Nomura Asia Morning News & Views: Selected Global Market Research Roundup
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This digest spotlights India and Korea. Nomura initiates Lenskart Solutions (LENSKART IN) at Buy with an INR888 target price, implying 40% upside: it forecasts a 49% FY26-29F EPS CAGR, applies 34x FY28F EV/EBITDA, and highlights roughly 5% of India's fragmented prescription-eyewear market—double the runner-up—costs 35-40% below the industry average, and about 2,700 stores in FY26 against potential for 10,000 over the next decade and a half. Clean Max Enviro Energy (CLEANMAX IN) is likewise initiated at Buy (INR1,510 target) on forecast FY26-29F revenue/EBITDA CAGRs of 39%/50%, underpinned by structural tariff arbitrage as Indian industrial-commercial power tariffs run 60-120% above subsidized groups. In Korea, LS Electric (010120 KS, Buy) has its target price reset to KRW270,000 from KRW640,000 (KRW128,000 split-adjusted), implying 25.9% upside on AI-datacenter backup-generator demand—57.4x target P/E on FY27F EPS of KRW4,707 and 2026F EPS growth of 93.6%. Samsung Biologics (Buy, KRW2mn target) plans a 4.9% share issuance raising about KRW3tn for a PPGN acquisition, with subscription opening November 9. Nomura also maintains Buy on Star Health and Niva Bupa Health, and raised Shenzhen Sunway's target to NT$590.