Thematic (Sector/Industry)

• US stocks closed mixed, with the S&P 500 rising 0.4% to 5,633 and the Nasdaq Composite rebounding 0.9%
• OpenAI announced a $40 billion investment round, valuing the company at $300 billion – nearly double its $157 billion valuation from October 2024
• Mitsubishi Heavy Industries has secured a ¥32 billion contract with Japan’s Ministry of Defense to develop a new ground-launched missile

• Micron higher on brighter industry guidance for DRAM, with NAND hikes also due this month.
• Sanken +10.75% yesterday with MS now on board for ON semi’s pursuit of Allegro Microsystems.
• Bullish broker initiation for space defence laggard play -83% below 2024 highs.

• India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.
• This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.
• This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.

• Piaggio likely needs no introduction, as it is the company behind the iconic Vespa scooter.
• In addition to Vespa, Piaggio owns the motorcycle brands Aprilia and Moto Guzzi, though approximately 50% of its revenue comes from scooter sales.
• The strength of Piaggio’s brands is reflected in its exceptional Return on Invested Capital (ROIC) of over 30%.

• The number of new mall developments in 2024 in Japan held steady but will collapse in 2025 due to higher costs, lower demand and a lack of labour.
• At the same time, for existing malls, sales were robust through 2023 and 2024 and look set to continue at higher levels despite consumer restraint.
• Both locals and tourists alike use malls for leisure, entertainment and shopping and, as the number of malls falls, and upgrades continue, efficiency is improving.

• March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?
• EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.
• Bajaj Auto Ltd (BJAUT IN),TVS Motor (TVSL IN) are the top picks in the electric two wheeler category.Ola Electric (OLAELEC IN)has been the most inconsistent player despite having major volumes.

• CHMP has recommended five medicines for approval at its March 2025 meeting, including two innovative drugs and three biosimilars.
• The Committee Recommended not granting a marketing authorization for Eli Lilly’s Kisunla (donasemab), a medicine intended for the treatment of early Alzheimer’s disease.
• The committee recommended extensions of indication for seven medicines that are already authorized in the EU, while recommended to refuse extending the marketing authorisation for Pemazyre for myeloid/lymphoid neoplasms.

• On February 13, 2025, when publishing in FY24 results, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market value of EUR 1bn and reduce its issued capital.
• This share repurchase program will start for an initial EUR 500m and will be increased to EUR 1bn upon the completion of the previously announced sale of the company’s stake in the Feed Enzymes Alliance.
• As of today, April 1, 2025, the company intends to begin repurchasing ordinary shares for a total amount of EUR 580m, of which EUR 80m to cover commitments under the Group’s share-based compensation plans and EUR 500m to reduce its issued capital.

• US stocks ended a turbulent March with a rebound as the S&P 500 rose 0.6% to 5,612 and the Dow Jones Industrial Average gained 1%, or roughly 400 points
• Ricoh acquired an additional 44.4% stake in its U.S. subsidiary, Elixagen Scientific, on March 31, 2025, making it wholly owned
• Independent Franchise Partners, a British investment firm, increased its stake in Shiseido to 6.25%, up from 5.2%

• Watch Softbank after bullish comments from ARM that it expects 50% DC GPU market share this year.
• Hegseth’s Japan trip concludes with no demand for higher defense spending.
• Shiseido was sharply higher yesterday after activist announces larger stake in an easy squeeze.

• Newest monthly release from MAS gives insight into 1Q25 for Singapore’s banks and it is not particularly positive
• The aggregate loan-to-deposit ratio (LDR) continues to move lower, a year ago it was 69.3% and now it’s at 67.3%
• Singapore’s banks added deposits of SGD125bn in the past 12 months through February compared with SGD48bn of loans

• Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   
• The Fortnox deal signals a recovery in Software M&A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   
• Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox’s outstanding stock market performance.

