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Change in Recommendation / Equity
- BSL.AX: BlueScope Steel - 1H22 guidance increase, we increase CY22 prices, upgrade to OUTPERFORM by Credit Suisse
- Canadian Infrastructure: Pondering the Pair of Premium Pipelines; ENB Downgrade to Neutral (from Outperform) by Credit Suisse
- PSFE: Shifting to Neutral; minimal upside to medium-term estimates by Credit Suisse
- SIQ.AX: SmartGroup Corporation Ltd - Takeover offer terminated; back to fundamental drivers and upgrade to Outperform by Credit Suisse
- BYND: Plant-Based Meat Fails to Sprout; Lowering to Underperform by Credit Suisse
- Asian Daily: China - Yantai Jereh: 3Q21 results miss; mismatch in expectations vs reality. Downgrade to UNDERPERFORM by Credit Suisse
- Asian Daily: India - Ambuja Cements: Reasonably strong results given cost pressures; upgrade on likely pullback in coal, under-performance, valuations and procyclicality. Upgrade to OUTPERFORM by Credit Suisse
- A2M.AX: The a2 Milk Company Limited - Investor Day: Market share story, declining market, China risk, long road and partially priced in by Credit Suisse
- Asian Daily: China - GoerTek: Solid 3Q21 results/FY21 guidance well priced in. Downgrade to NEUTRAL by Credit Suisse
- CVI: Downgrade to Underperform, Target Price $20 by Credit Suisse
- PSXP: Downgrade to Neutral by Credit Suisse
- Asian Daily: Philippines - Aboitiz Equity Ventures, Inc.: Capital to deploy. Upgrade to NEUTRAL by Credit Suisse
- Asian Daily: China - Zoomlion Heavy Industry: Margin under pressure but new business on fast track. Maintain OUTPERFORM by Credit Suisse
- Asian Daily: Taiwan - AU Optronics: TV panel ASP reaching the trough soon; 4Q outlook better than feared. Upgrade to OUTPERFORM by Credit Suisse
- Asian Daily: China - GCL-Poly Energy Holdings Ltd: Stock to resume trading on 1-Nov; a meaningful share-price laggard at a bargain valuation. Upgrade to OUTPERFORM by Credit Suisse
- Asian Daily: China - StarPower: 3Q beat with better revenue/GM and lower opex/tax. Upgrade to NEUTRAL by Credit Suisse
- Asian Daily: China - Dongjiang Environmental Company Limited: 9M21 earnings decline likely due to intensified market competition . Maintain NEUTRAL by Credit Suisse
- Asian Daily: China - Haitong Securities: 3Q21 solid on investment income; IBD outlook uncertain. Maintain OUTPERFORM by Credit Suisse
- Asian Daily: China - Bank of China Ltd: 3Q21 results in line. Maintain OUTPERFORM by Credit Suisse
- Asian Daily: India - Escorts Ltd: Seasonally subdued 2Q; move to sidelines on peaking tractor cycle, rising competitive intensity, and full valuations. Downgrade to NEUTRAL by Credit Suisse
- Asian Daily: China - Xingyu Co Ltd: 3Q21 result miss: Net profit down 47% YoY and 41% QoQ. Downgrade to UNDERPERFORM by Credit Suisse
- WBC.AX: Westpac - Unprecedented margin rebasing - downgrade to NEUTRAL by Credit Suisse
- FXPO.L: Ferrexpo Plc - Less attractive risk-reward; downgrade to Neutral by Credit Suisse
- DD: Upgrade to Outperform; Company Hits Gas Pedal on Multi-Industry Transformation by Credit Suisse
- Brazil e-commerce: A system reboot or a system shutdown? by Credit Suisse