Thematic (Sector/Industry)

The India-UK FTA, signed on May 6, 2025, provides Indian textile exports with zero-duty access to 99% of their products, removing tariffs as high as 12%.
This landmark deal offers a substantial opportunity to increase India’s market share in the $19.7 billion UK apparel market and boosts competitiveness against Bangladesh and China.
With enhanced pricing power, Indian textile companies like KPR Mill (KPR IN), Welspun India (WLSI IN), and S.P. Apparels (SPAL IN) are well-positioned to scale, increasing their export share.

Japan Strategy Weekly | Tariff Relief

Japanese equities advanced in a holiday-shortened week, buoyed by global risk-on sentiment and a weaker yen
Strangely, Services PMI rose to 52.4 in April, showing continued expansion with stronger new orders despite falling business confidence and other lead indicators
NTT Data Corp (9613 JP) stock surged +41% this week following the announcement that parent company NTT will launch a tender offer to acquire all remaining shares

AUCTUS ON FRIDAY – 09/05/2025

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.
Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.
Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

[Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK

By Ying Pan

BIDU US: Baidu Apollo Partners with CAR Inc to Pioneer Autonomous Ride-Hailing in Tourism Hubs (+)
JD US: JD.com Launches Unlimited-Salary Tech Talent Program to Rival Google DeepMind (-)
PDD US : Slight Increase in Technology Service Fees (+)

European IT Services: Q1 2025 Takeaways – Tariffs Hurt on Discretionary IT Spending

By Gregory Ramirez

Economic uncertainty, weak industrial demand, and tariffs have triggered a downturn for European IT services firms in Q1, marking their first recessive quarter since 2020 and causing them to underperform.
Discretionary IT spending is declining again in manufacturing, while structural challenges in Europe around competitiveness and regulation, limit recovery prospects, prompting firms to shift focus toward defence and sovereignty.
Generative and agentic AI are expected to drive a new growth cycle, with potential for significant productivity gains and reduced dependence on human labour, though current AI-driven revenues remain modest.

What’s New(s) in Amsterdam

By The IDEA!

Having digested yesterday’s published 1Q25 solid set of results and information that was shared during the company’s earnings call, we decided to stick to our neutral stance on the stock.
Although the company has proven to be rather resilient and performed better than expected in the current uncertain environment, we fear that the real test still lies ahead: the potential impact of the trade tariffs still has to kick in.
After all, a lot of the tariffs that were announced on ‘Liberation Day’ have been postponed for 90 days.

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May 09

Daily Brief Thematic (Sector/Industry): Thematic Report: Electric Two-Wheeler Market in India and more

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

In today’s briefing:

Thematic Report: Electric Two-Wheeler Market in India
Ohayo Japan | Stocks Rally on US-UK Trade Deal
Japan Morning Connection: Market Risk on with Trump Telling Punters to Buy Ahead of W/E
#143 India Insight: DoT Clears Starlink, NSE Eyes Power Trade, IndusInd Staff Under Probe
India-UK FTA: Early Thoughts on Trade and Opportunity
Cement Wars: Ultratech Vs Adani Cements

Thematic Report: Electric Two-Wheeler Market in India

India’s Electric Two-Wheeler (E2W) market is expected to surge from 5.1% penetration in FY2024 to 35-40% by FY2031, growing at a CAGR of 41-44%.
The E2W sector’s growth is driven by government support, rising fuel costs, air pollution concerns, and a young, tech-savvy population, making it a key player in India’s sustainable mobility transition.
E2Ws are set to dominate India’s two-wheeler market, offering consumers cost-effective, eco-friendly alternatives, reshaping mobility and providing new investment opportunities in the automotive and energy sectors.

Ohayo Japan | Stocks Rally on US-UK Trade Deal

US stocks rose after President Trump announced a US-UK trade deal and expressed optimism for upcoming China trade talks, fuelling hopes of easing global trade tensions
NTT will acquire the remaining 42% of NTT DATA’s shares through a tender offer worth approximately 2,370 billion yen, taking the company private
Nintendo forecasts selling 15 million units of its new Switch 2 console in the fiscal year ending March 2026.

