Thematic (Sector/Industry)

U.S. stocks fell Friday as technology led declines on AI concerns, Treasury yields steepened ahead of key data, and gold extended gains to around $4,300 an ounce.
Week Ahead: Bank of Japan’s December 19 meeting, with a widely expected 25bp rate hike supported by persistent inflation and improving domestic data
As investors rotate from AI, undervalued Kubota has lagged peers but shows improving cash flow, with a likely FY2025 beat and focus on returns in February’s mid-term plan.

Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain

By Rahul Jain

Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
• Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.

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Dec 14

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (December 14) – China NRDL and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

By Tina Banerjee

China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.

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Dec 13

Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation
Thematic Report On India’s Valuation Reset: How Markets Are Repricing Growth Heading Into 2026
AUCTUS ON FRIDAY – 12/12/2025
Singapore Market Roundup (12-Dec-2025): CGSI keeps ‘add’ but cuts TP; JPMorgan downgrades SCI to
Singapore’s Experience: Export Economy

Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation

CLOSES: TPX +1.8%, NKY +0.7%, JPY 155.85 (+0.50), JGB 1.95% (unch). Topix hits new all-time high
SECTORS: Securities +6.3%, Autos +6.2%, Wholesale +5.3% | Precision -0.2%, Telco -1.6%, Other Prod. -2.3%
WEEK AHEAD: Tankan (Mon), Flash PMI (Tue), Balance of Trade (Wed), CPI (Fri), BoJ Interest Rate Decision (Fri)

Thematic Report On India’s Valuation Reset: How Markets Are Repricing Growth Heading Into 2026

By Sudarshan Bhandari

Nifty-500 valuations have eased by about 13% between Sep’24 and Nov’25, with midcaps seeing the largest correction. Earnings growth has improved.
Market shift from liquidity to earnings-driven rally, with large caps near long-term averages and mid/small caps holding premiums.
FY26 may see a shift in sector leadership, with Private Banks and Technology gaining attention, while mid/small caps may face more selectivity.

AUCTUS ON FRIDAY – 12/12/2025

By Auctus Advisors

Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.
Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.
In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.

Singapore Market Roundup (12-Dec-2025): CGSI keeps ‘add’ but cuts TP; JPMorgan downgrades SCI to

CGSI maintains ‘add’ but lowers TP; JPMorgan downgrades SCI to ‘neutral’ post-Alinta deal.
RHB keeps ‘buy’ rating and targets 85 cents for HRnetGroup.
Analysts are optimistic as SGX begins its new growth phase.

Singapore’s Experience: Export Economy

By ICAM

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.
Their spending shows up as travel, healthcare, education and other services exports.
Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.

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Dec 12

Daily Brief Thematic (Sector/Industry): Ohayo Japan | US Equities Hit Records as Tech Retreats and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | US Equities Hit Records as Tech Retreats
Exencial Industry Tidings 11/12/2025
Singapore Market Roundup (11-Dec-2025): UOB Kay Hian maintains ‘buy’ on Valuetronics amid trade
Tech Supply Chain Tracker (12-Dec-2025): Meta postpones Llama successor, opts for
Thematic Report on India’s Defence Sector: The ‘Atmanirbhar’ Capex Cycle Hits Acceleration

Ohayo Japan | US Equities Hit Records as Tech Retreats

S&P 500 hit record highs while tech lagged, with the Nasdaq down 0.25% as investors rotated out of the sector following the Fed’s rate cut and Oracle’s 11% drop.
Broadcom Q4 revenue hit record $18.0bn (+28% YoY) on AI semis +74% YoY; guides Q1’26 revenue $19.1bn with AI semis doubling to $8.2bn and adj. EBITDA 67%.
Nintendo faces Switch 2 margin pressure from surging DRAM costs exceeding 20% of BOM by 2026, risking hardware gpm below 10% and earnings cuts.

Exencial Industry Tidings 11/12/2025

Aviation turbine fuel (ATF) consumption rises 5.4% in November 2025
IOCL, BPCL, HPCL, Nayara buying non – sanctioned Russian grades
Tractor sales see sharp decline i n November 20 25

Singapore Market Roundup (11-Dec-2025): UOB Kay Hian maintains ‘buy’ on Valuetronics amid trade

UOB Kay Hian keeps ‘buy’ rating on Valuetronics, sees potential from less trade tension.
Analysts are optimistic about Delfi due to lower cocoa prices boosting margins.
Analysts expect significant growth potential for LHN.

