Thematic (Sector/Industry)

• Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.
• The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.
• There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.

• Strong US stock gains since Friday should drive bargain hunting in oversold AI-related Japanese names following their recent slide.
• Prospects for a near-term US rate cut may limit yen weakness, supported by Japanese officials’ strong verbal intervention on Friday.
• The US market closure on Thursday will reduce overall trading volume, potentially leading to increased volatility for individual stocks in Japan.

• Rising beef prices in the US are a topic of concern, with President Trump urging lower prices
• Bill Bullard, CEO of R-CALF USA, discusses the relationship between beef prices and cattle prices and the need for competitive market forces in the cattle industry

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• Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.
• UBS values Sembcorp Industries at $7.65 due to a value unlock.
• Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia’s 2HFY2025 earnings fall 5% y-o-y to $52.2 million.

• New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November
• There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22
• Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand

• Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.
• These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.
• Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef

• The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India’s labour sector.
• The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India’s formalization and productivity deficit.
• Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India’s formal sector.

• Govt to increase sugar MSP by 23% to Rs.38 per kg
• Shrimp exports rise by 18% to USD 2.4 bln during Apr-Aug 2025
• Textiles industry’s sales grow by 4.9% in September 2025 quarter

• We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation
• Residential and office market are seeing solid recovery, on the back of steep rate decline.  Accelerated M&As and buyback programs will further unlock value to shareholders
• Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively

• U.S. stocks, including rate-sensitive names like Home Depot and D.R. Horton, rose Friday, driven by a Fed official’s comments signalling a potential rate cut.
• Japan’s Parliament approved a JPY 21.3 trillion stimulus package, the largest since the pandemic, but the resulting JPY 17.7 trillion supplementary budget raises fiscal sustainability concerns.
• Japanese markets closed for Labour Thanksgiving Day. US closed for Thanksgiving on Thursday

• Japanese equities fell as AI and semiconductor stocks swung sharply, with brief Nvidia-driven optimism fading into week-ending profit-taking that dragged major indices lower.
• Top performer, Asahi Intecc, jumped about 21% on strong 1Q results, margin gains from productivity efforts, and solid US momentum.
• Dalton is steadily increasing its Anicom stake amid solid fundamentals, while NAVF builds Eiken holdings and advances governance reforms.

• 3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
• Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
• Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.

• Vegetable oils & products industry’s sales grow by 22.6% in September 2025 quarter
• Pesticides industry ‘s sales stagnate in September 20 25 quarter
• PSU OMCs to source 2.2 mmtpa US LPG priced off Mont Belvieu

• China Sunsine’s dividend policy prompts re-rating; UOBKH raises TP to 95 cents.                     
• Challenges of a CLI-Mapletree meeting                            
• DBS is RHB’s preferred choice among Singapore banks.

• Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.
• Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.
• Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.

• Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
• – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
• The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. 

• India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
• Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
• India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.

• US stocks plunged 1.5-2.1% Thursday, erasing optimism despite Nvidia beat and strong jobs data.
• Crypto, semiconductors, and AI momentum stalled hard; risk-off dominates markets.
• Yen back to flat YTD vs USD; rising bond yields overshadow weak-yen benefit, pushing defensive rotation.

• Sandisk -20% on news that Samsung, and SK Hynix are look to expand NAND capacity.
• Meltdown in the face of solid numbers from NVDA points to extreme upside exhaustion.
• JP-China spat escalating with the US now weighing in means risk-off bid for rails may fade.

• We think Singapore REITs are positioned for a re-rating on the back of multiple catalysts: interest rate decline, accelerated M&A and recovery in physical real estate market
• 3M SORA has declined sharply from 3.034% in January to 1.32% in November.  The steep decline in rates will boost earnings and result in more favorable REIT valuations
• The physical market in Singapore is also recovering, especially in the office and residential market.  We think CICT, FCT, and UOL are well positioned to benefit from this cycle

• DBS is RHB’s preferred choice among Singapore banks.                        
• HSBC identifies CDL as a ‘turnaround’ story by 2026.
• CDL’s 3QFY2025 update boosts target price by 73%, RHB upgrades rating.

