The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

Point |

Thursday, 18 June 2026

Top Call | Country Top Calls

Top Call

Japan Multi-Asset - The new pricing era: Pass-throughs fueling Japan's virtuous

cycle

Japanese firms are experiencing growing cost pressure as the Middle East

situation pushes up oil prices. In today’s Japan, however, where a virtuous cycle of

wages and prices is increasingly taking hold, companies have become much more

proactive on price pass-throughs than during past energy shocks, fueling a shift to

a dynamic in which rising costs boost nominal growth. This report contains a

multifaceted discussion of 1) the impact this price pass-through trend is having on

Japanese inflation, monetary policy, and corporate earnings, and 2) the approach

of each sector to price pass-throughs and stocks to watch.

Ryota Sakagami | Tomohisa Fujiki | Masahiro Shibano

Omron (6645.T) - Still Buy: Revising our estimates to reflect brisk demand

We update our earnings forecast to reflect Q4 results and the recent demand

environment. We roll forward our base valuation year to FY3/28 (from FY3/27) and

raise our target price to ¥7,000 from ¥5,000. Using a sum-of-the-parts (SoTP)

approach, we now consider the shares fairly valued on a PER of 24x versus 20x

previously. We maintain our Buy rating.

Takahiro Inoue

Vedanta Aluminium (VEDO.BO) - Initiate at Buy Post Demerger: LME, Growth,

Cost Upside; Positive CW

We initiate Vedanta Aluminium, which was demerged from Vedanta (Ved) on 1 May

2026, with a Buy and a TP of Rs560. Drivers include 1) a positive aluminium

outlook, 2) growth potential (Balco expansion, VAL debottlenecking), 3) cost focus

(higher captive alumina, domestic bauxite and captive coal), and 4) improving

leverage – we expect a net cash position by FY28E (net D/EBITDA 1.3x at Mar26).