Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
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 ·
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.
Morgan Stanley ·
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.
Morgan Stanley ·
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.
Morgan Stanley ·
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 ·
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.
Morgan Stanley ·
Third-quarter core FFO exceeded market expectations, while growth in both same-store revenue and net operating income accelerated from the second quarter. Los Angeles accounted for about forty percent of the improvement in revenue growth, and lower expenses also amplified profit growth.
Morgan Stanley ·
Third-quarter new orders substantially exceeded company guidance, with large SMT orders and orders placed early lifting the quarter’s base; fourth-quarter revenue growth is expected to come mainly from SMT, while advanced packaging products have longer lead times.
Morgan Stanley ·
Dazodalibep met the primary endpoint in patients with systemic disease activity, and dosing every four weeks also improved patient-reported dryness symptoms. Morgan Stanley considers it highly competitive, although differences in placebo responses limit cross-trial comparisons.
Morgan Stanley ·
Morgan Stanley expects China’s export share to keep rising and Industry 5.0 to create long-term investment opportunities. But weaker employment transmission, household deleveraging and excess capacity make it difficult for strong exports to translate quickly into broad-based reflation.
Morgan Stanley ·
Management says demand from AI data centers, automotive and industrial applications is strong, while smartphone demand is relatively weak; overseas 2.5D packaging is scheduled for commercial production in the first quarter of 2027, while domestic progress depends on customer certification.
Morgan Stanley ·
Asia’s investment cycle does not rely solely on AI, and exports and balance sheets also provide a buffer against high interest rates. But if oil prices remain above 120 dollars per barrel, central banks raise rates more than expected and AI investment declines, pressure on growth will increase markedly.
Morgan Stanley ·
Morgan Stanley cut its 2026–2028 earnings per share forecasts for Shuanghui Development by 4%–5% and lowered its price target from 20.30 yuan to 19.40 yuan. New channels could generate revenue, but marketing spending and weak foodservice demand are constraining profit improvement.
Morgan Stanley ·
Management plans to integrate research and development, sales, and manufacturing across the robotics business and sees overseas opportunities for coaxial gearboxes; revenue at the Hungarian plant grew, while its net margin was approximately 2% in the first three quarters.
Morgan Stanley ·
Bond issuance by large technology companies remains concentrated in the investment-grade market, but a more regular issuance schedule could ease the pressure on the market to absorb it. Morgan Stanley also believes high interest rates are putting lower-quality borrowers to the test, while government bond yields are driven primarily by macroeconomic factors.
Morgan Stanley ·
Infant formula revenue grew in the third quarter and channel inventories remained low. Swisse also beat Morgan Stanley’s expectations after excluding shipments brought forward, but a decline in the China pet nutrition business, cost pressures and a high comparison base next year continue to constrain growth.
Morgan Stanley ·
Higher copper, gold and plastic prices weighed on third-quarter gross margin, but the transition to new CPU platforms could give Lotes an opportunity to pass on costs. Morgan Stanley upgraded the stock and expects AI products to contribute more rapidly in 2027.
Morgan Stanley ·
In the week ended 23 October, North American internet stocks as a whole underperformed the broader market, with particularly sharp declines in digital advertising. Morgan Stanley’s valuation comparison shows that earnings multiples have fallen below historical averages, while revenue multiples remain high; stock-based compensation costs also change how valuations look.
Morgan Stanley ·
Shipments from the Indonesian nickel project rebounded sharply quarter on quarter in the third quarter, but GEM’s net profit for the quarter fell 56% year on year. Morgan Stanley expects pressure from metal prices and sulfur costs to persist in the fourth quarter.
Morgan Stanley ·
Fares and ancillary revenue pushed Volaris’s quarterly revenue above 1 billion dollars for the first time, and operating profit turned positive. Fourth-quarter margin guidance was below expectations, but after Morgan Stanley adjusted its model to reflect the company’s higher fuel price assumption, the guidance was approximately 21% above its estimate.
Morgan Stanley ·
