Furukawa Electric 5801.T 5801 JP / EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE Interview with CFO Quick Note Interview mentions that management aims to raise the shareholders' equity ratio to around 50% in 31/3 The Nikkei published an interview with Furukawa Electric's CFO Koji Aoshima in its morning edition of 26 June. The company's medium-term business plan released in May 2026 made no mention of indicators pertaining to financial soundness. However, in the Nikkei interview, Mr Aoshima said that ...

Japan equity weekly (25 June 2026) EQUITY: JAPAN STRATEGY Is the international competitiveness of Japan rebounding as share prices rise? IMD World Competitiveness Ranking, growth strategy roadmap, PM Takaichi's visit to India Nikkei 225 gains take a breather: EPS and P/E levels warrant attention We set out our main scenario for Japanese equity markets of the TOPIX at 4,200 and the Nikkei 225 at 68,000 at end-2026 (with an upside scenario of 4,900 and 78,000) in our 19 June 2026 report Japanese equities inve ...

Japan housing & real estate Global Markets Research EQUITY: JAPAN HOUSING & REAL ESTATE We prefer stocks with strengths in rental Shareholder returns likely to be even more important for controlling shareholders' equity Stubbornly high real estate prices, risk of decline in liquidity Investment money has been shifting substantially to AI- and semiconductor-related stocks. Investors have been losing interest in housing and real estate stocks, and investment in physical real estate has also been losing its ap ...

市场趋势 - 预计2026年海外投资者对MBS的净需求将达到500亿美元[1] - 2026年，海外对MBS的需求增加至330亿美元，相比2025年的-250亿美元显著改善[22] - 预计2026年贷款增长主要由商业和工业贷款及非存款金融机构贷款驱动，但银行对非存款金融机构贷款的信贷标准趋紧[42] - 2026年，存款增长显著高于贷款增长，导致超额存款增加，预计将支持证券需求[42] 用户数据 - 今年中国的MBS持有量下降速度减缓，预计2026年中国的净需求将增加100亿美元[25] - 加拿大的机构MBS需求在2024年净购买440亿美元后，近期因资本要求放松可能会有所回升，预计将增加50亿美元[29] - 日本投资者在2026年预计将有适度的MBS需求增加，尽管由于美联储加息预期，需求动能有所减缓，预计增加50亿美元[30][32] - 台湾的保险公司因新实施的更严格资本要求，预计在短期内不会显著增加外资投资，需求预计为0[33] 业绩总结 - 在RMBS市场，本周五个交易总额为17亿美元，年初至今的发行量达到1260亿美元[2] - 预计2026年RMBS总发行量将达到2550亿美元，较2025年的2030亿美元增长[89] - 2026年非合格抵押贷款（Non-QM）发行量预计将从2025年的80亿美元增加到110亿美元[89] - 2026年，MBS在银行证券投资组合中的占比上升至45%，较2024-2025年的25-30%显著增加[37] 新产品和新技术研发 - 由于抵押贷款利率稳定在6.5%左右，预计提前还款曲线将在2025年第一至第三季度的水平上趋平[1] - 预计在6.5%的抵押贷款利率下，预付款速度将保持相对稳定，且高票息贷款的预付款差异可能扩大[52][61] - 预计在未来的利率环境中，较高票息的贷款将表现出更强的预付款能力，尤其是在流动性较高的贷款中[63] 并购与市场扩张 - CLO市场在6月遭遇40个基点的市场价值损失，主要受软件行业表现不佳的影响[3] - 近期非合格抵押贷款AAA的利差扩大至125个基点，主要受供应激增影响[94] - 软件行业的市场价值回报在6月为-1.8%，年初至今的市场价值回报为-9.6%[152] 其他新策略 - 由于美联储加息风险上升，银行对MBS的需求在2026年有所放缓，年初至今净增加为410亿美元[35][36] - 预计2026年，抵押贷款的保留率将增加，可能对MBS市场产生积极影响[47] - 贷款中Caa评级的比例为4.8%，高于S&P的CCC评级比例4.6%[175]

BBRI has released its bank-only May-26 results, reporting headline profit of IDR4.5tn (+12% m-m; +24% y-y), bringing YTD May-26 earnings to IDR20.4tn (+10% y-y) — equivalent to ~35% of our FY26F projection and broadly in line with our current consolidated earnings forecast. Nevertheless, the primary area of concern remains the NIM trajectory. April NIM declined meaningfully from ~6.2% in 1Q26 to 5.6%, marking a multi-quarter low and suggesting potential downside risk to our FY26F NIM assumption should the t ...

