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!

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.</li><li>The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.</li><li>Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).</li></ul>

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ.The company reported gross margins of 17.1% in 1QFY26 (vs. our expectation of 15%), as compared to 13.4% in 1QFY25 and 13.3% in 4QFY25.Alongside the results, the company announced a dividend of Rs51/share in 1QFY26 (Payout ratio: 60%).

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

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

Sazgar Engineering Works Limited / Equity Bottom-Up

<ul><li>Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.</li><li>In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.</li><li>The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.</li></ul>

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6 model and two more variants namely Tank 500 and Cannon Alpha.In a notice to exchange today, the company has confirmed the commencement of pre-bookings for ‘HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV’, with vehicle roll out from Aug 2025. The company has set price of Haval H6 PHEV at Rs12.895mn, which is 9.7% higher than its HEV version price of Rs11.75mn.The H6 is already an established and growing model in Pakistan, and the upcoming PHEV variant will further boost its appeal and sales momentum, in our view.

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

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.

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Toyota Motor (7203 JP)

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

Indus Motor (INDU): 1QFY26 EPS At Rs85.49, Up 32% YoY And 4% QoQ - Higher Than Industry Expectations

INDU announced its 1QFY26 result, wherein the company recorded profit of Rs6.7bn (EPS of Rs85.49), up 32% YoY and 4% QoQ. The company reported...

Topline Securities

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

Topline Flash Note: Sazgar Engineering Works Limited (SAZEW): Sazgar Launches PHEV Lineup, H6 PHEV Pre Booking Started

Sazgar Engineering Works Limited (SAZEW) has announced the official launch of its Plug-in Hybrid Electric Vehicle (PHEV) lineup of its existing H6...

Topline Securities

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

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