Cross-asset - Japan
Nomura Quant Insights
Global Markets Research
11 May 2026
Near-term overheating signs for AI-driven US equities vs
scope for more FOMO among foreigners in Korean equities
The AI rally and value / Lingering preference for value in the universe of domestic demand
stocks / Stock selection during supply chain shocks and subsequent recoveries
Near-term overheating signals for AI-driven US equities / Steep decline in option
skew / Quant funds mostly done covering shorts / Nonresident investors selling
South Korean equities to lock in gains
The global AI rally went into a higher gear last week, with the NASDAQ going “spot up, vol
up”. While the VIX has continued trending downward, the VXN has plainly rebounded. In
the US options market, the option skew in tech stocks (difference in implied volatility
between 1m 25-delta puts and 1m 25-delta calls) fell back steeply, all the way down to
where it stood in October 2025 (Figure 1 ). It is now near its historical low. On the
supply/demand front, quant funds’ exposure has normalized, and we note it is now close
to neutral (Figure 2 ). Quant funds had been more or less forced into buying to cover short
positions, but they seem to be nearly finished with that process now. At least where US
equities are concerned, the AI rally may now be taking a breather.
The picture of positioning in South Korean equities is more complicated. Nonresident
investors that upped their exposure to South Korean stocks during the AI rally in
September and October of last year seem to be seizing on the latest upward jump in the
market as an opportunity to sell to lock in gains (Figure 3 ). And while the market has gone
“spot up, vol up” like the NASDAQ, the call skew has come down substantially (Figure 4 ).
So we do not seem to be seeing a rise in volatility led by calls. It is difficult to determine
whether the net selling of South Korean equities by nonresident investors should be seen
as bearish, or whether it should actually be interpreted as a bullish sign in that it creates
room for investors to add to their long positions. The present macroeconomic landscape
deserves a look. For as long as the Strait of Hormuz remains blocked (with the US and
Iran seemingly still at odds on the terms of a truce), it may make sense to assume that AI-
driven market conditions will have even more staying power. Crowding in US equities is a
genuine worry that cannot be ignored, but for now we think the reversal indicator to watch
is whether we see resurgent FOMO in South Korean equities. One risk to keep an eye on
is the possibility of central banks worldwide becoming more hawkish in response to
renewed inflation fears. The event premium assigned to the US CPI reading due out this
week (on the 12th) is still low (Figure 5 ).
US investors bullish on AI / The AI rally and value / Value factor still outperforming
within the universe of domestic demand stocks
US investors remain bullish on the AI-driven market (Figure 6 ). The disparity in sentiment
between the US and other regions is also affecting stock selection in the Japanese equity
market. During the reversal-driven market of Nov–Dec 2025, Japanese stocks with high
US ownership held up well, while those with high European ownership underperformed
even more than they had been up to that point. Stocks with high US ownership ratios
seem to be relatively resistant to reversal risk (Figure 7 , Figure 8 ). That said, it is likely
that the market would become value-driven again in the event of a full-fledged reversal.
Since last year, the market has settled into a consistent pattern in which value performs
poorly when tech stocks are driving market gains, but then undergoes a revival once those
tech-led gains run out of steam (Figure 9 ). Of course, there is no way to pin down when
the AI rally might come to a stopping point. So we find it useful to instead consider a value
tilt within the universe of domestic demand stocks (a long position in domestic demand
stocks with a high B/P and a short position in domestic demand stocks with a low B/P).
This strategy is currently still outperforming slightly, just as it did last Sep–Oct (Figure 10 ).
AI stocks and semiconductor stocks are by and large external demand picks, as are
stocks most subject to supply chain risks arising from the situation in the Middle East. The
underlying trend, it seems, is that investors have maintained a preference for value in
Japanese equities after external demand stocks have been filtered out.
Research Analysts
Macro Strategy / Quantitative
Strategy
Yoshitaka Suda - NSL
@
+65 6433 6674
Note:
Unless expressly stated otherwise,
mentions of the exposure or
positioning of various investor
classes are estimates derived from
Nomura’s model, and are not actual,
measured figures.
This report was authored by an
employee of a Nomura affiliate and
reviewed and published by Nomura
Securities.
See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts.
Market recoveries and reversals following supply chain shocks / A normalized
situation in the strait could prompt a rerating of stocks hurt by the war in Iran
If the situation in the Strait of Hormuz returns to normal, stocks that had been lagging due
to the concerns over what is happening in the Middle East may get bought up as investors
take a fresh look at them. The return spread between losers and winners in the context of
the war in Iran has started to narrow, but it is not even halfway to closing yet (losers and
winners here defined as the bottom 20% and top 20% of the TOPIX 500 by share price
returns between 27 February and 7 April 2026; see Figure 11 ). It is worth looking at what
has happened at the time of previous supply chain shocks. Probably the most instructive
example is that of the 2025 tariff shock, when—like now—the market swiftly pivoted from
an initial sell-off to an assumption that President Trump would back down (the TACO
trade). In that instance, the return spread between the losers and the winners of the tariff
shock fully closed about two months after the stock index itself had fully recovered. In the
case of the 2020 pandemic shock, the return spread between the losers and winners was
mostly erased by about six months after the index fully recovered.
Russia’s invasion of Ukraine in 2022 presents a considerably different story. In the wake
of that supply shock, the return spread between the losers and the winners stopped
narrowing at around the halfway point. Crude oil prices gradually settled down after initially
jumping when the invasion began, but economic growth momentum continued to weaken
as central banks worldwide moved to raise interest rates (Figure 12 ). So this 2022
example differs from what we saw in 2020 and 2025 in that there was no stock market
rally accompanied by a recovery in economic growth momentum. The losers in the context
of the Ukraine conflict were mostly external demand stocks (median domestic sales
weighting of 37%), while the winners were mostly domestic demand stocks (median
domestic sales weighting of 84%). This disparity seems to explain why the return spread
failed to narrow more than it did. In the present case, there is again a risk that the
narrowing of the return spread will stall if the situation in the Middle East leads to a global
economic slowdown.
