Thematic (Sector/Industry)

• Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
• Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
• Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.

• Fed December rate cut probability at 86.9%; FOMC meets Dec 9-10.
• Kevin Hassett emerging as frontrunner to succeed Jerome Powell as Fed Chair.
• Asics denied Puma bid rumours after a 2.2% dip, refocusing attention on its superior organic growth and premium valuation despite China consumer risks

• In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. 
• The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.
• China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash. 

• Intel reportedly producing chips for Apple should also help Ibiden.
• Kioxia shakes off Bain selling although there looks to be plenty of upside yet after recent correction.
• China tensions simmer further over the w/e positive for defense, negative for tourism related.

• Japanese equities rebounded strongly this week, with the Nikkei 225 up 3.3% and TOPIX up 2.4%, nearly reversing the prior week’s sharp losses.
• This week’s top performer was Toppan Printing due to strong interest in its “Double View Film” for solar panels and a new data-driven customer-experience service, highlighting innovation and growth potential.
• A quieter week for Activists. Dalton increased its Anicom stake to 9.5%, signalling confidence in the pet insurer’s stable growth and potential capital returns.

• Sichuan Kelun-Biotech announces Phase 3 trial success for ADC-Keytruda combination therapy in first-line lung cancer. ImmuneOnco received Phase 3 trial approval for IMM0306 lenalidomide combination for follicular lymphoma in China.
• Otsuka received FDA accelerated approval of Voyxact for immunoglobulin A nephropathy. Eisai has completed FDA submission of Leqembi Iqlik subcutaneous autoinjector as a weekly starting dose for early Alzheimer’s disease.
• Alteogen secures $15M milestone payment from Merck as Keytruda subcutaneous formulation gets EU approval. SK Biopharmaceuticals in-licenses second radiopharmaceutical candidate, which has potential to target clear cell renal cell carcinoma.  

• SAC Capital gives Reclaims Global a ‘buy’ rating with a target of 49.7 cents.
• JP Morgan raises DBS TP to $70; upgrades OCBC, SGX to ‘overweight’, UOB to ‘neutral’.
• UOB Kay Hian rates Soon Hock Enterprise as ‘buy’ with a target price of 68 cents.

• 113 mills in Uttar Pradesh crush 103.5 million quintals of sugarcane
• Textile processing industry’s sales grow by 6.1% in September 2025 quarter
• Plastic tubes, pipes, fittings & sheets industry’s sales grow by 6.4% in September 2025 quarter

• Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).
• This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.
• This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.

• Nikkei Futures marginally lower with few new drivers given US holidays. Japan volumes likely to remain subdued
• China/Japan tensions, tech outperformance, US rate cuts, BoJ’s dovish stance – stock supportive  
• UK retailer Halfords’ strong cycling revenue suggests Shimano may benefit from inventory restocking by retailers in 2H, preparing for next summer’s peak demand.

• KKR and Gaw Capital Partners have sold the Hyatt Regency Tokyo for over $813 million.
• The partnership is also acquiring six logistics parks in India for a total of $336 million.
• JD.com’s logistics management unit has received approval for a potential $500 million IPO in Hong Kong.

• UOB Kay Hian initiates ‘buy’ on Soon Hock Enterprise, targeting 68 cents.
• RHB’s Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.
• Geo Energy’s 3QFY2025 disappoints; Chew keeps 59 cents target price.

• CNRE delivered strong H1 results and downstream momentum, but its valuation remains elevated even after the pullback.
• Shenghe offers superior risk-adjusted value with cleaner pricing leverage and materially lower multiples.
• Lynas still trades on geopolitical scarcity, not earnings strength, making it suitable only as strategic optionality.

• Marine product exports rise by 16 % during April-October 2025
• Kharif output for 2025-26 expected to rise by 2.3%: First advance estimates
• Global specialty chemicals market estimated at USD 1.2 trillion in 2025

• The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind. 
• Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.
• Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.

• Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.
• Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.
• Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.

• Thanksgiving week seasonality drives strong market performance and renewed risk-on sentiment. 
• Dovish Fed chair speculation and December rate cut bets fuel buy-the-dip in oversold tech/AI stocks.
• Absence of Japan/China headlines keeps Japanese equities well-supported in the near term..

• RHB starts ‘buy’ on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.
• CGS International boosts Wee Hur’s target price to 95 cents on strong orderbook outlook.
• PhillipCapital’s Chew reaffirms ‘buy’ rating for TeleChoice International.

• Horticulture production increases by 4% to 369 mt in crop year 2024-25
• Cotton & blended yarn industry’s sales stagnate in September 2025 quarter
• Readymade garments industry’s sales grow by 3.9% in September 2025 quarter

• By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode
• WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms
• Tech and communication stocks dominate the S&P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up

• Markets refocus on imminent Fed cuts, lifting rate-sensitive stocks as volatility eases.
• Google TPUs pressure Nvidia pricing but CUDA lock-in prevents near-term displacement, just diversification.
• Risk-On mood to boost Japan stocks; AI sector bifurcation persists until Nvidia stabilises.

