Thematic (Sector/Industry)

Trump said he will make a decision on whether to launch military strike on Iran “within next two weeks;” otherwise markets quiet – ie. closed
Seven & i Holdings will sell part of its Seven Bank stake, reducing its shareholding to 39.9%, making it an equity-method affiliate
Sony projects 90% of major global automakers will adopt its automotive CMOS sensors by fiscal 2027, aiming for a 43% market share.

Asia Monetary Easing: Tailored for Income-Generating Real Estate

The Fed announced to hold rates unchanged, but the SEP indicates they expect 2 rate cuts in 2025 and 1 more in 2026. Tariff remains a short-term concern
Under such a macro backdrop, we think key economies in Asia (with the exception of Japan) will continue their monetary easing path
Real estate will benefit from lower interest rates. We like Goodman Group on the back of its strong global industrial exposure, and CICT SP, on its well-diversified exposure in Singapore

Australia Real Estate: Seeking Values

Australia’s central bank RBA has recently cut rates in May meeting, with market expecting more rate cuts to come. We expect this will provide tailwind for real estate
Within real estate sub-sectors, industrial & logistics and retail are well supported by strong fundamentals. Office and residential are seeing mixed pictures
We like Goodman on its global exposure on industrial and logistics. We also like Vicinity Centers due to its exposure on quality retail.

#164 India Insights: TCS-Salling AI Deal, Hindustan Zinc 12k Cr Capex, Falcon Jets by 2028

Tata Consultancy Svcs (TCS IN) partners with Denmark’s Salling Group for AI-based digital and cloud transformation across 2,100 stores, aligning with its ‘Aspire 28’ growth vision.
Hindustan Zinc (HZ IN) announces INR 12,000 crore capex to double metal capacity in 36 months, aiming to meet surging demand and enhance long-term stakeholder value.
Dassault Aviation SA (AM FP) and Reliance Industries (RIL IN) will build Falcon 2000 jets in India by 2028, making Nagpur a global hub for jet manufacturing and assembly excellence.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 19

Daily Brief Thematic (Sector/Industry): Asia Data Center REITs: The AI-Driven Generational Investment Opportunity and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Asia Data Center REITs: The AI-Driven Generational Investment Opportunity
Ohayo Japan | Fed in No Rush to Cut Rates
Japan Morning Connection: Fears over Iran Continue to Diminish Despite the Spectre of US Involvement
Thematic Report: Ozempic- Weight Loss Drug Revolution
Charted Insights: Is Indian Earnings Recovery in Q4FY25 Sustainable?
Furniture/Furnishings Weekly ‘Crisis Mode’ Return-To-Office
Biopharma Week in Review – Vaccine Advisory Board Overhaul Sudden but Not Surprising
Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

Asia Data Center REITs: The AI-Driven Generational Investment Opportunity

Driven by long-term structural drivers including cloud computing adoption, digital transformation, 5G network rollout, we think Data Centers in Asia can be a generational investment opportunity
Keppel DC REIT and Digital Core REIT are pure plays listed in Singapore. Keppel is Singapore-concentrated, offering stable growth. DC REIT’s portfolio is global, and backed by Digital Realty
We think interest rate volatility, regulatory framework and data localization policies, as well as market supply have to be taken into consideration when investors are making investment decisions

Ohayo Japan | Fed in No Rush to Cut Rates

US stocks flat after the Federal Reserve kept interest rates unchanged
Marvell (MRVL) +7% on bullish AI guidance. Momentum in U.S. semi names continues to support investor appetite for global tech exposure
Activist investor, Effissimo Capital Management, increased its stake in UACJ

Japan Morning Connection: Fears over Iran Continue to Diminish Despite the Spectre of US Involvement

Marvell the latest US tech major to raise its TAM for AI helping buoy related names.
Deal that sees Wolfspeed briefly dipping into chapter11 may bode well for Renesas.
Sega Sammy lays out plans to get its valuations up and inline with peers as games surge given their tariff resilience.