Japan Morning Connection: Market Risk on with Trump Telling Punters to Buy Ahead of W/E

UK deal and anticipation of a positive outcome to China talks lifting positioning into risk assets.
Quantum computing names flying after D-wave numbers may lift Socionext.
Nintendo numbers obviously conservative, while Ibiden points to a bigger NVDA product mix + index upside.

#143 India Insight: DoT Clears Starlink, NSE Eyes Power Trade, IndusInd Staff Under Probe

Starlink receives DoT approval for satellite internet in India, partnering with Jio and Airtel, targeting rural and remote areas.
NSE receives Sebi’s in-principle approval to launch electricity derivatives. Discussions on contract structure and tenure are ongoing.
Grant Thornton identifies 25 Indusind Bank (IIB IN) staff involved in accounting lapses. Some may be retained, others face termination.

India-UK FTA: Early Thoughts on Trade and Opportunity

India-UK FTA negotiations officially concluded May 6, 2025, securing tariff-free UK market access for many Indian goods.
Eliminating UK duties boosts Indian textile competitiveness significantly and improves mobility for service professionals, driving trade growth.
Increases optimism for Indian textile, IT, and export-focused stocks as the FTA unlocks substantial new opportunities.

Cement Wars: Ultratech Vs Adani Cements

The Indian cement industry saw strong demand in Q4 FY25, with industry volume growth of 4% YoY and leading players reporting double-digit sales growth.
Demand in April 2025 was weak across most regions due to severe heatwaves and labor shortages, slowing construction activity significantly.
Cement demand is expected to grow at 7–8% in FY26, driven by infrastructure projects and housing, with major players expanding capacity.

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May 08

Daily Brief Thematic (Sector/Industry): Singapore Seeks To Tweak Takeover Rules and more

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

In today’s briefing:

Singapore Seeks To Tweak Takeover Rules
Ohayo Japan | Markets Climb as Fed Holds Rates
Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher
India-UK Free Trade Agreement: A New Era for India’s Textile Industry
US Banks – Granular Data in Fed Report, Shows Private Credit Growth Is Strong
Japanese Consumer Spending: Growing Resilience in the Face of Ongoing Inflation
[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US
[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

Singapore Seeks To Tweak Takeover Rules

By David Blennerhassett

On Monday (5th May), Singapore’s Securities Industry Council (SIC) issued a consultation paper on amendments to Singapore’s Code on Take-overs and Mergers.
The aim of the proposed changes is to improve deal clarity and fairness. Standout proposals include a 28-day PUSU deadline, and making it less difficult for a competing offer.
Public feedback on the proposed amendments is open until 5 June 2025.

Ohayo Japan | Markets Climb as Fed Holds Rates

The S&P 500 rose 0.43% to 5,631 as the Federal Reserve held rates at 4.25%-4.5%, warning of rising risks to inflation and unemployment due to ongoing trade war concerns
Nippon Telegraph and Telephone is reportedly planning a tender offer of up to 3 trillion yen to acquire the remaining shares of NTT Data
Shionogi Pharmaceutical announced plans to acquire Torii Pharmaceutical, a JT subsidiary, for approximately ¥160 billion

Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Late session rally for chips and semi-cap names with the US signalling a softening of export curbs.
ARM numbers after the bell sending stock -10% point to Softbank missing todays upside.
Is Japanese shipbuilding expertise the new bargaining chip against tariffs?

India-UK Free Trade Agreement: A New Era for India’s Textile Industry

By Viral Kishorchandra Shah

India-UK FTA removes a 12% import tariff, giving Indian textile exporters a strong price advantage in the UK market.
Cotton-Rich Indian apparel aligns with UK demand; exports of women’s cotton trousers to the UK rose 30% in 2023.
The FTA is set to boost India’s annual apparel exports to the UK from $4 billion to nearly $6 billion by 2025.

US Banks – Granular Data in Fed Report, Shows Private Credit Growth Is Strong

By Daniel Tabbush

The most recent Fed Financial Stability Report released on 25 April shows that Other Lending to FI’s for banks includes Private Credit
This means that the C&I loan category of banks is partly diluted, where banks are providing this lending via private lenders
The implications are highly positive to the understanding of underlying credit demand, economic strength, and bank health

Japanese Consumer Spending: Growing Resilience in the Face of Ongoing Inflation

By Michael Causton

Japanese consumers have had a rough ride in recent years, not dissimilar to their peers in many other markets.
But here consumers are less used to persistent inflation and adapting has resulted in important changes in behaviour, notably cutting back to pay for the spiralling cost of food.
On the other hand, persistent wage growth is also new and, while too much of these increases have been stuffed under the mattress, spending on treats continues.

