Mayora Indah MYOR.JK MYOR IJ Nomura Securities Malaysia Sdn Bhd 25 June 2026 EQUITY: CONSUMER RELATED Forex tailwind Resilient margins with FY25-28F NPAT CAGR of 21% and undemanding valuation of 11x FY26F P/E Margin recovery endures We believe MYOR has one of the most resilient margins among listed Indonesia FMCG firms, led by its strong USD-denominated revenue generated from exports. We raise FY26F gross margin projection to 23.8% from 23.4%, repesenting a 180bp y-y rise. Strong GPM recovery is attributabl ...

Key events for next week (29 Jun–3 Jul) Results at Shimamura, J.Front Retailing, Takashimaya; June data (department stores, apparel companies, etc) Retail event calendar (25 June 2026) EQUITY: JAPAN RETAILING Next week's results announcements: Shimamura, J.Front Retailing, Takashimaya, etc Shimamura [8227] (Neutral) is due to release 27/2 Q1 results on 29 June. Based on monthly sales data, Q1 sales work out to ¥181.2bn (up 8% y-y) versus our forecast of ¥178.7bn. Assuming a gross margin of 34.8% and SG&A co ...

产品与技术创新 - 字节跳动的云业务部门Volcano Engine展示了最新的AI产品Seedance 2.5，预计于7月初发布[1] - Seedance 2.5将视频输出时长从15秒延长至30秒，并提升至4K分辨率，助力短剧、广告和短视频电商[3] - Seedance 2.5的多参考能力允许在单次生成工作流中使用多达50个多模态参考资产，增强商业内容生产的一致性[12] - Seedance 2.5的可控编辑功能使创作者能够在保持整体场景稳定的情况下修改视频的特定部分，适用于广告和电商[13] - Doubao Seed 2.1 Pro在AI编码领域的代理任务能力有所提升，但仍落后于GLM-5.2、Deepseek和阿里巴巴等竞争者[4] - Doubao AI聊天机器人已获得超过1.5亿日活跃用户，显示出在消费者市场的潜力[9] 市场表现与竞争 - 字节跳动在中国公共云MaaS市场的市场份额接近50%，其中超过一半的收入来自Seedance 2.0视频生成工具[5] - 预计AI编码市场的竞争将显著加剧，产品升级周期可能缩短至1-2个月[4] - 阿里巴巴被视为更全面的AI云服务提供商，涵盖AI芯片、强大的CPU/GPU云基础设施和领先的LLM市场[6] - 阿里巴巴的当前市盈率为13倍，提供了长期投资者的吸引入场点[7] 风险与合规 - 投资证券市场存在市场风险，投资者需仔细阅读相关文件[33] - 报告中的信息基于可靠来源，但未经过独立验证，野村集团不对信息的准确性承担责任[35] - 报告中的意见和估计为当前观点，可能随时变更，野村集团不承担更新义务[37] - 报告中提到的证券可能未在美国证券法下注册，可能无法在美国或对美国人士出售[45] - 报告适用于专业投资者，不适合零售客户，且不考虑个人投资目标和财务状况[46] - 报告中提供的价格和收益基于发布时的市场数据，可能与实际交易价格不同[44] - 报告中包含的历史表现数据不可靠，未来表现可能与之不同[43] - 投资者应将本报告视为投资决策的单一因素，需考虑其他风险[42] - 报告中提到的第三方信息不保证其准确性，野村集团对其不承担责任[39] - 报告仅供授权人士、豁免人士或机构使用，禁止在沙特阿拉伯、阿联酋或卡塔尔以外的地方分发[52] - 台湾的投资者需独立评估投资风险，报告不得未经授权复制或引用[53] - 报告中提到的证券在印度尼西亚不得公开发行或销售[54] - 报告由Nomura集团或其子公司准备，未获得中国大陆的证券研究许可[55] - Nomura集团通过合规政策和程序管理研究生产中的利益冲突[56] - 投资建议的相关方法论或模型可通过联系研究分析师获取[57]