Tech Supply Chain Tracker (12-Dec-2025): Meta postpones Llama successor, opts for

By Tech Supply Chain Tracker

Meta has delayed the launch of Llama’s successor and is now focusing on a closed-source AI model.
Nvidia reported no significant findings in the investigation concerning the alleged smuggling of DeepSeek GPUs.
India is upgrading its public sector chip fabrication to evaluate the potential for government-led semiconductor production.

Thematic Report on India’s Defence Sector: The ‘Atmanirbhar’ Capex Cycle Hits Acceleration

By Nimish Maheshwari

Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.
This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.
The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.

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Dec 11

Daily Brief Thematic (Sector/Industry): Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index
Ohayo Japan | One More Cut
Singapore Market Roundup (10-Dec-2025): Analysts expect strong growth potential for LHN.
Monday Delight: 08/12/25
2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2
Exencial Industry Tidings 10/12/2025
Asia Real Estate Tracker (10-Dec-2025): JD Acquires Half Stake in CCB Tower
Actinver Research – Real Estate Update

Singapore Industrials Beyond the STI: A Differentiated Opportunity in the Next 50 Index

By Garvit Bhandari

Next 50 Indices offers broader and faster-growing sector exposure to Industrials than the STI, with twice the number of industrial constituents and stronger revenue momentum
Industrials within the Next50 Indices were observed to have healthier balance sheets with more attractive valuations and higher dividend yields versus large-cap STI peers
For investors seeking greater industrial growth optionality in Singapore, the Next 50 presents a differentiated and compelling opportunity set.

Ohayo Japan | One More Cut

US stocks rose modestly after the Fed’s third 25bp rate cut to 3.5-3.75%, signals one more in 2026 amid FOMC divisions and a likely January pause.
GE Vernova (+15%) raised 2028 revenue outlook to $52B (from $45B), backlog to $200B, cumulative FCF to $22B, doubled dividend, and increased buyback to $10B. +ve MHI
Accrete (4395 JP, +17%) pivots from legacy SMS via JV with Forward Edge-AI (in US MDA SHIELD program) for quantum-resistant cybersecurity, targeting Japan sectors with venture-style upside.

Singapore Market Roundup (10-Dec-2025): Analysts expect strong growth potential for LHN.

Analysts anticipate significant growth potential for LHN.
RHB raises Centurion’s TP to $1.86, including Perth PBSA development.
CAREIT offers appealing diversification and decent yields, says RHB report.

Monday Delight: 08/12/25

By Contrarian Cashflows

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

2026 High Conviction Idea: Our Basket of Commodity Equities Will Outperform Broad Equity Indices # 2

By Rikki Malik

This insight recommends a basket of Asian-listed base metal producers.
Base metals, especially Copper, have a high probability of moving much higher as the AI race continues
We prefer to invest in the materials needed for the building out of AI infrastructure

Exencial Industry Tidings 10/12/2025

Fertiliser imports to rise by 41 % in FY 26
Electronic components import rises more than 13 % in 2024-25
Primary aluminium production up 2 % in October 20 25

Asia Real Estate Tracker (10-Dec-2025): JD Acquires Half Stake in CCB Tower

By Asia Real Estate Tracker

JD has made a significant investment by acquiring a 50% stake in CCB Tower for $449 million.
The acquisition by JD highlights the growing trend of mainland investors buying properties in Hong Kong.
Mandarin Oriental shareholders have approved a $4.2 billion buyout by Jardines, indicating strong market activity.

Actinver Research – Real Estate Update

By Actinver

Industrial real estate companies once again delivered solid operational results in 3Q25, a trend we expect to continue—consistent with the outlook presented in our prior 3Q25 review (link to report).
Despite ongoing uncertainty surrounding trade relations and potential tariff scenarios, nationwide vacancy remains low at 5%, according to CBRE, and several markets are beginning to show early signs of stabilization as new construction gradually normalizes.
Within this context, Mexico City continues to stand out as the most resilient market.

