Thematic (Sector/Industry)

Loh of OCBC favors pawnbroking, with MoneyMax as the top choice.
uSmart issues ‘hold’ rating on Azeus Systems with a target price of $9.45.
Jefferies begins coverage on Singapore banks, targets DBS at $91.

Ohayo Japan | US Stocks Slip as Yields and Oil Surge

US stocks closed lower on Wednesday as rising Treasury yields and a rebound in oil prices weighed on sentiment
Since Japan last traded, Nasdaq has added +1.6%, JPY has weakened to 3-week low, and US 10Y at YTD high
Japanese stocks likely to open firm as market catches up, but long-bond yields likely to cap upside

Energy Roundup : US LNG Plugging Global Supply Gap; Oil Prices Dip on Renewed Middle East Optimism

LNG importers look to diversify supply options. We recently wrote on the potential for global oil importers to look to diversify supplies going forward as a result of the Iran war-related massive supply disruption across the Middle East.
It appears that liquefied natural gas (LNG) importers could also be considering doing the same thing. Bloomberg reported last week that sideline discussions at Gastech—the world’s largest natural gas conference that was held earlier this month in Thailand—focused on the industry’s need to look to supply diversification.
That line of thinking is being driven by concerns that after more than six months into the US-Iran war, there is still no sign of LNG flowing again through the Strait of Hormuz and industry worries over whether LNG traffic through Hormuz will ever fully return to normal.

Woodline Partners Portfolio: Top Holdings (Q2 2026)

San Francisco-based Woodline Partners LP was formed in August 2018.
Its Form ADV lists Matthew Hooker, Karl Kroeker, and Michael Rockefeller as the firm’s principals.
As of June 30, 2026, the firm reported $32.35 billion across 1,011 disclosed long positions, according to its latest 13F filing.

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Sep 23

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Daily Brief Thematic (Sector/Industry): Anatomy of an Implosion: Recourse Traps and more

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

In today’s briefing:

Anatomy of an Implosion: Recourse Traps, Capital Destruction & The Longfor Short
Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with ‘hold’, target $9.45.
The 20 Trillion RMB Property Wealth Erosion and Its Impact on China’s Structural Retail Slowdown
Advent Global Partners Convertible Arbitrage Fund Gains 0.41% as Convertible Opportunities Expand
Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)
Trott Family Philanthropies 2024 990: A Foundation Portfolio Built on BDT Funds

Anatomy of an Implosion: Recourse Traps, Capital Destruction & The Longfor Short

20 Trillion RMB Vaporized: Wealth evaporated via marginal pricing. Physical cash is permanently trapped in non-yielding municipal concrete, structurally destroying the foundation of middle-class retail consumption.
The Full-Recourse Trap: Draconian mortgage laws and severe social blacklists force panicked household deleveraging, locking China into a permanent deflationary balance sheet recession with no exit mechanism.
SHORT Longfor Group (960 HK): The private survivor is a value trap masking negative development margins, shrinking cash flows, and severe exposure to a retail consumption downgrade.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with ‘hold’, target $9.45.

uSmart starts coverage of Azeus Systems with a ‘hold’ rating, target $9.45.
Jefferies starts coverage on Singapore banks, targets DBS at $91.
KGI keeps Q&M Dental at ‘outperform’ due to disciplined growth.

The 20 Trillion RMB Property Wealth Erosion and Its Impact on China’s Structural Retail Slowdown

Historic Wealth Erasure: The property downturn vaporized 20 trillion RMB in household equity, trapping the middle class in negative equity and severely freezing discretionary spending across consumer tiers.
Broad Demand Deterioration: Surging youth unemployment, widespread wage cuts, and a classic balance sheet recession are neutralizing stimulus efforts and decimating aggregate retail footfall.
The Structural Shift: Plunging turnover rents and rising vacancies leave retail landlords Hang Lung (101 HK) and Longfor (960 HK) structurally vulnerable amid shifting consumption patterns and evaporating luxury demand.

Advent Global Partners Convertible Arbitrage Fund Gains 0.41% as Convertible Opportunities Expand

Advent Global Partners Convertible Arbitrage Fund returned 0.41% net in July 2026, compared with a 1.29% decline for the FTSE Global Focus Convertible Index.
The $128.0 million fund is managed by Tracy Maitland and Odell Lambroza.
The fund is up 6.19% year to date.