• Stocks plunged Friday as trade policy uncertainty and inflation concerns rattled markets. The  S&P 500 fell 2% and the Nasdaq sank 2.7%.
• Mitsui Sumitomo Insurance will spend ¥420bn to acquire a 15% stake in US insurer W.R. Berkley, gaining expertise in specialty insurance.
• SoftBank Group plans to invest around ¥1,000bn in industrial parks across the US, featuring AI-equipped factories. The parks will utilise humanoid robots and AI in production processes

• Tech and AI down again ahead of Trump’s tariff ‘liberation day’ on April 2.
• Wolfspeed -51% puts Renesas’s $2bn advance payment for SiC under jeopardy.
• Dead rat, anyone? Should be positive for Yoshinoya as Sukiya shutters most stores.

• Although DeepSeek’s continuous updates, iterations, and deep integration with more and more healthcare enterprises in China will bring positive market sentiment, we have seen certain limitations and even risks behind.
• Currently, AI healthcare relies heavily on government subsidies or hardware sales in China, which lacks sustainable payment scenarios and profit model. The data security/privacy/compliance issue may not be completely solve.
• For the companies that have integrated with DeepSeek, investors need to verify their afterwards financial performance and fundamentals. If it does not meet expectations, investors are recommended sell in time.

• Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s
• Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.
• Escorts Kubota Limited (ESCORTS IN) with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business. 

• Several Chinese banks have handed out loans to support selected tech firms’ merger-and-acquisition (M&A) deals under a newly launched pilot program to improve access to credit for innovative businesses.
• China Construction Bank, one of the country’s biggest state-owned lenders, has issued 190 million yuan ($26.3 million) in an M&A loan to a publicly listed tech firm in Suzhou, Jiangsu province, people familiar with the deal told Caixin.
• The loan, covering 80% of the acquisition cost with an eight-year term, is the first loan of this type disbursed by a large state bank after the easing M&A loan policies by financial regulators to help tech enterprises.

• RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.
• This modernizes India’s financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.
• PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.

• China’s rapidly expanding artificial intelligence (AI) industry is eating up electricity at an alarming rate — a factor analysts say could disrupt the country’s power grid if infrastructure doesn’t keep pace.
• By 2035, China’s data centers will consume 400 billion kilowatt-hours (kWh) of electricity a year — around four times their 2024 usage, Bloomberg analyst Lv Jinghong estimated at the BloombergNEF Summit in Beijing Thursday.
• That will account for 3.2% of national power consumption, comparable to the entire electricity usage of Sichuan province.

• Eisai is eyeing for Leqembi global revenue of ¥250–280B in FY28. Kaken Pharmaceutical inlicensed dermatology drug candidate from Alumis. Kaken’s onychomycosis drug got approval in Italy.
• Mochida Pharmaceutical has applied for marketing approval of Actembra biosimilar in Japan. Shionogi has filed for indication expansion of Xocova for post-exposure prophylaxis of COVID-19 in Japan.
• SK Bioscience got approval for Phase 3 clinical trial of 21-valent pneumococcal vaccine in European countries. PharmaEssential obtained approval for Phase 3 clinical trial of Ropeginterferon alfa-2b in China.

• On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.
• The company’s website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn’t mention it at all
• With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO

• Retail investor activity and demat additions slowed sharply in early 2025, with new account openings falling to a multi-year low of 2.3Mn in February.
• This signals a broader sentiment reset after a 5-month market correction and FPI outflows, impacting brokers, depositories like CDSL, and exchange volumes.
• The euphoria phase is cooling, but the long-term equity culture remains intact. Investors should expect near-term consolidation, with stronger players gaining share.

• India has lifted major rice export restrictions, ending duties and price caps, triggering a sharp global price correction in rice markets.
• Global rice prices have dropped 40% since January 2024, providing relief to importing countries and reopening volumes for Indian exporters like  Chaman Lal Setia Exports (CMLTX IN).
• Expect stronger earnings momentum for Indian rice exporters in FY26 as volumes rebound, margins expand, and India reasserts global dominance.

• The textile industry targets $100 billion exports by 2030, seeking policy support for growth and cost competitiveness.
• India’s wind energy capacity reaches 48.5 GW, with 2,702 MW added in FY25, signaling steady growth and new opportunities.
• India’s data centre industry grows to $10 billion, driven by rising internet penetration and AI demand, with Mumbai and Chennai leading.