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

By Ying Pan

BABA US: Ele.me’s Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)
TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)
Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)

[Blue Lotus Daily]:1211 HK/9863 HK/XPEV US/LI US/ATAT US/Macro

By Eric Wen

1211 HK/9863 HK: Summary of April 2025 Sales for Major Chinese Automakers(+/+)
1211 HK:The foundation laying ceremony for BYD’s passenger vehicle factory in Cambodia has taken place, with an expected official production launch in the fourth quarter of this year (/)
1211 HK: BYD Launches Fourth Vehicle Carrier Ship and Prepares Fifth for Export Expansion.(+)

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May 07

Daily Brief Thematic (Sector/Industry): Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern and more

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

In today’s briefing:

Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern
Ohayo Japan | U.S. Stocks Slip as Fed Meeting Begins
Monday Delight: 05/05/25
Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market
Charted Insights on India-UK Free Trade Agreement
#142 India Insight: Tariff Dodging, Avaada’s IPO Push, and CNG Hikes Reshape Asia’s Trade, Energy
Furniture/Furnishings Weekly: Housing Doldrums; Consumer Trepidation
Biopharma Week in Review – Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead
OPEC+ Pushes for Market Share, How India Can Benefit?

Japan Morning Connection: Indian-Pakistan Tensions Adding to Geopolitical Concern

Mixed bag for tech earnings over the Japan long w/e with Lattice, Palantir and On Semi down, Lumentum and Coreweave up.
SMCI cutting guidance a mere 1-week after releasing prem numbers threatens to erode confidence in management.
Pharma will be under pressure after the FDA’s picks a perceived vaccine hawk for its Center for Biologics and Research and Trump hints at price pressures.

Ohayo Japan | U.S. Stocks Slip as Fed Meeting Begins

The S&P 500 fell 0.8% as the Federal Reserve began its two-day policy meeting
Ford Motor beat expectations but suspended 2025 guidance, anticipating a $2.5 billion tariff hit
Mitsubishi Corp forecasts a 26% drop in net profit to 700 billion yen for the year ending March, due to the lack of significant capital gains

Monday Delight: 05/05/25

By Contrarian Cashflows

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!

Unmasking ‘Fake Sales’: A Hidden Challenge In Indonesia’s E-Commerce Market

By Simon Torring

Indonesia’s online market category is highly dynamic and constantly evolving, with new brands, manufacturers, and sales platforms competing for dominance.
For brands, online growth heavily depends on online market data.
However, this reliance comes with risks, as brands often lack visibility into the true drivers of category sales numbers.

Charted Insights on India-UK Free Trade Agreement

India is rapidly expanding its network of Free Trade Agreements (FTAs), with 16 FTAs in effect and 23 under negotiation, which is the highest in ASEAN countries
India’s trade flows are projected to grow at twice the pace of global trade, positioning the country as a major economic hub by 2033.
The India-UK FTA and the broader expansion of FTAs across key global markets are strategically driving India’s growth in manufacturing, reducing trade deficits, and fostering innovation.

#142 India Insight: Tariff Dodging, Avaada’s IPO Push, and CNG Hikes Reshape Asia’s Trade, Energy

Chinese exporters use fake labels and rerouting to dodge Trump tariffs, straining Asian trade hubs and triggering global customs crackdowns.
Brookfield-Backed Avaada plans INR 4,000–5,000 crore IPO for its solar module arm, expanding India’s green energy manufacturing ambitions.
Indraprastha Gas (IGL IN) hikes CNG prices for the second time in a month, targeting 33% higher realisations and stronger margins by FY26.