Dan Loeb Portfolio: Third Point Top Holdings (Q2 2026)

Dan Loeb is the founder and CEO of Third Point , the New York-based investment firm he launched in 1995.
Known for his event-driven and activist investing, Loeb has built Third Point into a prominent multi-strategy investment firm.
As of June 30, 2026, Loeb’s disclosed U.S. equity portfolio totaled $4.68 billion across 39 holdings.

Trott Family Philanthropies 2024 990: A Foundation Portfolio Built on BDT Funds

Trott Family Philanthropies is a Chicago-based private foundation associated with Byron and Tina Trott.
Byron Trott is best known as a longtime Goldman Sachs executive who advised some of the world’s largest companies and became a prominent figure in investment banking before co-founding BDT & MSD Partners.
The organization received federal tax-exempt status in June 2021 and serves as a central vehicle for the Trott family’s charitable activities.

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Sep 22

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Daily Brief Thematic (Sector/Industry): ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !! and more

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

In today’s briefing:

ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !!
AI Flow Industry Model : Tracking the Capex Flood and Revenue Streams
Asian Equities Great Divide: REIM Premium Vs Legacy Developer Discount
Asia Real Estate Tracker (21-Sep-2026): APAC Real Estate Updates: People News September 2026
Ten Messages from the Past

ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !!

By David Mudd

Asia’s cybersecurity companies will benefit from escalating AI fear-mongering and actual security breaches that are increasing in number and sophistication. US cybersecurity firms have rallied since the Mythos breach.
Trend Micro Inc (4704 JP) and Digital Arts (2326 JP) have returns above WACC, while Ahnlab Inc (053800 KS) and Systex Corp (6214 TT) shares have recently advanced.
Since 2023, China has implemented AI safety measures, progressively shifting from controlling content and labor market impacts to ensuring reliability, preventing loss of model control, and ensuring human autonomy.

AI Flow Industry Model : Tracking the Capex Flood and Revenue Streams

The model tests the economics of the AI buildout. It maps spending from power and capex through clouds to end-market revenue, anchored on FactSet consensus for hyperscaler capex and cloud revenue while our assumptions for AI allocation, utilization, pricing and demand, and modeled intercompany transfers are eliminated.
Over time, we expect to use this model as a framework for evaluating new data points on capex, AI services revenue, and token pricing/consumption.
The buildout stays cash flow negative through 2030. AI capex rises from $824B in 2026 to $1.76T in 2030 ($6.7T cumulative) versus revenue of $306B and $1.56T. Cloud FCF is negative $530B and $588B, including assumed internal use benefits; infrastructure vendors generate $258B and $628B.

Asian Equities Great Divide: REIM Premium Vs Legacy Developer Discount

Structural Repricing: Markets actively reward asset-light real estate managers with premium multiples exceeding 1.0x P/B, valuing their predictable, annuity-like fee-related earnings and infinite platform scalability.
Developer Distress: Legacy balance-sheet developers suffer steep 50% discounts to RNAV, penalized for cyclical earnings, rising debt burdens, and severe margin compression from punitive housing regulations.
Pair Trade Strategy: Long CapitaLand Investment for aggressive fund expansion and fee growth, against short City Developments, which remains heavily anchored to capital-intensive residential landbanks facing tight regulatory deadlines.

Asia Real Estate Tracker (21-Sep-2026): APAC Real Estate Updates: People News September 2026

By Asia Real Estate Tracker

On September 21, 2026, Tokyo Tatemono and UBS invested $859 million in an Australian industrial partnership.
MA Financial acquired a 50% stake in a Melbourne mall for $233 million and launched a retail fund.
Ichigo Hotel REIT faced an 11% profit drop due to Japan’s tourism slowdown amid local demand challenges.

Ten Messages from the Past

By Fallacy Alarm

My articles typically follow this structure: Pick an economic or financial market topic that is controversial and important.
And then provide a perspective that is differentiated and ideally unique. Today’s article will be a bit different.
I will present older articles again that I consider evergreens with a much longer shelf life than others.

