Thematic (Sector/Industry)

• CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.
• Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.
• Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.

• Despite $30–40 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return
• While employees are likely using LLMs in a personal capacity, this mostly isn’t feeding into the KPI’s that are being used to monitor the success of GenAI projects
• The harsh reality is that integrating GenAI tools into existing workflows is time consuming, needs careful planning and likely best done with help from the professionals. 

• Lab-grown diamonds are becoming increasingly popular, posing a threat to the natural diamond industry
• Companies like De Beers, a major player in the diamond mining sector, are facing challenges and potential sale due to the rise of lab-grown stones
• China has been a key player in the synthetic diamond industry since the 1960s, initially focusing on industrial applications before expanding into jewelry-grade stones.

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• UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
• OCBC raises Nanofilm’s fair value to 79 cents, but outlook is uncertain.
• Maybank and DBS boost Sea Limited’s target prices due to Shopee and gaming growth.

• Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs
• Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window
• Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds

• Vantage has raised $1.6 billion in funding from ADIA and GIC, enhancing its financial position.
• The company has also finalized the acquisition of Yondr Johor, expanding its operational footprint.
• Bain Capital sold its China data center for $3.9 billion, while UOL Group sold a Singapore mall for $292 million.

• AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations.
• Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe).
• The proportion of gas in the exploration portfolio (excluding Welchau-1) has increased from ~44% % to ~68% with OHO (15 mmboe) now estimated to hold gas rather than oil.

• Copper treatment and refining charges have collapsed from ~$80/ton in 2023 to around –$40/ton by mid-2025, meaning smelters are effectively paying to process concentrate.
• Smelter Cutbacks: Persistent margin losses have triggered curtailments and shutdowns across major smelters in China, Japan, and Southeast Asia, removing an estimated 1.3–1.5 Mtpa of refined capacity.
• With refined supply under strain, low exchange stocks, and surging Asian premiums, the market risks flipping into a structural deficit—setting the stage for further upside in copper prices into 2026.

• The Dow Jones Industrial Average rose 1.4% to close above 46,000 for the first time, gaining over 600 points on job market weakness. 
• Key movers: Circle +17.6%, Synopsys +13%, Lam Research +7.7%. Oracle -6%. Adobe (+2.7% aft. mkt) on revenue / EPS beat. 
• Japan M&A activity accelerated: major deals including Idemitsu’s ¥26bn Fuji Oil acquisition and Hakuhodo DY’s ¥36bn TOB for Digital Holdings

• Switching to contrarian investments in commodities that are currently out of favor such as coal and lithium
• Strategy involves looking for companies with large, low cost sources of supply and positioning for long-term potential
• Portfolio approach taken to invest in a few select names in the commodity sector, with a focus on companies with potential for future growth and value upside

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• China’s steel exports have surged to multi-year highs, flooding global markets and forcing a wave of trade-defense actions across Asia.
• Weak domestic demand, squeezed margins, and policy shifts have pushed Chinese mills to lean heavily on exports — prompting Beijing to cap output and link cuts to carbon goals.
• Clear winners: Integrated Indian producers and Japan/Korea premium mills, which gain pricing power and margin upside as safeguards and curbs tighten supply.

• Breakout move higher for Lam Research should add some more zest to TEL which continues to lag.
• Sandisk 14% as NAND heats up, but has Kioxia gone too far with huge blocks probably not too far off.
• US Eco data cements expectations for a Sep cut sending rates down and home builders up.

• OCBC’s Lim raises Nanofilm’s fair value to 79 cents, citing uncertain outlook.
• Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
• Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.

• Australians are never far away from two of the most discussed secular thematics; housing and aging demographics, two long-term trends which can throw up attractive investment opportunities.
• GemLife Communities Group ((GLF)) which arrived at the ASX via the largest initial public offering of the year to date with an upsized and oversubscribed deal, raised $750m and listed with a market capitalisation near $1.6bn.
• The market cap currently stands at $1.75bn and the newcomer was highlighted as one of the top smaller cap performers during the August reporting season.

