Equity Research
APAC Conviction List - Directors' Cut
NEW ADDITION: Goodman Group
European Conviction List - Directors' Cut
NEW ADDITIONS: ING Groep NV, LVMH and Atlas Copco
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US Conviction List - Directors' Cut
NEW ADDITIONS: Duke Energy, Huntington Ingalls and Kontoor Brands
We identify 25 stocks that have most frequently preannounced in July in years past and also have a recent history of releasing results early. Year-to-date, we estimate there have been 393 preannouncements and the average stock has moved +/-6.1% on the two days around these events. This year, stocks made positive moves following these events 48% of the time. As is typical, Healthcare and Consumer Discretionary names have dominated year-to-date activity.

The intensity of competition between eCommerce players and local services leader Meituan in food delivery/instant shopping has elevated to a new level. Unlike previous investments by eCommerce players that were scaled back within a few quarters, we believe the duration of investments this time will extend for longer— given all of the companies are shifting focus to become China's 'everyday app' for transactions across goods and services.
Webinar: China Internet: The 'everyday app' Battle in eCommerce
4 July @ 8:30am HKT | REGISTER
Reflecting the stronger-than-expected momentum in May-June and our expectation that the busy concert/event schedule will continue to drive more gamblers to Macau, as highlighted in our prior report (Jun 2), we raise our FY25E GGR growth forecast from +4% to +6% yoy, which implies +10%/6% yoy growth in 3Q/4Q25E (vs. +1%/+8% in 1Q/2Q25), followed by steady +6% in FY26E as we believe the impact of illegal money exchange crackdown should lapse by then (this has been a drag on GGR since 4Q24).
We continue to expect a combination of factors to drive medium-term fundamental outperformance in the Australian gold sector: 1) Margins/cash generation, 2) Volume growth/exploration upside (including M&A/regional consolidation), and 3) Balance sheet strength/capital returns. We initiate on six Australian gold miners benefiting from this gold equities cycle, where with gold price volatility in focus, we assess our expanded gold coverage in relative baskets on gold price leverage/size.
2 Jul 2025 | 87pg | Research | Equity - Hugo Nicolaci and others
Also see: Metals & Mining: Gold: Addressing key questions in gold equities
- Company HighlightsHSBC (HSBA.L/0005.HK): 2Q preview: pin pointed focus on ~US$42bn FY25 banking NII guidance2 Jul 2025 | 4:51pm| 11pg| Research | Equity-Gurpreet Singh Sahi, CFA and othersGrab (GRAB): Raising our Deliveries GMV outlook as new product execution bears fruit; Buy2 Jul 2025 | 6:54pm| 10pg| Research | Equity-Pang Vittayaamnuaykoon and othersApple Inc. (AAPL): June 2025 App Store Spending +12% yoy; +11% C2Q253 Jul 2025 | 5:14am| 8pg| Research | Equity-Michael Ng, CFA and othersNetflix Inc. (NFLX): Q2 '25 Earnings Preview2 Jul 2025 | 12:02pm| 19pg| Research | Equity-Eric Sheridan and othersYum China Holdings (YUMC): 2Q25 preview: Topline growth to accelerate with one-off impact removed and steady SSSG; Buy2 Jul 2025 | 4:13pm| 10pg| Research | Equity-Michelle Cheng and othersConstellation Brands (STZ): A slight Q1 miss but FY26 guidance reaffirmed & likely doable - Reiterate Buy3 Jul 2025 | 3:24am| 16pg| Research | Equity-Bonnie Herzog and others
- Industry HighlightsUS Autos & Industrial Tech: Tesla and Rivian 2Q25 vehicle deliveries results takeaways3 Jul 2025 | 9:05am| 9pg| Research | Equity-Mark Delaney, CFA and othersIndia Restaurants: India QSR 1QFY26 preview: Stable demand trends, Jubilant to sustain growth outperformance2 Jul 2025 | 10:24pm| 9pg| Research | Equity-Arnab Mitra and othersAmericas Branded Consumer Goods: Apparel & Accessories: Competitive market dynamics offsetting idiosyncratic momentum; initiate DECK & CROX at Sell, UAA at Neutral2 Jul 2025 | 12:32pm| 54pg| Research | Equity-Brooke Roach, CFA and othersAmericas Banks: 2025 CCAR: Interim SCBs broadly in line with expectations although dividend increases are a bright spot2 Jul 2025 | 9:48am| 9pg| Research | Equity-Richard Ramsden and othersAmericas Insurance: 2Q25 Preview: Balancing Cyclical Pressures with Idiosyncratic Opportunities3 Jul 2025 | 4:06am| 68pg| Research | Equity-Robert Cox and othersAmericas Technology: Internet: Ridesharing & Delivery Q2'25 Preview: Analyzing the Industry Debates & Estimates2 Jul 2025 | 4:20am| 25pg| Research | Equity-Eric Sheridan and others
- PORTFOLIO STRATEGYUS Weekly Kickstart: Look for early impact of tariffs during 2Q 2025 earnings season28 Jun 2025 | 4:44am| 22pg| Research | Portfolio Strategy-David J. Kostin and othersAsia-Pacific Portfolio Strategy: Asian equity market daily update2 Jul 2025 | 8:14pm| 11pg| Research | Portfolio Strategy-Timothy Moe, CFA and othersGOAL Risk Keeper: Hedging stagflation and reflation tails into H226 Jun 2025 | 12:01pm| 21pg| Research | Portfolio Strategy-Andrea Ferrario and others
- OPTIONSOptimal Overwrites this week (30-Jun-25)30 Jun 2025 | 9:55pm| 17pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (28-Jun-2025)28 Jun 2025 | 10:23pm| 1pg| Research | Options-John MarshallWeekend Cross-asset Dislocations (26-Jun-2025)26 Jun 2025 | 11:27pm| 1pg| Research | Options-John Marshall
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