Thematic (Sector/Industry)

• Stocks fell as Tesla plunged, Trump-Xi tensions resurfaced, and weak labor data fueled economic concerns ahead of Friday’s key nonfarm payrolls report.
• Suzuki suspends Swift production due to China’s rare earth export limits, disrupting global supply chains. This could get ugly.
• Palliser Capital opposes Keisei’s board, pushing for governance reform and a reduced Oriental Land stake to boost capital efficiency. Unlikely to sway other shareholders

• China’s wiring AI directly into the real economy: across consumer platforms, supply chains, and public services. That real-world focus could power the country’s next growth wave.
• Valuations are cheap. Risks are well known. And if one macro domino falls the right way – a policy shift, demand recovery, geopolitics thaw – the upside could be substantial.  
• So I built the China AI Deployment 10 basket. These stocks aren’t a moonshot: they’re a leveraged play on one of the most consequential tech shifts in China’s modern economy.

• Suzuki stopping production of the Suzuki swift due to lack of rare earth from China may be the new normal for autos.
• ISpace lunar lander fails to touch down on the moon (again), while Musk is threatening to decommission his Dragon rockets.
• Sekisui House numbers missed on poor margins and order outlook for its US detached housing business.

• Silver prices have rallied 20% YTD to $35.60/oz, supported by strong industrial demand and a persistent market deficit.
• Despite being a small market compared to gold and copper, silver offers niche exposure through major producers like Hindustan Zinc, Fresnillo, and Pan American.
• Structural undersupply, driven by green tech and limited new mine capacity, positions silver as a high-beta hedge and a strategic long-term play.

• Building upon the positive momentum in April, May was once again a positive month.
• All Property Index ended the month up 4.22% in total returns (key to note is that it was the last three trading days that saved Index from a down month).
• Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB’s 25 bps interest rate cut injecting a shot of optimism.

• Global and Indian textile markets face shifting supply chains due to geopolitical tensions, driving sourcing diversification towards India.
• There’s a significant push for innovation in materials, focusing on man-made fibers, sustainable, and technical textiles globally and in India
• The Indian textile industry benefits from strong government policy support, including protective tariffs and various incentive schemes

• With an IPO valuation of roughly $8.2 billion and current forward P/E of ~32 ×, Circle still looks poised for multiple expansion as regulatory clarity and stable-coin adoption gather pace.
• Deal upsized from 32 m to 34 m shares, and priced $3 above the top of the original range, boosting total proceeds by >20 %
• Public float increases to ~13 % of the company, modestly improving trading liquidity while founders retain long-term control via Class B shares

• Adani Group enters the airport ground handling sector, expanding its operations after Celebi’s exit. It aims to bid for major contracts and compete with established players.
• India’s palm oil imports surged 87% in May due to low stocks and better prices, likely lifting global palm and soy oil prices in coming months.
• Zepto (1936629D IN) postpones its IPO to 2026, shifting focus to private fundraising and cutting cash burn amid growing competition and operational challenges.

• Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.
• FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.
• Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.

• Stocks were mixed as weak hiring and services data signaled slowing growth, while renewed tariff tensions and US-China trade uncertainty pressured sentiment and Treasury yields fell.
• Nintendo’s game console “Nintendo Switch 2” will be released today
• Dalton Investments, a U.S. activist fund, acquired a 5.01% stake in Senko Group Holdings

• Comments from STMicro CEO reflect a similar positiveness from Onsemi management for auto and industrial chips.
• Memory plays strong but still limited follow through for Japanese HDD component makers.
• Plant Labs strong earnings highlights the importance of satellite images…positive IQPS, Synspective and Sky perfect.

• India considers raising safeguard duty on steel from 12% to 24% to protect local steelmakers from Chinese imports and trade diversion.
• India’s wheat and rice production is set to reach record highs in 2025, with wheat at 117.5 million tons.
• Maruti Suzuki India (MSIL IN) faces potential production delays due to China’s rare earth magnet export curbs, though it’s in talks with the government.

