Thematic (Sector/Industry)

• Japanese shares rebounded from a two-day losing streak, with the Nikkei 225 Index rising 0.3%
• Uniqlo Japan reported a 5.3% year-on-year increase in same-store sales, including online sales, for August 2025.
• Sumitomo Corporation and Sumitomo Mitsui Finance & Leasing will jointly acquire US Air Leasing, a major aircraft leasing company, for approximately 1.09 trillion yen

• Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook
• Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.
• The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.

• Markets not liking the US revoking TSMC’s China export waiver sending TSMC suppliers lower.
• Memory continues to shine but there looks to be more upside for HDD component suppliers Hoya and Minebea.
• New AI glasses from Samsung could reignite interest in Nikon if the technology comes back into focus.

• Natural acrylonitrile butadiene styrene (ABS) prices fall 3.9% y-o-y in August 2025
• Caustic soda flakes prices stagnate in August 2025 on y-o-y basis
• Farmers in Andhra Pradesh estimate shortage of urea during kharif season

• Morningstar lowers Singapore banks’ uncertainty ratings to ‘low’ after tariff scare.
• Aletheia Capital sees Sing Investments, Advanced Holdings, and Koyo Int’l as undervalued.
• PhillipCapital raises Singtel’s target price to $4.86 due to mobile and data growth.

• August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.
• The primary catalyst for this positive performance was the South African Reserve Bank’s (SARB) decision to cut the repo rate by 25 basis points at the end of July.
• The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).

• US stocks and Treasuries were closed for the Labor Day holiday; US stock futures rebounded 0.2%
• In Europe, defense shares led gains, with BAE Systems and Rheinmetall surging after reports of European plans for post-conflict deployments in Ukraine
• Niterra agreed to acquire Denso’s automotive plug business for 180 billion yen

• The global fintech industry has had a long history but momentum gathered pace only with the advent of smartphones in the 1990s and modern artificial intelligence in the 2010s. Current market size is estimated at around USD320bn.
• Singapore’s fintech industry took off in the 2010s with the support of government initiatives. Depending on definition and scope, there is a wide range in the estimated size of the industry in Singapore, but likely to be in the range of USD10-30bn. Importantly, industry projections point to double-digit annual growth in the coming years.
• The key players in the Singapore fintech sector include traditional and digital banks, an array of private companies, and a handful of SGX listed counters.

• India’s National Statistical Office reported 7.8% real GDP growth for Q1 FY26 (Apr–Jun 2025), a clear beat versus a Reuters poll at 6.7% and above Q4’s 7.4%
• Economists point to a softer deflator, solid government capex, and front-loaded exports ahead of tariff implementation. Even so, the level of real activity was strong relative to expectations. 
• Strong domestic parameters like GST and PMI, points towards strong domestic demand despite tariff and export uncertainty.

• IMD predicts crop damage due to above-normal rains in Sept 2025
• Tea prices in auction centers across India fall 13% in August 2025
• Russia boosts fertiliser exports to India by 20% in January-June 2025

• We looked at the 40 companies in Japan that returned the best 5-year relative returns over the past 20 years. The average relative return was 1,965%.
• The most consistent common trait of all these stocks was that most had underperformed the market in the previous 2 years. The average underperformance was -61%.
• Valuation was hugely important, but not the way you’d expect. The stocks often started at a modest discount, but more importantly, they always ended at massive premiums.

• US equities retreated Friday as investors locked in profits, with the S&P 500 down 0.6% and the Nasdaq off 1.2%
• A federal appeals court ruled that most of Donald Trump’s global tariffs were unlawful, finding his use of the International Emergency Economic Powers Act exceeded presidential authority
• Major Tokyo Stock Exchange-listed companies are increasingly appointing outside directors as board chairmen, with 109 companies doing so as of August 2025

• Toho: 3D Investment Partners lifted stake to 21.2%, intensifying pressure on governance reforms amid repeated scandals and delayed committee findings.
• Inui: Miri Capital built a 7.3% stake; real estate assets near Ginza could be key catalyst beyond cyclical shipping earnings.
• Nihon Tokushu and Kitagawa: Both trade at low multiples with strong balance sheets; activist stakes suggest potential for event-driven value realisation.

• Both Marvell and Dell were out after-market Friday so the reaction in Japan to start may be less severe.
• Sandisk cutting through the static now up for 7th day in a row as sentiment for NAND rises on potential AI growth.
• Kokusai Electric may also see a positive change in tone if the market takes another look at NAND production equipment.