Upward revision to the targeted level of the Nikkei 225 / European investors not
flocking back to the flight from USD assets / If the Nikkei 225 drops below 61,500,
CTAs could start cutting their long exposure and dealer gamma could flip short
The Nikkei 225 started off this week by breaking above 63,000 at one point on Monday.
That gain seems to have been at least somewhat supported by fundamentals, judging
from the concentration of index constituents. The targeted level for the Nikkei 225 based
on analysts’ target prices has worked its way up from the 60,000–61,000 range as of late
February to over 66,000 now (Figure 13 ). As to why this has continued to rise even after
the outbreak of the war in Iran, one must point out that the top 5% of stocks by index
weighting have by themselves been responsible for about 5,000 points of the rise. Most
notable among these are AI-related stocks that are relatively unaffected by the situation in
the Middle East.
Investor sentiment looks unchanged for the most part. European investors are not
showing much interest in resuming the flight from USD assets. Among speculators, macro
hedge funds are taking a wait-and-see approach to both US equities and Japanese
equities. CTAs are adding to their long exposure to Japanese equities, although only
slightly (Figure 14 ). We would expect CTAs to start downsizing their aggregate net long
position if there were a fall below 61,500. Also below 61,500, market makers' gamma
exposure becomes increasingly likely to flip from long to short (Figure 15 ). However, if the
call skew rallies more forcefully amid sustained stock market gains, market makers could
find themselves with short gamma exposure even as share prices continue rising.
Nomura | Nomura Quant Insights 11 May 2026
2
Reference figures
Fig. 1: Option skew in US tech stocks
Sharp decline to around the level seen in October 2025
Note: Simple average skew based on one-month forward implied volatility for each of the constituents of the Technology
Select Sector SPDR Fund (XLK). Skew calculated as spread between puts and calls divided by at-the-money price. Latest
value shown as a white circle.
Source: Nomura, based on Bloomberg data
Fig. 2: Equity quant funds and semiconductor-related stocks
Potential for further SOX gains short covering much smaller now
Note: SOX index used as the performance measure for semiconductor-related stocks. Chart plots excess returns over the S&P 500. Exposure is estimated using trailing two-
month performance.
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
3
Fig. 3: Performance of South Korean stocks vs the flow of funds from nonresident
investors
Nonresident investors selling to lock in profits after sharp rise in share prices
Source: Nomura, based on Bloomberg data
Fig. 4: KOSPI 200 share price returns vs call skew
We still see potential for more FOMO
Note: Call skew calculated as the implied volatility of call options at the 15 delta divided by the implied volatility of call
options at the 35 delta (the 50 delta is at the money, with options becoming increasingly out of the money the further the
delta is from 50).
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
4
Fig. 5: US CPI event premium
Event premium plainly lower than it was during the 2022 stagflationary phase
Source: Nomura, based on Bloomberg data
Fig. 6: Flow of funds into and out of AI-related ETFs (lhs: global overall; rhs: listed in the US vs listed elsewhere)
In the US, money has continued to flow in, but Europe and other regions have seen outflows
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
5
Fig. 7: Performance of AI-related and semiconductor-related stocks in Nov–Dec 2025 versus European and US investor
ownership ratios
During the reversal-driven market of Nov–Dec 2025, stocks with high European ownership underperformed, while those with high US ownership held up
well
Source: Nomura, based on Bloomberg data
Fig. 8: Excess return on AI/semiconductor-related stocks (categorized by US & European investor ownership ratios)
Stocks with high US ownership ratios have continued to outperform
Note: Stocks with US ownership ratios of at least 25% are counted as stocks high US ownership ratios; stocks with European ownership ratios of at least 15% are counted as
stocks with high European ownership ratios.
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
6
Fig. 9: Japanese equities: Excess return on AI-related and semiconductor-related
stocks vs the value factor
Value factor underperformance has been the flipside of the tech-led market gains; value tends to see a
revival when tech stocks stop gaining
Source: Nomura, based on Bloomberg data
Fig. 10: Excess return on high-B/P stocks within the TOPIX 500 universes of domestic
demand stocks and external demand stocks
During the tech-led market phases of Sep-Oct 2025 and now, value stocks have underperformed
substantially within the universe of external demand stocks, but have continued to find favor within the
universe of domestic demand stocks.
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
7
Fig. 11: Stock index performance following supply chain shocks vs the return spread between winners and losers
Return spread between the winners and losers amid the Iran conflict has started narrowing, but is not even halfway to being erased. A useful reference
point may be the may be the recovery that followed the tariff shock, when there was similarly an expectation that President Trump would back down (the
TACO trade). At that time, the return spread fully recovered about two months after the index itself fully recovered.
Note: Universes are the TOPIX 500 constituents in the bottom 20% or top 20% by share price returns. Share price returns are in principle calculated for the period from the stock
index high to the stock index low over the span bracketing the shock. However, for the present Iran conflict, we use the day prior to the 8 April 2026 ceasefire agreement as the
endpoint, while for last year’s tariff shock we use the day prior to the 9 April 2025 initial tariff hike postponement as the endpoint.
Source: Nomura, based on Bloomberg data
Fig. 12: Economic cycles based on global manufacturing PMI
Economic momentum rebounded quickly after the initial COVID-19 pandemic shock and after the tariff
shock; with the 2022 invasion of Ukraine, in contrast, the global economic slowdown continued even after
the market for crude oil normalized
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
8
Fig. 13: Bottom-up price target for the Nikkei 225 based on analyst forecasts
Target prices essentially functioning as an overhead resistance line
Note: Based on 12-month forward target prices for Nikkei 225 constituent stocks.
