Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>US Index is trading at 22x forward earnings. Average since 2014 is 18.9x. Historical comparisons are misleading because market composition has changed drastically. </li>
<li>Tech grows 2.5x faster than non-Tech, generates margins 2.5x higher, ROE 2x higher. As Tech grows faster with higher profitability, it lifts up the overall market. Valuations reflect that.</li>
<li>Is 22x forward earnings too high? Price to Book compared to Return on Equity does not look expensive. The market is getting more expensive because profitability (ROE) is increasing.</li>
</ul>


US Index is trading at 22x forward earnings. Average since 2014 is 18.9x. Historical comparisons are misleading because market composition has changed drastically. 
Tech grows 2.5x faster than non-Tech, generates margins 2.5x higher, ROE 2x higher. As Tech grows faster with higher profitability, it lifts up the overall market. Valuations reflect that.
Is 22x forward earnings too high? Price to Book compared to Return on Equity does not look expensive. The market is getting more expensive because profitability (ROE) is increasing.


US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities ended lower in a volatile week, pressured by global tech headwinds despite a strong Friday rally: Nikkei: -2.6% | TPX -1.2% | JPY 156 (+¥1.03) | 10Y 2.02%</li>
<li>Japan Steel Works (-15%), Fujikura (-14%), and Yaskawa (-13%) shares fell sharply this week on AI sentiment cooling and valuation worries; long-term themes in nuclear/defence, and AI/robotics remain intact.</li>
<li>Next week, thinned holiday trading expected; Friday's Tokyo CPI, unemployment, and retail sales data to test BoJ's post-rate-hike confidence.</li>
</ul>


Japanese equities ended lower in a volatile week, pressured by global tech headwinds despite a strong Friday rally: Nikkei: -2.6% | TPX -1.2% | JPY 156 (+¥1.03) | 10Y 2.02%
Japan Steel Works (-15%), Fujikura (-14%), and Yaskawa (-13%) shares fell sharply this week on AI sentiment cooling and valuation worries; long-term themes in nuclear/defence, and AI/robotics remain intact.
Next week, thinned holiday trading expected; Friday's Tokyo CPI, unemployment, and retail sales data to test BoJ's post-rate-hike confidence.


Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.</li>
<li>Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.</li>
<li>The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.</li>
</ul>


AI-Driven data centres are breaking a decade of flat U.S. electricity demand, pushing annual growth above historical norms, forcing utilities to expand their capacities.
Meeting this surge requires an all-of-the-above energy mix, where renewables lead new capacity additions, but natural gas remains the critical balancing fuel amid constraints and grid expansion.
The most durable beneficiaries are not power generators but midstream and infrastructure players, including grid builders, equipment manufacturers, and materials suppliers, whose revenues are driven by spending and reliability.


The AI Boom Is Becoming an Energy Infrastructure Story

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.</li><li>Macquarie upgrades Sembcorp to 'outperform' and raises price target.</li><li>PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.</li></ul>

Yoma Strategic's core earnings and cash flow come from its property business, says PhillipCapital.Macquarie upgrades Sembcorp to 'outperform' and raises price target.PhillipCapital downgrades Sats to 'neutral' but raises TP after removing exemption.

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Iron Ore and Dry Bulk Freight, Mint Finance

Umang Agrawal

Iron Ore and Dry Bulk Freight

<ul>
<li>Domestic steel prices hit a five-year low in 2025 as Chinese imports, weak utilisation below 80%, and input pressures compressed margins.</li>
<li>Policy and trade dynamics are turning constructive, as safeguard duties, falling imports, and tighter Chinese export controls begin to rebalance domestic markets.</li>
<li>Demand momentum is set to re-accelerate in 2026, led by infrastructure execution, housing recovery, EV-linked steel intensity, and early green steel adoption.</li>
</ul>


Domestic steel prices hit a five-year low in 2025 as Chinese imports, weak utilisation below 80%, and input pressures compressed margins.
Policy and trade dynamics are turning constructive, as safeguard duties, falling imports, and tighter Chinese export controls begin to rebalance domestic markets.
Demand momentum is set to re-accelerate in 2026, led by infrastructure execution, housing recovery, EV-linked steel intensity, and early green steel adoption.


After the Down-Cycle, the Setup Improves: India’s Steel Industry Heads into 2026 with Tailwinds

Thematic (Sector/Industry)
Thematic (Sector/Industry) Insights

US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

Nicolas Baratte

Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates

Mark Chadwick

The AI Boom Is Becoming an Energy Infrastructure Story

AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...

Mint Finance

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Yoma Strategic's earnings stem from property, while Macquarie upgrades Sembcorp to 'outperform.' PhillipCapital downgrades Sats to 'neutral' but...

Singapore Market Roundup

After the Down-Cycle, the Setup Improves: India’s Steel Industry Heads into 2026 with Tailwinds

Infrastructure and housing recovery, rising EV-linked steel intensity, and projected 8–9% demand growth in 2026 anchor India’s emerging steel upcycle.

Mint Finance

US Valuations: A Bit High. Non-Tech Is More Expensive than Tech. '26-27 Expectations Too High?

​US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

Nicolas Baratte

Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

​Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates

Mark Chadwick

The AI Boom Is Becoming an Energy Infrastructure Story

​AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...

Mint Finance

Singapore Market Roundup (19-Dec-2025): Yoma Strategic's earnings stem from its property business.

Yoma Strategic's earnings stem from property, while Macquarie upgrades Sembcorp to 'outperform.' PhillipCapital downgrades Sats to 'neutral' but...

Singapore Market Roundup

After the Down-Cycle, the Setup Improves: India’s Steel Industry Heads into 2026 with Tailwinds

Infrastructure and housing recovery, rising EV-linked steel intensity, and projected 8–9% demand growth in 2026 anchor India’s emerging steel upcycle.

Mint Finance

US market valuations are high at 22x forward earnings, but tech's rapid growth and profitability justify the increase, making historical...

Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates

AI-driven data centers are driving electricity demand growth in the US, requiring utilities to expand capacity with a mix of renewables and...