Furniture/Furnishings Weekly: Housing Doldrums; Consumer Trepidation

By Water Tower Research

Markets rebound on optimism regarding tariff negotiations as furniture and furnishings stocks outperform.
The WTR Commercial/Contract Furniture index was up +3.1%, the Residential Manufacturers & Suppliers index increased +4.1%, and the Home Goods Retailers index improved +5.4% for the week, beating both large caps +2.9% and the R2K +2.8%
Long suffering housing markets aren’t getting better anytime soon as increasing economic uncertainty bites (1).

Biopharma Week in Review – Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

By Water Tower Research

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.
M&A activity also helped biotech, with NVS acquiring RLGS at a 108% premium and MKKGY buying SWTX after months of speculation.
Sentiment remained cautious among industry leaders, with another potential sign of regulatory disruption as the FDA missed Stealth’s (private) PDUFA date.

OPEC+ Pushes for Market Share, How India Can Benefit?

Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+’s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .
This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.
Despite OPEC+’s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.

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May 06

Daily Brief Thematic (Sector/Industry): Global Reshuffling: Whether India Will Win from China+1? and more

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

In today’s briefing:

Global Reshuffling: Whether India Will Win from China+1?
Japanese Railway Companies – Back on Track
Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing
SA Listed Property Review April 2025

Global Reshuffling: Whether India Will Win from China+1?

Global companies are shifting supply chains, adopting the “China+1” strategy, with India emerging as a significant winner, attracting manufacturing and investment across sectors like electronics, EVs, and textiles.
India offers a strategic alternative to China, with favorable policies, a growing domestic market, and trade advantages, positioning itself as a manufacturing hub amid global trade shifts.
India is no longer just a backup for China; it’s becoming the primary destination for global supply chains, reshaping the manufacturing ecosystem with deepening local integration and technological advancements.

Japanese Railway Companies – Back on Track

By Rikki Malik

This domestic sector has been outperforming the Topix and should continue
Fits the current investment zeitgeist for Japan amidst the market turbulence
The Japanese Yen will continue to strengthen against the USD

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.

SA Listed Property Review April 2025

By Garreth Elston

The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation.
Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.
Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%).

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May 05

Daily Brief Thematic (Sector/Industry): Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways and more

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

In today’s briefing:

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

Two-Wheeler Sales – April 2025; Divergent Trends. Top Takeaways

By Sreemant Dudhoria

Hero Motocorp (HMCL IN)’s April Slump: Operational, Not Structural Temporary plant shutdowns dragged volumes; normalization expected. Bajaj Auto Ltd (BJAUT IN) : Domestic Drag, Exports Hold Up.
TVS Motor (TVSL IN) : Momentum + Execution = Strong across domestic, exports, and EVs. Growth outperformance could justify its valuation premium — but how long can it hold?
Demand Tailwinds Strengthen into May : Favorable marriage seasonality, recovering rural sentiment, and lean channel inventory suggest a stronger May — key for stocks at current levels.

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May 04

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (May 4)- Takeda Pharma and more

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

In today’s briefing:

APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

By Tina Banerjee

Prescription drug sales in Japan in FY25 increased 0.6% YoY to ¥10.8T on an NHI price basis. Takeda Pharmaceutical and Daiichi Sankyo remained the top 2 pharmaceutical companies.
Samsung Biologics signed $514M CDMO deal with an undisclosed U.S.-based pharmaceutical company. Celltrion has received approval in Korea to conduct phase 3 clinical trial for its Keytruda biosimilar candidate CT-P51.
Dr. Reddy’s Laboratories expands its strategic partnership with Sanofi to introduce RSV drug, Beyfortus in India. Medanta is entering North-East India by building a 400-bed super specialty hospital in Guwahati.

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May 03

Daily Brief Thematic (Sector/Industry): Clarifying the Key Points on Lee Jae-Myung’s Legal Risk and How It Could Affect the Trade and more

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

In today’s briefing:

Clarifying the Key Points on Lee Jae-Myung’s Legal Risk and How It Could Affect the Trade
Japan Strategy Weekly | Seven-Day Winning Streak
#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback
STAN – Window on HK Worsening, but Also Group Grade 12 Loans up 78% YoY
WTR Small-Cap Spotlight Recap: Deep-Sea Mining Industry Coming of Age
Thematic Report : Why Is India’s Banking Witnessing a Slowdown in Credit Growth?