Source: Nomura, based on Bloomberg data
Fig. 14: Estimates of CTAs’ speculative position two weeks later for a range of Nikkei
225 readings one week later
Note: We estimate CTAs' "natural" position after two weeks based on share price levels after one week. CTAs’ speculative
positions are relative to the historical peaks in both long and short positions since 2000 (peak = 100). "Natural" position is
our estimate of how CTAs' aggregate net position would change over the next four weeks if the spot price were to remain
constant. Data current through 8 May 2026.
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
9
Fig. 15: Dealers’ gamma exposure in the Nikkei 225 options market (estimated)
Note: Estimates of how dealers’ gamma position changes as price of underlying asset changes, covering all unexpired call
and put options. The gamma flip is the price of the underlying asset at which dealers’ gamma position flips from positive to
negative or vice versa.
Source: Nomura, based on Bloomberg data
Nomura | Nomura Quant Insights 11 May 2026
10
Appendix: CTAs' speculative positions
Fig. 16: Estimates of CTAs’ speculative positions in major asset classes
Note: “Natural” position is our estimate of how CTAs’ aggregate net position would change over the next four weeks if the spot price were to remain constant. Current as of 8
May 2026.
Source: Nomura, based on Bloomberg data
Previous installments in this report series:
27 Apr:
Nomura Quant Insights - 18 straight days of gains for the SOX, short covering by quant
funds
20 Apr:
Nomura Quant Insights - Spot up, vol up: Potential for a call skew rebound
13 Apr:
Nomura Quant Insights - The inconvenient truth behind the improvement in risk sentiment
6 Apr:
Nomura Quant Insights - Sustained high crude oil prices and nonresident investors'
preference for value
30 Mar:
Nomura Quant Insights - Energy supply shock putting a stop to flight from USD;
European investors selling Japanese equities
Nomura | Nomura Quant Insights 11 May 2026
11
Appendix A-1
This report has been produced by Nomura Singapore Ltd. (NSL), Singapore.
See Disclaimers for Nomura Group entity details.
Analyst Certification
I, Yoshitaka Suda, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of the
subject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related to
the specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment
banking transactions performed by Nomura Securities International, Inc., Nomura International plc or any other Nomura Group company.
Important Disclosures
The lists of issuers that are affiliates or subsidiaries of Nomura Holdings Inc., the parent company of Nomura Securities Co., Ltd., issuers that
have officers who concurrently serve as officers of Nomura Securities Co., Ltd., issuers in which the Nomura Group holds 1% or more of any
class of common equity securities and issuers for which Nomura Securities Co., Ltd. has lead managed a public offering of equity or equity
linked securities in the past 12 months are available at Please contact the Research Production
Operation Dept. of Nomura Securities Co., Ltd. for additional information.
Online availability of research and conflict-of-interest disclosures
Nomura Group research is available on Bloomberg, Capital IQ, Factset, LSEG.
Important disclosures may be read at or requested from Nomura Securities International, Inc.
If you have any difficulties with the website, please email grpsupport@ for help.
The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, a
portion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report are
not registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule
2241 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account.
Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered with
the Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are
generally engaged in the trading of swaps and other derivative products, any of which may be the subject of this report.
Distribution of ratings (Nomura Group)
The distribution of all ratings published by Nomura Group Global Equity Research is as follows:
57% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 34% of companies with this
rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)
with this rating were supplied material services** by the Nomura Group.
41% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 57% of companies with
this rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the
EEA) with this rating were supplied material services by the Nomura Group
2% have been assigned a Reduce rating which, for purposes of mandatory disclosures, are classified as a Sell rating; 0% of companies with this
rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA)
with this rating were supplied material services by the Nomura Group.
As at 31 March 2026.
*The Nomura Group as defined in the Disclaimer section at the end of this report.
** As defined by the EU Market Abuse Regulation
Definition of Nomura Group's equity research rating system and sectors
The rating system is a relative system, indicating expected performance against a specific benchmark identified for each individual stock,
subject to limited management discretion. An analyst’s target price is an assessment of the current intrinsic fair value of the stock based on an
appropriate valuation methodology determined by the analyst. Valuation methodologies include, but are not limited to, discounted cash flow
analysis, expected return on equity and multiple analysis. Analysts may also indicate expected absolute upside/downside relative to the stated
target price, defined as (target price - current price)/current price.
STOCKS
A rating of 'Buy', indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of 'Neutral',
indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of 'Reduce', indicates that
the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of 'Suspended', indicates that the rating, target
Nomura | Nomura Quant Insights 11 May 2026
12
mailto:grpsupport@
price and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies
that are labelled as 'Not rated' or shown as 'No rating' are not in regular research coverage. Investors should not expect continuing or
additional information from Nomura relating to such securities and/or companies. Benchmarks are as follows: United States/Europe/Asia ex-
Japan: please see valuation methodologies for explanations of relevant benchmarks for stocks, which can be accessed at:
Global Emerging Markets (ex-Asia): MSCI Emerging Markets ex-Asia, unless otherwise
stated in the valuation methodology; Japan: Russell/Nomura Large Cap.
SECTORS
A 'Bullish' stance, indicates that the analyst expects the sector to outperform the Benchmark during the next 12 months. A 'Neutral' stance,
indicates that the analyst expects the sector to perform in line with the Benchmark during the next 12 months. A 'Bearish' stance, indicates that
the analyst expects the sector to underperform the Benchmark during the next 12 months. Sectors that are labelled as 'Not rated' or shown as
'N/A' are not assigned ratings. Benchmarks are as follows: United States: S&P 500; Europe: Dow Jones STOXX 600; Global Emerging
Markets (ex-Asia): MSCI Emerging Markets ex-Asia. Japan/Asia ex-Japan: Sector ratings are not assigned.
Target Price
A Target Price, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part the analyst's
estimates for the company's earnings. The achievement of any target price may be impeded by general market and macroeconomic trends, and
by other risks related to the company or the market, and may not occur if the company's earnings differ from estimates.
