Thematic (Sector/Industry)

• 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.

• India’s shipping industry is the backbone of trade, handling over 90% of cargo by volume but contributing only a small share globally.
• Massive government initiatives like Sagarmala, Maritime India Vision 2030, and new port legislations that are reshaping infrastructure, shipbuilding, and green shipping.
• With strong order books and private participation, India is set to emerge as a key global maritime hub in the coming decade.

• WuXi Biologics’ Ireland facility has been approved by EMA as a commercial manufacturing site for a global client’s innovative biologic. Ab&B Bio-Tech received approval for RSV vaccine in Chian.
• Ascletis Pharma announced encouraging preclinical efficacy results for ASC47, a first-in-class muscle-preserving weight loss drug candidate. Remegen entered outlicensing agreement with Santen Pharmaceutical for a proprietary intravitreal injection.
• Daiichi Sankyo’s Ifinatamab deruxtecan has been granted Breakthrough Therapy Designation by the FDA for small cell lung cancer. CSL intends to lay off 15% workforce and demerge CSL Seqirus.

• We have new weekly data of US banks from Fed H8 data series, which is a strong showing
• Growth rates keep rising, now up for 7 weeks consecutively, for loans YoY % ch
• US banks added USD76.8bn during first 7 weeks of 3Q25 and including the last week of 2Q25. Same figures last year was down USD1.4bn

• AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily.
• The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods.
• In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years.

• India imports palm oil from Colombia and Guatemala for first time
• Global cosmetics giants intensify focus on India as prime market for premium products
• Industrial machinery industry’s sales grow by 4.8% in June 2025 quarter

• Japan maybe facing an unprecedented heat wave this fall, threatening retailers’ profits as high-end seasonal items may not sell 
• Six major retailers, including Fast Retailing, are at risk of serious profit declines if the weather forecasts are accurate. That’s a big “IF”, but wait, there’s more.
• U.S. tariffs on clothing could devastate Fast Retailing’s profits there, potentially forcing them to withdraw from the U.S. market.  

• The Lok Sabha has passed the “Promotion and Regulation of Online Gaming Bill, 2025,” which imposes a blanket ban on all online games involving money, regardless of skill or chance.
• This legislation, combined with the earlier 28% GST on the full face value, signals a clear stance against the RMG sector, A INR 2 lakh crore industry.
• The regulatory and tax changes have put the future of India’s real money gaming industry at a critical stage, forcing companies to pivot or face potential collapse.

• Floriculture industry’s sales decline by 43.8% in June 2025 quarter
• India takes urgent steps to secure urea supply amid surge in demand
• Plastic films & flexible packaging industry’s sales grow by 9% in June 2025 quarter

• US stocks declined Wednesday as tech sell-offs continued, with the Nasdaq falling 0.7%
• Technology stocks led losses with Nvidia down 0.3%, Alphabet declining over 1%, and Micron plummeted nearly 4%
• Mitsui Metals will boost high-performance copper foil production capacity for AI data centers by 45% to 840 tons monthly by September 2026

• Enormous intraday moves off the lows for likes of Coreweave and Palantir sets stage for more strength than tape suggests.
• Analog Devices numbers show much needed strength for Automotive segment. Positive for Renesas, Rohm and Fuji.
• Estee Lauder numbers disappoint with China and TR sales failing to keep up with market expectations.

• India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
• The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
• With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.

• China has officially lifted its export restrictions on critical items fertilizers, rare-earth minerals, and tunnel boring machines, a major reversal of its 2020 post-Galwan trade stance.
• This development provides immediate relief to key Indian sectors, addressing supply chain bottlenecks in agriculture, high-tech manufacturing, and infrastructure, which were facing critical shortages.
• With renewed bilateral engagement, India’s critical sectors are set for a boost—but challenges around self-sufficiency and market competition remain.

• Storage batteries industry’s sales grow by 6.1% in June 2025 quarter
• Media-Print industry’s sales grow by 3.4% in June 2025 quarter
• Adani Power reports 9.5% fall in conventional electricity generation in July 2025

• PhillipCapital’s Chew maintains ‘accumulate’ rating for HRnetGroup, target 78 cents.
• RHB maintains DBS as its top banking choice in challenging 2QFY2025.
• DBS raises Yanlord’s target price, noting improved debt repayment progress.

• Discussion about the licenses and revenue share/tax imposed on AMD and Nvidia for selling to China
• Concerns raised about the constitutionality of the measure and potential precedent it sets
• Previous experiences in China contrasted with current moves towards a planned economy in America

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

• Tech weakness dragged U.S. equities lower Tuesday, with the S&P 500 down 0.6%
• Nvidia fell 3.5%, AMD 5.4% and Palantir 9%, as investors paused after the Nasdaq’s 40% rally since April.
• Attention now turns to Jackson Hole, where Fed Chair Powell may hint at September rate cuts, with futures pricing an 85% probability.

• A pullback in tech with momentum factor significantly underperforming value. 
• Intel rallies as high as 12% as it prices in Son’s $2bn investment and Lutnick confirms Chips funds for Equity.
• Japan’s MoD budget may not meet investors lofty expectations given the backdrop of 5% targets in EU.

• 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!