• Japan targets nuclear at 20–22% of power by 2030 under its GX Basic Policy, alongside a major renewables push.
• Electricity demand set to rise 35–50% by 2050, with data centers tripling consumption by 2034.
• Leaders: MHI (~10% nuclear revenue) and IHI (~5%) stand out as equipment winners; Kansai, Kyushu add steady utility exposure.

• 1H25 earnings of our coverage are generally weaker than expected, with a 5.9% growth; for 2H25, the consensus forecasts point to a further slowdown to 4%. 
• The Chinese airlines, Shanghai Electric Group (2727 HK), Sany Heavy Equipment (631 HK), and China Travel International Investment (308 HK) exhibit the best YoY growth in 2H25. 
• Container shipping and trade-related companies like COSCO Shipping Holdings (1919 HK), and Orient Overseas International (316 HK) are expected to see earnings plunge in 2H25.

• Several Hong Kong-listed Chinese property giants said they expect deepening losses for the first half of the year, as they delivered fewer houses, saw their margins shrink, and their assets lost value.
• Country Garden Holdings Co. Ltd. predicts its net loss will come in between 18.5 billion yuan ($2.6 billion) and 21.5 billion yuan, compared with a 15.1 billion yuan deficit last year, according to a Friday exchange filing.
• The company delivered about 74,000 units of housing in the first half, down from more than 150,000 in the same period last year. It also said asset impairments expanded from the year before.

• Ahold Delhaize | expands collaboration with Instacart Supermarket News reports that Ahold Delhaize USA is expanding its partnership with Instacart by adopting the FoodStorm order management system across select banners, including Food Lion, Giant and Martin’s.
• The platform streamlines ordering for made-to-order items such as bakery platters, deli trays, desserts, and floral arrangements, offering customers flexible options to order online, by phone, or in-store.
• FoodStorm’s self-service tools and purchase history access improve convenience and personalization, while creating efficiencies for store teams.

• ASEAN’s strategic growth, digital expansion, and supply chain diversification present unmatched investment opportunities amid global geopolitical shifts. Act now to capitalize on its transformative decade.  
• As ASEAN strengthens regional trade and digital infrastructure, it offers resilient, high-margin opportunities for long-term investors seeking diversification and growth in a changing global landscape.  
• ASEAN is reshaping the future of Asia’s economy—poised for rapid growth, innovation, and supply chain leadership. Seize this moment for strategic, long-term value creation.

• India’s real GDP surged 7.8 % YoY in Q1 (April–June) of FY 2025‑26, well above expectations and the previous quarter’s 7.4 % pace.
• The upswing, driven by robust services, agriculture, and government spending, underscores India’s macro resilience despite looming U.S. tariffs, offering a rare growth bright spot globally.
• While Q1 numbers remain strong, the key question over the next 3–6 months is whether consumption, investments, and reforms can offset external shocks and sustain the momentum.

• Terumo is acquiring OrganOx, a leading innovator in organ preservation devices. Eisai received FDA approval for once weekly Leqembi subcutaneous injection for maintenance dosing.
• Chugai Pharmaceutical’s partner Eli Lilly announced positive topline results from the Phase 3 trial of oral GLP-1 drug candidate. Daiichi Sankyo received approval for Datroway in China.
• Beigene announced positive topline results from a Phase 1/2 study of sonrotoclax in mantle cell lymphoma. Telix Pharmaceuticals received a Complete Response Letter from the FDA regarding Zircaix.

• Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. 
• Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.
• Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.

• Lithium oversupply of ~20% persists despite recent mine headlines, keeping long-term price pressure intact.
• CATL (300750 CH / 3750 HK) remains cushioned, with lower lithium prices enhancing its cost advantage.
• Albemarle (ALB US) and other upstream miners face margin squeeze as oversupply caps near-term upside.

• ADIA is set to invest as much as $1.5 billion in GLP to enhance its asset portfolio management.
• Weave has entered the Australian market by acquiring a significant $300 million project in Sydney.
• EdgeConneX is expanding its data center capacity in Japan, aiming for 350MW with a new Osaka site.

• Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells.
• Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4.
• While first-month decline rates are steep, Arrow has observed that post-month-one declines are minimal.

