Thematic (Sector/Industry)

• Takeda has dropped AstraZeneca-partnered antibody drug candidate from its pipeline. Eisai and Merck are closing late-stage trial of Lenvima plus Keytruda in hepatocellular carcinoma on disappointing result.
• Wuxi AppTec sharpens CRDMO business by selling its China-based clinical research subsidiaries. FDA has designated Celltrion’s Stoboclo and Osenvelt as interchangeable biosimilars to the reference products Prolia and Xgeva, respectively.
• CSL is delaying demerger of CSL Seqirus ‘to maximise shareholder value.’ PharmaEssentia has filed for the additional indication of Besremi for Essential Thrombocythemia (ET) with the FDA.

• RHB raises STI year-end target to 4,690 and highlights top sector picks.
• Analysts are optimistic about CICT, stating it’s ‘revving on all engines.’
• UOB Kay Hian’s Loh sets Centurion Accommodation REIT’s target price at $1.23.

• For the week: Nikkei: +6.3% | TPX +1.9% | JPY 154.11 (+1.24¥)
• Sectors: NFM +13%, Elec. Equip. +7%, IT & Comm +4.5% | Paper -5%, Services -3%, Textiles -3%
• Stocks: Ibiden +39%, Advantest +33%, SCSK +32%, Lasertec +31% | DMG -24%, Nidec -24%, SMS -16%

• AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.
• The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.
• Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.

• Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.
• RHB raises STI year-end target to 4,690 and highlights top sector picks.
• CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

• Nokia is set to enhance its base stations by integrating Nvidia GPUs, aiming to advance AI-driven radio access networks and support 6G technology development.
• Arm, AMD, and Nvidia have joined the Open Compute Project board, while AWS’s absence raises questions about its future involvement in open-source hardware initiatives.
• The Semiconductor Industry Association director points to a ‘semiconductor paradox’ that suggests a significant chip boom is on the horizon despite current market challenges.

• Tech-Led selloff as Meta (-11%) and Microsoft (-3%) slumped on higher spending forecasts; health stocks rose on Eli Lilly’s strong results. 
• Nikkei hit record highs after BoJ held rates at 0.5%; yen weakened; Trump-Xi summit yielded tariff cuts and rare earth export agreements. 
• Major Japanese firms posted strong profits (Fujitsu, Astellas, Konami), while Panasonic and Nissan warned of US tariff impacts and weaker earnings outlooks.

• Apple misses in China but its iPhone is nonetheless on track for its best quarter ever.
• Western Digital highlights AI’s insatiable demand for memory. Disco down but not out, while Lasertec looks too much.
• Renesas closes -4% yesterday but comments that AI/data center demand is on the rise should help this re-bucket.

• The aluminum market is experiencing tight supply, rising premiums, and increasing demand driven by infrastructure and clean energy projects. LME prices have surged 7-8%, indicating a structural shift.
• Higher aluminum prices and regional premiums are positively impacting earnings. Key producers like Hindalco are benefiting from strong operations, cost efficiencies, and favorable market conditions.
• Sustained supply constraints and rising premiums, especially from China’s cuts, are expected to drive LME prices higher, ensuring robust growth for Hindalco in the medium term.

• In this in-depth review, it is clear that while Japanese clothing markets had a solid year in FY2024-25, once again the top 100 retailers outperformed by a large margin.
• This meant they surpassed 71% share of the market but, within the specialty market alone, the top 10 retailers own 34%. This is now a clear oligopoly.
• There are no signs of the situation changing either but rather the capacity of the leaders to invest should further expand share at the top.

• Mega caps announcing bigger capex sends Microsoft and Meta down AH, but is another positive for semi-cap plays.
• Disco numbers miss, but memory related shipment miss may be a matter of timing and expect management to say as much on call today
• Blackwell for China will mean more upside for Ibiden, not that it needs any help after +25% in 2-days thanks to Nidec (and Nagamori’s) demise.

• Analysts remain optimistic on CICT, stating it’s ‘revving on all engines.’
• UOB Kay Hian starts coverage on Centurion REIT, target price $1.23.
• DBS rates CAO a ‘buy,’ citing capital inefficiency and potential dividend increases.

