IPCA Laboratories IPCA.NS IPCA IN EQUITY: HEALTH CARE & PHARMACEUTICALS Beat and raise in 1QFY27 All segments deliver double-digit growth; management lifts revenue and margin targets for FY27E; maintain Buy 1QFY27: Robust start to the year; management raises FY27E guidance IPCA delivered a robust start to FY27, with sales/EBITDA/PAT growing 21%/50%/72% y-y in 1QFY27 ( Fig. 1 ) . All business and geography segments recorded double-digit y-y growth. API and export performance were significantly strong during ...

Asia Insights Global Markets Research Foreign Exchange - Asia ex-Japan Thoughts on India FX and rates The RBI announced an early closure of the FCNR(B) scheme, stating that it will only be available for deposits made by 31 August 2026 (it originally planned to end the scheme on 30 September). Our economics team highlighted several potential reasons for the early closure, including a large accumulation of USD from the scheme and rising cost considerations. From an FX strategy perspective, we maintain our vie ...

USD/CNY fix model Global Markets Research Foreign Exchange - Asia ex-Japan Projection: 6.7392 Model projection: 6.7392 versus 6.7878 previous (486 pips lower; 29 pips lower from the previous official spot close). Wee Choon Teo - NSL weechoon.teo@nomura.com Vicky Chen - NSL vicky.chen1@nomura.com Source: Nomura Fig. 3: Daily change in USD/CNY fix Source: Bloomberg, Nomura Model projection with counter-cyclical factor: 6.7587 (291 pips lower from previous fix). Research Analysts Asia FX Strategy Craig Chan - ...

Square Enix Holdings 9684.T 9684 JP / EQUITY: JAPAN GAMES & AMUSEMENT Kingdom Hearts IV scheduled for release in late 2027 Quick Note Pipeline for 28/3 is filling out D23: The Ultimate Disney Fan Event was held in the US on 14–16 August (local time). Information about Square Enix Holdings' Kingdom Hearts , which features Disney characters, was announced alongside news about Disney films and other content. According to the announcement, Kingdom Hearts IV will be released in late 2027 and a new Kingdom Hearts ...

Connecting Markets East & West Global Markets Research FX Themes Craig Chan – NSL craig.chan@nomura.com Wee Choon Teo – NSL weechoon.teo@nomura.com Vicky Chen – NSL vicky.chen1@nomura.com See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. Any authors named on this report are research analysts unless otherwise indicated. 17 August 2026 FX Themes - Equity (ST Signal) 17-Aug-26 We have developed a framework to identify the main short- and longer-term FX themes. ...

Japan housing & real estate EQUITY: JAPAN HOUSING & REAL ESTATE Apr–Jun results review, points to watch Earnings solid overall; we see good prospects for 28/3 on faster improvement in office rents Steady performance, particularly in office leasing, putting conditions into place for additional shareholder return announcements Housing & real estate-related companies under our coverage have all now released Apr– Jun results. Profits fell y-y at some companies in the real estate sector because of delays in sale ...

Teijin 3401.T 3401 JP / EQUITY: JAPAN CHEMICALS & TEXTILES Structural reforms ease concerns about earnings downside Growth strategies remain a challenge We keep our Neutral rating, adjust our target price We revise our business profit forecasts for Teijin from 27/3 and adjust our target price. We keep our Neutral rating. We retain our basic target price calculation methodology, and think the stock deserves to trade at around 13x our 28/3 EPS forecast. Q1 results provided evidence of steady progress passing ...

Megmilk Snow Brand 2270.T 2270 JP / EQUITY: JAPAN FOOD, BEVERAGES & TOBACCO Still no sign of the volume growth that is key to management's growth strategy Higher input costs and harsher competition remain risks We keep our Neutral rating; sales volumes lack momentum, high likelihood of cost increases Sales volumes of cheese, probiotic yogurt, and other products that are crucial to Megmilk Snow Brand's longer-term growth strategy have been lackluster, and with a high likelihood of cost increases for inputs, ...

Yen Rates Daily Monitor Relative Value 1 Quotesheet 15 Time Series 24 Global Markets Research August 17,2026 Research analysts Japan Rates Strategy Tomoaki Shishido - NSC tomoaki.shishido@nomura.com +81 3 6703 3941 Masaki Kuwahara - NSC masaki.kuwahara@nomura.com +81 3 6703 3876 See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. JGB Linkers and Auction/Rinban Schedule | MP M D | 1d chg | | D O | IS | lied | Ch g | | ate | FW | | | Imp | | lied Imp | | --- | ...

Masaki Kuwahara - NSC masaki.kuwahara@nomura.com +81 3 6703 3876 Global Markets Research August 17, 2026 Swap Market 1 Research analysts Dollar-Yen Basis Monitor 6 Japan Rates Strategy Vol Market 7 Tomoaki Shishido - NSC tomoaki.shishido@nomura.com +81 3 6703 3941 Yen RV Analytics See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. Source: Nomura Nomura Yen OIS Monitor Trade Date: August 17, 2026 | 6y | 2.34 (4) | 2.50 (5) | 2.64 (5) | 2.88 (5) | 3.10 (5) | 3 ...