Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>We revisit Japan Exchange group post their year-end results and updated Medium Term Plan</li>
<li>Despite a history of management lowballing guidance, analysts have modeled minimal growth in earnings</li>
<li>Revenue and profit trends are moving in the right direction with additional growth optionality</li>
</ul>


We revisit Japan Exchange group post their year-end results and updated Medium Term Plan
Despite a history of management lowballing guidance, analysts have modeled minimal growth in earnings
Revenue and profit trends are moving in the right direction with additional growth optionality


Japan Exchange Group (8697.T) - Rerating Is Not yet Done

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.</li>
<li>Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.</li>
<li>This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.</li>
</ul>


NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.
Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.
This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.


World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

London Stock Exchange Group / Equity Bottom-Up

<ul>
<li>LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption</li>
<li>In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers</li>
<li>We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products</li>
</ul>


LSEG’s share price has performed poorly in 2025 due to AI disruption concerns relating to its data and analytics business; we believe LSEG can fend off this risk of disruption
In our view, LSEG’s data and analytics segment harbours a defensive moat shielding it from potential disrupters; we believe LSEG shares are deep value relative to its DM exchange peers
We keep our buy on flow monster CME Group for its dominant franchise – despite FMX - in its trading and post-trading operations dedicated to interest rates and other products


Developed Market (DM) Exchanges – 2026 High Conviction Calls

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. </li>
<li>Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.</li>
<li>Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.</li>
</ul>


ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. 
Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.
Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.


ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

<ul>
<li>A stock that should benefit from the resumption of Japan's bull market</li>
<li>Utility type stock poised to rerate  as a growth narrative starts</li>
<li>The stock has recently broken out of its 18 month downtrend</li>
</ul>


A stock that should benefit from the resumption of Japan's bull market
Utility type stock poised to rerate  as a growth narrative starts
The stock has recently broken out of its 18 month downtrend


From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

Japan

Japan Exchange Group Inc is the holding company created through the merger of Tokyo Stock Exchange Group, Inc and Osaka Securities Exchange Co., Ltd. The group provides and operates a marketplace for the trading of equities, futures, and options. The Group manages the trading, as well as administers listed stocks and registered members.

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Japan Exchange Group (8697 JP)

Japan Exchange Group (8697.T) - Rerating Is Not yet Done

Japan Exchange has once again beaten its own guidance, but lowballed its MTP with analysts not dissenting. We see much more potential for earnings...

Rikki Malik

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Developed Market (DM) Exchanges – 2026 High Conviction Calls

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

ASX is seeing listed companies in decline. Higher avg T/O and secondary capital raised is not fully showing at bottom line. Costs remain high, and...

Daniel Tabbush

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Exchange Group (8697.T) - Rerating Is Not yet Done

​Japan Exchange has once again beaten its own guidance, but lowballed its MTP with analysts not dissenting. We see much more potential for earnings...

Rikki Malik

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Developed Market (DM) Exchanges – 2026 High Conviction Calls

​LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...

Victor Galliano

ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

ASX is seeing listed companies in decline. Higher avg T/O and secondary capital raised is not fully showing at bottom line. Costs remain high, and...

Daniel Tabbush

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

Japan Exchange has once again beaten its own guidance, but lowballed its MTP with analysts not dissenting. We see much more potential for earnings...

LSEG's share price hit due to AI disruption fears, but its data and analytics segment has a defensive moat. CME Group remains a buy for its...