Week Ahead (MAS, BoJ, Japan Mega, Nomura, STAN, BCA), Thai Banks (Framework, d/g KTB, u/g KBank), China vs Taiwan

研报英文原文证据摘录

Week Ahead (MAS, BoJ, Japan Mega, Nomura, STAN, BCA), Thai Banks (Framework, d/g KTB, u/g KBank), China vs Taiwan

Specialist Sales

APAC Specialist Sales J P M O R G A N

27 July 2026

The key earnings this week would be BCA on Tue (7/28), STAN and Nomura on Wed (7/29), Mizuho on Thu (7/30), and

SMFG on Fri (7/31). Mandiri was -5.7% last Friday as NIM guidance downgrade outweighed cost-driven NP beat. BCA has

lowered its loan growth guidance for the year from 8-10% to 5%, but seems comfortable w/ 5.4-5.6% NIM guidance, supported

by strong CASA which is their differentiation. As BBG consensus of 5.55% also seems to be comfortable w/ that level and even

Harsh is assuming 5.4%, the lowest of the range, not below (Link), an assurance of NIM outlook would be my focus in addition to

credit cost. Indonesia’s macro environment remains challenging though even for this outstanding bank and BI governor Perry

Warjiyo’s surprise resignation news this morning does not look good... (Join our Indonesia Forum in Jakarta on Sep 2-3. All

banks and Danantara are attending. Register) For STAN, the focus would be on potential NII guidance upgrade to show growth

in both NII and non-NII. Any weak reaction to optically weak results (2Q YoY decline and negative JAW due to high YoY hurdle)

should provide an entry point. (Link) Nomura (8604 JT) has become crowded long by HFs (according to our Positioning

Intelligence) and also likely increased positioning by LOs, judging from our flow. Despite earnings misses driven by one-off

factors over the past two quarters, Nomura appears to have become the preferred pick for Wealth and Capital Markets themes in

Japan. A heads-up is that Nomura’s 1Q YoY momentum would look weaker than Daiwa this Q, w/ Koki forecasting 1Q NP +7%