Clarifying the Key Points on Lee Jae-Myung’s Legal Risk and How It Could Affect the Trade

By Sanghyun Park

If the judicial overhang is overstated, it could distort the regime-change narrative and create new entry points for a deep value setup.
The local tape is overpricing post-win disqualification risk, creating a fear premium that could be low-hanging alpha for contrarians willing to fade the noise.
Monitor Lee’s poll numbers, as public sentiment impacts the judiciary. This offers a chance to front-run shifts and capitalize on the next rotation, potentially turning into a stealthy upside play.

Japan Strategy Weekly | Seven-Day Winning Streak

Japanese markets surged, with the Nikkei rising 3.2% on a weaker yen, strong earnings, and tech sector gains, while BoJ held rates steady amid cautious forecasts.
Japan’s economic data showed mixed trends, including falling industrial output, modest retail growth, and declining consumer confidence, raising concerns about domestic demand and labour market softness.
Top stock performers included Sumi Pharma, Toyota Industries, and Nidec, driven by strong earnings, privatization speculation, and bold profit and restructuring plans that lifted investor sentiment.

#141 India Insight: China Reviews U.S. Tariff Offer, Oyo Delays IPO to 2026, JSW Faces Setback

China is “evaluating” the U.S. tariff negotiation offer, demanding tariff removal and addressing practices, while the U.S. stays optimistic.
Oyo (1698548D IN) delays its IPO to 2026, targeting a $7 billion valuation, amid SoftBank’s concerns and restructuring of a $2.2 billion loan.
JSW Steel Ltd (JSTL IN)‘s resolution plan for Bhushan Power is rejected by the Supreme Court, directing liquidation, causing shares to drop 6%.

STAN – Window on HK Worsening, but Also Group Grade 12 Loans up 78% YoY

By Daniel Tabbush

Standard Chartered (STAN LN) results are most interesting, like with HSBC Holdings (5 HK) , for what they show on specific regions
STAN reports in its HK region credit costs rising to USD89m in 1Q25 fromUSD39m YoY. This is now 41% of group credit costs from 22% YoY
Grade 12 loans are of low quality, not yet NPL. These are up 78% YoY and similar rise QoQ. There is no clear geo detail on this high delta

WTR Small-Cap Spotlight Recap: Deep-Sea Mining Industry Coming of Age

By Water Tower Research

On the latest WTR Small-Cap Spotlight, we joined host Tim Gerdeman, Founder, Vice-Chairman, and Chief Marketing Officer at WTR, to discuss the recent developments in the deep-sea mining industry, including pros and cons of seabed mining, the importance of polymetallic nodules in meeting global critical metals needs and the regulatory environment, including the ISA’s inability to deliver on its mandate, and the US government’s steps to position the country as a leader in seabed mining.
Technological improvements and growing body of environmental data make DSM a viable pathway to critical metal independence.
While the roots of deep-sea mining go back to the 1970s and 1980s, with the US leading the way in technology of environmentally responsible mining of seabed mineral resources, significant work has been done over the past 50 years to optimize the collection technology and develop regulatory standards for safe exploitation of deep-sea mineral and metal deposits, dispelling much of the NGO-raised speculation with respect to the environmental impact of such activities.

Thematic Report : Why Is India’s Banking Witnessing a Slowdown in Credit Growth?

India’s top private banks, HDFC, ICICI, and Axis, saw a significant slowdown in credit growth to 11% in Q4 FY25 from 15-20% of expectations, i.e down from 16.5% last year
This moderation is due to softer loan demand, strategic balance sheet adjustments, and HDFC’s merger in it’s case.
Despite this, asset quality remains strong, and the banks are focused on building a solid deposit base for future growth.

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May 02

Daily Brief Thematic (Sector/Industry): Junior Copper Miners: Ecuador Sees M&A Action by China and more

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

In today’s briefing:

Junior Copper Miners: Ecuador Sees M&A Action by China
Ohayo Japan | Nasdaq Surges on Key Tech Earnings
#139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads
Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt
India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch
The Effects of New Tariff on Chinese E Commerce

Junior Copper Miners: Ecuador Sees M&A Action by China

By Nicolas Van Broekhoven

In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project.
One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
Copper prices have remained resilient despite ongoing “USA vs the World” trade war.

