Thematic (Sector/Industry)

• 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.

• U.S. markets rebounded strongly, reversing prior losses despite uncertainty over revised tariffs and leadership changes at the Bureau of Labor Statistics. 
• Japanese equities declined on U.S. economic concerns, rising rates, and yen strength; tech and financials led losses, though dip-buying limited downside. 
• Corporate highlights included Ajinomoto’s record Q1 profit, Mitsubishi’s earnings miss despite forecast beat, and ROHM’s slump amid weak semiconductor demand.

• Solid earnings print from Rohm likely to see this squeeze today given the elevated short interest.
• Broadcom’s new networking chip may fuel wire and cable demand.
• Homebuilders up again making Shin Etsu look increasingly attractive on the long side after weakness in PVC biz.

• Shareholder activism emerging at Warriedar due to dissatisfaction with accepted deal
• Significant drop in BOSS stock price following disappointing quarterly report and guidance update for FY26
• Challenges in achieving nameplate capacity, specifically related to volume under leach, leading to increased costs and uncertainty for the company’s future performance

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

• Thailand is a medium-sized country in Southeast Asia, dependent on tourism, manufacturing and the export of agricultural goods.

• It’s been one of the worst-performing stock markets over the past year, partly due to weak credit growth that’s led to persistent selling of local equities.

• In this post, I run through a number of screens, and then propose 25 Thai companies with “hidden champion” characteristics, i.e. monopoly-like businesses with strong competitive advantages.

• 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!

• Yields soared after the poor set of jobs data causing home builders to jump. Watch Sumitomo Forestry and Shin Etsu for upside.
• TEL’s poor look for WFE sends semi cap tumbling, although Lam Research up as it likely takes market share.
• Eastman -19% on poor numbers reflecting DOW’s woes the week before as tariffs pose significant headwinds for the chemicals industry.

• China’s tea sector has attracted increased interest, but the share prices are volatile. Overall valuations do not look cheap, and the key is stock picking.
• Auntea Jenny (Shanghai) Industrial (2589 HK) nd Mixue Group (2097 HK) are expensive on both PEG and P/B vs. ROE perspectives.
• In two years, Sichuan Baicha Baidao Industrial (2555 HK), Chagee Holdings (CHA US), and Nayuki Holdings (2150 HK) will turn even cheaper.

• Celltrion is acquiring a biopharmaceutical production plant in the U.S. capable of producing key biopharmaceuticals. Alteogen received positive opinion from European Medicines Agency for its Eylea biosimilar.
• Wuxi Biologics has begun construction for new modular Drug Product facility in Singapore. CSPC Pharmaceutical entered into an exclusive license agreement with Madrigal Pharmaceuticals, for its oral GLP-1 drug candidate.
• Jiangsu Hengrui Pharmaceuticals has entered into agreements with GlaxoSmithKline, to grant GSK an exclusive worldwide right (excluding China) of HRS-9821 and up to 11 other programs.

• AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d.
• The company held A$4.8 mm in cash at the end of June.
• Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.

• Deep Seek’s innovative approach challenged the global narrative around AI funding and proved successful in China’s capital ecosystem.
• Grace Shao, with a background in finance and journalism, provides deep insights on the interplay of innovation and geopolitics in the China AI ecosystem.
• The speed of technological advancement in China, such as the widespread adoption of digital payments, highlights the fast-paced nature of the tech sector in the country.

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

• Stocks fell Thursday but ended July with solid gains, as investors eyed President Trump’s looming tariff deadline and digested strong earnings from Big Tech.
• Earnings from Meta and Microsoft bolstered confidence in AI-driven growth, with Meta surging over 11% on strong results and upbeat guidance
• The Fed’s preferred inflation gauge showed prices accelerating in June, keeping inflation above target. The Fed held rates steady, and odds of a September cut fell sharply.

• Will be a soft day for pharma after Trump insists drug makers cut costs.
• Applied Digital +31% with an additional 150MW order on the table from Correweave.
• Expect a U-turn for SPE after yesterdays strength despite the positive longer term outlook.

• The S&P 500 slipped 0.2% and the Dow fell 0.4%, while the Nasdaq gained 0.1%. Earlier gains faded as Powell emphasized the need to keep long-term inflation expectations anchored
• The Fed’s decision to hold rates was not unanimous, with Christopher Waller and Michelle Bowman favouring a 25-basis point cut, marking the most dissent at a policy meeting since 1993.
• Meta and Microsoft beat earnings expectations on strong advertising and cloud revenue, with upbeat guidance and AI-driven growth pushing shares up over 8% and 6%, respectively.