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Sep 21

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Daily Brief Thematic (Sector/Industry): This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets and more

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

In today’s briefing:

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #12 | 13-19 Sep 2026
HK Strategy: The Forthcoming Black October?
Ohayo Japan | Tech Leads

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

By Ke Yan, CFA, FRM

OpenAI’s private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #12 | 13-19 Sep 2026

By Mo Aziz

AI-Safety and a 25bp Fed hike drove memory into its sharpest selloff since July; by Friday, SanDisk, Micron and SK Hynix had recovered to weekly gains.
No hyperscaler cut capex. Three AI sentiment shocks in nine months have cleared within four sessions — suggesting volatility, not a broken memory earnings thesis.
Both trades remain in profit: SK Hynix +7.3% MTM and Kioxia +0.5%. Kioxia’s 1 Oct split and potential $10bn US ADR add 2027 positioning catalysts.

HK Strategy: The Forthcoming Black October?

By Osbert Tang, CFA

October has been a poor month in the last five years, with an average return of -6.5%. This highlights the risk for the Hang Seng Index (HSI INDEX) next month.
Factors including higher interest rates, the US mid-term election, elevated crude oil prices, and concerns about the AI investment outlook are negative issues.
November and December are, interestingly, the good months in the last five years. Aggressive players may buy back after a possible plunge in October.

Ohayo Japan | Tech Leads

US stock market closed mixed on Friday wrapping up a volatile week that included the Federal Reserve’s first interest rate hike in three years
Tech strength (especially semiconductors) helped the Nasdaq and S&P 500 finish higher
Japanese markets closed for national holidays. Resume trading on Thursday

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Sep 20

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Daily Brief Thematic (Sector/Industry): Asia’s Energy Security Push From LNG Dependence to Optionality and more

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

In today’s briefing:

Asia’s Energy Security Push From LNG Dependence to Optionality
August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions
China Healthcare Weekly Wrap (14-18 Sep)
APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

Asia’s Energy Security Push From LNG Dependence to Optionality

By Duncan Chan

Asian LNG demand is forecast to fall 3–10% in 2026, its second consecutive decline, as high prices accelerate switching to coal, nuclear and domestic gas.
September Asian LNG imports are expected at 20.1 million tonnes, an eight-year seasonal low, even as buyers continue securing long-term supply and import capacity.
The market is shifting from LNG dependence to optionality, favouring low-cost, flexible supply over capacity reliant on continuously rising Asian utilisation.

August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions

By Daniel Hellberg

Of the seven US metrics we track, six showed a weaker pace of Y/Y change vs July data
Five of the seven border crossing metrics showed Y/Y declines in August (vs only two in July)
As a proxy for US leisure and travel activity, the August numbers paint a bleak picture

China Healthcare Weekly Wrap (14-18 Sep)

By Wilfred Yuen

For World Lung Cancer Conference (WCLC 2026), we wrap-up key data updates, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius
AI drugs news flow: 1) Lilly Tunelab announced agreements with Genscript, Twist, Gingko; 2) Harbour Bio developed world’s first language model for heavy-chains-only antibodies; 3) ByteDance’s Anew Labs raised US$290m
Other updates include LEGN’s new CEO appointment, Chimagen/GSK licensing deal, China’s 5-year plan for pharmaceutical industry

APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

By Tina Banerjee

Sino Biopharmaceutical’s NDA for bispecific ADC, TQB2102, has been accepted by NMPA for breast cancer. CHMP recommended approval of Impact Therapeutics’ Sepalna for epithelial ovarian, fallopian tube, and peritoneal cancers.
FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque psoriasis. Daiichi Sankyo announced positive results from the Phase 3 trial evaluating Enhertu as a first-line treatment of NSCLC.
SK Biopharmaceuticals has signed a license and equity investment agreement with 1ST Biotherapeutics to secure global exclusive development and commercialization rights for a new drug candidate for Parkinson’s disease.

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Sep 19

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Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | BOJ Raises Rates and more

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

In today’s briefing:

Japan Strategy Weekly | BOJ Raises Rates, but the Yen Looks past the Hike
Singapore Market Roundup (18-Sep-2026): CGS cuts Venture’s target price to $18.94 from $21.78.
AUCTUS ON FRIDAY – 18.09.2026
Edge Inference: Profiting from AI Decentralization and Grid Constraints
Singapore Business Trust Sector: Return OF Capital, No Exception

Japan Strategy Weekly | BOJ Raises Rates, but the Yen Looks past the Hike

BOJ hikes 25bp to 1.25%, but cautious guidance sends the yen weaker through ¥157/$.
Equities rebound: Nikkei +1.6% on the week, supported by easing oil prices and stabilising tech sentiment.
Data mixed: inflation cools, exports remain strong, but imports surge and domestic activity softens.

