales returned to year-on-year growth in August and September, and the trend of deepening discounts is easing. However, the core brand and offline franchise channel remain in decline, while National Day sales were subdued.

Citi: Commodity price expectations diverge: coal miners have potential upside, while Rio Tinto’s new mine is mainly a replacement

Citi compares consensus commodity prices for 2027 with current spot prices: precious metals are expected to trade well above spot, while coal and zinc are expected to trade below spot. Rio Tinto’s approved 1.9 billion US dollar bauxite project will add capacity at Weipa, but is unlikely to fully offset the impact of other mine closures.

Citi: Moderna’s melanoma vaccine data win recognition. Why is Citi still bearish on its valuation?

Citi believes intismeran’s efficacy in melanoma is clinically meaningful, but patient selection, personalized manufacturing and efficacy across cancer types still limit its platform value; the kidney cancer trial will be the next major test.

Citi: Celestica expects revenue to grow 90% in 2027, while gross margin and cash flow face pressure

AI infrastructure demand is driving Celestica to raise its growth outlook: the company expects 2027 revenue of 40 billion US dollars and an adjusted operating margin of 9%. Meanwhile, gross margin fell in the latest quarter, and its 2026 free cash flow guidance was cut.

HSBC: China Shenhua’s third-quarter profit was broadly flat: coal earnings grew, while power generation profit came under pressure

Higher coal prices drove a 18% increase in coal segment profit, but rising fuel costs cut power generation profit by 63%; HSBC believes spot coal prices may have peaked.

HSBC: AI demand widens copper-clad laminate shortfall; durability of price increases depends on downstream customers’ ability to absorb them

After visiting the TPCA trade show, HSBC found that fiberglass cloth, high-end copper foil and equipment lead times are constraining copper-clad laminate capacity expansion. Companies across the supply chain broadly plan to pass on costs, while consumer electronics customers’ ability to absorb them is a key constraint.

HSBC Qianhai Securities Limited: CVTE’s third-quarter profit growth outpaces revenue, with control-board cost pass-through becoming key

CVTE’s third-quarter revenue and recurring net profit attributable to shareholders both exceeded HSBC Qianhai Securities’ previous expectations. The firm raised its profit forecasts for the next three years, citing optimism about growth in smart control components while monitoring the overseas expansion of interactive flat panels.

HSBC: NextEra’s third-quarter earnings beat expectations; project backlog supports growth as capital spending continues to rise

New investments drove earnings growth at both major businesses, and the renewable energy and storage project backlog reached 36.7 GW. HSBC maintained its Buy rating while watching the effects of fourth-quarter wind generation and high capital spending.