Thematic Report: Ozempic- Weight Loss Drug Revolution

By Nimish Maheshwari

Once overlooked, Ozempic (semaglutide) has become a multi-billion-dollar drug, transforming the landscape of weight loss and chronic disease management due to its remarkable efficacy.
With new FDA-approved indications for cardiovascular risk, chronic kidney disease, and obesity, Ozempic is driving massive market growth, set to dominate the GLP-1 receptor agonist sector.
While patent protection and high demand fuel growth, the impending expiration in key markets like India and competition from emerging drugs will impact pricing and market dynamics.

Charted Insights: Is Indian Earnings Recovery in Q4FY25 Sustainable?

BSE500 reported a recovery in PAT growth from 8% YoY in Q3FY25 to 10% YoY in Q4FY25, but top-line growth remained flat at just 8%, continuing a weak trend.
Margin expansion was cost-driven, with wage bill growth slowing to 5% YoY i.e. its lowest level post-COVID impacting future consumption potential.
FY26 BSE500 EPS estimates were cut by 3% in Q4, totaling a 10% downgrade YoY, signaling stagnation despite index valuation rollover.

Furniture/Furnishings Weekly ‘Crisis Mode’ Return-To-Office

Middle East conflict and tariff policy uncertainty weigh down the market.
The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers & Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.
Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”

Biopharma Week in Review – Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).
Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.
Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action.

Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future

The RBI’s new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.
This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.
The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 18

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Unconditional Surrender and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Unconditional Surrender
“Buy the Worst” HSI Strategy: Solid Gains in 1H25
Japan Morning Connection: Risk-Off Tape Unlikely to Last with Regime Change the Most Likely Outcome
GDS and VNET – Recent Pullback Provides Entry Opportunity, Long-Term AI Growth Solid and Strong
Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025
[Blue Lotus Daily-TMT Update]:BABA US/JD US/1810 HK/700 HK/NTES US/BIDU US/E-Commerce
[Blue Lotus Daily]:1211 HK/ TSLA US/LI US/ 1810 HK /XPEV US/New Energy Vehicles
#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel’s Stake
Charted Insights: Evaluating Indian Sectoral Positioning After FY25 Earnings
Middle East FX & Egypt, June 17th 2025

Ohayo Japan | Unconditional Surrender

US stocks fell Tuesday as escalating tensions between the US and Iran weighed on sentiment, with President Trump calling for Iran’s “unconditional surrender”
Honda’s subsidiary successfully demonstrated a reusable small rocket, launching and landing a 6.3-meter craft in Hokkaido, targeting suborbital space by 2029.
Nissan Motor announced the redesign of its Leaf electric vehicle, the first update in eight years, transforming it into a compact SUV

“Buy the Worst” HSI Strategy: Solid Gains in 1H25

By Osbert Tang, CFA

The “Buy the worst” basket has outperformed the HSI by a massive 16.7pp YTD, mainly boosted by Chow Tai Fook Jewellery (1929 HK) and Wuxi Biologics (2269 HK).
The best-performing constituents in 2024, however, lagged behind the HSI, dragged down by Trip.com Group (9961 HK) and Meituan (3690 HK).
Government’s consumption boost should benefit Chow Tai Fook Jewellery (1929 HK), Budweiser Brewing APAC (1876 HK), and Hang Lung Properties (101 HK) in 2H25.

Japan Morning Connection: Risk-Off Tape Unlikely to Last with Regime Change the Most Likely Outcome

Defense related plays stronger as the potential for US direct involvement in Iran grows…watch heavies for more upside.
Kioxia squeeze unlikely to last now lock-up expiry now past.
Nintendo back at the highs, but with record sales already priced in and Switch2 sold out a correction from here looks likely.

GDS and VNET – Recent Pullback Provides Entry Opportunity, Long-Term AI Growth Solid and Strong

Both GDS and VNET declined more than 70% from all time high. We think both stocks are over-penalized by market from top-down macro-economic reasons and geo-political tensions
We think there is a dis-connect between the share price and solid company fundamentals. The explosive growth in demand for AI and Cloud computing infrastructure remains strong
GDS is a mature, blue-chip name that offers sustainable profitability while on de-leveraging. VNET is a high-growth, high-risk turnaround play with its wholesale offering higher short-term upside

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

By Daniel Su

The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of PowerSchool Holdings (PWSC US) and Instructure Holdings (INST US).
AI disruption is reshaping the landscape, with key players like Chegg Inc (CHGG US) collapsing while innovators like Duolingo (DUOL US) surge, highlighting a potential shift in investor focus.
M&A and IPO activity is reawakening, with KinderCare Learning (KLC US) ‘s IPO, India’s robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.

