Thematic (Sector/Industry)

• India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.
• WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.
• New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).

• Nikkei rose 0.9% on AI/semiconductor strength while Topix fell 1.8% amid macro weakness and policy uncertainty; yen appreciated to ¥147.
• Semiconductor stocks surged on OpenAI developments; Tokyo Electron, Advantest, Screen up 7-8%. Retail sales and industrial production missed expectations significantly.
• BoJ remains divided on rate hikes despite improved business sentiment. This weekend – LDP leadership election, which will determine the successor to former PM Ishiba.

• Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet.
• Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast.
• The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. 

• Keppel’s Bifrost cable launch may boost share prices, says CGS International.
• Brokers’ Digest: Soilbuild, CLINT, Yangzijiang, Prime US REIT, Singtel, Sanli
• RHB favors Aspial Lifestyle for its comprehensive growth potential.

• 6 mln hectares of farmland in Maharashtra affected by heavy rains and floods
• New project announcements in food products industry rise to Rs.121.7 bln in Sep 2025 qtr
• New project announcements in alcoholic beverages industry rise to Rs.9.4 bln in Sep 2025 qtr

• Stocks higher. Nasdaq leads +0.4%. NVDA all-time high fuelled tech rally on AI momentum
• OpenAI valuation surged to $500B via employee share sale, overtaking SpaceX as world’s most valuable startup.
• TSE data shows corporate share buybacks hit record ¥6tn in H1 FY2025, led by Mitsubishi Corp and Shin-Etsu Chemical amid capital efficiency pressures.

• Open AI at $500bn sends the whole AI edifice surging once again.
• Siltronic’s jumped 12% in EU and the outlook for the likes of Sumco and Shin Estu remains very positive.
• Market see record deliveries for Tesla more as front-loading than an increase in overall demand, but robots likely to keep turning heads.

• KSH Holdings’ $315M order book expected to contribute in FY2026-FY2027.
• UOB Kay Hian maintains ‘buy’ rating with a target price of 8.8 cents amid fleet expansion.
• S-REITs are improving, but RHB remains cautious about overseas and hospitality REITs.

• September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.
• Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.
• Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.

• Meta’s introduction of an AI-generated video feed raises significant concerns regarding copyright and misinformation risks.
• Apple has decided to halt updates on its Vision Pro headset to focus on developing AI glasses similar to Meta’s offerings.
• Western Digital is set to invest $1 billion in Japan, leveraging its established partnerships in the region for growth.

• S&P 500 hit record +0.3% to 6,711 as healthcare names Regeneron and Moderna led gains; markets shrugged off U.S. gov’t shutdown and data delays.
• ADP jobs -32k vs +45k est, weakest since Mar ’23, reinforcing expectations for Fed rate cuts in Oct and Dec.
• Nike, Eli Lilly, Intel, and Thermo Fisher surged on earnings beats, deal optimism, and strategic partnerships, boosting overall market sentiment.

• ADP jobs paints a rosy picture for rate cuts despite the lack of official data this Friday.
• Memory melted higher again, while INTC lines up AMD as a potential Fab customer.
• Softbank will jump after Qualcomm announced use of ARM v9 in its latest PC and smartphone chips.

• Firm has been recruiting executive leaders in B2B tech, mostly in semiconductor and deep tech
• Half of clients are in public companies, half in venture backed private environments
• Significant growth in semiconductor industry, driven by AI, leading to talent shortage and high demand for leaders

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

• Jindalee Lithium Limited (JLL-ASX), Critical Metals Corp. (CRML), Tactical Resources Corp. (RARE-TSX), 5E Advanced Materials, Inc. (FEAM), and Atlas Lithium Corporation (ATLX) participated.
• These companies are developing critical elements resources in North America, Europe, South America, and friendly Asian and Pacific Island nations and processing infrastructure needed to secure material independence from China, while trying to minimize the impact on the environment and indigenous communities.
• China’s dominance extends beyond mining to processing technology and expertise. China controls 70% of lithium chemical processing, >90% of rare earth processing, and 85% of boron carbide production. 

• Tea prices across auction centers in India fall 21% in September 2025
• Arabica coffee (Plantation A) prices rise 81.7% in September 2025
• Telangana govt asks Textile Ministry to direct CCI to start procurement from 1 October 2025

• Strong second quarter performance driven by service spending and business investment, particularly in intellectual property like R&D and software
• Mixed economic indicators show resilient consumer demand but slowing hiring and persistent inflation pressure
• Housing market remains strained with low inventory and high prices, while new home sales see a significant increase in August due to incentives like mortgage buy downs

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

• US stocks rose modestly Monday (S&P 500 +0.3%, Nasdaq +0.5%) as investors assessed government shutdown risks potentially delaying Friday’s jobs report and other economic data.
• EA acquired by PIF/Silver Lake/Affinity for $210/share ($55bn enterprise value, 25% premium); PIF rolls 9.9% stake, transaction closes Q1 FY27.
• Trump secured Netanyahu’s backing for Gaza peace proposal but Hamas acceptance uncertain; warned militants of full US support for Israeli action if rejected. 