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Dec 10

Daily Brief Thematic (Sector/Industry): Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage
Real Estate: Location, Location, Location— Even More Relevant in Retail
Singapore Market Roundup (09-Dec-2025): RHB raises Centurion’s target price to $1.86 with Perth
Asia Real Estate Tracker (09-Dec-2025): Brookfield and GIC Buy Australia’s National Storage
Thematic Report: Capex Revival Signals Strengthening Cycle- Public Momentum, Private Turning Point

Ohayo Japan | US Markets Steady as Fed Decision Takes Center Stage

US equities were mixed as JPMorgan’s decline weighed on the Dow, small caps hit new highs on expected Fed easing, ahead of Wednesday’s rate decision.
Markets focused on Wednesday’s Federal Reserve decision, with futures pricing an 87% probability of another quarter-point cut
Okuma faces near-term pressure from a sizable share sale, but buybacks, low valuations and its AI-enabled Smart Factory platform support the longer-term outlook.

Real Estate: Location, Location, Location— Even More Relevant in Retail

By Actinver

Solid fundamentals in DANHOS (Outperform, P$35 PT). Of all the companies in our Real Estate (Industrial, Commercial & Offices), DANHOS has the highest exposure to Mexico City, with 91% of its GLA concentrated in this region.
The capital’s dense population, high labor participation, and predominantly working-age demographic support robust consumption and sustained demand for office, industrial and retail space.
After a period of limited growth, DANHOS reactivated resumed growth at the end of 2023 and now has an attractive pipeline, particularly in industrial real estate, positioned to capture strong demand for logistics space in the Metropolitan Area of Mexico City.

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion’s target price to $1.86 with Perth

RHB raises Centurion’s target price to $1.86, adding Perth PBSA project.
RHB calls CAREIT an appealing diversification with decent yields in an unrated report.
Analysts predict significant growth potential for LHN.

Asia Real Estate Tracker (09-Dec-2025): Brookfield and GIC Buy Australia’s National Storage

By Asia Real Estate Tracker

Brookfield and GIC have finalized a significant $2.6 billion acquisition of National Storage in Australia.
NextDC has formed a partnership with OpenAI to develop a new data center campus in Sydney, enhancing tech infrastructure.
Vanke is seeking a second extension for its $524 million onshore bond note, indicating ongoing financial strategies.

Thematic Report: Capex Revival Signals Strengthening Cycle- Public Momentum, Private Turning Point

By Sudarshan Bhandari

India’s capex cycle shows broad-based revival signs in FY26, with strong central, state, and CPSE spending and improving corporate and private project pipelines.
Public sector momentum is now converging with rising private announcements, accelerating order books, and an impending power and renewables capex boom.
India’s capex cycle is entering a structurally stronger phase, though uneven demand recovery and global uncertainties remain key constraints.

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Dec 09

Daily Brief Thematic (Sector/Industry): Ohayo Japan | US Stocks Slip Ahead of Fed and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | US Stocks Slip Ahead of Fed
There Is Now a Real Drag on Japanese Consumer Markets: Labour
Singapore Market Roundup (08-Dec-2025): DBS: Singapore hotels nearing market equilibrium.
US Banks – Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good
Exencial Industry Tidings 08/12/2025

Ohayo Japan | US Stocks Slip Ahead of Fed

US stocks eased ahead of the Fed meeting as rate-cut expectations rose, while Warner Bros. Discovery surged on a hostile bid, Netflix fell.
Nvidia rose after Trump said the U.S. will allow H200 AI chip exports to China with per-chip fees, despite concerns over aiding China’s military
Nintendo shares have pulled back despite strong early Switch 2 traction and raised guidance, with holiday data and upcoming catalysts suggesting potential for further forecast upgrades.

There Is Now a Real Drag on Japanese Consumer Markets: Labour

By Michael Causton

The labour shortage is fast becoming a serious economic burden and not just a statistical conundrum.
There are now growing numbers of consumer-facing SMEs going out of business because of staff shortages while bigger firms are cutting back services and stores.
PM Takaichi is signalling a reduction in immigration, so the country needs other solutions if it is to avoid significant contraction in consumer markets.

Singapore Market Roundup (08-Dec-2025): DBS: Singapore hotels nearing market equilibrium.

DBS: Singapore hotels are moving towards market equilibrium.
SAC Capital rates Lincotrade & Associates as ‘buy’ with a target of 30.1 cents.
Lim & Tan Securities raises Lum Chang Creations’ TP to 70 cents, adds to top picks.

