Thematic (Sector/Industry)

• July’s PPI rose 0.9% month-over-month versus expectations of 0.2%, with annual prices climbing 3.3%
• Stocks flat to down slightly: Intel jumped 7% on reports the Trump administration is considering taking a stake in the chipmaker.
• Minebea Mitsumi raised its tender offer price for Shibaura Electronics to 6,200 yen per share from 5,500 yen, matching the hostile bid from Taiwanese electronic components firm Yageo.

• AMAT number after market missed showing a slowdown in Chinese demand and licensing delays.
• INTC news positive for SPE suppliers but demand will be tempered in light of AMAT.
• Coach owner taking a hit on tariff costs sends a warning to likes of Este Lauder who reports next week.

• US slaps a sweeping 50% tariff on Indian goods over Russian oil imports, reshaping trade priorities and market calculations.
• India risks losing its $87B US export engine, while competitors like Vietnam and Bangladesh eye the gap to seize market share.
• Energy security keeps Russia close, but economic reality keeps the US vital, making India’s next trade moves a high‑stakes balancing act.

• While 1H25 results are upcoming, the market’s focus will start to move to the 2H25 earnings. There are five stocks whose earnings momentum will accelerate HoH. 
• Sany Heavy Equipment (631 HK), Shanghai Electric Group Company (2727 HK), and Shenzhen International (152 HK) are having the best YTD performance. Still, there is more upside.
• China Tourism Group Duty Free (1880 HK) and CIMC Enric Holdings (3899 HK) are the laggards YTD, but a stronger earnings outlook should drive a pick-up in 2H25.

• US stocks advanced with the S&P 500 and Nasdaq achieving consecutive record highs as investors increasingly bet on Federal Reserve rate cuts following benign inflation data
• Treasury Secretary Scott Bessent reinforced dovish sentiment by calling for 150-175 basis points of cuts and suggesting a potential 50 basis point reduction in September
• CoreWeave (-21%) tumbled despite beating revenue estimates as operating income guidance disappointed and debt costs mounted

• A recent rebound in the SMIDcap index has narrowed its performance gap with Largecaps, driven by renewed investor optimism and liquidity, despite continued weakness in underlying earnings.
• The market is showing signs of overheating, with valuations (PEG ratio) reaching historically high levels, fueled by sentiment rather than fundamental earnings growth.
• The surge in equity supply is dominated by insider selling rather than growth-driven capital raises, suggesting a cautious market environment where long-term growth prospects may be limited.

• Power-Semi’s leading the charge higher on positive broker comments for the sector while AI related takes a backseat.
• Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.
• CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.

• Last week, the WTR Sustainable Index was up 1.6% W/W versus the S&P 500 Index (up 2.4%), the Russell 2000 Index (up 2.4%), and the Nasdaq Index (up 3.7%).
• Energy Technology (41% of the index) was up 2.7%, while Transportation Solutions (33% of the index) was up 1.2%, Climate Tech and Clean Tech (19% of the index) was down 2.2%, and Climate Tech Mining and Processing (7% of the index) was up 8.0%.
• Top 10 Performers: CGEH, PEV, CWSFF, LISMF, FCSMF, NRGV, TLOFF, ATLX, ALLIF, ORGN

• From the macro perspective, we have been in favour of Retail REITS – high domestic liquidity supported by income, savings and government fiscal giveaway – while shying away from Industrial REITS on external uncertainty.
• External headwinds relating to US tariffs remain, but some clarity has started to emerge. Most of Singapore’s trading partners will be subject to a tariff rate of 15-20%, below the reciprocal rates announced on 2 April. Singapore will continue to be charged the baseline rate of 10%.
• Also, favourable domestic drivers are gathering momentum, which will bode well for Industrial REITS. Funding cost has fallen further to the lowest in three years. On monetary policy, the Monetary Authority of Singapore (MAS) stood pat in policy as announced in the 30 July policy statement, thus keeping SGD at only a slight appreciation path. Meanwhile, both the rental and vacancy rates for industrial properties have been steady though off the best.

• Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.
• Micron beats on HBM, Kioxia on NAND – sets a good tone for memory overall.
• NVDA selling Blackwell in China positive for substrate supplier Ibiden.

• We believe that the credit metric deterioration at HSBC is not well flagged by the bank, or well understood in the market. 
• There is substantial growth in credit costs in its HK business, where this has been the most important driver of value for HSBC
• CRE credit metrics are of concern in HK and in Mainland China, where Stage 2 loans are rising substantially, from Stage 1 loan bucket

• FMCG retailers remained dominant and market concentration increased, with top firms expanding through consolidation. 
• Discounters, drugstores and e-commerce outperformed the market overall, while general merchandise stores and apparel/lifestyle declined.
• Profitability varied significantly, but discounters stood out as consumers flocked to their stores to escape inflation where they could.

• We have conducted a review of the STI to identify deep value players.
• We have identified the companies that are trading below net cash, net working capital, Net-Net Working Capital.
• Singapore stands out as a deep value market. We have applied three valuation metrics to assess the undervalued stocks on the STI.

