Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Thematic (Sector/Industry)

<ul>
<li>In our latest Asia Monthly, we review the performance of major Asian credit indices and UST curve movements in May 2026.</li>
<li>We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.</li>
<li>In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research.</li>
</ul>


In our latest Asia Monthly, we review the performance of major Asian credit indices and UST curve movements in May 2026.
We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.
In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research.


Asia Monthly – May 2026 In Review - Lucror Analytics

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

<ul>
<li>JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.</li>
<li>The annual index review takes place in August every year. The base date for the August 2026 review is one month away.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.</li>
</ul>


JPX-Nikkei 400 Index consists of stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology that considers size, fundamentals, and governance factors.
The annual index review takes place in August every year. The base date for the August 2026 review is one month away.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end of May 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Equity Capital Markets

Tokyo Kiraboshi Financial Group / Equity Capital Markets

Tokyo Kiraboshi Financial Group, Inc. operates banks. The Company mainly offers financial services. Tokyo Kiraboshi Financial Group provides services in Japan.

Tokyo Kiraboshi Financial Group (7173 JP)

<ul>
<li>Friday 8 May 2026, <a href="https://www.smartkarma.com/entities/tokyo-kiraboshi-financial-group" target="_blank" data-smartkarma-citation="entities:5369:1" rel="noopener">Tokyo Kiraboshi Financial Group (7173 JP)</a> reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.</li>
<li>The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.</li>
<li>The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. </li>
</ul>


Friday 8 May 2026, Tokyo Kiraboshi Financial Group (7173 JP) reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.
The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.
The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. 


[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Thailand’s exports in April expanded 23.1% YoY, exceeding market expectations and lifting 4M26 export growth to 18.9% YoY.</li><li>Export growth came in at 23.1% YoY (vs market expectation of +20% YoY).</li><li>Thailand’s dog and cat food exports in April 2026 totaled Bt8.1bn, increasing 4% YoY but declining 4% MoM.</li></ul>

Thailand’s exports in April expanded 23.1% YoY, exceeding market expectations and lifting 4M26 export growth to 18.9% YoY.Export growth came in at 23.1% YoY (vs market expectation of +20% YoY).Thailand’s dog and cat food exports in April 2026 totaled Bt8.1bn, increasing 4% YoY but declining 4% MoM.

April 2026 Exports Continued To Expand...

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Mizuho Financial Group / Equity Derivatives

Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> has been discussed on Smartkarma's platform lately because of its planned investment in Rakuten Bank.</li>
<li>The stock has tripled in value since early 2025. Last week the stock increased nearly 8% in value, in 1 single week.</li>
<li>The stock's rally look stretched from our WEEKLY model perspective... but it could continue. <strong>The key question is: buy this pullback now, or wait for lower prices?</strong>
</li>
</ul>



Mizuho Financial Group (8411 JP) has been discussed on Smartkarma's platform lately because of its planned investment in Rakuten Bank.
The stock has tripled in value since early 2025. Last week the stock increased nearly 8% in value, in 1 single week.
The stock's rally look stretched from our WEEKLY model perspective... but it could continue. The key question is: buy this pullback now, or wait for lower prices?



Mizuho Financial Group (8411 JP) Tactical View: Buy The Dip Now?

Japan Banks
Mountains of Liquidity

Asia Monthly – May 2026 In Review - Lucror Analytics

We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

Lucror Analytics

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA

[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering

Tokyo Kiraboshi saw its shares drop sharply on the Offering news. It was a good offering to buy. The shares then bounced back to where they were on...

Travis Lundy

April 2026 Exports Continued To Expand...

Thailand’s exports in April expanded 23.1% YoY, exceeding market expectations and lifting 4M26 export growth to 18.9% YoY. Export growth came in at...

Krungthai XSpring

Mizuho Financial Group (8411 JP) Tactical View: Buy The Dip Now?

Mizuho Financial Group's rallied hard recently. Should you buy this week's pullback? Or wait for lower prices? Our model analysis reveals a few...

Nico Rosti

Asia Monthly – May 2026 In Review - Lucror Analytics

We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

Lucror Analytics

Quiddity JPX-Nikkei 400 Rebal 2026: End-May 2026 Ranks

In total, there are 53 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The base date is 30th...

Janaghan Jeyakumar, CFA

[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering

Tokyo Kiraboshi saw its shares drop sharply on the Offering news. It was a good offering to buy. The shares then bounced back to where they were on...

Travis Lundy

April 2026 Exports Continued To Expand...

Thailand’s exports in April expanded 23.1% YoY, exceeding market expectations and lifting 4M26 export growth to 18.9% YoY. Export growth came in at...

Krungthai XSpring

Mizuho Financial Group (8411 JP) Tactical View: Buy The Dip Now?

​Mizuho Financial Group's rallied hard recently. Should you buy this week's pullback? Or wait for lower prices? Our model analysis reveals a few...

Nico Rosti

Mizuho Financial Group's rallied hard recently. Should you buy this week's pullback? Or wait for lower prices? Our model analysis reveals a few...