[Blue Lotus Daily-TMT Update]:BABA US/JD US/1810 HK/700 HK/NTES US/BIDU US/E-Commerce

By Ying Pan

BABA US: Eleme to Invest Additional RMB1 Billion in Merchant Support Over Next Three Months(-)
JD US/1810 HK:May Retail Sales Growth Exceeds Expectations, Online Growth Slightly Accelerates (+/+)
JD US : JD.com Sponsors “Jiangsu Super League” . (+)

[Blue Lotus Daily]:1211 HK/ TSLA US/LI US/ 1810 HK /XPEV US/New Energy Vehicles

By Eric Wen

1211 HK : BYD Issues Super Short-Term Commercial Paper. (-)
1211 HK/ TSLA US/LI US/1810 HK /XPEV US:2025 June 9 – June 15 NEV Delivery Rankings(+/+/-/-//)
New Energy Vehicles: Lithium Carbonate Price Falls to 60,000 Yuan/Ton (+)

#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel’s Stake

India expects steel imports to fall by 50% as new tax supports local industry. Rising demand shows the steel sector is set for strong growth.
India imposes five-year anti-dumping duties on Vitamin A Palmitate and Insoluble Sulphur imports to protect domestic producers, signaling stronger trade enforcement amid global competition.
British American Tobacco (BATS LN) plans to exit its 14.55% stake in ITC Hotels post-demerger, focusing on core operations. The move may reshape ownership and boost institutional participation.

Charted Insights: Evaluating Indian Sectoral Positioning After FY25 Earnings

BSE500 PAT growth slowed over 50% to 10%, not demand-led, with revenue stable below 10% This warrants careful sectoral positioning due to cost-driven margins.
Pharma, FMCG, Paints are at peak 10-year margins, offering limited upside. Durables, Chemicals, Cement, QSR offer margin potential if demand improves.
Persistent EPS downgrades across key sectors like Export Auto (-11%), Non-lending Financials (-7%), Apparel/Retail (-6%), and Pharmaceuticals imply stretched valuations whereas telecom and consumer services avoided negative revision of EPS.

Middle East FX & Egypt, June 17th 2025

By Denis Collot

Some observations : with the events, we got to discover the living rooms and studies of many Middle East intelligence and military consultants/specialists/experts.
All commenting a bit far from the action but some are interesting even though it doesn’t in anyway preclude what is going to happen next, only Israel PM Mr Netanyahu and Iran’s Supreme Leader Ali Khameini might know.
One thing that is rarely mentioned or talked about is a similar operation that Israel undertook in June 1981 and codenamed Operation Babylon that saw a daring air force raid destroyed an unfinished nuclear reactor a short distance away from Baghdad.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 17

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Rebounds as Geopolitical Tensions Ease and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Wall Street Rebounds as Geopolitical Tensions Ease
Japan Morning Connection: Markets Seeing Iran’s Potential Demise as Fuel to Risk-On Fire
Monday Delight: 16/06/25
#162 India Insights: Tata Chips Push, NSDL IPO, Jio BlackRock Gets SEBI Nod, New CEO Named
Charted Insights : India’s Corporate Profit-To-GDP Ratio: A Structural Shift

Ohayo Japan | Wall Street Rebounds as Geopolitical Tensions Ease

US stocks rebounded Monday as geopolitical tensions eased, with the Dow rising over 300 points, the S&P 500 gaining nearly 1%
AMD (+8.8%), CoreWeave (+7.8%), and Teradyne (+5.5%) advanced, while Lockheed Martin (-4%), Northrop (-3.8%) and L3Harris (-3.6%) declined
NTT DoCoMo will acquire a 47% stake in CARTA HOLDINGS, a Dentsu Group subsidiary, for 25 billion yen via a tender offer

Japan Morning Connection: Markets Seeing Iran’s Potential Demise as Fuel to Risk-On Fire

Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.
Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.
Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.

Monday Delight: 16/06/25

By Contrarian Cashflows

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!