• Last week, the WTR Sustainable Index was up 3.4% W/W versus the S&P 500 Index (up 0.9%), the Russell 2000 Index (up 3.1%), and the Nasdaq Index (up 0.4%).
• Energy Technology (41% of the index) was up 3.1%, while Transportation Solutions (33% of the index) was up 3.9%, Climate Tech and Clean Tech (19% of the index) was up 2.7%, and Climate Tech Mining and Processing (7% of the index) was up 3.3%.
• Top 10 Performers: AMYZF, XPON, GRNWF, GEVO, RIDE, SUUN, BNRG, ARRY, FSI, PPSI

• US equities ended Monday little changed with President Trump hosting Ukrainian president Volodymyr Zelensky and EU leaders in the White House
• Intel Corp. is in talks with the Trump administration for a potential 10% stake acquisition, valued at approximately $10.5 billion
• Hamas agreed to a 60-day ceasefire with Israel, involving the release of half the hostages in Gaza

• Intel rising afterhours on the news the private sector is also coming to its rescue, likely prompted by the Govt.
• Palo Alto beating after hours puts focus on Cybersecurity, while the trend for Trend Micro has lots of room to improve.
• Homebuilder confidence down to post pandemic lows but homebuilders barely dipping as market looks through to Sep.

• There have been a lot of deals in the last 5 years, including M&A between Japanese companies, distribution deals/licenses, foreign companies buying into Japan and Japanese buying foreign brands. 
• Consolidation is a key motivation but so are category expansion, rationalisation and buying in expertise. All these reasons and more suggest more deals to come in the next few years.
• Here we provide a comprehensive list of deals between 2019-2025 as well as a map showing who owns who and, as important, who influences who without any paperwork at all.

• Speaker doesn’t run screens, uses Portrait analytics for unique stock ideas
• Example of screen: stocks with >200 million market cap, trading at discount to peers, insiders buying shares
• Old West’s success in uranium trade, early investment paid off, adjusted positions based on sentiment

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

• After 18 years, S&P upgraded India’s sovereign credit rating from BBB- to BBB, with a stable outlook.
• India is cutting down its deficits, growing strongly, and managing inflation better. This has improved the country’s credit profile and global standing. 
• The upgrade boosts investor confidence, improves India’s image in world markets, and supports steady growth in the coming years.

• AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.
• Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.
• Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.

• US stocks closed mixed Friday as Wall Street recalibrated rate-cut expectations following economic data showing higher wholesale inflation
• Applied Materials plunged 14% on weak Q4 guidance due to sluggish China demand.
• This Week: The Federal Reserve’s Jackson Hole Economic Symposium, featuring Chair Jerome Powell’s key policy speech on Friday, will be a focal point for investors

• US banks’ high-frequency data (HFD) released from the Fed shows the 6th week in a row of higher than 4% YoY loan growth (and highest yet at 4.43%)
• The change in loans during the first 6 weeks of 3Q25 is +USD85bn compared with +USD1bn in the same period last year
• C&I loan growth has seen strong delta over past 52 weeks and LLR growth remains subdued, suggesting good credit metrics

• Year to date (July) US border crossing data paint a surprisingly mixed picture
• Overall, total crossings at all points and by all modes are down -3.7% Y/Y
• States facing Canada saw a -17.5% decline; air crossings into West up +3.7%

• Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren’s syndrome in China.
• Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.
• Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.

• Traveled across Berlin, Prague, Mykonos, and Athens, experiencing the contrast of Germany’s modernity, Prague’s historic charm, and Greece’s mix of island leisure with urban revival.
• Tourism is booming in both the Czech Republic and Greece, with record visitor numbers driving economic confidence, hotel expansion, and rising foreign investment into related industries.
• Equity markets in the Czech Republic and Greece have been among the world’s best performers, fueled by strong banks, reforms, dividend payouts, and surging investor inflows.

• Japanese equities rallied on strong earnings, upbeat trade sentiment, and better-than-expected GDP, with Nikkei +3.7% and Topix +2.8% hitting record highs.
• Major gainers included SoftBank, Sanrio, Zensho, and Mitsui Mining, all boosted by strong results, upbeat guidance, and growth in AI or global demand.
• Chugai, Nippon Paint, and Dentsu fell sharply on weaker guidance, disappointing data, or impairments, with dividend cuts and revenue downgrades weighing on sentiment.

• AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d.
• First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications.
• Drilling of the first vertical well in Uzbekistan will begin in early September.

• The formal delisting of China Evergrande will have an impact on its stakeholders, including the equity investors, creditors as well as Chinese homebuyers
• There is a shift of government attitude from “intervention” to “stabilization”.  It is challenging for other developers who are facing liquidity crisis, e.g. China South City also suspend trading
• For trade ideas, we recommend investors stick with SOE (e.g. COLI) with no bankrupty risk to bet on Chinese property recovery and short private stressed developers (e.g. Country Garden)

• Rural demand in India surged ahead in Q2 2025, outpacing urban growth and solidifying villages as the cornerstone of the nation’s economic momentum.
• Strong rural consumption is propelling sectors like FMCG and farm equipment, offering clear cues on market direction, corporate earnings, and sectoral leadership.
• Multiple Q1 FY26 concalls flagged rural outperformance or sequential improvement; FMCG/tractors are the clearest prints.

• Markets 93% priced for 25bps cut at 17 Sept FOMC; year-end split between additional 25bps or 50bps.    
• Immense political heat on the Fed: POTUS Presses for cuts, Treasury Secretary Scott Bessent model flags for 150bps easing.    
• We think the Fed will relent for a 25bps cut in Sep, Chairman Powell can’t fight alone!