• U.S. stocks hit record highs led by AI names as Nvidia surged 5%, PayPal partnered with OpenAI, and OpenAI completed recapitalization; S&P 500 +0.2%, Nasdaq +0.8%. 
• President Trump announced new projects advancing Japan’s $550 billion U.S. investment, a critical minerals deal, record Japanese energy purchases, and enhanced U.S.-Japan cooperation on industrial and anti-drug initiatives. 
• Deal boosts industry, energy, tech, and defense; Japanese corporates including Toyota, Mitsubishi, Toshiba, Panasonic, Hitachi, Murata, SoftBank, TDK, Fujikura, and JERA benefit.

• Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.
• Jensen Huang spreads NVDA’s net wider while dispelling concerns of a bubble.
• Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.

• 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!

• RHB’s Yeo increases HRnetGroup target price to 85 cents.
• JP Morgan upgrades Keppel REIT and MLT due to lower debt costs and strong demand.
• Analysts raise iFast’s TPs after record AUA and net profit in 3QFY2025.

• U.S. markets rose sharply (S&P +1.2%, Nasdaq +1.9%) as an emerging U.S.-China trade framework eased tensions ahead of the Trump-Xi meeting, boosting tech stocks. 
• Amazon announced plans to cut up to 30,000 corporate jobs, its largest layoff since 2022, while Qualcomm surged 11% on new AI chip announcements.
• Japan’s Nikkei hit record highs (+2.5%) on optimism over a U.S.-China deal and expected Fed rate cut; Nidec faces delisting risk amid accounting probe.

• Stock market rally gains momentum after news of upcoming summit between Trump and Xi Jinping, supported by inflation data.
• Netflix reports higher revenue and profit in 3Q, driven by subscriber gains, record ad sales, and price increases.
• Netflix continues to be a leader in streaming, emphasizing advertising revenue and confident in future growth with advances in AI.

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

• President Trump has indicated that he will lower tariffs on ASEAN countries in exchange for future supply commitments of Rare Earth Elements (REEs) to counter China’s industry dominance.
• Although the supply commitments of REEs to supplant China’s production will take years to fulfill, the tariff relief will provide immediate benefits to Chinese textile manufacturers with Southeast Asian production.
• Shenzhou Intl Group Holdings (2313 HK) , Bosideng International Holdings (3998 HK) ,Yue Yuen Industrial Holdings (551 HK) , and Stella International (1836 HK) will benefit from the tariff relief.

• Trump administration sanctions Russia’s largest oil producers Rosneft and Lukoil effective November 21, 2025, forcing India to potentially slash Russian crude imports that currently constitute 34% of total intake.​​
• Indian refiners face USD 3-5 billion in additional annual costs and structurally lower GRMs as they pivot to expensive Middle Eastern and US alternatives.
• Russia’s embedded role in India’s energy means any shift will be costly, and margin-dilutive, setting up a 6-12 month period of procurement volatility and compressed refining spreads for Indian OMCs.​​

• Lim & Tan rates KSH Holdings as ‘accumulate’ with a target price of 51 cents.
• RHB maintains ST Engineering’s price target at $9.10 after record order wins.
• Sembcorp faces softer 1HFY2025 earnings, but its long-term growth is stable, says UOBKH.

• US sanctions on Russian oil and rising Western pressure have pushed India’s average crude import cost $5/bbl above the Dubai benchmark, with Russia’s share slipping to ~34%.
• Shrinking Russian discounts mean higher import bills and tighter refining margins, especially for state-run OMCs that relied on cheaper barrels.
• India’s shift marks a strategic reset-short-term costs may rise, but stronger trade ties with the US and diversified sourcing improve long-term energy security.

• Ahold Delhaize/PostNL | Amazon to invest EUR 1.4bn in the Netherlands Dutch financial daily FD reports that Amazon intends to invest EUR 1.4bn in the next three years to strengthen its operations in the Netherlands.
• The majority of the funds will support Dutch SMEs selling via Amazon.nl, helping them grow and compete with domestic rival bol.
• The investment aligns with Amazon’s broader European expansion, following a EUR 1bn investment in Belgium. 