ADDITIONAL DISCLOSURES REQUIRED IN THE .
Principal Trading: Nomura Securities International, Inc and its affiliates will usually trade as principal in the fixed income securities (or in related
derivatives) that are the subject of this research report. Analyst Interactions with other Nomura Securities International, Inc. Personnel: The fixed
income research analysts of Nomura Securities International, Inc and its affiliates regularly interact with sales and trading desk personnel in
connection with obtaining liquidity and pricing information for their respective coverage universe.
Valuation methodology - Fixed Income
Nomura’s Fixed Income Strategists express views on the price of securities and financial markets by providing trade recommendations. These
can be relative value recommendations, directional trade recommendations, asset allocation recommendations, or a mixture of all three.
The analysis which is embedded in a trade recommendation would include, but not be limited to:
• Fundamental analysis regarding whether a security’s price deviates from its underlying macro- or micro-economic fundamentals.
• Quantitative analysis of price variations.
• Technical factors such as regulatory changes, changes to risk appetite in the market, unexpected rating actions, primary market activity and
supply/ demand considerations.
The timeframe for a trade recommendation is variable. Tactical ideas have a short timeframe, typically less than three months. Strategic trade
ideas have a longer timeframe of typically more than three months.
For the purposes of the EU Market Abuse Regulation, the distribution of ratings published by Nomura Global Fixed Income Research is as
follows:
52% have been assigned a Buy (or equivalent) rating; 50% of issuers with this rating were supplied material services* by the Nomura Group**.
0% have been assigned a Neutral (or equivalent) rating.
48% have been assigned a Sell (or equivalent) rating; 50% of issuers with this rating were supplied material services by the Nomura Group.
As at 31 Mar 2026.
*As defined by the EU Market Abuse Regulation
**The Nomura Group as defined in the Disclaimer section at the end of this report
Disclaimers
This publication contains material that has been prepared by the Nomura Group entity identified on page 1 and, if applicable, with the
contributions of one or more Nomura Group entities whose employees and their respective affiliations are specified on page 1 or identified
elsewhere in this publication. The term "Nomura Group" used herein refers to Nomura Holdings, Inc. and its affiliates and subsidiaries including:
(a) Nomura Securities Co., Ltd. ('NSC') Tokyo, Japan, (b) Nomura Financial Products Europe GmbH (‘NFPE’), Germany, (c) Nomura
International plc ('NIplc'), UK, (d) Nomura Securities International, Inc. ('NSI'), New York, US, (e) Nomura International (Hong Kong) Ltd.
(‘NIHK’), Hong Kong, (f) Nomura Financial Investment (Korea) Co., Ltd. (‘NFIK’), Korea (Information on Nomura analysts registered with the
Korea Financial Investment Association ('KOFIA') can be found on the KOFIA Intranet at , (g) Nomura Singapore Ltd. (‘NSL’),
Singapore (Registration number 197201440E, regulated by the Monetary Authority of Singapore) (h) Nomura Australia Ltd. (‘NAL’), Australia
(ABN 48 003 032 513), regulated by the Australian Securities and Investment Commission ('ASIC') and holder of an Australian financial services
licence number 246412, (i) Nomura Securities Malaysia Sdn. Bhd. (‘NSM’), Malaysia, (j) NIHK, Taipei Branch (‘NITB’), Taiwan, (k) Nomura
Financial Advisory and Securities (India) Private Limited (‘NFASL’), Mumbai, India (Registered Address: Ceejay House, Level 11, Plot F,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India; Tel: 91 22 4037 4037, Fax: 91 22 4037 4111; CIN No:
U74140MH2007PTC169116, SEBI Registration No. for Stock Broking activities : INZ000255633; SEBI Registration No. for Merchant Banking :
INM000011419; SEBI Registration No. for Research: INH000001014 - Compliance Officer: Ms. Pratiksha Tondwalkar, 91 22 40374904,
grievance email: investorgrievancesra@ Webpage: LINK
For reports with respect to Indian public companies or authored by India-based NFASL research analysts: (i)
Nomura | Nomura Quant Insights 11 May 2026
13
mailto:investorgrievancesra@
Investment in securities markets is subject to market risks. Read all the related documents carefully before
investing. (ii) Registration granted by SEBI, and certification from NISM in no way guarantee performance of the
intermediary or provide any assurance of returns to investors. (iii) NFASL terms and conditions for availing
research services is disclosed on NFASL webpage.
(l) Nomura Fiduciary Research & Consulting Co., Ltd. ('NFRC') Tokyo, Japan. (m) Nomura Orient International Securities Co., Ltd (“NOI”), is a
majority owned joint venture amongst Nomura Group, Orient International (Holding) Co., Ltd, and Shanghai Huangpu Investment Holding
(Group) Co., Ltd. In accordance with the laws of the People’s Republic of China (“PRC”, excluding Hong Kong, Macau and Taiwan, for the
purpose of this document), NOI is licensed in the PRC to provide securities research and investment recommendations and it operates
independently from the other members of the Nomura Group; in particular, NOI’s interests in PRC securities are not disclosed to, or aggregated
with the holdings of, any other Nomura Group entities and the interests in PRC securities of other Nomura Group entities are not disclosed to, or
aggregated with the holdings of, NOI. An individual name printed next to NOI on the front page of a research report indicates that individual is
employed by NOI to provide research assistance to NIHK under a research partnership agreement. ‘NSFSPL’ next to an employee’s name on
the front page of a research report indicates that the individual is employed by Nomura Structured Finance Services Private Limited to provide
assistance to certain Nomura entities under inter-company agreements. 'Verdhana' next to an individual's name on the front page of a research
report indicates that the individual is employed by PT Verdhana Sekuritas Indonesia ('Verdhana') to provide research assistance to NIHK under
a research partnership agreement and neither Verdhana nor such individual is licensed outside of Indonesia.