#162 India Insights: Tata Chips Push, NSDL IPO, Jio BlackRock Gets SEBI Nod, New CEO Named

Tata Electronics sends hundreds to Taiwan for semiconductor training, fast-tracking India’s fab ambitions with skilled talent, global leadership, and a ₹1.2 lakh crore investment plan.
NSDL plans a $400M IPO in July, with 50.1M shares offered by SBI, NSE, and IDBI Bank marking a key milestone in India’s financial infrastructure story.
Jio Financial Services (JIOFIN IN) BlackRock has secured SEBI approval to operate as investment adviser, advancing its digital-first wealth platform and appointing Marc Pilgrem as CEO of the advisory arm.

Charted Insights : India’s Corporate Profit-To-GDP Ratio: A Structural Shift

India’s corporate profit-to-GDP ratio held steady at a 17-year high of 4.7% in FY25 for the Nifty-500 universe, reflecting a healthy 10.5% YoY PAT growth
While the world grapples with geopolitical challenges, India’s macroeconomic indicators- including strong GDP growth, a stable currency, and moderating inflation and interest rates – present a contrasting and resilient picture.
India Inc is entering again the faster earnings growth cycle than GDP growth, currently growing at 3x of broder economic growth.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 16

Daily Brief Thematic (Sector/Industry): China & HK Strategy: Rare Earths – What and How? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

China & HK Strategy: Rare Earths – What and How?
Tactical Trading -Oil Joins the Commodity Rally

China & HK Strategy: Rare Earths – What and How?

By Osbert Tang, CFA

Rare earth is an important area in the US-China trade negotiation, as China processes 90% of the world’s supply, and the US depends on China for 70% of its imports.
China Northern Rare Earth Group High-Tech (600111 CH), China Minmetals Rare Earth (000831 CH), and Shenghe Resources Holding (600392 CH) are the main listed A-shares.
JL Mag Rare-Earth (6680 HK) and China Rare Earth Holdings (769 HK) are the key Hong Kong-listed ones. They all witnessed better YoY profit in the latest reported results.

Tactical Trading -Oil Joins the Commodity Rally

By Rikki Malik

Oil’s positive reaction to bearish news was a signal to go long.
Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.
We add oil and related equities to the inflation basket

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 15

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (June 15)- CSPC and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

APAC Healthcare Weekly (June 15)- CSPC, Wuxi Bio, Samsung Bio, Daiichi Sankyo, SanBio, Cochlear

By Tina Banerjee

CSPC entered research collaboration with AstraZeneca for oral small molecule drug discovery utilizing CSPC’s AI-driven drug discovery platform. Wuxi Biologics kicked off construction of new microbial manufacturing site in China.
Samsung Biologics signed a CDMO contract worth more than KRW100B (~$73M) with an unnamed European pharmaceutical company. Daiichi Sankyo initiates Phase 3 trial of Enhertu in first-line breast cancer.
SanBio has completed filing a partial change application of marketing approval of Akuugo. Cochlear introduces Nucleus Nexa system, the world’s first and only smart cochlear implant system.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 14

Daily Brief Thematic (Sector/Industry): AUCTUS ON FRIDAY – 13/06/2025 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

AUCTUS ON FRIDAY – 13/06/2025
[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector
[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News
European Software: Q1 2025 Takeaways – Gradual Improvement

AUCTUS ON FRIDAY – 13/06/2025

By Auctus Advisors

Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float.
This highlights the strength of the business and the cashflow.
Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been extended by two years to November 2027.

[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector

By Ying Pan

PDD US: TEMU Surpasses Allegro in User Numbers in Poland in May (+)
700 HK: Reports Claim Tencent is Attempting to Acquire South Korean Game Developer Nexon for $15 Billion (+)
1439927D CH/1024 HK/BABA US/JD US: Douyin Commerce Announces Full “Zero Deposit” Entry for New Merchants (+/-/-/-)

[Blue Lotus Daily]:XPEV US/NIO US/New Energy Vehicle/Marco News

By Eric Wen

XPEV US:G7 Pre-sale Opens, Priced on the Higher Side (-)
NIO US: NIO US Tightens Service Policy Standards (+ )
New Energy Vehicle:Major Automakers Commit to Shortening Payment Terms to 60 Days(+)