• LKNCY US: Luckin coffee launches RMB 6.9/ Cup Coupons (-) 
• 1810 HK: Xiaomi Auto Expected to Turn Profitable in 3Q-4Q25(+)
• New Energy Vehicle: China Major Automakers May 2025 Sales Summary(-)

• TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) 
• JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)
• 700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)

• U.S. stocks rose as Nvidia topped Microsoft in value; job data beat forecasts, but global growth concerns grew amid tariffs and stalled trade talks.
• Meta signed a 20-year deal with Constellation to power AI growth with nuclear energy, supporting relicensing and expansion of an Illinois plant.
• Fast Retailing reported UNIQLO’s domestic same-store sales (including e-commerce) rose 13% year-on-year in May

• New smartphone offering from Micron lifts memory plays which may help EUV also.
• Comments from Onsemi management that auto has turned the corner positive for Rohm, Fuji Elec, Renesas.
• Kadokawa/Bandai Namco’s Nightreign sells 3.5m copies in 4-days, plus a new DLC on the way.

• China’s defence industry is poised to be another major focus going forward. Many stocks have corrected by 3-20% from their recent peaks, presenting interesting opportunities. 
• Most of them are A-share stocks, with business ranging from fighter manufacturing to optical system development to aircraft engine research and production.
• AviChina Industry & Technology H (2357 HK) is the best play, given its Hong Kong listing, undemanding FY25 PER of 13.5x and 56% discount to holdings in A-share subsidiaries.

• DRAM revenues for Q125 amounted to $28.6 billion, up 1.5% QoQ and up 57.4% YoY. 
• NAND Q125 revenues amounted to $13.3 billion, down 20.6% QoQ and down 5.5% YoY.
• Micron’s HBM revenues grew 50% QoQ. Sk Hynix will double HBM revenues YoY. HBM TAM on track to exceed entire DRAM industry 2024 revenues by 2030. Transformation incoming!

• Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
• This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
• Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins

• U.S. investigates Adani over alleged Iranian LPG imports where Adani denies wrongdoing, calling the accusations baseless and mischievous.
• India’s defence sector hit INR 1.46T in FY25 with record exports, private growth, AMCA launch and INR 2T deals driving future upside.
• RBI may announce a 50-basis point rate cut in June to rejuvenate credit growth and mitigate economic uncertainties.

• Nvidia surpassed expectations in China despite challenges, indicating growth in other areas of their business
• Shift from training to inference era highlighted, with focus on customers buying Nvidia systems for inference
• Competition in the inference market could pose challenges for Nvidia, especially as costs grow and alternatives emerge like Google’s tpu

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

• Trade policy volatility remains unabated, but this week the impact on the furniture and furnishings space was mixed.
• The WTR Commercial/Contract Furniture Index rose 2.6% and the Home Goods Retailers Index was up 2.3%, while the Residential Manufacturers & Suppliers Index declined 1.2%.
• The large-cap indices gained 1.9%, while the R2K gained 1.4%.

• The holiday-shortened week was fairly quiet on the macro front, as certain vaccine-related actions by health agencies were largely expected.
• Mainly affected was MRNA, which had a new COVID-19 vaccine approved with a restrictive label and HHS funding canceled for pre-pandemic bird flu vaccines.
• Public comments for the Section 232 investigation are rolling out, signaling pharma tariffs could be imminent, with expectations of ~25%.

• EV sales rose 9% MoM in May, showing early signs of recovery post-April dip; YoY growth strong at 29%.
• Ola Electric (OLAELEC IN) ’s market share slipped to 19%, while TVS Motor (TVSL IN) and Bajaj Auto Ltd (BJAUT IN) remained steady; market concentration continues.
• Affordability challenges remain, as lower subsidies pressure entry-level demand; OEM pricing and rollout strategies in focus.

• US stocks closed higher Monday despite rising trade tensions with China and the EU.
• ISM data showed US manufacturing activity contracted in May, with imports at their lowest since 2009
• Metaplanet has acquired an additional 1,088 BTC for 17 billion yen, bringing its total holdings to 8,888 BTC

• Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
• Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
• Square Enix cancelling its ‘Project Gemini’ with Polish developer another foreign flop reminiscent of Avengers?

• This is your Monday morning dose of inspiration. 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.

• Strong weekly data from the CP market and from granular loan data of US banks
• C&I type lending is also included in the CP market and other loans to FI’s
• Loans to other FI’s is up 21% YoY and C&I lending, reached a new high since early FY24

• Quess Corp Ltd (QUESS IN)‘s restructuring into three entities aims for targeted growth, disciplined capital allocation, and international expansion in emerging sectors.
• India and the US are negotiating an interim trade deal by June 25, aiming for tariff exemptions and increased trade.
• VST Tillers Tractors (VSTT IN) to launch fully electric power tiller and weeder, expanding into the electric farm machinery sector.

