Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Equity Derivatives

<ul><li>Uncertainty about the impact of tariffs on the company profits and production line.</li><li>Hedge through long outright puts or put spread                                      </li><li>Benefit: Limited risk by investing premium</li></ul>

Uncertainty about the impact of tariffs on the company profits and production line.Hedge through long outright puts or put spread                                      Benefit: Limited risk by investing premium

Hedge Long TOYOTA (7203 JP) With OPTIONS!

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.

Thematic (Sector/Industry)

<ul><li>We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.</li><li>Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.</li><li>July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.</li></ul>

We still believe that the automotive industry has growth potential supported by the continuous expansion of GPM, despite declining revenue, which should allow companies in the sector to achieve slight profit growth this year.Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.July auto production raised some concerns for us regarding the revenue of companies in the sector in 3Q25 because i) EV sales, which are not considered particularly beneficial for Thai auto parts manufacturers, have begun to account for a significantly larger share as the market becomes more active with new model launches and price competition.

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul>
<li>In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn (+32% YoY), respectively.</li>
<li>During the two years of social distancing, sales of both automobiles and motorcycles plunged, but expanded when the Covid restrictions were lifted in 2022.</li>
<li>As a result, dividends received from joint venture companies, including Honda, Ford and Toyota, increased by a hefty 34.9% YoY to VND6,984bn.</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn (+32% YoY), respectively.
During the two years of social distancing, sales of both automobiles and motorcycles plunged, but expanded when the Covid restrictions were lifted in 2022.
As a result, dividends received from joint venture companies, including Honda, Ford and Toyota, increased by a hefty 34.9% YoY to VND6,984bn.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viet Nam Engine And Agricultural Machinery  - Outlook 2023 - Attractive Dividend Amid Downtrend

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<div><div><div><div><ul><li>Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.</li><li>4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.</li><li>Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.4Q is unlikely to be a big surprise as property and its supply chain (20-30% of GDP) will still be the major drag that could neutralize the still resilient auto and gradually recovering consumption.Together with more market volatility from pandemic and CPC meeting, we recommend investors to avoid one-sided long or short, but focus on pair trade opportunities to play the difference of BtoC over BtoB as BtoB is more vulnerable in terms of bad debts and pricing power than BtoC amid weak macro.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Equity Bottom-Up

Somboon Advance Technology P / Equity Bottom-Up

<ul><li>We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the Middle East.</li><li>If the situation in the Middle East is prolonged, we expect SAT's profit to have a downside of approximately 4%, to Bt775mn (+6% YoY).</li><li>SAT is a safe stock for investors seeking high dividend returns, with a yield of up to 11% per year. As the share price has corrected after the Bt1.20/share dividend payout, it has begun to offer attractive upside. We therefore upgrade our recommendation from Neutral to Outperform with an unchanged fair value of Bt16.</li></ul>

We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the Middle East.If the situation in the Middle East is prolonged, we expect SAT's profit to have a downside of approximately 4%, to Bt775mn (+6% YoY).SAT is a safe stock for investors seeking high dividend returns, with a yield of up to 11% per year. As the share price has corrected after the Bt1.20/share dividend payout, it has begun to offer attractive upside. We therefore upgrade our recommendation from Neutral to Outperform with an unchanged fair value of Bt16.

SOMBOON ADVANCE TECHNOLOGY Plc. (SAT): Short-Term Risks, Long-Term Appeal Driven by Dividends

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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

Toyota Motor Corp Spon Adr (TM US)

Hedge Long TOYOTA (7203 JP) With OPTIONS!

Uncertainty about the impact of tariffs on the company profits and production line. Hedge through long outright puts or put spread Benefit:...

Vantage Capital Markets Japan

Automotive: Confident In Long-Term Outlook Despite Short-Term Slowdown - Neutral

Thailand’s auto production in July fell 11% YoY to 110k units, marking the first decline after two consecutive months of YoY growth.

Krungthai XSpring

Viet Nam Engine And Agricultural Machinery - Outlook 2023 - Attractive Dividend Amid Downtrend

In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn...

Mirae Asset Securities

Cross sector report – Post-Golden Week: More positive on BToC recovery potential; Cautious on BToB

Golden week data missed market’s already low expectation for all three major categories - property sales, domestic tourism spending and auto sales.

CMB International

SOMBOON ADVANCE TECHNOLOGY Plc. (SAT): Short-Term Risks, Long-Term Appeal Driven by Dividends

We view SAT as the most exposed to the US–Iran conflict, given its key customers (Toyota, Mitsubishi) have the highest export exposure to the...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)