Thematic (Sector/Industry)

AI euphoria returns: Strong U.S. tech earnings reignited the AI trade, lifting semis, machinery and industrials, with positive read-throughs for Japanese exporters.
Oil tumbles, risk appetite rises: Progress on a potential U.S.-Iran deal pushed crude below US$80, easing inflation fears, lowering yields and supporting growth stocks.
Earnings drive dispersion: Guidance upgrades outweighed misses across Japan, but investors remained selective, rewarding AI and industrial winners

Japan Activism Briefs | SanSan, A&D Holon, Japan Pure Chemical

Sansan (4443): Ichigo keeps building its stake as revenue growth remains resilient despite AI concerns, with valuation broadly in line with global SaaS peers.
A&D Holon (7745): Strategic Capital continues accumulating aggressively, with portfolio restructuring the likely catalyst for a stock that still screens cheaply versus peers.
Japan Pure Chemical (4973): Hibiki selling after a successful campaign, but the removal of the overhang leaves investors with an attractive AI semiconductor materials growth story

Japan Morning Connection: Furukawa, Fujikura May Find Support as US Weighs Ban on Chinese Optics

Furukawa and Fujikura could see support after reports the US is weighing a ban on Chinese optical transceivers.
Softbank looks well placed for gains on strong earnings and ARM’s rally.
Softbank Corp, NTT and KDDI may face pressure after Musk signaled plans to take “quite a few” mobile customers from major carriers via Starlink’s direct-to-mobile service.

Singapore Market Roundup (04-Aug-2026): Analysts remain upbeat on UI Boustead REIT despite NPI

Analysts stay positive on UI Boustead REIT despite NPI miss.
RHB and DBS have differing opinions on Apac Realty after 1HFY2026 results.
CGSI, Citi, and Maybank are optimistic about Seatrium, pending new contracts.

AI Flow Index : Sailing a Sea of Companies in AI

Water Tower AI Flow Index. We monitor ~400 public companies across tech and AI for performance and AI-related news flow.
AI buildout doubts caught up with the infrastructure trade in July.
The WTR AI Index fell 12.4% M/M, below the S&P 500 (down 0.1%), the Russell 2000 (down 3.1%), and the Nasdaq (down 6.6%).

Global EV Monitor – August 2026

By Garvit Bhandari

Divergence is the story: Global EV sales hit 9.6M units in H1 2026 (+7% YoY), but Europe accelerated (+27%), China normalized (−14%), and North America retreated (−20%) on policy shifts.
Value sits in the chain, not volume: China holds 80%+ of cell output. CATL out-earns its four largest rivals combined. Favour battery materials, charging infrastructure, and cost-advantaged localizing OEMs.
Profitability is the binding constraint: BYD overtook Tesla on 2025 volume, but Chinese price competition compressed sector margins.

Hardman & Co Monthly: August 2026

By Hardman & Co

The fundraising journey of companies has changed dramatically in the past 25 years.
The beginning, typically, still involves family and friends and, perhaps, a friendly bank manager.
The end remains much the same, too

AI Flow Newsletter : Monitoring The “Currents” Of AI – 4 August 2026

The WTR AI Flow Newsletter highlights recent developments in AI and quantum.
We curate the top 10 AI and Quantum stories in the past month and classify them as “Rising” or “Falling,” and provide takeaways.
A foot on the AI accelerator and the brake. The period pulled in both directions.

Sustainable Investing Surveyor : Focus on Capstone Energy+, Inc. (CEPL)

The FCC has added foreign-produced power inverters to its Covered List, blocking new uncertified models from US authorization while leaving already approved, sold, or installed units untouched.
Hawaii has also enacted a clean fuel standard that should boost demand for renewable diesel, biodiesel, and sustainable aviation fuel by phasing in carbon-intensity cuts from 2035 to 2045.
In carbon markets, Frontier Infrastructure and Carbonfuture are launching a large ethanol-based carbon-capture project that will store captured CO2 underground and sell 750,000 removal credits starting in late 2027.

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Aug 04

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | Semis in the Spotlight and more

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

In today’s briefing:

Ohayo Japan | Semis in the Spotlight
Japan Morning Connection: SEI, Furukawa, Fujikura May See Support as Optical Names Rally Overnight
Memory Crunch Broadens Beyond AI Capex: Apple, Tesla, Amazon Confirm Pricing Power
[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints
SA Listed Property Review – July 2026
US-Iran War Resumes Amid Negotiations: Key Problem Still the Nuclear Stalemate

Ohayo Japan | Semis in the Spotlight

Nasdaq-Led US rally on lower yields; AI-infrastructure names surged — watch Japan semis and data centre plays at the open.
Japan earnings skew positive: major trading houses (Mitsubishi Corp, Marubeni) and Ricoh delivered large beats; ITOCHU and JAL missed.
Yesterday’s Nikkei selloff was FX & earnings-driven — FANUC and Mitsubishi Electric led the decline despite upward revisions; yen stabilization should help today

Japan Morning Connection: SEI, Furukawa, Fujikura May See Support as Optical Names Rally Overnight

SEI, Furukawa and Fujikura, all reporting this week, may see gains with a stronger optical connectivity tape overnight and recent selloff leaving the risk/reward tilted higher into this week’s earnings.
QPS, Astroscale and Synspective may see gains tracking Sidus, Redwire and Rocket Lab overnight, though SpaceX’s earnings and lockup expiry this week warrant caution.
Fuji Elec and Rohm may see support from Onsemi’s beat and raised AI data center sales guidance.

Memory Crunch Broadens Beyond AI Capex: Apple, Tesla, Amazon Confirm Pricing Power

Amazon raised 2026 capex to US$220bn from US$200bn, citing inflated memory prices, with demand already visible into 2028.
Apple and Tesla report memory cost pressure independent of AI infrastructure. Cook calls it a 100-year flood; Musk calls pricing “insane”.
Consensus raised 2027 DRAM demand growth to 36% YoY from 22% YoY previously.