Ohayo Japan | Nasdaq Surges on Key Tech Earnings

Nasdaq rose 1.5% as Microsoft, Meta, and Apple earnings eased tariff fears; jobless claims rose; trade tensions showed signs of easing.
Apple beat Q2 earnings with $1.64 EPS and $95.4B revenue, driven by strong iPhone sales, authorized $100B buyback.
Mitsui & Co. forecasts a 14% drop in consolidated net profit to 770 billion yen, driven by declining iron ore and coking coal prices and yen appreciation.

#139 India Insight: Coke Grows in Q1, Apple Ups India Output, RBI Names New IndusInd Heads

The Maha Kumbh Mela boosted Coca Cola Co (KO US)‘s India sales, driving double-digit volume growth in Q1, with over 180 million servings consumed.
Amid escalating US-China trade tensions, Apple (AAPL US) accelerates its iPhone production in India, opening new factories and preparing for record shipments.
RBI has approved an interim executive committee to manage Indusind Bank (IIB IN) following CEO Sumant Kathpalia’s exit, with Soumitra Sen and Anil Rao overseeing operations.

Japan Morning Connection: US Markets Rally for 8th Day Although Apple and Amazon Miss After-Mkt

Another strong showing for tech and AI names after Meta’s big capex plans price in.
Solid print for HVAC major Carrier should set positive tone for Daikin.
Hokkaido Electric Power Co nightmare squeeze redux? +14.8% yesterday post-earnings.

India Two-Wheeler OEMs – April EV Sales Dip Post-Policy Shift; Near-Term Trends Under Watch

By Sreemant Dudhoria

EV 2W Sales Slide 30% in April: Post-March correction driven by subsidy cuts and seasonal softening; YoY momentum still +39%.
Subsidy Cuts Reset the Playing Field: PM e-Drive scheme slashes EV support, testing price elasticity and OEM pricing strategy.
OEMs at a Crossroads: With volume volatility rising, the next few months will reveal who can defend share—and who can’t.

The Effects of New Tariff on Chinese E Commerce

By J Capital Research

How will Chinese e-commerce companies survive the new tariff regime? We believe at least one of these companies will be hobbled.
Coming elimination on May 2 of the de minimis rule, which previously avoided tariffs on imported packages worth $800 or less, is perhaps the most immediately impactful change in trade policy that has already affected prices.
The cancellation of the de minimis rule (intended to permit individuals to import products tariff-free for personal use but which has been widely applied to all low-value products) took effect for a single day on April 2, 2025, was subsequently removed, and will be reinstated on May 2.

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May 01

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost and more

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

In today’s briefing:

Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost
#138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale
Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness
HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening
Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost

U.S. stocks rebounded Wednesday to close a volatile April, with the S&P 500 rising 0.15% and the Nasdaq finishing near flat after steep early losses
Microsoft beat earnings on strong cloud demand, and Meta delivered strong results with solid guidance despite advertising headwinds.
Tokyo Electron forecasts a 4% net profit rise to 566 billion yen for FY2026, driven by strong AI semiconductor equipment demand, with sales up 7% to 2,600 billion yen.

#138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale

Hindustan Zinc (HZ IN) , part of Vedanta group, plans to enter potash mining in Rajasthan, exploring lithium potential.
Reliance Retail scales up quick commerce with 2.4x growth, plans dark stores to enhance delivery coverage and speed.
Whirlpool Corp (WHR US) plans to sell 31% stake in India unit, attracting interest from private equity giants like Advent and Bain.

Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness

SOX rallied +4% off its lows with a host of positive earnings including Qorvo, Western Digital and Seagate.
Bigger than expected capex plans for Meta positive for Japan SPE to start.
Tokyo Electron numbers yesterday were inline but show less reliance on China sales.

HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening

By Daniel Tabbush

What matters with HSBC results is really not the bottom line, the management view or the constant currency comparatives, but rather the view on specific regions.
Still there is concern HSBC has not yet realized losses on BoCom, it is not marked to market; there will be an impairment of USD1.2-1.6bn from dilution
HK shows credit costs rising from USD233m to USD320m YoY in 1Q25 and UK shows credit costs rising from USD55m to USD169m YoY, both are key to HSBC

Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market