• Teradyne +18.9% on a solid beat so watch testing peers Advantest, Micronics and Tera Probe for upside.
• Marvell +7% on the potential for greater MSFT sales should also help ASIC peer Socionext.
• ARM and Qualcomm both down after hours on numbers, dampening the mood for smartphone related (and Softbank).

• Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.
• CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.
• Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.

• This week, we are introducing modifications to our WTR Sustainable Investing Index.
• Please see “About the WTR Index” on this page for the new description.
• Aside from changes to the sector and sub-sector groupings, we now include only stocks with market caps greater than $2.0 million and less than $10 billion, so the new index reflects small- cap and mid-cap companies.

• US stocks declined Tuesday as investors digested mixed corporate earnings and economic data ahead of the Federal Reserve’s rate decision.
• US and Chinese trade negotiators concluded two days of talks in Stockholm Tuesday without announcing an immediate tariff delay, though officials indicated progress was made
• Advantest raised its fiscal 2026 net profit forecast by 43 billion yen to 222 billion yen, a 37% year-on-year increase and second consecutive record high

• HDD names taking a hit in later trading after Seagate miss. Watch the likes of Hoya, TDK and Minebea Misumi for weakness.
• Boeing down despite numbers good on better FCF, although 787 deliveries read’s well for carbon fiber names the Heavies.
• NEC beat points to plenty of room for further upside, while Advantest numbers may lead to tough QoQ comps for 2Q.

• Several Singapore-listed companies are scheduled to pay dividends this week, offering income opportunities for investors.
• Duty Free International (DFIL SP) will go ex-dividend on July 23, 2025, with a declared payout of SGD 0.00165 per share, payable on August 6.
• This will be followed by SIA Engineering (SIE SP), which will go ex-dividend on July 28 for a SGD 0.07 dividend. SATS Ltd (SATS SP) will offer SGD 0.035, with an ex-date on July 30 and payout scheduled for August 15.

• Heineken | no real triggers for the near term; October may bring more clarity
• The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
• In case of the latter, management would have an additional buffer to avoid new disappointments.

• The S&P 500 managed a marginal gain to secure its sixth consecutive record close, while the Nasdaq Composite advanced 0.3%
• Germany and France criticized the EU-US trade deal imposing 15% tariffs, calling it damaging despite averting a trade war, as the euro fell over 1% against the dollar.
• Sakura Internet slashed its FY2026 net profit forecast by 93% to 200 million yen due to termination of large-scale generative AI projects. S

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!

• Markets liking the EU pledges to buy US energy products and military equipment as part of recent deal.
• Power-Semi related higher with TXN buoyed by call that multi-year inventory correction is almost over.
• Tesla emerges as Samsung’s mystery fab customer, is a dramatic turn around for their recently ailing foundry business.

• Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.
• A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. 
• Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.

• High frequency data on LLR for US banks suggests very good credit metrics
• There is no decline of LLR on banks’ balance sheet and LLR YoY growth is benign
• At the same time, assets less liabilities remains at 18.6% of total loans, a good buffer

• US stocks rose Friday with the S&P 500 notching its fifth consecutive record this week and the Nasdaq reaching a new all-time high
• Donald Trump struck a major trade deal with the EU, easing tariffs, boosting U.S. energy exports, and averting a transatlantic trade war after months of tense negotiations.
• Cross-Shareholding unwinding among Japanese listed companies accelerated significantly, with policy shareholding sales rising 50% to a record 9.2 trillion yen in fiscal 2025

• Although lower interest rates will benefit the technology sector more, many investors will still opt for high-yield stocks to protect their income stream.
• CNOOC Ltd (883 HK), Hang Lung Prop (101 HK), China Hongqiao (1378 HK), Hengan Intl Group (1044 HK), and Henderson Land (12 HK) are the top 5 high-yield HSI constituents.
• Mainland China banks no longer made the list, but ICBC (H) (1398 HK) and Bank Of China Ltd (H) (3988 HK) remain attractive at 5.7% and 5.6%, respectively.

• Screen numbers a headline miss but outlook for guidance hike over 2Q numbers remains.
• Shin Etsu drop on back of PVC weakness could be short lived on a more dovish outcome.
• Renesas down after numbers with market wanting more clarity over comments that 2026 remains “unclear”.