• The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.
• National Stock Exchange (NSEIN IN)‘s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.
• India’s defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.

• Tokyo stocks faced a volatile week, with the Nikkei falling 1.5% and the Topix down 1.7%, largely impacted by shifting global sentiment and policy uncertainty.
• Trump’s surprise 25% auto tariff announcement triggered a sharp selloff in automakers, especially Nissan (-7%) and Mazda (-6%).
• Oracle Japan stock rose 12% on record Q3 earnings, strong cloud growth, and AI projects, while Sumitomo Realty gained 10% on Elliott’s stake and governance reform hopes.

• Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.
• Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.
• 4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I

• Stocks fell as investors reacted to Trump’s new 25% tariffs on foreign automakers, set for April 2. General Motors dropped over 7%, Ford nearly 4%
• Hertz and Avis shares surged over 20% as investors anticipated higher fleet values due to new U.S. auto tariffs.
• TOWA unveiled a three-year plan targeting 71 billion yen in sales and 8 billion yen in operating profit by March 2028, driven by AI semiconductor demand in Asia

• India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
• Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
• The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.

• The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.
• Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.
• India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.

• Tech is off the menu for most as CoreWeave shakes AI sentiment further.
• Japanese autos largely priced in the tariff news yesterday, although big dividends up for grabs may see renewed interest.
• Japan set for another day of duck-and-cover with the rotation back towards domestic defensive set to continue.

• U.S. stocks fell sharply as Trump’s 25% auto tariff plan targets all countries, aiming for 100 billion yen in revenue, sinking GM (-10%) & Ford (-4.5%), TM (-1.8%)
• Japan’s Nikkei rose 246 yen to 38,027, buoyed by tech gains like Nintendo (+5.3%), despite auto sector lag, with Goldwin lifting profit forecasts to 21 billion yen.
• Nissan Motor, led by President-elect Iván Espinosa, aims to hasten management by cutting new vehicle development from 55 to 30 months

• Indian jewellery players like Goldiam International (GLDM IN), Vaibhav Global (VGM IN), Senco Gold (SENCO IN) are scaling up their LGD businesses, citing strong demand, better margins, and global acceptance.
• LGDs offer 40–45% margins vs. 25–30% for natural diamonds, and are driving revenue growth across these companies, signaling a shift in consumer preferences towards affordability, fashion, and ethical sourcing.
• LGDs are no longer a niche trend, they are becoming a mainstream, margin-accretive category. Early movers with direct-to-consumer reach and global alliances are poised to lead this structural shift.

• India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  
• The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  
• The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.

• India proposes a 12% safeguard duty on key flat steel imports for 200 days, targeting low-cost shipments from FTA partners like Japan and South Korea.
• The move supports domestic steelmakers like JSW Steel Ltd (JSTL IN) and Tata Steel Ltd (TATA IN) by restoring pricing power, creating room for further price hikes of INR 1,000–1,500/Ton.
• Near-Term profitability looks up for flat-steel players, but risks from WTO pushback, MSME cost pressures, and the policy’s temporary nature warrant cautious optimism.

• India plans to cut tariffs on US imports to protect $66B in exports, negotiating trade deal amid Trump’s tariff threat.
• Meesho (1546271D IN) plans $1 Bn IPO at $10B valuation, picking top bankers; aiming for Diwali 2025 listing, surpassing Flipkart.
• Temasek Holdings Pte Ltd (TMSK SP) seeks CCI approval to acquire 10% stake in Haldiram Snacks at $10B valuation, aiming to fuel expansion.

• US stocks rose, but consumer confidence hit a four-year low at 92.9, amid Trump tariff uncertainties; GameStop surged 6% on bitcoin adoption.
• Japan’s Nikkei rebounded to 37,780 yen; real estate stocks led gains, while BOJ signaled potential rate hikes, pushing bond yields to 1.57%.
• Citizen Watch targets 360 billion yen in sales by 2028; Mitsubishi Corp plans a 150 billion yen AI data center.