THIS MATERIAL IS: (I) FOR YOUR PRIVATE INFORMATION, AND WE ARE NOT SOLICITING ANY ACTION BASED UPON IT; (II) NOT TO
BE CONSTRUED AS AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION WHERE
SUCH OFFER OR SOLICITATION WOULD BE ILLEGAL; AND (III) OTHER THAN DISCLOSURES RELATING TO THE NOMURA GROUP,
BASED UPON INFORMATION FROM SOURCES THAT WE CONSIDER RELIABLE, BUT HAS NOT BEEN INDEPENDENTLY VERIFIED BY
NOMURA GROUP.
Other than disclosures relating to the Nomura Group, the Nomura Group does not warrant, represent or undertake, express or implied, that the
document is fair, accurate, complete, correct, reliable or fit for any particular purpose or merchantable, and to the maximum extent permissible
by law and/or regulation, does not accept liability (in negligence or otherwise, and in whole or in part) for any act (or decision not to act) resulting
from use of this document and related data. To the maximum extent permissible by law and/or regulation, all warranties and other assurances
by the Nomura Group are hereby excluded and the Nomura Group shall have no liability (in negligence or otherwise, and in whole or in part) for
any loss howsoever arising from the use, misuse, or distribution of this material or the information contained in this material or otherwise arising
in connection therewith.
Opinions or estimates expressed are current opinions as of the original publication date appearing on this material and the information, including
the opinions and estimates contained herein, are subject to change without notice. The Nomura Group, however, expressly disclaims any
obligation, and therefore is under no duty, to update or revise this document. Any comments or statements made herein are those of the
author(s) and may differ from views held by other parties within Nomura Group. Clients should consider whether any advice or recommendation
in this report is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The Nomura Group
does not provide tax advice.
The Nomura Group, and/or its officers, directors, employees and affiliates, may, to the extent permitted by applicable law and/or regulation, deal
as principal, agent, or otherwise, or have long or short positions in, or buy or sell, the securities, commodities or instruments, or options or other
derivative instruments based thereon, of issuers or securities mentioned herein. The Nomura Group companies may also act as market maker
or liquidity provider (within the meaning of applicable regulations in the UK) in the financial instruments of the issuer. Where the activity of
market maker is carried out in accordance with the definition given to it by specific laws and regulations of the US or other jurisdictions, this will
be separately disclosed within the specific issuer disclosures.
This document may contain information obtained from third parties, including, but not limited to, ratings from credit ratings agencies such as
Standard & Poor’s. The Nomura Group hereby expressly disclaims all representations, warranties or undertakings of originality, fairness,
accuracy, completeness, correctness, merchantability or fitness for a particular purpose with respect to any of the information obtained from
third parties contained in this material or otherwise arising in connection therewith, and shall not be liable (in negligence or otherwise, and in
whole or in part) for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses,
legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use or misuse of any of the information
obtained from third parties contained in this material or otherwise arising in connection therewith. Reproduction and distribution of third-party
content in any form is prohibited except with the prior written permission of the related third-party. Third-party content providers do not, express
or implied, guarantee the fairness, accuracy, completeness, correctness, timeliness or availability of any information, including ratings, and are
not in any way responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use
or misuse of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of
merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable (in negligence or otherwise, and in
whole or in part) for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses,
legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use or misuse of their content, including
ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase hold or sell securities. They do
not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.
Any MSCI sourced information in this document is the exclusive property of MSCI Inc. (‘MSCI’). Without prior written permission of MSCI, this
information and any other MSCI intellectual property may not be duplicated, reproduced, re-disseminated, redistributed or used, in whole or in
part, for any purpose whatsoever, including creating any financial products and any indices. This information is provided on an "as is" basis. The
user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or
compiling the information hereby expressly disclaim all representations, warranties or undertakings of originality, fairness, accuracy,
completeness, correctness, merchantability or fitness for a particular purpose with respect to any of this material or the information contained in
this material or otherwise arising in connection therewith. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any
Nomura | Nomura Quant Insights 11 May 2026
14
third party involved in, or related to, computing or compiling the information have any liability (in negligence or otherwise, and in whole or in part)
for any damages of any kind. MSCI and the MSCI indexes are services marks of MSCI and its affiliates.
The intellectual property rights and any other rights, in Russell/Nomura Japan Equity Index belong to Nomura Fiduciary Research & Consulting
Co., Ltd. ("NFRC") and FTSE Russell ("Russell"). NFRC and Russell do not guarantee fairness, accuracy, completeness, correctness, reliability,
usefulness, marketability, merchantability or fitness of the Index, and do not account for business activities or services that any index user
and/or its affiliates undertakes with the use of the Index.
Investors should consider this document as only a single factor in making their investment decision and, as such, the report should not be
viewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision. Nomura Group produces a
number of different types of research product including, among others, fundamental analysis and quantitative analysis; recommendations
contained in one type of research product may differ from recommendations contained in other types of research product, whether as a result of
differing time horizons, methodologies or otherwise. The Nomura Group publishes research product in a number of different ways including the
posting of product on the Nomura Group portals and/or distribution directly to clients. Different groups of clients may receive different products
and services from the research department depending on their individual requirements.
Figures presented herein may refer to past performance or simulations based on past performance which are not reliable indicators of future or
likely performance. Where the information contains an expectation, projection or indication of future performance and business prospects, such
forecasts may not be a reliable indicator of future or likely performance. Moreover, simulations are based on models and simplifying
assumptions which may oversimplify and not reflect the future distribution of returns. Any figure, strategy or index created and published for
illustrative purposes within this document is not intended for “use” as a “benchmark” as defined by the European Benchmark Regulation.
Certain securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived
from, the investment.