• US equities set fresh records on strong GDP and resilient labour data, while Nvidia fell on China uncertainty and Fed–Trump tensions stirred investor focus.
• Mitsubishi Corporation announced that Warren Buffett’s Berkshire Hathaway now holds 10.23% of its voting rights
• Nippon Steel will support US Steel with a ¥600 bn investment to build an electric furnace mill in the US, targeting operations after 2029.

• The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).
• This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.
• While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring.

• Pure Storage surging 32% showcasing the growth potential for NAND as a viable and cost effective storage medium for AI/enterprise use. Watch Kioxia.
• HP up but its printing business not so good -however this could be a ‘bad is good’ scenario for Japan’s desperately in need of consolidation printer industry.
• Marvell getting hit hard after-hours may see ASIC related Socionext trade lower.

• The BoJ’s reluctance to raise rates ensures negative real rates for longer
• Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas
• Property prices are at a big discount to other major developed countries

• Schroders has appointed Ando, a former executive from Ontario Teachers’ Pension Plan, as head of Asia-Pacific operations.
• Moore is transitioning to the role of chairman at Schroders after leading the Asia-Pacific operations.
• CapitaLand Ascott Trust has invested $27 million in three rental housing properties in Japan.

• Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.
• The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.
• With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.

• U.S. markets closed higher Wednesday with the S&P 500 gaining 0.2% to a record 6,481, while the Nasdaq rose 0.2%, as investors waited on Nvidia’s after-hours earnings repor
• Nvidia reported better-than-expected quarterly results with revenue of $46.7 billion versus $46.1 billion estimated and earnings per share of $1.05 versus $1.01 expected
• Seven & i Holdings plans to invest 2 trillion yen overseas from fiscal 2025-30, doubling the scale of previous plans

• HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.
• Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.
• Nikon +21% yesterday as EL takes a bigger stake, but don’t forget the largest holder activist Silchester-  who may have their own plans.

• The United States government now owns 10% of Intel, a move that is seen as a vote of confidence in the company’s future
• The deal, worth $8.9 billion, involves the government buying new shares at a 20% discount, leading to dilution for existing shareholders
• There are still many unanswered questions about the deal, including the government’s role in Intel’s decision-making and the company’s commitment to advancing technology.

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

• Imports are swinging sharply between palm, soy, and even canola, while refinery utilization remains weak and farmer incentives are misaligned.
• This leaves India exposed to global volatility, undercuts the self-sufficiency agenda, and pressures margins across refiners and FMCG players.
• Duty cuts buy time, but unless farmer economics tilt back toward oilseeds, India’s edible-oil puzzle will remain unresolved.

• We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
• Portfolio changes: 10 stocks remain, four new join the fray
• Since inception, it has gained 75% versus the SET 100 Index’s return of 20%

• GLP has divested a $350 million stake in its China data center business to Zhejiang government entities.
• The Asia-Pacific data center pipeline has seen a 16% increase in the first half of the year, fueled by AI demand.
• Singapore’s Urban Redevelopment Authority has issued a tender for a site in Bukit Timah for 340 residential homes.

• US equities rose as investors looked past President Trump’s unprecedented attempt to remove Federal Reserve Governor Lisa Cook, with the S&P 500 up 0.4%
• Long-Term Treasury yields climbed while short-term yields fell, steepening the curve on expectations of near-term cuts but longer-term inflation risks
• Nvidia shares advanced about 1% ahead of results that will test high expectations for megacap tech

• Lutnick floating the idea that US defense companies may be targets for the US Govt to take stakes in.
• Good results for Eli Lily’s obesity drug will be a positive for Chugai Pharma.
• EssilorLuxottica looking to raise its stake in Nikon to 20% from the current 9%. Expect a big squeeze

• The Indian hospital sector is entering an aggressive expansion phase with top hospitals adding 32% to their bed base by FY27E, supported by brownfield and stronger return ratios.
• With medical tourism offering 67–91% cost arbitrage versus global peers and insurance penetration gradually deepening, hospitals are positioned to capture both domestic and international demand profitably.
• From being seen as defensive and “boring,” hospitals are transforming into high-growth, cash-generating businesses. Robust balance sheets and rising ARPOBs suggest that hospital chains are entering a golden growth cycle.

• RHB’s Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.
• UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.
• OCBC’s Lim starts coverage of Hong Leong Asia with ‘buy’ and $3.40 target.