业绩总结 - 2023年第二季度，净AAA发行总额为100亿美元，整体净BSL CLO供应为110亿美元[2] - 新发行量显著下降至240亿美元，但由于交易赎回活动减少，净发行略有上升[2] - 2023年第二季度的交易赎回总额为50亿美元，较第一季度的170亿美元大幅减少[16] 用户数据 - CLO AAA ETF在过去一周内出现了5亿美元的显著流出，结束了连续14周的净流入[2] - 软件贷款的年初至今市场价值回报为-9.6%，创下新低[24] - 软件行业的表现差异显著，云基础设施子行业表现优异，主要受Rackspace贷款价格上涨的推动[26] 市场展望 - 贷款市场的净前瞻日历减少了30亿美元，创下新低，主要由于华纳兄弟的再融资贷款导致的[8] - CLO的主要AAA利差保持不变，顶级AAAs最近定价为119个基点[1] - CLO的资产利差损失有所增加，预计将再损失6个基点，主要由于交易和再定价活动的波动[45] 新产品和新技术研发 - 在过去三个月中，表现优异的管理者中，Diameter的交易净市场价值增益为12个基点，其中购买增益为4个基点，销售增益为8个基点[30][31] - 软件行业的购买表现不佳，过去三个月价格平均下降1.7个基点，CLO软件购买的加权平均购买价格为96美元[33] 市场扩张和并购 - 媒体行业的持仓因华纳兄弟的再融资而显著增加，相关贷款的到期收益率调整后吸引力较高[39] - 低价B-和B3评级贷款的比例为3.2%，较历史平均水平仍然偏高，部分原因是软件行业的整体疲软[49] 其他新策略 - Nomura的固定收益研究分析师通过提供交易建议来表达对证券和金融市场价格的看法，这些建议包括相对价值、方向性交易和资产配置等[60] - 根据欧盟市场滥用法规，Nomura全球固定收益研究发布的评级中，52%被评为买入（或等同评级），而0%被评为中性（或等同评级）[61]

Japanese equity quantitative strategy Stock selection continues to be concentrated in AI- and semiconductor-related stocks. In this report, we offer ideas for stock selection outside that group. We draw the following conclusions: (1) Recently, stock selection has been concentrated, and at the same time, factors have increasingly been moving in the same direction. Compared to last year, the momentum factor has been shifting to high-beta, large cap, and high-profit growth, as well as to high-valuation stocks. ...

Economic Insights Global Markets Research Economics - North America US: June Employment Preview We expect headline NFP growth slowed to 70k in June, slightly below the year-to-date average ( Fig. 1 ). Some reversal in the noisy factors that boosted the May print points to a deceleration in June, but overall we believe that the labor market remains resilient. Research Analysts North America Economics Ruchir Sharma - NSI ruchir.sharma@nomura.com +1 212 667 9186 Jeremy Schwartz - NSI jeremy.schwartz@nomura.com ...

Yinson YINS.KL YNS MK EQUITY: OIL & GAS/ CHEMICALS ASIA FY26 EBITDA mostly in-line with our estimates Quick Note Results review Yinson reported adjusted 1QFY27 EBITDA of MYR788mn vs our full-year adjusted EBITDA forecast of MYR3,184mn, accounting for 25% of our estimates, which we deem in line with our expectations. The 1QFY27 adjusted EBITDA of MYR788mn represented a 14% q-q decline from 4QFY26's MYR913mn, primarily driven by lower EPCIC contributions as the Agogo FPSO transitioned from construction to ope ...

May machine tool orders (confirmed) and investment perspectives EQUITY: JAPAN MACHINERY May order data shows contribution from high Chinese orders Marked increase in orders from Chinese automotive industry in May Confirmed machine tool order data for May 2026, released on 25 June by the Japan Machine Tool Builders' Association (JMTBA), showed orders of ¥45.3bn (down 8% m-m, up 37% y-y) in Japan and ¥131.7bn (down 6% m-m, up 38% y-y) overseas. Confirmed data presented results by region overseas, with orders ...