市场分析 - 报告由野村证券公司编制，涵盖日本信用市场的分析和策略建议[1] - 报告中列出了多位高级信用分析师及其负责的行业领域，包括航空、运输、能源等[2] - 信用交易表显示了过去12个月的交易推荐，包括日本航空、全日空等公司的债券表现[4] - 报告中提到的信用违约掉期（CDS）和次级债券（Sub. Bond）是分析的重点工具[4] - 报告强调了市场风险和信用评级变化对投资决策的重要性[14] 业绩总结 - 日本航空的次级债券在2025年5月13日的风险评估为50%，当前表现为-34.0基点[4] - 三井OSK航运的现金债券在2014年5月26日的风险评估为30%，当前表现为-63.0基点[4] - 川崎汽船的现金债券在2023年11月22日的风险评估为30%，当前表现为5.0基点[4] - 报告中提到的评级分布显示52%为买入评级，48%为卖出评级[18] 投资策略 - 交易推荐的时间框架分为战术性（通常少于三个月）和战略性（通常超过三个月）[17] - 固定收益研究的推荐分为战术性（通常持续三个月）和战略性（通常持续6-12个月）[27] - 投资者应将本报告视为投资决策的单一因素，报告中可能存在的风险未被全面识别[25] 合规与责任 - 报告中提到的信息来源被认为是可靠的，但未经过Nomura集团的独立验证[20] - Nomura集团不对报告的准确性、完整性或适用性承担任何责任，所有保证和其他承诺均被排除[21] - 报告中的意见和估计可能会随时变更，Nomura集团不承担更新或修订的义务[22] 费用与佣金 - 日本股票交易的销售佣金最高可达交易金额的1.43%（含税）[39] - 外国股票交易的国内销售佣金最高可达交易金额的1.045%（含税）[41] - 可转换债券交易的销售佣金最高可达交易金额的1.10%（含税）[43] - 投资信托的购买或销售费用最高可达交易金额的5.5%（含税）[46] - 信用违约掉期（CDS）交易不收取销售佣金，但需质押或委托约定金额的保证金[49]

Nomura Pulse Check Global Markets Research Economics - Global China: Where will the PBoC set the overnight OMO rate? Today, the PBoC announced the addition of overnight reverse repo operations to its open market operations on 29-30 June (fixed rate, quantity bids) to better match the short-term liquidity needs of the banking system. Where do you expect the PBoC to set the overnight OMO rate (current 7d OMO rate at 1.40%) on 29-30 June? Cast your anonymous vote and instantly see what the accumulated response ...

Asia Insights Global Markets Research Economics - Asia ex-Japan China: PBoC is to add overnight OMO Today the PBoC announced it will add overnight reverse repos to its open market operations (OMO) on 29-30 June through "quantity bids at a fixed rate", a marked expansion of its toolkit to better guide short-term interbank rates and enhance the transmission of monetary policy. The announcement comes as no major surprise, especially in view of Governor Pan's remarks at the Lujiazui Forum on 17 June. Based on t ...

Japan food: Monthly data Global Markets Research EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO Yakult Honsha [2267] Monthly data: Sales volumes continue to fall Monthly data on dairy products in Japan: Sales remain weak in May, down 9.3% y-y Yakult Honsha released monthly data on dairy products in Japan on 25 June. Daily sales volumes of dairy products fell 9.3% y-y in May, with Yakult series products down 10.8% (Yakult 1000 down 19.3%, Y1000 down 19.3%) and fermented milk products down 3.5%. Yakult sales volumes ...

ANCHOR REPORT Global Markets Research 25 June 2026 India Non-Life Insurance: 21st century's Mahabharat Initiate with Buy on Niva Bupa & Star Health India's non-life insurance industry recorded a 13% total gross premiums CAGR over FY16-26 to INR3,351bn as of FY26. This industry is divided under three main sub- segments: i) health (41% of premium mix as of FY26) which was the fastest subsegment with a 19% FY16-26 gross premium CAGR; ii) motor (32% of FY26 mix), with a reported 10% FY16-26 gross premium CAGR; ...

In 27/3 H1, we forecast a 5% y-y decline in operating profits, as while we expect accounting costs for sales promotions in previous years and increased provisions for handset sales programs in the consumer segment, the ¥59.0bn one-time gain recorded in the prior year will drop out. However, we expect operating profits to rise 36% in H2 as mobile rate hikes make a full contribution, and third-party sales of GPU computing power contribute to profits in the enterprise segment. Our full-year operating profit fo ...

Renesas Electronics 6723.T 6723 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS Capital Market Day 2026 Confidence about market share gains for digital power devices for AI We reiterate Buy rating, see three-stage growth scenario based on uptake of AI Renesas Electronics hosted its Capital Market Day 2026 on 25 June, featuring presentations by the CEO on the state of the company and the CFO on finance, followed by presentations on sales strategy, software-defined vehicles (SDVs), embedded processing & digitalizat ...