• After a challenging last decade, Broadcom is back on track with positive earnings results and a new customer for their custom ASIC business
• CEO Hawk Tan’s confident and clear communication during the earnings call led to a significant stock price increase
• AMD’s stock was down as investors may view Broadcom’s success as a potential threat to their position as a second source alternative to Nvidia in the market

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• SYF quarterly credit metrics is a sign of well improving consumer credit metrics
• Credit costs are moving lower, in all quarters from June 2024 to June 2025
• Total LLR coverage of loans remains high, NCO are shrinking: all is +ve

• Drugs & pharmaceuticals industry’s export growth to slow down in 2025-26
• Eveready Industries (India)’s sales up by 7.1% in June 2025 quarter
• Wires & cables industry’s sales grow by 22.6% in June 2025 quarter

• Broadcom up another 10% on potential demand for ASIC, expect Socionext to catch a bid after yesterdays pause.
• Market turning more sour on Apple’s latest offerings pulling suppliers lower.
• EDA names are reeling from China export restrictions with Synopsis -36% pulling Cadence lower also.

• US equities hit fresh highs as weaker-than-expected PPI (-0.1% vs +0.3% est.) boosted Fed cut bets; Oracle jumped 36% on AI-driven cloud growth.
• Investors await Thursday’s CPI, expected to show 2.9% headline and 3.1% core inflation, a backdrop supportive of further Fed easing.
• Activist pressure and restructuring dominated JP headlines: Elliott took a stake in Kansai Electric, Fuji Media selling non-core equities, and major resin makers announced a domestic consolidation.

For our next Webinar we are glad to welcome Cube’s Co-Founder and Smartkarma Insight Provider, Simon Torring.

In the upcoming webinar, Simon will share key updates about Southeast Asia’s e-commerce industry, including newly released H1 market data for the region’s leading e-commerce platforms, from the firm’s proprietary Tradewinds data offering. 
The session will also touch on key industry developments such as platform competition, promotional intensity, and Shopee’s expansion in Brazil, along with an e-commerce industry forecast.

The webinar will include a live Q&A session.

The Webinar will be hosted on Tuesday, 30 September 2025, 20:00 SGT.

About Cube

Cube (formerly Cube Asia) offers granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth.
Why The Cube?
The Cube offers 3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.
They operate a big-data machine that is continuously listening to public data sources and primary research, triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

• YTD, H-share securities companies outperformed the HSI and HSCEI, but valuations are still undemanding at 12.7x and 11.7x PERs for FY25 and FY26.
• 2H25F earnings for the sector are too conservative at -2.5%, compared with 64.9% YoY growth in 1H25. There is significant earnings upgrade potential after the 3Q25 result announcements.
• China International Capital Corporation (3908 HK), China Galaxy Securities (H) (6881 HK), Everbright Securities (H) (6178 HK), and CSC Financial (6066 HK) appear interesting.

• India’s decade-old aspiration to build a semiconductor ecosystem has transitioned from policy vision to tangible projects, marked by the recent presentation of the first “Made-in-India” chip, the Vikram 32-bit processor.
• The momentum is validated by over INR 1.60 lakh crore in investment commitments across 10 approved projects, including major fabs and advanced packaging facilities.
• This strategic push aims to reduce import dependency in a critical sector, create high-value jobs, and position India as a viable alternative in the global supply chain.

• RHB’s Yeo raises Food Empire target price to $2.72.                            
• UOB Kay Hian maintains ‘buy’ on Prime US REIT due to low valuation.
• RHB’s Natarajan ups Suntec REIT target price to $1.48.