• Food & agro-based products industry’s sales grow by 18.7% in June 2025 quarter
• India’s cotton output for 2025-26 likely to be around 31.4 mln bales: USDA
• Pulses on 400,000 hectares affected in Karnataka due to rain

• Dah Sing saw its Macau and China credit costs rise by 4x in 1H25 YoY
• Headline total provision rise of 34% YoY gives a flattering view of credit metrics
• Loan migration from benign to worse overdue loan buckets is dramatic, not visible in headlines

• US stocks declined Monday as investors positioned ahead of Nvidia’s earnings Wednesday, with the Dow falling 349 points
• Mercedes-Benz Group announced it will sell Nissan Motor shares held by its pension fund, valued at approximately 51 billion yen
• Terumo announced the acquisition of UK-based Organox, which specializes in organ storage and transport equipment for transplantation, for approximately 220 billion yen

• Newmont completed a USD 2 billion debt tender, reflecting its ongoing debt-reduction strategy. Total debt fell from USD 6.4 billion in 2023 to USD 1.4 billion currently.
• As the world’s largest gold miner and the only one in the S&P 500, Newmont’s scale, portfolio reforms, cost discipline, and strong margins reinforce its industry leadership.
• Strong metal prices, elevated gold, and a bullish options market, combined with a Sharpe ratio of 3.68, position Newmont to outperform peers and deliver efficient risk-adjusted returns to investors.

• With gold up sharply YoY, retailers are nudging consumers toward studded (diamond/LGD) and lower-karat, light-weight gold.
• This demand is looking structural in nature(even if gold cools off), given changes in business mix(focus on studded/LGD) and promotion across retailers.
• Detailed analysis of all retailers on change in demand as well as new frontier of growth in LGD and Studded jewellery segment.

• OCBC’s Lim rates Hong Leong Asia as ‘buy’ with a $3.40 fair value.
• Analysts expect SATS to keep outperforming industry benchmarks.
• Maybank’s Seet downgrades SingPost to ‘hold’ due to asset divestment pause.

• 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!

• Seafood exports from India remain flat at USD 7.5 bln in 2024-25
• Andhra Pradesh govt inks pact with APM Terminals for port & terminal development
• Auto and auto component sector attracts Rs.676.9 billion investment under PLI scheme

• The adoption of post-quantum cryptography (PQC) standards in the semiconductor industry has been positive but cautious, with factors such as regional differences and supply chain challenges slowing down the process.
• The industry is aligning around a proposed 2035 migration timeline for PQC, with vendors in different verticals positioning themselves differently based on their planning cycles and customer demand.
• Early movers in the semiconductor space are making progress in adopting PQC in their next-generation chips, setting the benchmark for the rest of the ecosystem to follow suit.

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

• Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index (down 0.9%).
• Energy Technology (41% of the index) was up 3.8%, while Transportation Solutions (33% of the index) was up 3.7%, Climate Tech and Clean Tech (19% of the index) was up 1.0%, and Climate Tech Mining and Processing (7% of the index) was down 1.5%.
• Top 10 Performers: GRNWF, NKLA, AKCCF, AVLNF, ADN, EVTV, NIO, DUTV, WAST, EFOI

• The Dow Jones Industrial Average surged to an all-time high Friday, climbing 846 points or 1.9% to close at a record 45,631
• Federal Reserve Chair Jerome Powell signaled potential monetary policy easing next month during his Jackson Hole speech.
• Megacap technology stocks led the rally, with Tesla jumping 6%, Amazon and Alphabet each rising over 3%, Meta Platforms gaining more than 2%, and Nvidia adding 1.7%

• The A-H share premium has narrowed by an average of 35pp YTD. Despite the recent A-share recovery, the premium remains depressed relative to the start of the year.
• Aggressive players may keep playing the leaders in the trend – the Chinese insurers like China Life (2628 HK) and securities companies like Guolian Minsheng Securities H (1456 HK). 
• Conservative players, however, may look at the laggards in AH premium contraction like the Chinese banks – ICBC (H) (1398 HK) and China Merchants Bank H (3968 HK). 

• Big jump in US homebuilders and chemical names involved in PVC/housing should jump start Shin Etsu.
• Toto increasing its US production capacity aligns with its pivot away from China and makes this more interesting as housing play.
• Meta’s huge capex spending plans not enough to satisfy its need for AI computing as it buys capacity from Google.