The Point for Asia Pacific

This report highlights a resilient earnings outlook for Japanese corporates and provides key tactical upgrades in Asian markets, specifically Link REIT and ONGC. It also reaffirms a hawkish interest rate stance for South Korea.

Key Takeaways

• 1.Japanese corporate earnings show resilience with AI and semiconductor stocks leading growth despite a highly uncertain macro environment.
• 2.Link REIT is upgraded to Buy following stabilization in HK retail spot rents and the anticipation of share buybacks starting late-June 2026.
• 3.Citi maintains a hawkish view on South Korea's interest rates, projecting a 3.5% terminal rate with successive hikes starting July 2026.

Table of Contents

• Top Call
• Country Top Calls
• Key Rating and Target Price Changes
• Appendix A-1

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