• Paprika exports from India to face US antidumping, countervailing duties
• India targets 40 markets to boost textile exports amid US tariffs
• Drug regulatory authority plans braille cards and QR codes for medicines

• US equities closed at record highs Tuesday, with the S&P 500 up 0.3% and the Nasdaq rising 0.4%
• Apple (-1.5%) unveiled its latest hardware lineup, led by four new iPhone 17 models, with the flagship iPhone 17 Air featuring a titanium body priced from $999
• Israel launched a strike in Doha targeting senior Hamas officials, prompting sharp criticism from the Trump administration

• We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
• Portfolio changes: Four stocks remain, 10 stocks added into portfolio
• Since its inception, it has generated a before-fee total return of 268% versus the MSCI Asia ex Japan of 128%

• We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
• Portfolio changes: Two stocks remain, eight new join the fray
• Since inception, it has gained 171% versus the CSI 300 Index’s return of 91%

• Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.
• Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.
• Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas

• Large US banks show very strong loan acceleration weekly, not only due to small banks and their base effect
• Credit metrics appear exceptional with almost no LLR growth at US banks, which is different to total banks system
• Different to all banks and to smaller banks, US Large banks show still negative YoY growth in CRE loans – but with a lessor narrowing recently. 

• We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
• Portfolio changes: Four stocks remain, 10 stocks added into portfolio
• Since its inception, the portfolio has generated a before-fee total return of 294% versus MSCI ASEAN’s 57%

• UOB Kay Hian’s Koh maintains ‘buy’ on Prime US REIT due to low valuation.
• RHB’s Natarajan increases Suntec REIT target price to $1.48.
• CGSI boosts Yangzijiang Financial target price to $1.25, citing Maritime spin-off.

• Prairie launched in 2023 and selected the DJ Basin for its compelling economics.
• With high-return drilling opportunities and low-cost asset acquisition potential, the DJ Basin stood out as an ideal platform for growth and returns.
• Prairie has rapidly scaled through acquisitions, with the transformative Bayswater acquisition increasing Prairie’s asset base by 9–10x, expanding the team from 14 to 62 employees. 

• SPACs are back and so is SPAC Talk. After several years in the investment wilderness following the frenzy and excesses of the 2020/2021 boom, recent quarters have seen a revival of activity in the SPAC IPO market.
• Increased activity started to emerge in the back half of 2024, with momentum continuing in 2025.
• So far this year, 86 new SPACs have been priced, which puts 2025 well on track to exceed the 86 IPOs in 2022 and become the third most active year in SPAC history, only behind 2021 (613) and 2020 (248). 

• Crisil sees 6-7% revenue growth for India Inc from GST cuts
• Britannia expects 50% of its domestic sales to come from rural markets in next 3-4 yrs
• Mankind secures CDSCO approval for clinical trials of autoimmune molecule

• Technology stocks led the advance, driven by Broadcom’s 3% gain and Nvidia’s nearly 1% rise, which reversed some recent steep losses
• US to release critical inflation data this week, with the producer price index due Wednesday and consumer price index Thursday,
• IHI is withdrawing from its US biomass power generation business; shifts management resources toward more profitable businesses like aircraft engines

• OpenAI CEO Sam Altman caused quite a stir with his recent comments about an AI bubble, people getting burned and someone on track to lose a phenomenal amount of money
• However, his message would appear to be directed at other AI startups, not OpenAI, which he says plans to spend trillions on data centers in the not very distant future
• Meta’s no-cost-spared talent grab & Palantir’s valuation are bubbly red flags but the AI infrastructure build out currently underway is real & rational, assuming the ROI can follow expeditiously