With respect to Fixed Income Research: Recommendations fall into two categories: tactical, which typically last up to three months; or strategic,
which typically last from 6-12 months. However, trade recommendations may be reviewed at any time as circumstances change. ‘Stop loss’
levels for trades are also provided; which, if hit, closes the trade recommendation automatically. Prices and yields shown in recommendations
are taken at the time of submission for publication and are based on either indicative Bloomberg, LSEG or Nomura prices and yields at that
time. The prices and yields shown are not necessarily those at which the trade recommendation can be implemented.
The securities described herein may not have been registered under the US Securities Act of 1933 (the ‘1933 Act’), and, in such case, may not
be offered or sold in the US or to US persons unless they have been registered under the 1933 Act, or except in compliance with an exemption
from the registration requirements of the 1933 Act. Unless governing law permits otherwise, any transaction should be executed via a Nomura
entity in your home jurisdiction.
This document has been approved for distribution in the UK as investment research by NIplc. NIplc is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NIplc is a member of the London Stock
Exchange. This document does not constitute a personal recommendation within the meaning of applicable regulations in the UK, or take into
account the particular investment objectives, financial situations, or needs of individual investors. This document is intended only for investors
who are 'eligible counterparties' or 'professional clients' for the purposes of applicable regulations in the UK, and may not, therefore, be
redistributed to persons who are 'retail clients' for such purposes.
This document has been approved for distribution in the European Economic Area as investment research by Nomura Financial Products
Europe GmbH (“NFPE”). NFPE is a company organized as a limited liability company under German law registered in the Commercial Register
of the Court of Frankfurt/Main under HRB 110223. NFPE is authorized and regulated by the German Federal Financial Supervisory Authority
(BaFin).
This document has been approved by NIHK, which is regulated by the Hong Kong Securities and Futures Commission, for distribution in Hong
Kong by NIHK. This document is intended only for investors who are 'professional investors' for the purposes of applicable regulations in Hong
Kong and may not, therefore, be redistributed to persons who are not 'professional investors' for such purposes.
This document has been approved for distribution in Australia by NAL, which is authorized and regulated in Australia by the ASIC.
This document has also been approved for distribution in Malaysia by NSM.
In Singapore, this document has been distributed by NSL, an exempt financial adviser as defined under the Financial Advisers Act (Chapter
110), among other things, and regulated by the Monetary Authority of Singapore. NSL may distribute this document produced by its foreign
affiliates pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. This document is intended for accredited,
expert or institutional investors as defined by the Securities and Futures Act (Chapter 289). Where the recipient of this document is not an
accredited, expert or institutional investor, NSL accepts legal responsibility for the contents of this document in respect of such recipient only to
the extent required by law. Recipients of this document in Singapore should contact NSL in respect of matters arising from, or in connection
with, this document. THIS DOCUMENT IS INTENDED FOR GENERAL CIRCULATION. IT DOES NOT TAKE INTO ACCOUNT THE SPECIFIC
INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS OF ANY PARTICULAR PERSON. RECIPIENTS SHOULD
TAKE INTO ACCOUNT THEIR SPECIFIC INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR PARTICULAR NEEDS BEFORE
MAKING A COMMITMENT TO PURCHASE ANY SECURITIES, INCLUDING SEEKING ADVICE FROM AN INDEPENDENT FINANCIAL
ADVISER REGARDING THE SUITABILITY OF THE INVESTMENT, UNDER A SEPARATE ENGAGEMENT, AS THE RECIPIENT DEEMS FIT.
Unless prohibited by the provisions of Regulation S of the 1933 Act, this material is distributed in the US, by NSI, a US-registered broker-dealer,
which accepts responsibility for its contents in accordance with the provisions of Rule 15a-6, under the US Securities Exchange Act of 1934.
The entity that prepared this document permits its separately operated affiliates within the Nomura Group to make copies of such documents
available to their clients.
This document has not been approved for distribution to persons other than ‘Authorised Persons’, ‘Exempt Persons’ or ‘Institutions’ (as defined
by the Capital Markets Authority) in the Kingdom of Saudi Arabia (‘Saudi Arabia’) or a ’Market Counterparty’ or a 'Professional Client' (as defined
by the Dubai Financial Services Authority) in the United Arab Emirates (‘UAE’) or a ‘Market Counterparty’ or a ‘Business Customer’ (as defined
by the Qatar Financial Centre Regulatory Authority) in the State of Qatar (‘Qatar’) by Nomura Saudi Arabia, NIplc or any other member of the
Nomura Group, as the case may be. Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly,
Nomura | Nomura Quant Insights 11 May 2026
15
by any person other than those authorised to do so into Saudi Arabia or in the UAE or in Qatar or to any person other than ‘Authorised Persons’,
‘Exempt Persons’ or ‘Institutions’ located in Saudi Arabia or a ’Market Counterparty’ or a 'Professional Client' in the UAE or a ‘Market
Counterparty’ or a ‘Business Customer’ in Qatar. Any failure to comply with these restrictions may constitute a violation of the laws of the UAE
or Saudi Arabia or Qatar.
For report with reference of TAIWAN public companies or authored by Taiwan based research analyst:
THIS DOCUMENT IS SOLELY FOR REFERENCE ONLY. You should independently evaluate the investment risks and are solely responsible
for your investment decisions. NO PORTION OF THE REPORT MAY BE REPRODUCED OR QUOTED BY THE PRESS OR ANY OTHER
PERSON WITHOUT WRITTEN AUTHORIZATION FROM NOMURA GROUP. Pursuant to Operational Regulations Governing Securities Firms
Recommending Trades in Securities to Customers and/or other applicable laws or regulations in Taiwan, you are prohibited to provide the
reports to others (including but not limited to related parties, affiliated companies and any other third parties) or engage in any activities in
connection with the reports which may involve conflicts of interests. INFORMATION ON SECURITIES / INSTRUMENTS NOT EXECUTABLE
BY NOMURA INTERNATIONAL (HONG KONG) LTD., TAIPEI BRANCH IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT BE
CONSTRUED AS A RECOMMENDATION OR A SOLICITATION TO TRADE IN SUCH SECURITIES / INSTRUMENTS.