European Software: Q1 2025 Takeaways – Gradual Improvement

By Gregory Ramirez

Software companies see a slow improvement in revenue growth, with Europe narrowing the performance gap. However, growth remains below post-lockdown levels, and a return to high double-digit rates is unlikely.
The best-performing vendors are those focused on defence, large-scale data handling, AI infrastructure, cybersecurity, financial services digitisation, and modern accounting platforms. US firms still lead in absolute growth numbers.
While the number of software M&A deals above USD 200m has declined, total deal value is on track for a record year in 2025, driven primarily by strategic acquirers.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 13

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Oracle Rallies on AI Demand and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Oracle Rallies on AI Demand
Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong Real Estate
The Stocks to Own in ASEAN – Vol. 51
The Stocks to Own in Asia – Vol. 49
Japan Morning Connection: Air India Crash Sends Boing Lower, AMD’s AI Event Fails to Impress

Ohayo Japan | Oracle Rallies on AI Demand

The S&P 500 gained 0.38% to 6,045, sitting less than 2% from its record high
Oracle surged 13% after beating earnings expectations and forecasting cloud infrastructure revenue growth exceeding 70% in fiscal 2026, driven by AI demand
3D Investment Partners, a Singapore-based activist fund, increased its Square Enix stake to 9.79%

Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong Real Estate

1M HIBOR has declined by 300bps to 0.6%, which is a sharp decline. Mortgage rate, which is tied to HIBOR, will have to be adjusted downward
Mortgage rate declines, affordability will improve, and there is positive carry. Developers will enjoy lower borrow cost and better earnings. 100bps change in rates leads to 2% earnings impact
However, the HIBOR decline can reverse, if capital flow changes and affects HKMA’s aggregate balance. US/China interest rate movements and geo-political risks also have to be monitored closely

The Stocks to Own in ASEAN – Vol. 51

By Dr. Andrew Stotz, CFA

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%

The Stocks to Own in Asia – Vol. 49

By Dr. Andrew Stotz, CFA

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: All fourteen stocks have changed in the portfolio
Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%

Japan Morning Connection: Air India Crash Sends Boing Lower, AMD’s AI Event Fails to Impress

Oracle’s good numbers pulling AI and DC related names up, while Samsung failing its NVDA HBM certification (again) positive for Micron.
Tencent is back at the table looking to bid for Nexon, whose outstanding short interest could see a rapid squeeze.
All the good news out for Konami? Looks like it after their even last night with further upside catalysts lacking.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 12

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Oil Surges on Mideast Tensions and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Oil Surges on Mideast Tensions
Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory
China’s Banks: The Quiet Bull Market No One’s Watching
#161 India Insights: India Eyes Rare Earth Push; IndusInd’s Prerequisites from RBI, Insulin Scale Up
[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro
Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry
[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Ohayo Japan | Oil Surges on Mideast Tensions

Stocks ended lower Wednesday as the S&P 500 slipped 0.27% to 6,022; weaker-than-expected May inflation data
U.S. crude surged over 5% following reports of a planned partial evacuation of the U.S. embassy in Iraq amid growing Middle East tensions.
Treasury Secretary Bessent said the U.S. will likely extend tariff pause for countries negotiating in good faith, amid ongoing trade talks and deals.

Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory

Intel relief rally didn’t last, but Broadcom rebounded after a week of selling despite Apple weakness.
Oracle is 7% in late-trading after posting very bullish cloud and cloud infra guidance.
Record sales for Nintendo’s Switch2 console not enough to keep stock moving higher.

China’s Banks: The Quiet Bull Market No One’s Watching

By Rikki Malik

The stealth bull market in HK listed Chinese banks continues.
While the negatives are well known, the positives are underappreciated
We tweak the basket of bank stocks after they report Q1 results

#161 India Insights: India Eyes Rare Earth Push; IndusInd’s Prerequisites from RBI, Insulin Scale Up

India aims to localize rare earth magnet production to protect its EV and tech sectors, reduce import reliance, and support long-term industrial and investment growth.
Hinduja Group must meet key conditions set by RBI for capital infusion in Indusind Bank (IIB IN) , including revocation of pledged shares and appointing board representatives.
Biocon Ltd (BIOS IN) , Eris Lifesciences (ERIS IN) , Wockhardt Ltd (WPL IN) scale up insulin output and capturing new growth in diabetes and obesity care markets.