• Gold stocks have seen significant upside movement amid rising long-term rates and inflation concerns in global markets.
• There is growing interest in gold as a real asset amidst uncertainties in inflation expectations and potential rate cuts by central banks.
• Australian gold companies like Ramelius, Northern Star, and Genesis have shown varying degrees of success in line with the changing perception of consensus gold forecasts.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Tony and Michael, portfolio managers at BlackRock, reflect on their recent tech tour in San Francisco and Silicon Valley, highlighting the rapid progress and efficiencies AI is creating.
• AI has evolved from chatbots to super intelligence, with companies now exploring AI applications in various sectors of the market.
• Investment opportunities in AI are primarily focused on infrastructure, but opportunities are expanding across different layers of the technology stack.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• GST cuts across autos, FMCG, durables, and farm inputs are expected to lift India Inc revenue growth by 25–50 bps in FY26.
• The timing coincides with weak rural demand, festival season consumption, and global macro headwinds, giving policy-driven tailwinds to discretionary and farm-linked sectors.
• While sectoral impact will diverge, the cuts tilt the earnings balance modestly upward, with consumption-heavy corporates best positioned to benefit.

• 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!

• AI is transforming data centers and increasing energy consumption
• Next generation AI data centers rely on high performance GPUs and specialized accelerators, requiring advanced power distribution and cooling solutions to maintain reliability and sustainability

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Engineering exports to US face USD 8 bln hit from tariffs
• SOPA urges govt to impose 10% duty on edible oil imports
• Indian pulses trade demand 50% duty be imposed on yellow peas imports

• Vopak | Vopak Terquimsa divests Barcelona terminal Vopak Terquimsa, (a joint venture in which Vopak has a 50% share) has divested its Barcelona terminal to Tradebe Port Services.
• The Barcelona terminal is mainly used for the storage of petroleum products, chemicals and vegetable oils.
• The Barcelona terminal is for Vopak less strategically attractive, Vopak remains a 50% shareholder in Vopak Terquimsa Tarragona, this terminal is located within the industrial cluster of Tarragona, Spain.

• Japanese Prime Minister Shigeru Ishiba announced his resignation less than a year into his term, citing responsibility for the ruling coalition’s upper house defeat
• US stocks retreated Friday after a weak August jobs report reinforced expectations of imminent interest-rate cuts
• Hitachi will invest over 150 billion yen in the US, primarily through its subsidiary Hitachi Energy

• According to latest, market is pricing in an 89% probability of 1 rate cut (25bps) and 11% probability of 2 rate cuts (50bps) in upcoming September FOMC meeting
• We think the easing trade is still happening. Under this macro backdrop, Asia listed developers and REITs will benefit from linked interest rate movements
• In particular, developers with high gearing will benefit the most.  Buy NWD, COLI, SHKP, Link REIT on the back of attractive valuation

• Japan heads for its 4th Prime Minister since 2020 with Ishiba failing to turn many of his election pledges into reality.
• Broadcom OpenAI order sends tech higher, with NVDA and AMD weakness likely short-lived.
• US Jobs print sends yields sharply lower and Homebuilders up.

• Eisai Initiated rolling submission of sBLA to the FDA for Leqembi subcutaneous autoinjector as a weekly starting dose. Hansoh Pharmaceutical’s innovative drug Xinyue got additional indication approval in China.
• Jiangsu Hengrui received marketing approval of its self-developed Class 1 innovative drug, Zeprumetostat in China. Celltrion got approval in Europe to start Phase 3 trial of its Darzalex biosimilar.
• SK Bioscience applied for Phase 3 clinical trial of SKYVaricella in South Korea to add the 2-dose indication. Lupin received FDA approval for risperidone extended-release injectable suspension.

• Stabroek project in the Atlantic Ocean is a lucrative oil discovery estimated to contain up to $1 trillion worth of oil reserves
• Chevron and ExxonMobil are engaged in a bitter feud over control of the Stabroek project and dominance in the oil industry
• The competition between Exxon and Chevron dates back to the 19th century, with Exxon historically being the larger and more dominant company, but facing challenges in recent years due to climate change concerns and the COVID-19 pandemic.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• We have conducted an updated review of the STI to identify deep value players.
• We continue to identify the companies that are trading below net cash, net working capital, and net-net Working Capital.
• We identify Sing Investment & Finance (SIF SP), Advanced Holdings (ADV SP), and Koyo International (KOYO SP) as stand out opportunities among the deep value players. 