• RHB’s Natarajan maintains IREIT Global’s target price at 35 cents. uSmart places ‘hold’ on Kimly amid stagnant income growth.
• uSMART starts ‘buy’ on Starhill Global REIT, target price at 67 cents. CGS International maintains ‘add’ on Sanli Environmental, lowers target price post-placement.
• Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.

• Homebuilders surging on prospect for lower rates to help Sumi Forestry and Sekisui House.
• NVDA and AMD down as rivalry with Google for AI chips heats up.
• Bain looking to take around 13%/36mm shs of their holding in Kioxia off the table in a block trade this Friday.

• Jardine Matheson reported stable full-year results, indicating consistent performance amid market changes.
• Tokyo has been recognized as the leading city for real estate investment in the Asia-Pacific region for three years running.
• JD Property aims to enhance its global footprint by targeting three significant markets by the year 2025.

• 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!

• Rabi sowing up 12.3 % as of 21 November 2025
• Acrylic staple fibre exports fall by 48.2% in September 2025
• Fertiliser imports up 143.67 % during July -October 20 25

• Maybe it’s 10, 20 years something like that. For me that’s long term. Um my prediction is that work will be optional.
• The evidence speaks for itself uh but but but AI and humanoid robots will actually eliminate poverty and Tesla won’t be the only one that makes them.
• There will still be constraints on power like electricity. The fundamental physics elements will still be constraints. Um but um I think at some point uh currency becomes irrelevant.

• Strong US stock gains since Friday should drive bargain hunting in oversold AI-related Japanese names following their recent slide.
• Prospects for a near-term US rate cut may limit yen weakness, supported by Japanese officials’ strong verbal intervention on Friday.
• The US market closure on Thursday will reduce overall trading volume, potentially leading to increased volatility for individual stocks in Japan.

• Rising beef prices in the US are a topic of concern, with President Trump urging lower prices
• Bill Bullard, CEO of R-CALF USA, discusses the relationship between beef prices and cattle prices and the need for competitive market forces in the cattle industry

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

• Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.
• UBS values Sembcorp Industries at $7.65 due to a value unlock.
• Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia’s 2HFY2025 earnings fall 5% y-o-y to $52.2 million.

• New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November
• There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22
• Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand

• Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.
• These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.
• Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef

• The four new Labour Codes on Wages, Industrial Relations, Social Security, and OSHWC, replace 29 old laws, creating a unified, simplified, and future-ready framework for India’s labour sector.
• The Codes expand social security to gig/platform workers, mandate appointment letters, and introduce flexibility measures, directly addressing India’s formalization and productivity deficit.
• Structural shifts toward formal employment, financial inclusion, and manufacturing flexibility will boost corporate investment, productivity, and inclusive growth, justifying a re-rating of India’s formal sector.

• Govt to increase sugar MSP by 23% to Rs.38 per kg
• Shrimp exports rise by 18% to USD 2.4 bln during Apr-Aug 2025
• Textiles industry’s sales grow by 4.9% in September 2025 quarter

• We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation
• Residential and office market are seeing solid recovery, on the back of steep rate decline.  Accelerated M&As and buyback programs will further unlock value to shareholders
• Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively

• U.S. stocks, including rate-sensitive names like Home Depot and D.R. Horton, rose Friday, driven by a Fed official’s comments signalling a potential rate cut.
• Japan’s Parliament approved a JPY 21.3 trillion stimulus package, the largest since the pandemic, but the resulting JPY 17.7 trillion supplementary budget raises fiscal sustainability concerns.
• Japanese markets closed for Labour Thanksgiving Day. US closed for Thanksgiving on Thursday

• Japanese equities fell as AI and semiconductor stocks swung sharply, with brief Nvidia-driven optimism fading into week-ending profit-taking that dragged major indices lower.
• Top performer, Asahi Intecc, jumped about 21% on strong 1Q results, margin gains from productivity efforts, and solid US momentum.
• Dalton is steadily increasing its Anicom stake amid solid fundamentals, while NAVF builds Eiken holdings and advances governance reforms.

• 3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
• Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
• Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.

• Vegetable oils & products industry’s sales grow by 22.6% in September 2025 quarter
• Pesticides industry ‘s sales stagnate in September 20 25 quarter
• PSU OMCs to source 2.2 mmtpa US LPG priced off Mont Belvieu

• China Sunsine’s dividend policy prompts re-rating; UOBKH raises TP to 95 cents.                     
• Challenges of a CLI-Mapletree meeting                            
• DBS is RHB’s preferred choice among Singapore banks.

• Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.
• Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.
• Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.

• Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
• – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
• The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. 

• India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
• Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
• India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.