• India’s exports are set to surpass $1 trillion by FY26, driven by trade diversification, FTAs, and robust sector growth.
• Bajaj Auto Ltd (BJAUT IN) warns of rare earth magnet shortage impacting India’s EV production by July, urging quick approval for imports.
• HDB Financial Services Ltd (0117739D IN) is close to SEBI approval for a $1.5 bn IPO, set to become India’s largest shadow bank listing.

• Despite volatility driven by Trump’s shifting remarks on China trade, the S&P 500 and Nasdaq ended Friday nearly flat, closing out their best month since November 2023.
• Ukraine launched a major drone attack on Russian military bombers in Siberia, hitting over 40 warplanes at four airfields.
• NEC announced plans to increase revenue for its digital transformation business “Blue Stella” to 1 trillion yen, representing 84% growth from fiscal 2025

• TSMC planning a fab in UAE not enough to lift semi-cap names Friday.
• New Switch on Thursday and the Summer Game Fest on Friday points to upside for laggard developers this week.
• ISpace set to deliver UNESCO cultural hard drive to the moon this Friday.

• The Ministry of Road Transport & Highways(MoRTH) has revised bidding norms for central government road projects, effective April 30, 2025, removing the APS cap and lowering the trigger.
• The EPC sector faced intense competition and aggressive underbidding from less stringent standards, causing project delays and quality issues. 
• These changes aim to deter unsustainable bids, prevent margin erosion, filter speculative players, ease competition, and improve project execution and quality.

• Eisai received approval for its insomnia drug, Dayvigo in China. Daiichi Sankyo and Merck have voluntarily withdrawn BLA seeking accelerated approval in the U.S. for patritumab deruxtecan for NSCLC.
• Samsung Biologics secured two CMO contract worth KRW441B from unnamed pharmaceutical companies in Asia and Europe. SK Bioscience has completed a major expansion of its vaccine production facility in Andong.
• CSPC Pharmaceutical is in negotiations regarding three potential outlicensing deals. Jiangsu Hengrui Pharmaceuticals received approvals for three drugs in China. Hansoh’s third BLA for Xinyue has been accepted by NMPA.

• The U.S. has doubled tariffs on imported steel and aluminum to 50%, citing national security and domestic industry protection.
• The move is expected to raise domestic prices, reduce imports, and increase costs for metal-intensive industries.
• Winners include U.S.-based producers like Nucor, United States Steel, Cleveland Cliffs and Century Aluminum; losers are foreign exporters like Aloca, RioTinto, Nippon Steel, Ford, GM etc.

• CDNS, SNPS each fall >10% on the back of further US restrictions on sale to China
• Both of their China revenues were around 10% in the most recent quarter, albeit in the case of CDNS, it was 15% in the year ago quarter
• China’s domestic EDA ecosystem has grown significantly in recent years. These latest restrictions, if fully implemented, will simply serve to further accelerate its development

• Iron ore futures dropped as China’s steel demand weakened and Beijing considered a pre-sale ban of unfinished homes, potentially hurting global steel demand. 
• Expectations of impending production restrictions were bolstered when Baosteel forecasted that China’s total steel output could decrease by 50 million tons this year. 
• On the technical front, prices remain below key moving averages, and MACD lags the signal line, reinforcing a persistent bearish outlook. 

• We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
• Portfolio changes: Two stocks remain, eight new join the fray
• Since inception, it has gained 172% versus the CSI 300 Index’s return of 61%

• JD US/BABA US/3690 HK: Food Delivery Subsidy Rules Adjusted Again, Merchant Share Rises to 70% (+/+/+)
• TCOM US: Stable Traffic Growth in Dragon Boat Festival Traffic(+)
• TCOM US:Daily cross-border trips during Dragon Boat Festival holiday hit 2.15m (-)

• Tata Consumer Products (TATACONS IN) chairman highlights India’s strong growth outlook, emerging trends like GenAI, and the nation’s stability.
• India’s space sector, driven by state-level policies and private investments, is set to reach $44 billion by 2033.
• JSW Steel’s 50 MT capacity target by FY31 remains intact despite Bhushan setback, focusing on brownfield and greenfield expansions.