• Toyota further signalling a U-turn in its EV strategy by delaying long-range battery plant.
• Nexon very squeezy, but does something this well flagged really deserve legs?
• Activist Murakami up to his old tricks a la Pacific Metals with Ferrotec or just a tactic to shake retail?

• Goldfields makes hostile bid for Gold Road with 28% premium
• Gold Road board rejects offer, wanted to buy 50% of Gruyere from Goldfields
• Gold Road now in play, potential competition for acquisition as shareholders weigh options

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• Tata Group partners with Tesla (TSLA US) to supply critical EV components, positioning India as a key player in Tesla’s expansion.
• India crosses 1 billion tonnes of coal production in FY25, driven by PSUs, private players, and 500,000 workers.
• Hindalco Industries (HNDL IN) announces a Rs. 45,000 crore investment plan to expand in copper, aluminium, and specialty alumina sectors.

• The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing measles outbreak.
• Flu vaccine guidelines for fall strains are not on the schedule, as the FDA issued recommendations without the usual ACIP guidance.
• The CDC’s Division of HIV Prevention is under review, which could disrupt a major funding source of HIV prophylaxis (PrEP) drugs (GILD, GSK). 

• A relatively quiet week on the policy front as the markets (seemingly) continue to grapple with elevated uncertainty and work through the implications for the economy.
• The WTR Commercial/Contract Furniture Index (-2.2%), Residential Manufacturers & Suppliers Index (-1.3%), and Home Goods Retailers Index (-2.5%) trailed the broader market indexes.
• Unsurprisingly, firms were front-running anticipated tariffs in early 2025

• US stocks rallied as Trump signalled softer tariffs, Tesla soared 12%, and Treasury yields rose. The US announced 25% tariffs on Venezuelan oil, pressuring China
• Sumitomo Real Estate hit a record high after reports that activist investor Elliott acquired shares and is in talks to enhance shareholder value.
• Hyundai Motor Group will invest 3.1 trillion yen in the U.S. over four years, including 900 billion yen for a Louisiana steel plant

• Tesla surging on the prospect for auto tariffs and semi’s up on the potential for leniency.
• US homebuilder woes continue with KB homes reporting a miss after market.
• Activist Elliott taking a stake in Sumitomo Reality may see holdings under pressure.

• India’s pharma landscape is gearing up for a seismic shift as Semaglutide, used in diabetes and obesity, faces patent expiry in India by March 2026.
• With the global Semaglutide market expected to hit $56.75 billion by 2030, India’s low obesity drug penetration and cost-sensitive population make it a high-potential, underpenetrated market. 
• The Semaglutide opportunity could rival Revlimid for Indian players. Natco, with FTF in the US. Expect multi-year growth runway, but execution, supply chain complexity, and regulatory hurdles remain key monitorables.

• Our take is JD.com’s expansion to O2O/Food Delivery is still measured and constrained. It mainly serves the premium members;
• Meituan, PDD’ and Beike posted results broadly both in-line/slightly exceed expectations. Meituan and Beike raised AI capex while PDD and JD.com didn’t mention;
• Game received first official recognition in government’s 30 stimulative measures for consumption.  Our TOP PICK is NTES.

• 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.
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• Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.
• Piramal Pharma (PIRPHARM IN) aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.
• World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.

• US stocks climbed Friday, with the S&P 500 rising 0.1%; index snapped four-week losing streak
• ITOCHU plans to increase its iron ore production to 40 million tons per year by FY2030, up 1.5 times current levels
• Nidec will boost production of water cooling equipment for AI data centers, investing ¥5 billion in a Thai plant.

• China’s economic data continued to be mixed. The on-again-off-again patter is here to stay. PBOC’s stated policy to follow the US means Trumponomics’s next read is critical to China, too;
• Whether it is positive or negative to our sector depends on whether the view is half full or half empty. Stimulus will increasingly become irrelevant;
• China EV posted strong numbers which cannot be explained by trade-in subsidy alone. Earning flash of Xiaomi, LI and Zeekr.