The 720: Panasonic, Shein initiation, Yum China, Samsung Bio, AU Mining, Keyence, PayTm, Global Shipbuilding, RBI policy

Goldman Sachs daily research digest (The 720) covering: Panasonic HD (Buy, TP ¥6,300) — structural reforms and high-margin data center BBU/CBU contributions (70–80% market share) drive an earnings growth phase, with capital prioritized toward high-ROIC generative AI products; Shein initiation at Buy with HK$62 TP — depressed valuation overlooks robust free cash flow and structural share gains, with adjusted net income recovering to US$1.9bn/US$2.3bn in 2027E/2028E; Yum China 3Q26 preview — sales and operating profit expected to grow 9.3%/10.4% yoy, TPs raised to US$60/HK$467; Samsung Biologics 3Q26 preview — resilient earnings with revenue of W1.37tn (+9% yoy), TP lowered to W1,805,000; Korea Autos and India 4W/2W previews flagging cost inflation and EPS cuts; Global Shipbuilding 2027 outlook — bullish upcycle to 2032, global capacity growth raised to 8%/9%, with Songfa, Namura Shipbuilding, Mitsui E&S, Tokyo Keiki, Wartsila and Yangzijiang preferred;