Singapore Market Roundup (18-Sep-2026): CGS cuts Venture’s target price to $18.94 from $21.78.

CGS International reduces Venture’s target price to $18.94 from $21.78.
Goldman Sachs starts ST Engineering with a ‘buy’ rating and $13.20 target.
SAC Capital lifts Lincotrade’s target price to 52.9 cents, boosting order book.

AUCTUS ON FRIDAY – 18.09.2026

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD cluster – Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.
The required investment is EUR 555,400.
Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.

Edge Inference: Profiting from AI Decentralization and Grid Constraints

AI inference demands sub-10 millisecond latency, forcing massive compute workloads away from centralized hyperscale campuses to distributed edge data centers.
Five-Year grid interconnection delays make edge sites critical bypass valves, positioning tower operators like American Tower to monetize pre-zoned, power-ready land.
A core pair trade going long American Tower and short Keppel Infrastructure Trust captures edge growth while hedging against elevated 44.2% gearing and finite-life concession cliffs.

Singapore Business Trust Sector: Return OF Capital, No Exception

By Tan Yee Peng

This report is a follow-up on Corporate Monitor Limited’s (CML) fourth REIT report which looked at whether Singapore REITs (S-REIT) provide a return on capital, or return of capital.
This report performs similar research on the Business Trust (BT) sector.
To be clear, the BT sector excludes REITs that have a stapled security structure comprising a REIT and business trust, and only focuses on pure business trusts, of which there are 5.

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Sep 18

0

Daily Brief Thematic (Sector/Industry): Korean Govt to Allow ETFs Trading by Foreign Retail Investors Through the Foreign Omnibus Accounts and more

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

In today’s briefing:

Korean Govt to Allow ETFs Trading by Foreign Retail Investors Through the Foreign Omnibus Accounts
Ohayo Japan | Buy the Dip
The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate
How MDR Will Impact Paytm, Pinelabs, MobiKwik?
REF China Property Developers In Distress – Weekly News & Announcements Tracker | Sep 11-17, 2026
Singapore Market Roundup (17-Sep-2026): UOBKH rates EGP Energy as ‘buy’ at 92 cents.
Exencial Filings Daily – 17-09-2026
Exencial Industry Tidings – 17-09-2026
Exencial Morning Charts – 17-09-2026
Hedge Funds Cut Magnificent Seven Longs As AI Debt Risks Come Into Focus

Korean Govt to Allow ETFs Trading by Foreign Retail Investors Through the Foreign Omnibus Accounts

By Douglas Kim

Korean financial regulators have recently amended regulations to allow retail foreign investors to invest in domestic ETFs and ETNs via foreign omnibus accounts starting January 2027.
Total size of the ETFs in Korea jumped from 121.1 trillion won at the end of 2023 to 512 trillion won at the end of July 2026.
FnGuide is also one of the key beneficiaries of the foreign retail investors investing in Korean ETFs as FnGuide is one of largest ETF related indices providers in Korea.

Ohayo Japan | Buy the Dip

A classic “buy the dip” reaction after the Fed decision, aided by cooling oil and yields.
Brent crude declined ~1% (settling around $104). Optimism grew that Middle East supply disruptions (including a Saudi pipeline issue) would prove less severe
The BOJ is expected to raise rates today and again by late January to combat persistent inflation, aligning with US demands for aggressive tightening to stem yen weakness.

The Rate Hike and Capital Flow: 5 Conviction Trades in Asian Real Estate

We analyzed the impact of rate hike to Asia real estate, with recent capital flow and underlying drivers. We recommended SHORT NWD, LINK, and LONG JHR, Keppel DC and Embassy
Inflation-Hedged assets, including Japanese hospitality and supply-constrained sectors like Singapore data centers, remain the undisputed winners for institutional capital in this newly confirmed tightening cycle.
Distress is creating generational entry points, as rising base rates push over-leveraged legacy developers into insurmountable refinancing walls, perfectly positioning pristine balance sheets to capitalize.

How MDR Will Impact Paytm, Pinelabs, MobiKwik?