• XPEV US: Mona M03 Max facelift launches with RMB15k price cut (+)
• LI US/601127 CH/ XPEV US/NIO US: Week 21 Sales Ranking (May 19-25, 2025)(+/+/-/-)
• New Energy Vehicle: MOC focuses on “zero-mile used cars”, BYD(1211 HK) & Dongfeng attend meeting(-)

• The critical role of TREM2. Triggering receptor expressed on myeloid cells 2 (TREM2) is a protein that is primarily found on the surface of microglia.
• Microglia are the primary immune cells of the central nervous system (CNS), which essentially act as the first and principal line of active immune defense in the CNS.
• TREM2 helps the CNS immune system by enhancing microglia’s ability to clear toxic substances, abnormal proteins (such as amyloid beta), and cellular debris. I

• Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions?
• – 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period.
• RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%.

• We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
• Portfolio changes: Three stocks remain, 11 new join the fray
• Since inception, it has gained 73% versus the SET 100 Index’s return of 10%

• A federal appeals court reinstated Trump’s tariffs temporarily, adding uncertainty to trade policy.
• The S&P 500 and Nasdaq rose 0.4%, while the Dow gained 0.3%, though all three retreated from session highs
• Renesas Electronics has scrapped plans to produce next-generation power semiconductors for electric vehicles using silicon carbide at its Takasaki Plant

• In the global copper market the news of trouble at Ivanhoe Mines (IVN CN) large Kamoa-Kakula mine in Congo dominated headlines.
• Kamoa-Kakula is the fourth largest global copper mine ramping up supply in the coming years. The issues highlight the necessity for other projects such as Oyo Tolgoi in Mongolia. 
• In Mongolia, headlines were dominated by political unrest and a “secret” lawsuit by the Mongolian government against Rio Tinto Ltd (RIO AU). 

• Computex focused heavily on AI and featured a lot of liquid cooling technology
• Nvidia keynote at Computex introduced NVLink Fusion for custom CPUs, targeting vendors like Fujitsu
• Debate arose over the relevance of NVLink Fusion for hyperscalers who are moving towards custom silicon to avoid reliance on Nvidia.

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

• NVDA pricing in numbers positive and Dell AH sets a good tone for AI related.
• Renesas pulling out of SiC points to problems with Wolfspeed supplies and may be positive Rohm.
• Boeing up with 737 Max production increasing and China about to resume deliveries.

• SEBI investigates Indusind Bank (IIB IN)‘s delayed disclosures on derivatives accounting lapses, insider trading violations, and potential violations of LODR regulations.
• Dixon Technologies India Ltd (DIXON IN) Sunil Vachani discusses India’s progress in electronics manufacturing, aiming for global leadership but requiring time and patience.
• NSE is close to receiving Sebi’s approval for its IPO, with ongoing discussions on disclosures or an out-of-court settlement.

• We consider the merged platform Kadimastem (KDST.TA) + NLS Pharmaceutics (NLSP:NasdaqCM).
• We provide an investment case analysis and a selection of merged metrics prior to any synergies.
• The merger creates a cross-platform pre-revenue biotech with lead programs including a proprietary stem-differentiation platform capable of delivering scalable therapies for replacing lost or damaged cells; IsletRx could revolutionize insulin production for Type 1 diabetes (T1D) patients; AstroRx® targets neurodegenerative diseases (NDDs); and a clinical-stage Dual Orexin Receptor Agonist (DOXA) platform targets NDD therapies and metabolic disorders including ALS and sleep-wake disorders.

• On Wednesday, the S&P 500 fell 0.56% to 5,888.55 as investors awaited Nvidia’s earnings
• After the close, Nvidia reported Q1 revenue of $44.1 billion, beating expectations
• Mitsubishi Heavy Industries reported a robust order backlog exceeding 10,000 billion yen, doubling pre-pandemic levels

• Declining Chinese inventory and rising premiums bode well for the copper price.
• Speculative interest, as per the COT reports, is low, providing room for new buyers.
• Infrastructure and defence spending are on the rise in most regions of the world

• NVDA numbers were inline, but Blackwell rollout and outlook for further sovereign expansion sets bullish tone.
• HP numbers point to bleak demand for PC’s due to rising import costs and a slower economy
• Rohm +13% as its switches to a more AI focused bucket + NKY potential.

