Goldman Sachs has refreshed its lists of top global stock picks for July, adding some and removing others. The stocks are featured in the investment bank’s “Conviction List – Directors’ Cut” which seeks to offer investors a “curated and active” list of 15 to 25 buy-rated stocks. Stocks on the list are selected by a subcommittee designated by the bank’s Investment Review Committee for each region. “The subcommittee will collaborate with each sector analyst to identify top ideas that offer a combination of conviction, a differentiated view and high risk-adjusted returns,” Goldman Sachs said. Here are two latest additions to Goldman’s directors’ cut lists — for Asia-Pacific and Europe. Tencent Holdings China tech giant Tencent made Goldman’s list, with the bank saying it “offers one of the most visible and sustainable 20%+ profit growth set-ups” in the country’s internet sector. The company has “a unique combination” of rising games revenue growth from new titles as well as market share gains in advertising following a “multi-year adtech upgrade,” the investment bank’s analyst Ronald Keung wrote in a July 1 research note on its Asia picks. Other merits he sees include its “committed & consistent shareholder returns policies in the form of buybacks and dividends — at least HK$100bn [$12.8 billion] in annual share repurchases for 2024 (c. 3% yield).” These factors, Keung added, “should underpin the stock.” Tencent is listed in the Hong Kong Stock Exchange and as an American Depositary Receipt in the U.S. Shares in the tech giant have been picking up after a bumpy ride in the past few months. They are now up nearly 24% year-to-date and 10% in the last 12 months. Goldman has a 12-month target price of HK$477 on the stock, implying nearly 30% potential upside. ISS Goldman likes Danish facilities management player ISS for its improving fundamentals and “scope for earnings, [free cash flow] beats and material shareholder returns.” The investment bank’s analyst Ben Andrews expects the company’s organic growth and margins to surpass consensus estimates. This helps “reassure on ISS’s turnaround delivery,” he was cited as saying in the bank’s July 1 research note on its Europe picks. He also foresees that ISS will announce incremental buybacks, which would be a “potential positive catalyst.” Shares in the Danish company are listed on the Copenhagen Stock Exchange and in the U.S. as an ADR. Its shares have been on the downtrend, losing 8.3% year-to-date and nearly 18% in the last 12 months. Goldman has a target price of 160 Danish krone ($23) on the stock, which represents an upside potential of about 35.7%. — CNBC’s Michael Bloom contributed to this report.