By Nimish Maheshwari

The 0.4% MDR is not pure fintech revenue. Exemptions, fee-sharing, merchant behaviour and competitive incentives will determine how much reaches profits.
Paytm is the strongest listed beneficiary: Its presence across consumer UPI and merchant acquiring allows it to earn from both sides of eligible transactions.
Pine Labs, MobiKwik benefit differently: Pine Labs gains through merchant acquiring, while MobiKwik’s upside depends on scaling UPI volumes and merchant transactions.

REF China Property Developers In Distress – Weekly News & Announcements Tracker | Sep 11-17, 2026

By Robert Ciemniak

This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources

Singapore Market Roundup (17-Sep-2026): UOBKH rates EGP Energy as ‘buy’ at 92 cents.

UOBKH starts ‘buy’ rating for EGP Energy at 92 cents.
UOBKH’s Chen downgrades SIA to ‘sell’ due to rising fuel costs; keeps Air India ‘neutral’.
Evolve Capital keeps ‘buy’ rating with lowered target of 38 cents for ASL Marine.

Exencial Filings Daily – 17-09-2026

By Viral Kishorchandra Shah

Fund raising was the busiest lane at 59 filings, and one dwarfed the rest.
The other 58 were routine: ESOP allotments, final dividends and smaller NCDissues.
On the equity side, Neogen closed a ₹600 Cr QIP at ₹2,255 a share and Venus Pipes lined up a ₹372 Cr preferential issue

Exencial Industry Tidings – 17-09-2026

By Viral Kishorchandra Shah

Average sugar price remains below Rs.60/kg for 4th straight day
China cancels registrations of Indian rice exporters on alleged GMO presence
Rabi sowing may face stress due to widespread drought conditions

Exencial Morning Charts – 17-09-2026

By Viral Kishorchandra Shah

Japan holds the most ETF assets but saw the only outflow
Nuclear power set to grow from 8.8 to 22.48 gigawatts by 2030
UK is the cheapest corridor and India leans on remittances most

Hedge Funds Cut Magnificent Seven Longs As AI Debt Risks Come Into Focus

Hedge funds kept artificial intelligence at the center of their portfolios in August, but the question changed.
Instead of asking whether AI can generate revenue, managers increasingly focused on who will finance the infrastructure buildout and whether the cash flows will cover the debt behind it.
That shift showed up in the breadth of ownership.

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Sep 17

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | Fed Lifts Rates and Signals Further 2026 Hikes and more

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

In today’s briefing:

Ohayo Japan | Fed Lifts Rates and Signals Further 2026 Hikes
Fabless, Until Capacity Has to Be Financed
Singapore Market Roundup (16-Sep-2026): UOBKH’s Chen downgrades SIA to ‘sell’ amid rising fuel
Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies
Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie…
Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy
Kernow Asset Management’s August Letter: 3.3x Return For Our Favorite UK Stock
Energy Roundup : Oil Prices Advance Ever Higher

Ohayo Japan | Fed Lifts Rates and Signals Further 2026 Hikes

The S&P 500 fell 0.4% as rising Treasury yields and stubborn inflation concerns weighed on investor sentiment
Chipmakers saw selective gains – highlighted by a nearly 3% jump in SK Hynix on reports of manufacturing deal talks with Intel
Boeing tumbled up to 3.7% following warnings from its CEO regarding additional 737 Max production delays.

Fabless, Until Capacity Has to Be Financed

By Raghav Vashisht

AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.
Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.
Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.

Singapore Market Roundup (16-Sep-2026): UOBKH’s Chen downgrades SIA to ‘sell’ amid rising fuel

UOBKH’s Chen downgrades SIA to ‘sell’ due to rising fuel costs; keeps Air India ‘neutral’.
Evolve Capital maintains ‘buy’ rating, lowers target to 38 cents for ASL Marine.
CGS International starts coverage on All-Link Air & Sea with a 92¢ target price.

Seoul Real Estate Playbook: Capital Recycling, Value-Add Alpha and Top REIT Proxies

Hongdae Exit Validates Value-Add: Invesco selling Korner 136 for USD 187m proves aggressive capital recycling and tenant repositioning unlock massive premiums, even in high-cost debt environments.
Sector Polarization Accelerates: Seoul prime office and high-street retail are surging with historic low vacancies, while logistics oversupply creates targeted distress opportunities for highly selective capital.
Replicate Institutional Alpha via REITs: Listed proxies like IGIS Value Plus and KORAMCO Life Infra offer retail investors exposure to aggressive restructuring, capturing robust dividend yields near 9%.