This material may not be distributed in Indonesia or passed on within the territory of the Republic of Indonesia or to persons who are Indonesian
citizens (wherever they are domiciled or located) or entities of or residents in Indonesia in a manner which constitutes a public offering under the
laws of the Republic of Indonesia. The securities mentioned in this document may not be offered or sold in Indonesia or to persons who are
citizens of Indonesia (wherever they are domiciled or located) or entities of or residents in Indonesia in a manner which constitutes a public
offering under the laws of the Republic of Indonesia.
An individual name printed next to NOI on the front page of a research report indicates that this document is a translation of a research report
issued by NOI in the PRC. In all other cases, this document is prepared by Nomura Group or its subsidiary or affiliate (collectively, “Offshore
Issuers”) that is not licensed in the PRC to provide securities research. This research report is not approved or intended to be circulated in the
PRC. The A-share related analysis (if any) is not produced for any persons located or incorporated in the PRC. The recipients should not rely on
any information contained in this research report in making investment decisions and Offshore Issuers take no responsibility in this regard.
NO PART OF THIS MATERIAL MAY BE (I) COPIED, PHOTOCOPIED, REPRODUCED OR DUPLICATED IN ANY FORM, BY ANY MEANS;
OR (II) REDISSEMINATED, REPUBLISHED OR REDISTRIBUTED WITHOUT THE PRIOR WRITTEN CONSENT OF A MEMBER OF THE
NOMURA GROUP. If this document has been distributed by electronic transmission, such as e-mail, then such transmission cannot be
guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain
viruses. The sender therefore does not accept liability (in negligence or otherwise, and in whole or in part) for any errors or omissions in the
contents of this document, which may arise as a result of electronic transmission. If verification is required, please request a hard-copy version.
Disclaimers required in Japan
Credit ratings in the text that are marked with an asterisk (*) are issued by a rating agency not registered under Japan’s Financial Instruments
and Exchange Act (“Unregistered Ratings”). For details on Unregistered Ratings, please contact the Research Production Operation Dept. of
Nomura Securities Co., Ltd.
Investors in the financial products offered by Nomura Securities may incur fees and commissions specific to those products (for example,
transactions involving Japanese equities are subject to a sales commission (all figures on a tax-inclusive basis) of up to % of the transaction
amount or a commission of ¥2,860 for transactions of ¥200,000 or less, while transactions involving investment trusts are subject to various
fees, such as commissions at the time of purchase and asset management fees, such as commissions at the time of purchase and asset
management fees (trust fees), specific to each investment trust).
In addition, all products carry the risk of losses owing to price fluctuations or other factors. Fees and risks vary by product. Please thoroughly
read the written materials provided, such as documents delivered before making a contract, listed securities documents, or prospectuses.
Transactions involving Japanese equities (including Japanese REITs, Japanese ETFs, and Japanese ETNs, Japanese Infrastructure Funds)
are subject to a sales commission of up to % (tax included) of the transaction amount (or a commission of ¥2,860 (tax included) for
transactions of ¥200,000 or less). When Japanese equities are purchased via OTC transactions (including offerings), only the purchase price
shall be paid, with no sales commission charged. However, Nomura Securities may charge a separate fee for OTC transactions, as agreed with
the customer. Japanese equities carry the risk of losses owing to price fluctuations. Japanese REITs carry the risk of losses owing to
fluctuations in price and/or earnings of underlying real estate. Japanese ETFs and ETNs carry the risk of losses owing to fluctuations in the
underlying indexes or other benchmarks. Japanese Infrastructure Funds carry out the risk of losses owing to fluctuations in price and/or
earnings of underlying infrastructures.
Transactions involving foreign equities are subject to a domestic sales commission of up to % (tax included) of the transaction amount
(which equals the local transaction amount plus local fees and taxes in the case of a purchase or the local transaction amount minus local fees
and taxes in the case of a sale) (for transaction amounts of ¥750,000 and below, maximum domestic sales commission is ¥7,810 (tax
included)). Local fees and taxes in foreign financial instruments markets vary by country/territory. When foreign equities are purchased via OTC
transactions (including offerings), only the purchase price shall be paid, with no sales commission charged. However, Nomura Securities may
charge a separate fee for OTC transactions, as agreed with the customer. Foreign equities carry the risk of losses owing to factors such as price
fluctuations and foreign exchange rate fluctuations.
Margin transactions are subject to a sales commission of up to % (tax included) of the transaction amount (or a commission of ¥2,860 (tax
included) for transactions of ¥200,000 or less), as well as management fees and rights handling fees. In addition, long margin transactions are
subject to interest on the purchase amount, while short margin transactions are subject to fees for the lending of the shares borrowed. A margin
equal to at least 30% of the transaction amount (at least 33% for online transactions) and at least ¥300,000 is required. With margin
transactions, an amount up to roughly the margin (roughly 3x for online transactions) may be traded. Margin transactions therefore carry
the risk of losses in excess of the margin owing to share price fluctuations. For details, please thoroughly read the written materials provided,
such as listed securities documents or documents delivered before making a contract.
Nomura | Nomura Quant Insights 11 May 2026
16
Transactions involving convertible bonds are subject to a sales commission of up to % (tax included) of the transaction amount (or a
commission of ¥4,400 (tax included) if this would be less than ¥4,400). When convertible bonds are purchased via OTC transactions (including
offerings), only the purchase price shall be paid, with no sales commission charged. However, Nomura Securities may charge a separate fee for
OTC transactions, as agreed with the customer. Convertible bonds carry the risk of losses owing to factors such as interest rate fluctuations and
price fluctuations in the underlying stock. In addition, convertible bonds denominated in foreign currencies also carry the risk of losses owing to
factors such as foreign exchange rate fluctuations.