• Princeton Digital Group is building a $1 billion data center campus in Jakarta, Indonesia.
• Centaline has expanded its student housing initiative in Hong Kong by acquiring Sai Ying Pun Tower.
• A Hong Kong firm has secured a residential site in the New Territories for a total of $320 million.

• Horizon Robotics is at the forefront of China’s advancements in autonomous driving technology, indicating a significant shift in the automotive industry.
• Foxtron’s acquisition plans for Luxgen have raised concerns among investors, highlighting potential instability in the electric vehicle market.
• The ASEAN region is experiencing a surge in global semiconductor IDM investments, reflecting a growing focus on technology development and manufacturing capabilities.

• After a decade of volatile, high-cost build-out, India’s Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.
• Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.
• The sector’s transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.

• Artisan Partners’ Global Value Team, a USD 35bn asset manager holding 1.4 million Axalta shares, has come out against the proposed all-stock “merger of equals” between AkzoNobel and Axalta.
• The firm argues the deal is poorly timed given Axalta’s strong momentum: 12 consecutive quarters of EBITDA and margin growth, stable net leverage at 2.5×, and significant share repurchases planned, with over 90% of free cash flow targeted for buybacks this year.
• In contrast, Artisan highlights Akzo Nobel’s long-term deterioration, citing revenue declines from EUR 14.9bn in 2015 to EUR 7.8 billion YTD 2025 and EPS erosion from EUR 4.02 to EUR 3.07

• Markets rebounded ahead of Nvidia earnings. Did not disappoint – delivering strong results, after hours
• AI demand remains extremely robust, but high valuations and esoteric funding deals fuel growing caution
• Japan rotating back into tech/AI names, NKY futures 1%+, despite China tensions, weak yen and rising yields

• Japanese SPE laggards set to rebound with the NKY semi index -13% MTD.
• Jensen Huang sees physical AI as the next big leg of growth.
• Japan set to help fund 10 new nuclear plants in the US as the Govt scrambles for elec capacity.

• Investor positioning and sentiment in the energy sector mean potential upside surprises
• The US Natural Gas price breakout will impact European and Asian pricing
• Our basket of Asian companies provides a mix of cheap growth and income

• Mori Trust has purchased the lower section of a Manhattan skyscraper for $541 million, indicating strong investment activity in prime real estate.
• Emperor International sold a Wan Chai office block to OCBC at a significant 27% discount compared to its 2013 price, reflecting market adjustments.
• China’s H World Hotels reported a 15% profit increase in Q3, showcasing successful expansion efforts amid a broader decline in home sales.

• Domestic Hot-Rolled Coil (HRC) steel prices slumped to five-year lows in October 2025 due to rampant dumping, even as government capex accelerates and post-monsoon demand revives.
• The immediate policy response imposing Anti-Dumping Duty (ADD) is critical, providing a necessary margin shield for domestic producers to execute their aggressive Rs. 1 lakh crore+ capacity expansion plans.
• India positioned as the only major structural demand story globally, the current price weakness offers a tactical entry point into companies focused on high-quality domestic execution and raw material integration.

• CGS lowers Mermaid Maritime’s target price but maintains ‘add’ rating.
• UOB Kay Hian’s Loh raises Yangzijiang Shipbuilding target price to $4.10.
• Analysts raise Marco Polo Marine’s target prices to 12 cents after contract win.

• Rural spending reached its strongest level in over four years, while urban consumption slowed, even though GST 2.0 – related price changes began late September.
• The trend has flipped- rural demand is now leading growth, shifting earnings confidence toward agri-backed and essential categories instead of urban discretionary segments.
• Performance in the coming quarters will depend on rabi output, rural inflation, and GST transmission. Rural strength appears steady, while urban recovery is still uneven and sensitive across sectors.

• Listed Indian real estate developers reported a blockbuster H1FY26, with aggregate pre-sales soaring 47% YoY to INR 73,100 crore, led by giants like DLF and Prestige Estates.
• This isn’t a simple cyclical rally. It’s a structural consolidation, as deleveraged balance sheets (five of 11 top players are net cash) allow organized players to seize market share.
• The battleground has shifted from sales to execution. While pre-sales are strong, flat OCF highlights a critical lag, making 2H launch delivery and cash conversion the key metrics to watch.