US Banks – Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

By Daniel Tabbush

US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market
Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks
CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital

Exencial Industry Tidings 08/12/2025

Indian fertiliser companies form JV with Uralchem Group to set up urea plant in Russia
Passenger vehicle retail sales jump 20% in November 2025 amid lower inventory
India reaches 50 % installed power capacity from non-fossil sources

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Dec 08

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Rising Tensions and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Rising Tensions

Ohayo Japan | Rising Tensions

US stocks rose Friday, extending S&P 500’s fourth straight gain and ninth win in ten sessions, on data supporting a Fed rate cut this week.
Japan accused Chinese jets of targeting its aircraft with fire-control radar near Okinawa; Beijing denied it, tensions rose
Horiba (6856 JP): Oasis discloses 9.9% stake as stock +30% in 3M on AI/semi exposure. Target could be Y100b cash pile.

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Dec 07

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (December 7) – Simcere and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon
Japan Strategy Weekly | Pros and Cons
Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

APAC Healthcare Weekly (December 7) – Simcere, Kelun Bio, Samsung Biologics, Daiichi Sankyo, Biocon

By Tina Banerjee

Simcere entered into license agreement with Vigonvita for new indications of Deuterated Remdesivir Hydrobromide. Kelun Biotech inked partnership with Crescent Biopharma to develop and commercialize oncology therapeutics, including novel combinations.
Samsung Biologics is acquiring land for third campus in Songdo, Icheon for KRW249B. SK Biopharmaceutical signed supply agreement with Eckert & Ziegler for actinium-225 for the development of next-generation radiopharmaceutical.
Daiichi Sankyo won a court appeal for its long-running legal battle with Seagen. Biocon made settlement agreement with Amgen clearing commercialization path for its Denosumab biosimilars in Europe and RoW.

Japan Strategy Weekly | Pros and Cons

Japanese markets were resilient despite bond yields hitting a 20-year high of 1.95%, as the market now anticipates an 80% chance of a BOJ rate hike this month.
Fanuc and Yaskawa surged as investors backed robotics, driven by reshoring trends and Fanuc’s new partnership with Nvidia for industrial infrastructure.
SoftBank benefited from its role in physical AI and reports of Masayoshi Son’s US high-tech factory plan

Tech Talk: Tokenization Tsunami : The $3 Quadrillion Tokenization Opportunity

By Water Tower Research

Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, and Lido.
According to estimates from the Depository Trust and Clearing Corporation (DTCC), Boston Consulting Group (BCG), and Citi, transactions of tokenized assets could exceed $3 quadrillion annually by 2030.
While interbank settlement and payments account for the majority of this figure, $16 trillion of tokenized assets and $4 trillion of stablecoins (tokenized money) represent significant volume as well.
Institutions are tokenizing and transacting assets on blockchains at an accelerating rate, driven by the structural advantages of the onchain format, including global liquidity, instant settlement, and enhanced programmability, all operating on unified global rails.

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Dec 06

Daily Brief Thematic (Sector/Industry): RW-11-25: Should I Invest in Private Equity? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

RW-11-25: Should I Invest in Private Equity?
Singapore Market Roundup (05-Dec-2025): Analysts boost confidence in DFI’s retail outlook
Exencial Industry Tidings 05/12/2025
AUCTUS ON FRIDAY – 05/12/2025
What’s New(s) in Amsterdam

RW-11-25: Should I Invest in Private Equity?

By Contrarian Cashflows

A lot of ink has been spilled on the pros and cons of investing in “private” assets.
With the recent introduction of private equity investments for retail investors in my home country of Germany, I’ve been repeatedly approached by friends and family about my opinion on these products.
In Germany, two neo-brokers, LIQID and Trade Republic, recently introduced private equity (PE) investments for retail investors starting from as little as €1 per trade (in the case of Trade Republic), while marketing returns between 12% and 14% annually with low volatility.

Singapore Market Roundup (05-Dec-2025): Analysts boost confidence in DFI’s retail outlook

Analysts gain confidence in DFI’s retail outlook after first investor day.
DBS downgrades Sheng Siong to ‘hold’ after share price gains from SG60 vouchers.
Tickrs Financial rates Nanofilm as ‘buy’ with a target price of 75 cents.

Exencial Industry Tidings 05/12/2025