• US banks have saw loans rise from USD2 tr to USD13 tr from 1990 to newest release; it is 1st time we have seen USD13,005bn in loans
• US banks are still seeing growth rates YoY at over 4%, with this pace of growth now seen for the past 5 weeks of data
• Even where the Senior Loan Officer Survey is mixed (not in this report), US banks are seeing good lending growth, and benign provisions

• Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
• WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
• Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.

• ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G.
• Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.
• The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.

• The U.S. EV charging infrastructure continues to grow slowly. Compared to this, China is progressing rapidly.
• China had 4.096 million public charging stations at the end of June 2025. Compared to this, U.S. had 77,160 public EV charging stations at the end of July 2025.
• Overall, the current EV charging infrastructure in the US remains inadequate and needs to grow rapidly to meet future demand.

• The Dow fell 224 points, or 0.5%, bogged down by a 2% decline in Caterpillar shares
• SoftBank Group reported a 422 billion yen consolidated surplus for April-June, reversing from a 174 billion yen deficit in the same period last year
• Toyota Motor Corporation maintains its plan to produce 10 million units globally for the fiscal year ending March 2026

• Discussion of infrastructure capex as a percentage of US GDP by era, highlighting the current rate of 1.2%
• Comparison of current bubble dynamics to past bubbles, noting that the current bubble is not as excessive as previous ones
• Debate over whether the current investment cycle is a bubble or a strong investment cycle, with concerns about speculative investments and emotional factors leading to potential overvaluation in the future

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

• CEO Tan heading for the door should be seen as positive longer term, with his replacement likely screened by the WH.
• Semi-Caps higher on the prospect for increased US fab capex, JP SPE was lower yesterday so expect rebound.
• Trump’s pick of Miran for temp Fed Governor addas another dovish voice to the committee as he pushes for lower rates

• China’s gaming industry surged in the first half of 2025, posting its fastest growth in five years, fueled by hit mobile titles, rising e-sports revenues and the continued boom in mini-games.
• According to an report released Thursday by the China Audio-Video and Digital Publishing Association at the ChinaJoy Digital Entertainment Conference in Shanghai, the domestic gaming market generated 168 billion yuan ($23 billion) in revenue from January to June, up 14.1% year-on-year.
• The country counted 679 million gamers, a modest 0.7% rise, marking the fourth straight year of user growth below 1%.

• U.S. stocks rose Wednesday as investors digested corporate earnings, with the S&P 500 gaining 0.7%.
• Apple jumped 5% after the White House confirmed the company will boost domestic manufacturing investment by $100 billion
• IHI reported net profit fell 38% year-on-year to 12 billion yen, the first decline in two years and about 8 billion yen below market expectations.

• For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. 
• The best growth rates are at China National Building Material (3323 HK), CICC (3908 HK), Beijing Capital Intl Airport (694 HK), Tongcheng Travel (780 HK), and SITC Intl (1308 HK). 
• The worst ones are China Travel Intl (308 HK), Cosco Shipping Energy Transp (1138 HK), China Southern Airlines (1055 HK), CTG Duty Free (1880 HK), and Pacific Basin (2343 HK). 

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation.

As of mid-2025, the Monetary Authority of Singapore (MAS) has granted over 33 licenses to Digital Payment Token (DPT) service providers, establishing Singapore as one of the most stringently regulated crypto hubs worldwide.

This equity research report examines the regulatory landscape. It profiles the key players in the domestic crypto exchange market. It analyzes STI-listed companies with crypto exposure and evaluates the feasibility of crypto exchanges listing on the Singapore Exchange (SGX).

• Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.
• Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.
• Power-Semi’s are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.

• Retail sales reached ¥165.37 trillion in FY2024-25, but growth slowed and lagged behind inflation for many retailers.
• FMCG retailers remained dominant and market concentration increased, with top firms expanding through consolidation.
• Consumers remain hesitant due to inflation, particularly in core categories like fresh food, hitting spending in discretionary categories like apparel.

• The SA listed property sector’s 4.38% total return in July was driven by specific corporate updates and events, not a broad market updraft.
• The month was dominated by the battle for MAS plc. A bloc of institutional investors, holding over 17% of the company, requisitioned a second EGM to overhaul the board.
• The month’s headline macro news came right at the end of the month, with a 25-basis point repo rate cut by the SARB.

• Hong Kong’s Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
• Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
• Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using … the real currency. 

• Skyworks and Cirrus both beating should help the likes of Nitto Denko and Alps.
• SMCI tanking -16% as investor confidence shaken by a swift U-turn from previous bullish guidance.
• Mitsubishi Heavy continues to surge with its earnings lifted by strong growth for its gas turbine business.

• India’s depository duopoly shows strong growth, with NSDL (NSDL IN) leading in institutional assets and Central Depository Services (CDSL IN) dominating the expanding retail investor base.
• Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.
• NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.