In today’s briefing:
- Ohayo Japan | Fed Lifts Rates and Signals Further 2026 Hikes
- Fabless, Until Capacity Has to Be Financed
- Singapore Market Roundup (16-Sep-2026): UOBKH’s Chen downgrades SIA to ‘sell’ amid rising fuel
- Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies
- Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie…
- Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy
- Kernow Asset Management’s August Letter: 3.3x Return For Our Favorite UK Stock
- Energy Roundup : Oil Prices Advance Ever Higher
Ohayo Japan | Fed Lifts Rates and Signals Further 2026 Hikes
- The S&P 500 fell 0.4% as rising Treasury yields and stubborn inflation concerns weighed on investor sentiment
- Chipmakers saw selective gains – highlighted by a nearly 3% jump in SK Hynix on reports of manufacturing deal talks with Intel
- Boeing tumbled up to 3.7% following warnings from its CEO regarding additional 737 Max production delays.
Fabless, Until Capacity Has to Be Financed
- AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.
- Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.
- Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.
Singapore Market Roundup (16-Sep-2026): UOBKH’s Chen downgrades SIA to ‘sell’ amid rising fuel
- UOBKH’s Chen downgrades SIA to ‘sell’ due to rising fuel costs; keeps Air India ‘neutral’.
- Evolve Capital maintains ‘buy’ rating, lowers target to 38 cents for ASL Marine.
- CGS International starts coverage on All-Link Air & Sea with a 92¢ target price.
Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies
- Hongdae Exit Validates Value-Add: Invesco selling Korner 136 for USD 187m proves aggressive capital recycling and tenant repositioning unlock massive premiums, even in high-cost debt environments.
- Sector Polarization Accelerates: Seoul prime office and high-street retail are surging with historic low vacancies, while logistics oversupply creates targeted distress opportunities for highly selective capital.
- Replicate Institutional Alpha via REITs: Listed proxies like IGIS Value Plus and KORAMCO Life Infra offer retail investors exposure to aggressive restructuring, capturing robust dividend yields near 9%.
Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie…
- For WCLC 2026 (World Conference on Lung Cancer), we summarise key updates from China-originated drugs, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius
- Key highlights: 1) Akeso/SMMT’s ivonescimab: updated OS/subgroup analyses from Harmoni-2 bodes well for Harmoni-3 (squamous NSCLC) and Harmoni-7 (PD-L1 TPS≥50%); 2) Hansoh/GSK’s B7H3 ADC: 18.5 months OS in 2L SCLC;
- See inside for key tables, further analysis, cross-trial comparison, upcoming catalysts
Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy
- Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.
- Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.
- Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.
Kernow Asset Management’s August Letter: 3.3x Return For Our Favorite UK Stock
- Kernow Asset Management’s commentary for the month ended August 31, 2026. Another sunrise in Cornwall. Screens glowing, tea cooling. Peaceful. Millions of data points have spent the night behaving themselves.
- Beep. 83. I stare at the screen. I was expecting just eight basis points added to Burberry (OTCMKTS: BURBY) (LON:BRBY)’s Kernow Alpha Score.
- That cannot be right. I run it again. 83. There is no escaping the implication.
Energy Roundup : Oil Prices Advance Ever Higher
- Decline in global exploration puts future energy supplies partially at risk.
- Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.
- Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand.
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