Key Takeaways from WCLC 2026: Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie…

By Wilfred Yuen

For WCLC 2026 (World Conference on Lung Cancer), we summarise key updates from China-originated drugs, covering drugs from Akeso/SMMT, Hansoh/GSK, MediLink/Roche, RemeGen/AbbVie, Leads Biolabs, GenFleet, CSPC, Hengrui, and Henlius
Key highlights: 1) Akeso/SMMT’s ivonescimab: updated OS/subgroup analyses from Harmoni-2 bodes well for Harmoni-3 (squamous NSCLC) and Harmoni-7 (PD-L1 TPS≥50%); 2) Hansoh/GSK’s B7H3 ADC: 18.5 months OS in 2L SCLC;
See inside for key tables, further analysis, cross-trial comparison, upcoming catalysts

Advent Global Convertible Fund Up 11.4% YTD as AI Rotation Tests Convertible Strategy

Advent Global Convertible Fund declined 2.66% in July, bringing its year-to-date return to 11.42%.
Managed by David Hulme and Tony Huang, the hedge fund navigated a month marked by equity volatility, rising rate expectations, and pressure on technology stocks.
Its portfolio remains concentrated in technology, while new convertible issuance continues to create opportunities across several sectors.

Kernow Asset Management’s August Letter: 3.3x Return For Our Favorite UK Stock

Kernow Asset Management’s commentary for the month ended August 31, 2026. Another sunrise in Cornwall. Screens glowing, tea cooling. Peaceful. Millions of data points have spent the night behaving themselves.
Beep. 83. I stare at the screen. I was expecting just eight basis points added to Burberry (OTCMKTS: BURBY) (LON:BRBY)’s Kernow Alpha Score.
That cannot be right. I run it again. 83. There is no escaping the implication.

Energy Roundup : Oil Prices Advance Ever Higher

Decline in global exploration puts future energy supplies partially at risk.
Last week, the IEA announced that it now expects world oil demand to decline 2.5 million barrels per day this year compared with its prior estimate of 1.6 million barrels per day.
Despite the near-term demand concerns, continued relatively low levels of exploration spending could result in future oil supplies below global demand.

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Sep 16

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | Treasury Yields Hit Highest Level Since 2007 and more

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

In today’s briefing:

Ohayo Japan | Treasury Yields Hit Highest Level Since 2007
VI (Volatility Interruption) Mechanisms Surge in the KRX’s New After Hours Market Launch
Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92
Ares 4bn Logistics Fund: How Japan’s 2024 Shock Creates Generational Real Estate Yields
Quantedge Up 42% as the 2026 Hedge Fund Spread Narrows to 57 Points
Silicon Data Appoints Syntax Data As Independent Index Calculation Agent, Advancing Institutional In
UK Energy Shock Nears 2022 Footprint As Broader Inflation Stays Subdued
Asia Real Estate Tracker (15-Sep-2026): Rava buys Peninsula Private Hospital for $208M.

Ohayo Japan | Treasury Yields Hit Highest Level Since 2007

US stocks closed lower on Tuesday, pressured by a rise in Treasury yields (10-year briefly above 5%, highest since 2007)
Crude rallied on supply disruptions in Libya and Saudi Arabia, with WTI and Brent nearing session highs as markets monitored US-Iran tensions and broader supply risks.
Chip stocks partially recovered from Monday’s AI-related selling (e.g., Nvidia +0.6% edged higher; AMD +2.1% gained more noticeably).

VI (Volatility Interruption) Mechanisms Surge in the KRX’s New After Hours Market Launch

By Douglas Kim

In this insight, I discuss the launch of Korea Exchange’s new after hours market and the positive impact it could have on several leading local brokers.
Korea Exchange (KRX) officially launched the real time after-hours trading market on 14 September. This new platform operates from 4 PM to 8PM KST.
Given that the retail local investors dominate the KRX after hours market with more than 90% share, this would positively impact Kiwoom Securities, in particular.

