Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.


MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>G42 has invested $1 billion in a data center in Vietnam, highlighting growth in APAC real estate.</li><li>Blackstone is leading a $10 billion debt financing round for the Australian AI data center startup Firmus.</li><li>In Singapore, office rents have increased for the seventh consecutive quarter amid falling vacancy rates.</li></ul>

G42 has invested $1 billion in a data center in Vietnam, highlighting growth in APAC real estate.Blackstone is leading a $10 billion debt financing round for the Australian AI data center startup Firmus.In Singapore, office rents have increased for the seventh consecutive quarter amid falling vacancy rates.

Asia Real Estate Tracker (10-Feb-2026): G42 Leads $1B Vietnam Data Centre Venture in APAC

<ul><li>Lendlease Fund and NPS have sold an Australian mall to Fawkner for a total of $604 million.</li><li>SC Capital has received a $162 million investment from CPPIB to boost its hospitality strategy in Japan.</li><li>Bain has finalized the $4 billion sale of data centers in China, marking a significant APAC real estate update.</li></ul>

Lendlease Fund and NPS have sold an Australian mall to Fawkner for a total of $604 million.SC Capital has received a $162 million investment from CPPIB to boost its hospitality strategy in Japan.Bain has finalized the $4 billion sale of data centers in China, marking a significant APAC real estate update.

Asia Real Estate Tracker (22-Jan-2026): Lendlease and NPS sell Aussie mall to Fawkner for $604M.

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

<ul>
<li>Indian USD high-yield bonds in our sample have outperformed on an improving operating environment in India.</li>
<li>Our base case scenario calls for a stabilized rate environment in 2026 which makes fixed rate bonds fully-valued, in our view.</li>
<li>We argue for a reduction in Asian bond exposure, and not a total abandonment.</li>
</ul>


Indian USD high-yield bonds in our sample have outperformed on an improving operating environment in India.
Our base case scenario calls for a stabilized rate environment in 2026 which makes fixed rate bonds fully-valued, in our view.
We argue for a reduction in Asian bond exposure, and not a total abandonment.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).</li>
<li>We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. </li>
</ul>


We had a near-term bullish outlook on MSCI ACWI (ACWI-US) and the S&amp;P 500 (SPX) from 4/22/25 to 11/18/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 Compass, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 Compass).
We will stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $135.70 on ACWI-US continue to hold. 


"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitsubishi UFJ Financial (MUFG) (8306 JP)

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (10-Feb-2026): G42 Leads $1B Vietnam Data Centre Venture in APAC

G42 invests $1 billion in a Vietnam data center, Blackstone leads a $10 billion financing for Firmus, Singapore office rents rise, and a US fund...

Asia Real Estate Tracker

Asia Real Estate Tracker (22-Jan-2026): Lendlease and NPS sell Aussie mall to Fawkner for $604M.

Lendlease Fund and NPS sold an Australian mall for $604M, SC Capital secured $162M from CPPIB for Japan hospitality, Weave partnered for a $139M...

Asia Real Estate Tracker

Asian Bond Monitor: Take Profits

Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...

Bondcritic

"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

"Lockout Rally" Underway $ACWI; Downgrading China $MCHI $FXI to Market Weight; U.S. Dollar (DXY) Providing Significant Risk-On Signal. Remain...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

Asia Real Estate Tracker (10-Feb-2026): G42 Leads $1B Vietnam Data Centre Venture in APAC

G42 invests $1 billion in a Vietnam data center, Blackstone leads a $10 billion financing for Firmus, Singapore office rents rise, and a US fund...

Asia Real Estate Tracker

Asia Real Estate Tracker (22-Jan-2026): Lendlease and NPS sell Aussie mall to Fawkner for $604M.

Lendlease Fund and NPS sold an Australian mall for $604M, SC Capital secured $162M from CPPIB for Japan hospitality, Weave partnered for a $139M...

Asia Real Estate Tracker

Asian Bond Monitor: Take Profits

​Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...

Bondcritic

"Lockout Rally" Underway; Downgrading China to Market Weight; Weak U.S. Dollar Is Risk-On Signal

"Lockout Rally" Underway $ACWI; Downgrading China $MCHI $FXI to Market Weight; U.S. Dollar (DXY) Providing Significant Risk-On Signal. Remain...

Vermilion Research

Indian high-yield bonds outperforming due to improving operating environment, fixed rate bonds seen as fully-valued in stable rate scenario,...