• PBoC reduced one-year and five-year loan prime rates to 3.0% and 3.5%, respectively, marking a careful step amid ongoing U.S. trade tensions. 
• Xu Lin proposed a 4% annual growth target to address demographic and structural challenges, advocating structural reforms and private sector engagement. 
• Iron ore inventories at Chinese ports fell in the third week of May, primarily due to reduced arrivals of new shipments.

• Beiqi Foton Motor Co Ltd A (600166 CH), via Energy In Motion, marks Baic Motor Corp Ltd H (1958 HK)’s electric truck entry in India targeting heavy-duty logistics.
• In this insight we attempt to identify implications on existing players like Ashok Leyland (AL IN), Tata Motors Ltd (TTMT IN) , Mahindra & Mahindra (MM IN) and others.
• Ravindra Energy’s INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.

• Furniture and furnishings stocks were down, along with the rest of the market, as Moody’s downgraded US debt on concerns over expanding deficits and higher interest rates, exacerbated by concerns that the administration’s proposed budget could significantly increase total federal debt, and continued concern over the fate of tariffs and US trade policy.
• The WTR Commercial/Contract Furniture Index declined 4.5%, the Residential Manufacturers & Suppliers Index fell 2.6%, and the Home Goods Retailers Index was down 8.5% in a week where the broader indices (2.7%) and the R2K (3.1%) were down by low single digits.
• Less for more when it comes to housing according to the WSJ (1). Houses in the US are starting to get at least a bit smaller on the margin in the post-pandemic period (Figure 1), perhaps signaling the end (or at least a pause) in the trend toward larger homes that has been in place throughout the post-war era as families increasingly moved out of the cities and into the suburbs.

• Alcoholic Beverages sector exposure has dropped to multi-year lows, falling below 50% of active GEM funds. 
• Recent outflows total $700m, with China & HK and Brazil seeing the steepest declines. 
• Key stocks like Kweichow Moutai and Wuliangye Yibin face consistent month-on-month closures as managers rotate out.

• This week, we review the troubled history of Gryphon Digital Mining (GRYP), the reverse-merger partner of Hut 8’s (HUT) new spin-off, American Bitcoin, soon to trade on Nasdaq as ABTC.

• HUT will own 80% of the spin-off. GRYP is the junior partner in the deal; its shareholders get 2% of the spin-off.

• But there is magic somewhere in the numbers: based on GRYP’s own current market cap, the 2% allocation implies a valuation for American Bitcoin that is more than twice the current market cap for all of HUT—even though most of its ABTC’s operations are still currently contained in HUT as a majority owned subsidiary.

• There is very high delta in 30-year JGB yields in the recent month, and preceding periods
• This is very much unlike what we see with the 1-year JGBs, different implications.
• Insurance companies are the major holders of long-dated JGBs where banks have low duration on their bond holdings.

• US stocks surged Tuesday with the Dow Jones Industrial Average gaining 1.8% or over 700 points
• Asahi Kasei will withdraw from four businesses including acrylic resins and MMA by March 2026-September 2027 due to deteriorating market conditions
• MBK Partners has secured preferential negotiating rights to acquire Makino Milling Works through a takeover bid

• Semi’s and cons disc leading way higher, Japan set for strong start.
• Apple breaking downtrend on news its releasing a new game center to better compete against consoles.
• Nuclear names surging again which sets a continued positive tone for heavies and related.

• Surging DPSU order books ensure revenue visibility, supported by FY26’s 9.5% budget increase and 75% capital outlay for domestic industry.   
• The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
• High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.

• 1211 HK: BYD Company , Geely, Leapmotor Cut Prices (-)
• LI US: AITO M8 Achieves Over 80,000 Pre-Orders in Its First Month(-)
• LI US: Li Auto Revises Down 2025 Production Target (+)

• 3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)
• 3690 HK: “Shen Qiang Shou” and “Pin Hao Fan” Both Surpass 10 Million Daily Orders (+)
• TCOM US: Thailand’s Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)

• Despite President Trump postponing the 50% import tariff on the EU — which initially acted as a catalyst for a rebound in the SET — the index was quickly dragged down by weak investor confidence amid concerns over an economic slowdown.
• Nevertheless, gains in DELTA, ADVANC, and SCC helped the index close slightly higher, albeit on low trading volume.
• The index continued its attempt to rebound and hold above the support level at 1,173 points, which was successful.