亚太地区焦点：2026年6月30日热门推荐（含Murata等公司评级与行业观点）

Top Call | Country Top Calls TopCall Murata (6981.T) - Upgrading to Buy - AI servers fuel acceleration in MLCC profitgrowth We upgrade Murata to Buy from Neutral and raise our target price to ¥15,000 from¥3,900, reflecting revisions to our earnings forecasts, changes to our valuationassumptions (risk premium down from 4% to 3%), and a shift in our base year(from FY3/28 to FY3/29). We raise our earnings forecasts significantly, reflectingour increased AI server unit outlook and favorable MLCC pricing in the AI server Takayuki Naito Japan Auto Parts & Equipment - Tire sector: upgrading our sector stance tobullish We upgrade our sector stance on tires from neutral to bullish. Lower crude oilprices bring benefits, both in lower raw material costs and the stability of tiredemand. While we see a risk that natural rubber prices remain elevated due to ElNiño concerns, we believe firms can absorb this through price pass-throughs. Ourweekly price survey shows multiple Tier 1 tire makers implementing price hikes in Arifumi Yoshida Australia Real Estate - Rates peaking, budget tailwinds. Time to buy AustralianResidential Developers. SGP/MGR upgrade to Buy Australian residential REITs have sold off 23–33% since October 2025, pricing in atough housing cycle driven by 75bps of RBA rate hikes (with one more likely) andonce-in-a-generation budget changes to negative gearing and CGT. While near-term headwinds are real — falling auction clearance rates, 15–20% drops in loanapplications, and price declines in Sydney and Melbourne — we believe the stockshave overshot. Construction cost fears have proven more benign than expected (1–3% escalation better than worst-case fears), and the 2026–27 budget changes are Suraj Nebhani, CFA | Howard Penny | Akshit Batra India IT Services - Sluggish Trends Near Term; Recovery Pace Key – RemainCautious With sluggish trends in a seasonally strong quarter, Indian IT is likely to have afourth consecutive subdued growth year. NSEIT is now -28% CYTD (~20%underperformance vs NIFTY post -22% in CY25). We expect 1QFY27E cc organicservices revenue qoq at -1.5% to +1% for top 5 cos. We would watch out for mgmt.comments on growth outlook, decision making, impact of AI, etc. We continue tosee sluggish organic trends & increased M&A in the near term; margin trajectoryneeds to be watched out for. Our concerns around slow industry growth, Surendra Goyal, CFA CountryTopCalls China Home Appliance - To ride on a multi-year AC penetration up-cycle inEurope We see the rising extreme-heat frequency as a structural driver in air-con (AC)penetration up-cycle in Europe (where household penetration is only~20% vs.~90% in the US/Japan). This presents an upside surprise forMidea(which hasEuropean own-brand with local distribution) in 2Q-3Q26E, further to the market'slow expectation on China biz (due to a high comp base). AsYUM Chinahasrecently lost its appeal in cash return after its PH brand acquisition (See Citi's Jun23 note:YUM China: Investor skepticism on acquisition of PH brand in China),weseeMideaas the best cash return proxy among big-cap China consumer stocks. Our unchanged pecking order in the home appliance sector:Midea (Buy)>Haier ICICI Bank (ICBK.BO) - Adding Upside 30-Day Catalyst Watch We have a 30-day positive Catalyst Watch on ICICI Bank, expecting RoA to exceed2.2% in a seasonally weak 1Q. [1] We expect constructive loan growth momentumsurpassing 17% YoY/3% QoQ, spearheaded by corporate banking, mortgages, goldloans and personal loans. [2] We expect core NIMs to remain range-bound at~4.25% — outperforming peers. Modest moderation from 4Q's 4.32% (whichincluded a 5bps IT interest refund) expected, as deposit repricing tailwinds areoffset by interest reversals from seasonal agricultural stress. [3] Asset quality toremain stable; corporate recoveries are projected to contain overall credit costs at~25bps. [4] Opex growth estimated in low double-digits YoY, despite a 4-5% QoQ Kunal Shah | Dipanjan Ghosh NYPCB (8046.TW) - Unaudited May results suggest meaningful GM expansionMoM NYPCB reported unaudited May results with pre-tax margin expanding 5.2pptMoM. Non-op should be clean in May with limited FX G/L recognized. Similar toKinsus, NYPCB benefited from enhanced product mix in either ABF or BT substrateproducts, along with improving UTR and price hikes, in our view. Though overall products (i.e., declining output), the GM profile has seen meaningful improvementMoM. We expect the company to be aggressive about pricing in the comingquarters, which would serve as a key driver to both its top line and GM profiles. Jack Chen Sea (SE.N) - 2Q26E Preview: Business Momentum Intact & Expect Solid 2Q26 We expect Sea to report 2Q26 in mid-Aug. Following a strong 1Q26 print (30%growth in GMV, 20% in Garena booking and 71% growth in loan book), mgmt hasflagged seasonal headwinds and quarter-over-quarter fluctuation but reiteratedits full-year GMV guidance of 25% yoy and double-digit growth in