• Activist investor City Index’s stake in Takashimaya is pressuring management to unlock value through asset sales and buybacks, potentially closing the stock’s valuation gap with higher-rated peers.
• Mandom’s founding family and CVC propose a ¥1,960 MBO, but activists Hibiki Path and City Index oppose it as undervalued, seeking closer to ¥3,030 per share.
• Silchester raised its Santen stake to 8.2%, signalling confidence in the ophthalmology company’s growth targets and disciplined capital returns of ¥30–40bn annually.

• Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
• Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
• Oil takes a sizeable hit with OPEC signalling supply increases on the way.

• 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!

• PhillipCapital begins coverage on TeleChoice, rating it ‘buy’ with a 21.5¢ target.
• PhillipCapital’s Chan boosts Prime US REIT target price to 30 cents after placement.
• DBS keeps $3.80 target price on Yangzijiang after $180M order cancellation.

• Indian drugmakers re call medicines in US over quality concerns
• Gold prices touch all-time high amid weak dollar, rate cut expectations
• India targets to be among top 2 auto manufacturers globally

• Equities rose Friday, DJIA +300pts (+0.6%), SPX +0.6%, NDX +0.4%, but weekly losses persisted; Aug core PCE hit 2.9%, markets expect two 25bps Fed cuts.
• Week ahead: Sep NFP Fri expects +150k jobs, 4.3% unemp; labor data, factory orders, construction spending due; Nike Tue EPS $0.28, rev $11B; US govt shutdown risk Tue.
• Nidec files delayed FY25 report due to overseas subsidiary customs duty issues; PwC Japan issues disclaimer opinion amid ongoing improper accounting probe, risking TSE special caution designation.

• US eyeing rules for tech companies to buy 1:1 domestic made chips vs imported. Globalfoundries and Intel both strong.
• Boeing strong after Turkey order, although the big catalyst will be China orders after a 5-year hiatus.
• Musk comments that tesla was busy scaling the Optimus may help Harmonic Drive catch big after woeful perf last week.

• Japanese equities rose but is AI optimism starting to appear fatigued amid concerns over circular investment flows and capex sustainability. 
• Diverging central bank policies complicate yen outlook; softer Tokyo inflation and resilient US data challenge expectations for BOJ tightening and Fed easing. 
• Trump’s 100% drug tariffs hit Japanese pharma stocks, while resource scarcity boosted miners and Russian incursions over EU airspace lifted defence names. 

• Fosun Pharmaceutical’s marketing application of acute lymphoblastic leukemia drug was accepted by the NMPA. CSPC Pharma obtained approval to conduct clinical trial for Leqembi biosimilar in China.
• Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. Lotus Pharmaceutical is acquiring Alvogen US, a privately held, fully integrated pharmaceutical company.
• Glenmark Pharmaceutical entered into an exclusive license and collaboration agreement with Hengrui Pharma for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate (ADC) for an upfront payment of $18M.

• ISOTeam’s FY2025 earnings disappoint; RHB lowers rating to ‘neutral’ from ‘buy’
• LHN’s Coliwoo spin-off boosts value; self-storage segment offers growth: UOBKH
• SMIDs may outpace fundamentals; OCBC warns caution with ‘Next 50’ indices launch.

• Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.
• Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.
• Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.

• India’s prefabricated building industry is projected to grow from INR 210 bn in FY25 to INR 330–345 bn by FY30 (CAGR 9.5–10.5%).
• Epack Prefab has delivered 4,400+ projects and serves 2,000+ clients, with repeat orders contributing 43% of FY25 revenues.
• Strong financial growth, rising order book, and planned capacity expansion position the company to capture long-term demand.

• I, for some reason, like writing about this stock, even though I am not an overly convicted long due to my options position (which has mostly matured).
• However, something about 50,000+ BOPD coming online really excites the professional engineer in me.
• The bulls in this stock believe it is happening regardless of anything.

• ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau.
• The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations.
• ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March.

• Nitin Gadkari seeks to raise farm sector’s GDP share to 26%
• Companies expect share of ethanol from sugar to increase in ESY 2025-26
• SC seeks Centre’s response on PIL demanding import curbs on yellow peas

• US stocks fell for a third session as strong jobless claims and GDP data fuelled Fed policy uncertainty, with Big Tech under pressure, Oracle sliding and Tesla dropping over 4%.
• Intel surged 10% on reports it is seeking Apple investment, though analysts doubt prospects for deeper collaboration or chip production shifts away from Apple’s current supplier, Taiwan-based TSMC.
• President Trump signed an order formalizing US approval of TikTok’s $14B US spin-off from ByteDance, kicking off milestones like organization, technical hurdles, Congressional buy-in, and Chinese approval amid trade talks.

• Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership
• Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.
• Medtech and trucks the latest victims of tariff uncertainty after announcements overnight

• The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.
• These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.
• While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India’s auto OEMs a necessity for investors.

• Offline mobile sales decline 40% as consumers await online sale events
• JSW Steel reports 15.4% growth in crude steel production in August 2025
• Car dealerships face losses of up to Rs.2.5 billion due to removal of compensation cess

• Food Empire prepares for growth with a financial war chest.             
• DBS raises MPACT target price to $1.60 as earnings hit bottom.
• SATS positioned well to benefit from trade redirection, says CGSI.

• A minority owner of the San Francisco Giants has sold serviced apartments in Wan Chai for $71 million.
• IGIS Asia Life Sciences Real Estate Fund is aiming to acquire $350 million in assets across Asia.
• GIC and Brookfield have teamed up for a major $1 billion office investment in India, showcasing growth.

• Outgoing Minister of Social Affairs Mariëlle Paul has decided that grocery delivery company Picnic, along with other e-commerce firms like Flink, will remain exempt from the collective labor agreement (CLA) for supermarkets.
• This exemption, long contested in court, is crucial for Picnic. According to Picnic CEO Michiel Muller, applying the supermarket CAO would raise labor costs by around 40%, since his company does not rely heavily on lower-paid young workers, unlike traditional supermarkets.
• Muller had even suggested that Picnic might leave the Netherlands without this dispensation.

• Nickel surges after Freeport’s Indonesian closure will have long term pricing impact. Watch SMM, MMS and Mit Materials.
• Inrel approaches Apple for partnership, although its unlikely they can push out TSMC for chips.
• Memory takes a break after Micon’s earnings seen as not quite good enough after recent gains.

• U.S. markets declined Wednesday as AI concerns persisted, with the S&P 500 dropping 0.3%
• Chinese tech stocks rallied led by Alibaba’s 8% surge on AI spending plans, with semiconductor firms SMIC and Hua Hong rising. Intel +6% on reports it approached Apple for investment.
• Freeport-McMoRan plunged 17% after cutting copper and gold forecasts due to Indonesia operations issues, including a fatal mud flow at Grasberg mine.

• Warburg Pincus has secured a site for an 80MW data center located in Greater Seoul, enhancing its portfolio.
• Keppel DC REIT has made a significant investment by purchasing a Colt Data Centre near Tokyo for $551 million.
• In Europe, the combination of lower interest rates and limited supply is fostering new investment opportunities.

• India requests WTO consultations on Indonesia’s proposed duty on cotton fabric
• DGTR to impose anti-dumping duty on electrical steel for 5 years
• India n tractor manufacturer s expand presence in 162 countries

• RHB lowers CDLHT target price due to market challenges.         
• RHB calls ST Engineering a high-quality, defensive growth opportunity.
• Ready-to-eat at 7-Eleven could prompt a re-rating for DFI Retail.

• The US has imposed a USD 100,000 fee on H-1B visa applications, aiming to prioritise high-skilled, high-wage applicants. The measure is expected to shift offshore firms further toward local hiring.   
• Capgemini and Atos, the only European firms with H-1B activity, are less reliant on US-based visas. Limited exposure means the new fee would have only a modest impact on costs.   
• While visa-related changes pose limited risk to European players, greater disruption could come from the rise of agentic AI and the uncertain trajectory of anti-outsourcing legislation like the HIRE Act.

• US equities retreated on Tuesday, snapping a record-setting streak, after Federal Reserve Chair Jerome Powell warned valuations were “fairly highly valued.”
• The S&P 500 fell 0.6%, and the Nasdaq dropped nearly 1%, reversing Monday’s rally driven by Nvidia’s $100 billion AI investment in OpenAI.
• After the bell, Micron reported stronger-than-expected quarterly results, with revenue of $11.3 billion; Stock +2%

• Micron up AH as numbers beat handily, but not on what you maybe thought. TP’s for Sandisk and Kioxia get doubled but expect more on the follow.
• Defense will be in focus after loosing their shine to AI on Trump’s Ukraine comments and big Boeing deals in the wings.
• Quantum names continue higher and Socionext’s 7.5% move Monday should have more to run.

• USCBP data from August shows Y/Y declines in traffic, especially at N. border
• Overall, air travel to and from the US has held up well vs other travel modes
• Some US regions hit harder than others; US losses could benefit Europe, others

• Brookfield emphasizes that lower interest rates and limited supply are generating new investment opportunities in Europe.
• Equinix has launched a $69 million data center in Chennai, India, to meet increasing network demands.
• In Singapore, Equalbase has fully leased its Johor facility to GXO, while Mapletree sold data center sheds to Equus for $103 million.

• ST Engineering is seen as a ‘high-quality’ and ‘defensive’ growth stock by RHB.
• 7-Eleven’s ready-to-eat options may lead to a re-rating for DFI Retail.
• KGI Securities keeps $2 target price on AEM Holdings post Intel-Nvidia deal.