When bonds are purchased via public offerings, secondary distributions, or other OTC transactions with Nomura Securities, only the purchase
price shall be paid, with no sales commission charged. Bonds carry the risk of losses, as prices fluctuate in line with changes in market interest
rates. Bond prices may also fall below the invested principal as a result of such factors as changes in the management and financial
circumstances of the issuer, or changes in third-party valuations of the bond in question. In addition, foreign currency-denominated bonds also
carry the risk of losses owing to factors such as foreign exchange rate fluctuations.
When Japanese government bonds (JGBs) for individual investors are purchased via public offerings, only the purchase price shall be paid, with
no sales commission charged. As a rule, JGBs for individual investors may not be sold in the first 12 months after issuance. When JGBs for
individual investors are sold before maturity, an amount calculated via the following formula will be subtracted from the par value of the bond
plus accrued interest: (1) for 10-year variable rate bonds, an amount equal to the two preceding coupon payments (before tax) x will be
used, (2) for 5-year and 3-year fixed rate bonds, an amount equal to the two preceding coupon payments (before tax) x will be used.
When inflation-indexed JGBs are purchased via public offerings, secondary distributions (uridashi deals), or other OTC transactions with
Nomura Securities, only the purchase price shall be paid, with no sales commission charged. Inflation-indexed JGBs carry the risk of losses, as
prices fluctuate in line with changes in market interest rates and fluctuations in the nationwide consumer price index. The notional principal of
inflation-indexed JGBs changes in line with the rate of change in nationwide CPI inflation from the time of its issuance. The amount of the
coupon payment is calculated by multiplying the coupon rate by the notional principal at the time of payment. The maturity value is the amount
of the notional principal when the issue becomes due. For JI17 and subsequent issues, the maturity value shall not undercut the face amount.
Purchases of investment trusts (and sales of some investment trusts) are subject to a purchase or sales fee of up to % (tax included) of the
transaction amount. Also, a direct cost that may be incurred when selling investment trusts is a fee of up to % of the unit price at the time of
redemption. Indirect costs that may be incurred during the course of holding investment trusts include, for domestic investment trusts, an asset
management fee (trust fee) of up to % (tax included/annualized basis) of the net assets in trust, as well as fees based on investment
performance. Other indirect costs may also be incurred. For foreign investment trusts, indirect fees may be incurred during the course of holding
such as investment company compensation.
Investment trusts invest mainly in securities such as Japanese and foreign equities and bonds, whose prices fluctuate. Investment trust unit
prices fluctuate owing to price fluctuations in the underlying assets and to foreign exchange rate fluctuations. As such, investment trusts carry
the risk of losses. Fees and risks vary by investment trust. Maximum applicable fees are subject to change; please thoroughly read the written
materials provided, such as prospectuses or documents delivered before making a contract.
In interest rate swap transactions and USD/JPY basis swap transactions (“interest rate swap transactions, etc.”), only the agreed transaction
payments shall be made on the settlement dates. Some interest rate swap transactions, etc. may require pledging of margin collateral. In some
of these cases, transaction payments may exceed the amount of collateral. There shall be no advance notification of required collateral value or
collateral ratios as they vary depending on the transaction. Interest rate swap transactions, etc. carry the risk of losses owing to fluctuations in
market prices in the interest rate, currency and other markets, as well as reference indices. Losses incurred as such may exceed the value of
margin collateral, in which case margin calls may be triggered. In the event that both parties agree to enter a replacement (or termination)
transaction, the interest rates received (paid) under the new arrangement may differ from those in the original arrangement, even if terms other
than the interest rates are identical to those in the original transaction. Risks vary by transaction. Please thoroughly read the written materials
provided, such as documents delivered before making a contract and disclosure statements.
In OTC transactions of credit default swaps (CDS), no sales commission will be charged. When entering into CDS transactions, the protection
buyer will be required to pledge or entrust an agreed amount of margin collateral. In some of these cases, the transaction payments may exceed
the amount of margin collateral. There shall be no advance notification of required collateral value or collateral ratios as they vary depending on
the financial position of the protection buyer. CDS transactions carry the risk of losses owing to changes in the credit position of some or all of
the referenced entities, and/or fluctuations of the interest rate market. The amount the protection buyer receives in the event that the CDS is
triggered by a credit event may undercut the total amount of premiums that he/she has paid in the course of the transaction. Similarly, the
amount the protection seller pays in the event of a credit event may exceed the total amount of premiums that he/she has received in the
transaction. All other conditions being equal, the amount of premiums that the protection buyer pays and that received by the protection seller
shall differ. In principle, CDS transactions will be limited to financial instruments business operators and qualified institutional investors.
Transfers of equities to another securities company via the Japan Securities Depository Center are subject to a transfer fee of up to ¥11,000
(tax included) per issue transferred depending on volume. No account fee will be charged for marketable securities or monies deposited.
Nomura Securities Co., Ltd.
Financial instruments firm registered with the Kanto Local Finance Bureau (registration No. 142)
Member associations: Japan Securities Dealers Association; Investment Management Association of Japan; The Financial Futures Association
of Japan; Type II Financial Instruments Firms Association; and Japan Security Token Offering Association.
The Nomura Group manages conflicts with respect to the production of research through its compliance policies and procedures (including, but
not limited to, Conflicts of Interest, Chinese Wall and Confidentiality policies) as well as through the maintenance of Chinese Walls and
employee training.
Additional information regarding the methodologies or models used in the production of any investment recommendations contained
within this document is available upon request by contacting the Research Analysts of Nomura listed on the front page. Disclosures
Nomura | Nomura Quant Insights 11 May 2026
17
information is available upon request and disclosure information is available at the Nomura Disclosure web page:
Copyright © 2026 Nomura Singapore Ltd., Singapore. All rights reserved.
Nomura | Nomura Quant Insights 11 May 2026
18
插入页面
插入页面
加入页码