• Rs.100 bln mission to lift manufacturing’s share in GDP to 25%
• Polyester staple fibre exports fall by 20.5% in August 2025
• Viscose filament yarn exports up 9.2 % in August 2025

• Yamaha Motor (7272) | Silchester raised stake to 8.8%; shares down 20% despite core motorcycles/marine generating 20-30% ROIC, undermined by ¥62bn losses in RVs/Robotics.
• Tamron (7740) | Effissimo increased holding to 13%; company trades at 6x EBIT with 20%+ margins, expanding from camera lenses into automotive ADAS and industrial optics.
• NPC (6255) | LIM acquired 6% stake in solar equipment maker down 20% year-to-date, betting on perovskite cycle recovery despite withdrawn guidance and customer weakness.

• U.S. stocks surged to record highs on Friday following cooler-than-expected September inflation data that reinforced expectations for continued Federal Reserve rate cuts
• US-China officials negotiated a trade deal framework to pause higher US tariffs and Chinese rare earth export controls
• This week: BOJ is expected to hold rates at 0.50%; Takaichi to meet with Trump

• IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.
• Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.
• Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.

• Innovent Biologics announced strategic global collaboration with Takeda for total deal value of $11.4B. Akeso announced that phase 3 trial evaluating ivonescimab versus tislelizumab in sq-NSCLC met primary endpoint.
• Celltrion received FDA approval for two additional pediatric indications for Humira biosimilar, Yuflyma. Classys plans to acquire 77.5% stake in JL Health, South American energy-based aesthetic medical device distribution group. 
• Syngene plans to add a bioconjugation suite at its commercial biologics facility. Cipla and Eli Lilly agreed to distribute and promote tirzepatide in India under a second brand name, Yurpeak.

• For the week: Nikkei: +3.6% | TPX +3.1% | JPY 152.84 (+2.20¥): equities broke decisively to new highs
• The market’s optimism was anchored in political transition: the election of Sanae Takaichi as Japan’s first female prime minister
• The coalition agreement unites conservative and reformist forces around constitutional, defense, and fiscal reforms to build a “strong and independent Japan.”

• Maybank sets Marco Polo Marine’s TP at 11 cents, expects strong future growth.
• RHB raises Marco Polo Marine’s target price to 10 cents due to growth from new assets.
• Hold Genting Singapore as renovations pave the way for recovery.

• SYM has launched a hybrid PE3 range extender aimed at addressing the limitations faced by electric scooters.
• Inventec’s collaboration with Dixon signifies a significant Taiwanese investment in India’s electronics supply chain.
• Micron has achieved top global maker status in Q3 2025, competing with Samsung and SK Hynix in the AI laptop memory market.

• Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play.
• The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.
• The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.

• Stocks rose as optimism grew ahead of next week’s Trump–Xi summit; Intel jumped on strong earnings; quantum computing stocks rallied on potential US equity stakes, 
• Crude prices surged +4% after Washington imposed sanctions on two major Russian energy firms, aiming to increase pressure on Moscow to end the Ukraine war.
• Japan’s RENGO says it will be seeking wage hikes of 5% or more in 2026 shunto negotiations; Watch today: Sep Core CPI YoY+2.9% Exp.

• Intel sees its PC biz improve. Positive for flip-chip suppliers including Ibiden.
• Honeywell sees strong performance from its commercial aero after-market business. IHI gets a D/G but this may lift.
• Nidec ADR’s take a -25% thumping on numbers and a bevvy of bad news. Could this be the end for Nagamori?

• RHB raises Marco Polo Marine’s target price to 10 cents due to growth potential.
• Hold onto Genting Singapore; renovations signal potential recovery.
• Maybank increases target price for Sanli Environmental after LTA contract win.

• With inference workloads scaling, NAND flash and HBM are now central to AI infrastructure, reshaping demand, pricing, and capex.
• SSD demand is booked through 2026, HDD lead times stretch to 52 weeks, and persistent storage (commodity, you say?) has become mission-critical for inference data trails.
• HBM to cross 43% of DRAM TAM, while packaging complexity and competition from Chinese players raise fresh and long-term questions on valuation and defensibility.

• Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.
• Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.
• Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.

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