ASIA PACIFIC EQUITY RESEARCH

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ASIA PACIFIC EQUITY RESEARCH

Asia Pacific Equity Research

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Asia First to Market 24 June 2026

Top Stories

Init | | India Capital Markets, India (Madhukar Ladha)

SIPs > Rs300bn keeps the story compounding: Initiate sector coverage with AngelOne > CAMS >

ICICIAMC our preferred picks

India's capital-markets story remains fundamentally driven by Systematic Investment Plan (SIP)-led

financialization, despite weak equity returns: the Nifty 50 has delivered a 2 yr CAGR: 0.8% in Rs, -3.2% in

USD, FPIs sold US$36bn (Rs3.3tn) of Indian equities over FY25 and FY26, yet monthly industry SIP flows

are up 48% to Rs310bn (US$3.3bn) in May 2026, and cumulative equity and balanced fund net inflows were

Rs9.43tn (US$109bn). The inflows should continue due to tax and policy. Our stock selection reflects

business-model quality, regulatory exposure, and valuation; we prefer: AngelOne > CAMS > ICICI AMC >

NAM > HDFC AMC; Neutral: BSE, KFINTECH (await a better entry point); UW: CDSL, MCX. Our thesis is

invalidated if monthly SIPs fall below Rs250bn for a sustained period or if regulatory action reduces

derivative volumes by >20%.

Krafton (259960.KS, OW – W226,000), South Korea (Stanley Yang)

Inflection point: De-rating to Re-rating: New IPs unlock upside, Accumulate

We believe Krafton’s ~3-year de-rating cycle is largely behind it, driven previously by a ‘single-IP’ discount

and non-core expansion strategy. The share price setup now looks favourable for a re-rating, in our view,