• Southeast Asia’s e-commerce journey has been nothing short of a rollercoaster,—fast-paced, unpredictable, and full of twists.
• In just over a decade, we’ve seen the rise (and fall) of platforms, dramatic shifts in consumer behavior, and a flood of sellers rushing to capture market share.
• Now, the big question is: What should we expect around the next corner?

• Japanese equities ended the week firmer, with Topix advancing +1%, lifting YTD gains to +11.5%
• Among individual stocks, Sumi Pharma surged +18% and Eisai jumped +13% on strong product news, while Nidec slumped -21% amid continued accounting scandal headlines
• Political risks rising: The LDP will decide next week whether to move forward with an early presidential vote.

• Dry cells production falls by 12.2% in July 2025 YOY
• Zydus, Synthon tie up to launch generic Ozanimod capsules in US
• Drug formulations exports up 27.6% in July 2025 by 17,840.8 tones

• India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
• The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
• If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.

• AUCTUS PUBLICATIONS ________________________________________ Pulsar Helium (PLSR LN/CN)C; Target price of £0.95 per share: Very high flow rate at Jetstream #1.
• £3.7 mm equity raise to drill up to 10 wells – Jetstream #1 recorded a peak flow rate exceeding 1.3 mmcf/d of raw gas during a compression-assisted test, with no formation water encountered.
• This represents a ~2.5-fold increase over the flow rate achieved without compression, and is approximately 60–65% higher than the rate recorded during the April 2024 test under comparable conditions.

• The S&P 500 closed at a fresh record high, gaining 0.8% after an afternoon rally helped investors shake off disappointing private employment data
• Treasury yields dropped following the ADP report, easing pressure on markets after the 30-year yield briefly topped 5% Wednesday
• Nidec shares plummeted 22% to 2,420 yen, hitting the lower limit of the price range, after the company announced a possible case of improper accounting treatment at Chinese subsidiary

• The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.
• Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.
• FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.

• CCI establishes 550 procurement centres to carry out MSP operations
• Duty-Free imports of yellow peas impact prices of local pulses
• Centre approves 60,800 metric tonnes of urea for Chhattisgarh for Sept

• Gold equities have seen a significant run up in price, with strong earnings being reported in the past few months.
• Despite the increase in gold price, generalist investors have been slow to enter the gold market, causing some skepticism about the sustainability of the price above $3,000.
• However, industry experts believe there is still room for growth in the gold market, with potential for more retail and institutional investors to enter the space and drive margins higher.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Huge +18% move for Sandisk will help Japan’s memory complex leg higher.
• Networking developer Ciena jumped 23% after blow-out numbers while Broadcom beats after-hours.
• 10-Year yield dropping below its recent supports helps home builders higher while Shin Etsu continues to underwhelm.

• China curbing NMC builds due to <40% factory utilization while EV installs were 75% LFP/25% ternary, undermining NMC ROI significantly.
• LFP cost advantage widened with cathode material costs falling $72→$41/kWh vs NCM622 $92→$79/kWh, creating ~$38/kWh gap.
• India’s opportunity lies in LFP/LMFP across ESS and mobility, backed by ACC PLI Rs 181bn and BESS VGF programs.

• The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (<350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%.
• Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
• The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.

• Almost a year ago, I wrote a report titled “Humanoids are coming and this overlooked stock could be their Nvidia”.  There’s been progress, but mass production still hasn’t started.
• Despite advancements in generative AI and large language models, it’s proving technologically challenging to teach humanoids to reason, adapt, and multitask like humans.
• 2026 seems to be the new target, but there likely needs to be evidence of an order increase before the related stocks get moving.

• Walmart’s electronic shelf label shipments are growing significantly, reflecting a shift in retail technology.
• Sony aims for all suppliers to use 100% renewable energy by 2031, highlighting a commitment to sustainability.
• The Tech Forum 2025 predicts AI and semiconductor convergence will boost the global market to $2 trillion by 2040.