June 19, 2026 06:30 AM GMT Mitsubishi Gas Chemical (4182) | Japan M Idea Business Looks Brisk Recently | What's Changed | | | | --- | --- | --- | | Mitsubishi Gas Chemical (4182.T) | From | To | | Price Target | ¥6,300 | ¥5,900 | CCL shipments are stronger than expected, while boost from higher chemicals prices should also lift 1Q profits Key Takeaways Revise PT to ¥5,900; still OW: SOTP-based PT ¥5,900 (previously ¥6,300): EV/ EBITDA 9.7x (previously 10.6x) on F3/28 est. Lower multiple reflects decline in ...

June 19, 2026 06:14 AM GMT India Industrials | Asia Pacific Morgan Stanley India Company Private Limited+ M Update Home appliances: Increased competitive intensity According to press reports, Chinese smartphone maker Xiaomi, covered by Andy Meng, (Storyboard 18) is set to enter India's large home appliances market, amid weaker smartphone shipments. The report said the brand is looking to leverage its customer base for 125MU smartphones when rolling out its home appliance portfolio. The report said Xiaomi wa ...

June 19, 2026 06:30 AM GMT Nippon Sanso Holdings (4091) | Japan M Idea Expect a Soft Start in Japan and Europe | What's Changed | | | | --- | --- | --- | | Nippon Sanso Holdings (4091.T) | From | To | | Price Target | ¥4,900 | ¥5,300 | We expect power costs to rise from F3/27 2Q. Key Takeaways Revise PT to ¥5,300 and stay UW: We shift out PT base year from F3/27 to F3/28. Our ¥5,300 PT is based on our F3/28 EPS estimate of ¥316.0 and a P/E of 16.8x. As before, our target P/E is the avg. P/E for the three in ...

June 19, 2026 06:30 AM GMT Fundamentals and focus points: In US detached housing, prolonged high inflation and interest rates led margins to decline further in Mar Q, with little sign of recovery and orders remaining soft. Sumitomo Forestry: We expect a guidance revision at 2Q results in Aug to factor in the Tri Pointe Homes acquisition completed on May 14, but see a risk of a downward revision given current conditions. However, this could reinforce the sense bad news has played out. We expect Tri Pointe Ho ...

June 19, 2026 06:30 AM GMT Tokuyama (4043) | Japan Business Portfolio Evolving; New Sustainable Growth Phase | What's Changed | | | | --- | --- | --- | | Tokuyama (4043.T) | From | To | | Price Target | ¥4,700 | ¥6,300 | Tokuyama is selling cement sales rights, and is considering to halt production around 2028; market focus is shifting to Electronic & Advanced Materials (EAM) and Life Science (LS). We forecast OP from continuing businesses to double over next 5 years (CAGR 14%). Key Takeaways Lift PT to ¥6, ...

M Foundation IT & Software: AX Driving Growth Prospects, Margin Expansion: OW NEC, Fujitsu, NRI, OTSUKA, OBC Exhibit 1: Coverage Summary June 19, 2026 06:30 AM GMT Investor Presentation | Japan | | | | | % from | P/E | EV/EBITDA | Revenue | | EPS | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | current | Consensus | Consensus | Growth | | Growth | | | Co. Name | Ticker | Rating | Price Tgt. | share price | 2 yr FWD | 2 yr FWD | +1 yr | +2yr | +1 yr | +2yr | | Big 3 | | | | | ...

M Foundation June 19, 2026 06:29 AM GMT Investor Presentation | Asia Pacific S. Korea Financials Morgan Stanley & Co. International plc, Seoul Branch+ Joon Seok Equity Analyst Joon.Seok@morganstanley.com +82 2 399-4934 Heewon Choi Equity Analyst Heewon.Choi@morganstanley.com +82 2 399-4836 Minseo Kang Research Associate Minseo.Kang@morganstanley.com +82 2 399-4816 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the f ...

June 19, 2026 06:27 AM GMT Bank of the Philippine Islands | Asia Pacific Virtual ASEAN Conference 2026 Feedback BPI attended our Virtual ASEAN Conference. Key takeaways: • Macro: Slowdown is expected from the impact of higher oil prices and higher rates, but the bank does not expect it to be structural. Political uncertainties are affecting investment sentiment. M Update Morgan Stanley Asia (Singapore) Pte.+ Selvie Jusman, CFA Equity Analyst Selvie.Jusman@morganstanley.com +65 6834-6517 Nick Lord Equity Ana ...

June 19, 2026 06:22 AM GMT Meiko Electronics (6787) | Japan Takeaways from Morgan Stanley-hosted Meeting with COO Sakate Reconfirmation of solid demand relating to AI servers/satellites was positive. However, in the short term, watch material procurement issues and raw material costs. Below are the 4 key points from COO Sakate's presentation at 10am on June 19 . AI servers: The accelerator boards expected to drive earnings in F3/27-29 are being considered in configurations combined with main boards, with bo ...

Oil price normalization opens a window for mean reversion trade The Thai SET index continues to defy gravity, extending the rally by nearly 5%pt over the last one month. Would the US-Iran peace deal and oil price normalization provide an additional boost to equities? We believe the answer would be different for different sectors. Energy, Utilities, and Materials sectors' profitability outlook would likely reverse after a period of strong upgrades. On the flip side, the consumer sector should benefit from lo ...