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

By Eric Wen

Macro: Central Government Focuses on Improving People’s Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)
Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)
1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

By Nimish Maheshwari

India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

By Ying Pan

700 HK: Tencent First Reveals Its Open-World ACGN Game <Return to the Loop>(+)
1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)
1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jun 11

Daily Brief Thematic (Sector/Industry): No and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

No, Hong Kong Won’t Abandon The Peg
Ohayo Japan | Wall Street Rises on Trade Optimism
Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?
Japan Morning Connection: Trump Signals End to Biden Greenhouse Gas Emission Restrictions
Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost
Furniture/Furnishings Weekly – GenAI Adoption Rates
Sustainable Investing Surveyor Focus on Aemetis (AMTX)

No, Hong Kong Won’t Abandon The Peg

By David Blennerhassett

A Bloomberg op-ed piece on the 5th June concludes it is time to move on from “from an archaic currency regime“. That conclusion appears presumptuous. And uninformed.
A key tenent of this piece is that HK’s benchmark interest rates are (or were) significantly – and stubbornly – lower than US rates. Yet this “anomaly” is easily explained.
The article fails to discuss the impact from CATL (3750 HK)‘s IPO on the peg; and even what would replace the peg (IF it were replaced).

Ohayo Japan | Wall Street Rises on Trade Optimism

Stocks rose Tuesday as optimism over U.S.-China trade talks; S&P 500 advanced 0.55% and the Nasdaq climbed 0.63%
Toyota and Daimler Truck have signed a business integration agreement for their subsidiaries Hino Motors and Mitsubishi Fuso Truck and Bus Corporation.
Honda will invest in Rapidus to secure domestically produced cutting-edge semiconductors for next-generation vehicles

Charted Insights: Capex Revival in India Inc; Which Sectors Are Leading the Investment Cycle?

By Nimish Maheshwari

Corporate India’s capex momentum is showing a healthy revival, marking a significant shift from the risk-averse investment behavior seen post-COVID.
Based on FY25 data from 1,393 listed companies (excluding banks and NBFCs), total gross fixed assets rose 7.6% year-on-year to ₹28.5 lakh crore – the strongest expansion in recent years.
This increase signals renewed investment intent across infrastructure, manufacturing, and select consumption-facing sectors

Japan Morning Connection: Trump Signals End to Biden Greenhouse Gas Emission Restrictions

Hydrocarbon related names traded well with Trump set to remove limits on carbon and mercury emissions…watch MHI, Yokogawa and Chiyoda.
Intel +7.8% may help Ibiden, Micron +2.9% positive for Micronics, while semi-cap and power-semi’s continued to move up.
Lock-Up expiry for Kioxia fast approaching could see shorts increase in a Kokusai Elec type situation.

Biopharma Week in Review Large M&A and Licensing Deals Provide a Boost

M&A and deal activity provided a much-needed tailwind for biotech last week.
Exiting a positive, but mostly expected, ASCO weekend, we witnessed the second-largest biotech acquisition in 2025, with SNY buying BPMC for $9.1 billion, and a mega-licensing deal, as BMY will pay up to $11.1 billion for co- rights to BNTX’s PD-1/VEGF (read-across to TIL, SMMT, PFE, MRK).
Gene and cell therapy (NTLA, BEAM, CRSP) got a boost, as the heads of the HHS, FDA, CBER, NIH, and CDC expressed support for faster rare disease approvals at an FDA roundtable.

Furniture/Furnishings Weekly – GenAI Adoption Rates

Risk on as markets anticipate progress on trade deals.
The WTR Commercial/Contract Furniture Index gained 1.8%, the Residential Manufacturers & Suppliers Index was up 3.1%, and the Home Goods Retailers Index increased 2.5%, while the large- cap indices gained 1.1% and the R2K was up 3.0%.
GenAI discussions on quarterly earnings calls are taking off as the technology (and adoption rates) continues to advance at a rapid clip (1), at least for the S&P 500 (Figure 1).

Sustainable Investing Surveyor Focus on Aemetis (AMTX)