• U.S. stocks fell but recovered from lows, offering limited support for Japan and suggesting directionless trade ahead of Nvidia’s results.
• A major Anthropic–Microsoft–Nvidia deal failed to lift tech sentiment, reviving concerns about circular funding loops and stretched valuations; could boost Japan’s AI beneficiaries today.
• Home Depot dropped after cutting its outlook amid consumer uncertainty and weak housing demand, signalling pressure for U.S.-exposed consumer names like Makita and autos.

• Much has been written these days on the bloating AI capex spends across the tech majors.
• A JP Morgan report said we need to create a stratospheric revenue number of $650B to justify a 10% IRR, given current AI capex levels.
• Yet everyone agrees AI is a fundamental shift that is redefining business models across industries.

• OCBC raises UOL’s target price by 16% as Sora declines.   
• Analysts lower target prices for Frencken after 3QFY2025 update.
• Food Empire’s shares may exceed $3 after record revenue; TP raised to $3.18.

• Tension between China and Japan look set to rise further with talks failing to ease frictions.
• Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.
• Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.

• Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.
• India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.
• The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.

• Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO’s assertion that a potential federal bailout was on her agenda.
• One of Mr. Altman’s revenue generating ideas is to lease AI compute directly to others. Of course, that’s compute capacity he can’t afford to purchase in the first place. 
• Mr. Altman wants OpenAI to be all things to all people all at once. That’s a strategy that rarely ends well. Let’s see..

• US stocks fell for a third session amid tech weakness and fading Fed-cut expectations, with Nvidia down and Bitcoin slipping below $95k as rate-cut odds dropped.
• Fed funds futures now price only ~45% chance of December cut (down from >90% a month ago); Governor Waller backs 25bp easing to counter labor-market weakening.
• Panasonic will sell 80% of its housing equipment unit to YKK as part of a major restructuring to shed underperforming assets and cut 10,000 jobs, retaining a 20% stake.

• Food Empire shares may surpass $3 as CGS raises TP to $3.18 after record revenue.
• Maybank cuts Sanli Environmental target price after 1HFY2026 results.
• Frencken’s 3QFY2025 earnings rise 7.5% to $9.9M; forecasts weaker 2HFY2025 revenue.

• MS downgrades PC makers on risk high memory prices eat into margins.
• China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
• Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.

• Allied Blenders & Distillers is transitioning from a mass-market to a premium-led portfolio, with strong brands like Officer’s Choice, ICONiQ White, and Sterling Reserve driving growth.
• This transformation aligns ABD with India’s growing premium alcohol market, driven by shifting consumer preferences, premiumisation trends, and increased disposable income, positioning the company for future growth.
• ABD’s strategic focus on premiumisation, combined with robust capex plans, positions it to capitalize on evolving market dynamics, though regulatory risks and competition remain key challenges.

• This is your Monday morning dose of inspiration. 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.

• The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.
• Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.
• Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.

• There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength
• CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital
• Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating

• Stocks bounced off intraday lows; Tech stocks recovered with Nvidia +1.8%, Oracle +2.4%, Palantir +1% by the close
• Investors still questioning elevated AI valuations, rising debt financing, and capex plans. Rate cut expectations receding. 
• JP Earnings season drawing to close. NVIDIA results due on Wednesday likely to be focus of the week. 

• Leads Biolabs initiated Phase 2 clinical study evaluating LBL-024 for the first-line treatment of HCC. Henlius Biotech got FDA approval for Poherdy, as the first interchangeable biosimilar to Roche’s Perjeta.
• Otsuka announced positive Phase 3 interim analysis of sibeprenlimab for immunoglobulin A nephropathy. ABL Bio signed technology transfer and joint R&D agreement with Eli Lilly for upfront payment of $40M.
• Boryung Pharmaceutical began construction to double its oral penicillin production capacity. Eubiologics published positive result from Phase 3 clinical trial evaluating EuTYPH-C, a typhoid conjugate vaccine.