Singapore Market Roundup (15-Sep-2026): CGS International sets All-Link Air & Sea target at 92

CGS International starts coverage of All-Link Air & Sea with a 92-cent target.
DBS lowers target price for UltraGreen.ai to 65 US cents.
SAC Capital lowers ISOTeam target price to 7.1 cents after FY2026 miss.

Ares 4bn Logistics Fund: How Japan’s 2024 Shock Creates Generational Real Estate Yields

Supply Chain Shock: Japan’s 960-hour truck driver overtime cap slashes transport capacity by 14%, triggering a structural rewiring and fierce demand for automated, institutional-grade logistics facilities.
Institutional Conviction: Ares Management’s 612 bn JPY fundraise validates this thesis, weaponizing foreign capital to exploit Japan’s persistent yield arbitrage and intensifying metropolitan land acquisition wars.
Incumbent Advantage: Listed incumbents like Nippon Prologis and Mitsui Fudosan Logistics Park offer deep NAV discounts, bypassing soaring construction costs while capturing immense, inflation-beating rent growth.

Quantedge Up 42% as the 2026 Hedge Fund Spread Narrows to 57 Points

The gap between the year’s best and worst hedge fund has been narrowing all summer.
This week it stands at 57.24 percentage points: Quantedge Global Fund at plus 42.45 percent on one end, Saba Capital’s carry-neutral tail hedge at -14.79 percent on the other.
In late June it was 80.85 points.

Silicon Data Appoints Syntax Data As Independent Index Calculation Agent, Advancing Institutional In

Silicon Data , the independent data and transparency layer for the compute economy, and Syntax Data , an institutional index provider and financial data and technology company, today announced that Syntax has been appointed index calculation agent for Silicon Data’s benchmark index family covering GPU and AI infrastructure markets.
The appointment brings independent, third-party calculation to a set of benchmarks that increasingly serve as reference rates for a new asset class.
Compute – the processing power required to train and run AI models – has historically traded through bilateral, opaque, and highly fragmented arrangements, with pricing that varies materially across providers, regions, hardware generations, and contract structures.

UK Energy Shock Nears 2022 Footprint As Broader Inflation Stays Subdued

LONDON, 14 September 2026 – Britain’s latest energy shock has reached almost the same concentration in the inflation signal as the shock that followed Russia’s invasion of Ukraine in 2022, but has so far produced a very different pattern across the wider economy, according to new analysis from Permutable .
Research using Permutable’s Global Macro Sentiment Indices (GMSI) shows energy accounted for 42.1% of the absolute UK inflation signal on 9 September 2026, compared with 42.7% on the same date in 2022.
The two episodes produce a similar headline reading, but for very different reasons.

Asia Real Estate Tracker (15-Sep-2026): Rava buys Peninsula Private Hospital for $208M.

By Asia Real Estate Tracker

Rava has successfully acquired Peninsula Private Hospital from Australian Unity for a total of $208 million.
Blackstone’s Horizon has reported a significant 36% increase in EBITDA and a notable reduction in losses post-IPO in India.
NFD Korea has begun construction on a substantial 300MW AI data center campus located in Danjin, South Korea.

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Sep 15

0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tech Leads Declines Amid AI Caution and more

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

In today’s briefing:

Ohayo Japan | Tech Leads Declines Amid AI Caution
LIT ALERT: The $5,000 Bribe & How To Protect Your Portfolio
The 155bn AUD Digital Land Grab: Arbitraging Australia’s Gridlock
US AI Throttles Down in Unison; China Puts the Pedal to the Metal. Relax, Then Buy the Dip.
Yield Shock: Navigating the 85% Fed Hike Probability in APAC Real Estate
Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after
Asia Real Estate Tracker (14-Sep-2026): Rava buys Peninsula Private Hospital for $208M.
Chui Lung | Sep 14, 2026
Asia Pays the Hormuz Premium, America Banks the Crack
WTR Small-Cap Spotlight Recap : Navigating Volatile Commodity Markets

Ohayo Japan | Tech Leads Declines Amid AI Caution

US stocks closed modestly lower on Monday, with losses concentrated in technology and semiconductors
Overall, it was a risk-off session driven by AI caution and energy-related rate concerns rather than a broad market rout.
Bank of America shares fell -5% after CEO Brian Moynihan forecast a 10%–20% year-over-year drop in Q3 investment banking fees

LIT ALERT: The $5,000 Bribe & How To Protect Your Portfolio

By Marc Rudajev

Every single day there is another signal that the money printer is warming up, we see it in higher rates, bigger deficits, and now in some outlandish promises.
The president’s speech on September 9th night in Dallas gave us the loudest one yet.
Here is what was said At the Republican midterm convention, Donald Trump promised a $5,000 “dividend” to every adult US citizen, on two conditions: Republicans have to hold both the House and the Senate in November and the money would have to be spent inside the US.

The 155bn AUD Digital Land Grab: Arbitraging Australia’s Gridlock

Hyperscale outbidding: Data centre developers are paying up to 182.1% industrial land premiums, breaking traditional logistics feasibility and creating a peak-valuation capital recycling opportunity for incumbent landlords.
Grid exhaustion: Australia’s 16.2 GW data centre pipeline faces severe grid constraints by 2029, forcing a structural pivot toward regional Renewable Energy Zones and private transmission infrastructure.
Strategic trades: Go long Goodman Group and NextDC for moat-protected yields and land-banking arbitrage, while shorting unhedged secondary logistics developers exposed to margin erosion and stranded pipelines.

US AI Throttles Down in Unison; China Puts the Pedal to the Metal. Relax, Then Buy the Dip.

By Mo Aziz

“Pacing” is evaluators, standards and diplomacy, not a capex cut. It will not slow US capability, but it permanently raises the risk premium on US frontier labs.
Beijing calls it fear-mongering; Trump says whoever wins AI wins. Only private US labs are slowing, Beijing and Trump both refused to slow.
When the industry throttles back in unison, alpha investors will sell the derating. Value investors will buy the opportunity.

Yield Shock: Navigating the 85% Fed Hike Probability in APAC Real Estate

Sticky US inflation: Core CPI forces an 85% probability of a Fed rate hike, fundamentally shifting global liquidity and ending hopes of an imminent easing cycle.
Divergent APAC impacts: Hong Kong and Australia face severe cap rate pressures, while Japan and China offer isolated growth driven by local monetary autonomy and inbound tourism.
Strategic rotation: Short vulnerable retail assets like Link REIT facing structural decay, and go long on resilient cash-flow generators including CapitaLand Ascendas REIT and Japan Hotel REIT.

Singapore Market Roundup (14-Sep-2026): SAC Capital cuts ISOTeam target price to 7.1 cents after

SAC Capital lowers ISOTeam target price to 7.1 cents after disappointing FY2026 results.
UOBKH keeps ‘buy’ on Singtel, values Nxera at up to $4.5 billion for listing.
CGS International stays positive on Pan-United’s prospects.

Asia Real Estate Tracker (14-Sep-2026): Rava buys Peninsula Private Hospital for $208M.

By Asia Real Estate Tracker

Rava’s Barwon has successfully acquired Peninsula Private Hospital for $208 million from Australian Unity.
Blackstone’s Horizon has reported a significant 36% increase in EBITDA and reduced losses post-IPO in India.
NFD Korea has begun construction on a substantial 300MW AI data center campus located in Danjin.

Chui Lung | Sep 14, 2026

By Samir Mehta

I have a fascination for complex words derived by stitching together two or more existing ones, which then become a part of our lexicon as if that new word existed since time immemorial.
Schadenfreude: Happiness gained from someone else’s misfortune. Schaden – damage, or injury; freude – joy or delight
Tsundoku: Buying books and piling them up unread. Tsunde-oku – To pile things up ready for later and leave them; dokusho – reading books.

Asia Pays the Hormuz Premium, America Banks the Crack

By Mo Aziz

Singapore’s Dubai cracking margin turned negative on 9 September (–US$2.93) while the USGC LLS margin sits at US$53.18, the top of its five-year range.
Cause: Dubai crude now trades above Dated Brent. Asia carries the Hormuz scarcity in its feedstock; the Atlantic basin carries it only in its products.
Next: Asian run cuts, cheap Asian diesel dragged west, freight stays bid. The gap closes from the Singapore side, but only after the cuts, and only until the Strait reopens.

WTR Small-Cap Spotlight Recap : Navigating Volatile Commodity Markets

In the face of uncertainty, management teams continue to emphasize capital discipline.
On the margin, activity could inch up as cash flow benefits from higher prices.
Incremental cash flow from elevated oil prices could help some companies accelerate their debt reduction goals.

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