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

By Raghav Vashisht

SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.
Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.

SA Listed Property Review – July 2026

By Garreth Elston

SA listed property returned 2.24% in July and 6.93% year to date, but the strength rests on backward-looking distribution growth now diverging from forward indicators.
Guidance banks 2025 funding costs and escalations, while footfall runs negative, the Reserve Bank holds at 7.00%, and the middle-market consumer strains against 10.50% prime.
Treat guidance as contingent, not banked; read each portfolio’s reversion profile against its debtors’ book, since positive reversions into rising arrears are deferred impairment.

US-Iran War Resumes Amid Negotiations: Key Problem Still the Nuclear Stalemate

By Prasenjit K. Basu

Resumption of full-scale war last week has been followed by a US pause. But Iran has widened the conflict via proxies in Yemen and Iraq. Hormuz Strait fees are likely.
Hezbollah is isolated in Lebanon, where the official government and Israel’s interests converge. Houthis don’t control Bab al-Mandab, but can threaten passage near it. Iran therefore holds the keys.
Iran-Oman deal on Hormuz Straits will be interim positive. But the US-Iran gulf on nuclear issues is wide. US will need another major attack on Iran to change Iran’s calculus.

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Aug 03

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | Joint Yen Intervention and more

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

In today’s briefing:

Ohayo Japan | Joint Yen Intervention
This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #4 | 26 Jul – 1 Aug 2026
Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks
China Healthcare Weekly Wrap (27-31 July)

Ohayo Japan | Joint Yen Intervention

Equities extended their post-Fed rebound Friday, though breadth was narrow and only 4 of 11 sectors closed higher
Kioxia missed both earnings and guidance – Micron (-5.9%), SK Hynix (-3.5%) weaker in U.S trade; Apple disappointment adds to pressure on JP-tech
Pause on new Iran attacks. Possible joint intervention & stronger yen sets a cautious backdrop for stocks at today’s open.

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

By Ke Yan, CFA, FRM

We tracked AI models, infrastructure, and M&A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.
Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.
Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #4 | 26 Jul – 1 Aug 2026

The most violent week of the cycle: CXMT’s 466% debut triggered competitive fears; back-to-back KOSPI circuit breakers followed — then Microsoft and Amazon earnings triggered KOSPI’s largest-ever single-day gain (+17.9%).
SK Hynix Q2: record ₩79.32T revenue, 76% margin — but missed consensus. Normalised net income ₩46.45T (+563% YoY, +15% QoQ) after stripping the ₩63.3T non-recurring Kioxia stake gain.
Top Trade is SK Hynix. Alternative: Long Macronix — Q2 GM 64.4% (five-year high) released into a circuit-breaker session that completely ignored it.

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.
Amazon’s AWS growth beat validates its AI spend, offering a positive read-through for Japan’s SPE and semi-caps.
Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.

China Healthcare Weekly Wrap (27-31 July)

By Wilfred Yuen

Hutchmed 1H26 showed continued China sales recovery and strong ex-US Fruzaqla growth. CSPC and Antengene announced positive profit alert for 1H26, thanks to their respective deals’ upfront payments
Kelun’s TROP2 ADC sac-TMT gained NMPA review for 6th indication 1L TNBC; AstraZeneca’s CLDN18.2 ADC (licensed from Keymed/Lepu) hit dual primary endpoint OS in global phase 3 study in GC/GEJ
Other news and updates include Qyuns Therapeutics, Legend Biotech, Innocare

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Aug 02

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Daily Brief Thematic (Sector/Industry): India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making? and more

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

In today’s briefing:

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?
APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

By Nimish Maheshwari

India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.
F&O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.
MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.

APAC Healthcare Weekly (August 2) – CSPC, Hengrui, Otsuka, Nippon Shinyaku, PharmaEssnetia, Cipla

By Tina Banerjee

CSPC Pharmaceutical’s Phase 3 trial of depression drug candidate HA1406 met pre-specified primary efficacy endpoint. Jiangsu Hengrui Pharmaceuticals received NMPA approval for long-acting basal insulin, sudelidec injection.
Otsuka Holdings secured FDA approval for Simtriyo, a once-daily extended-release capsule for ADHD. Nippon Shinyaku obtained exclusive commercialization rights for Tadekinig alfa in the U.S. for Hyperinflammatory Syndrome.
Pharmaessentia announced topline results from the Phase 1b clinical trial of P1101 (Besremi) and anti-PD1 in Chronic Hepatitis B or D. Cipla secured FDA approval for generic Advair Diskus.

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Aug 01

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Daily Brief Thematic (Sector/Industry): REF China Property Developers In Distress – Weekly News & Announcements Tracker | July 24-30 and more

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

In today’s briefing:

REF China Property Developers In Distress – Weekly News & Announcements Tracker | July 24-30, 2026
Asia Real Estate Tracker (31-Jul-2026): Hongkong Land Fund acquires Wheelock Place for $863M.
Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to ‘neutral’ despite positive
AUCTUS ON FRIDAY – 31.07.2026

REF China Property Developers In Distress – Weekly News & Announcements Tracker | July 24-30, 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

Asia Real Estate Tracker (31-Jul-2026): Hongkong Land Fund acquires Wheelock Place for $863M.

Hongkong Land Fund has acquired Wheelock Place in Singapore for $863 million from Wharf REIC.
The APAC data center pipeline has reached 25.5GW, with Savills highlighting delivery risks outweighing demand.
Schroders has lost its third asset in Hong Kong to creditors this year, while Australia’s leasing market shows resilience.

Singapore Market Roundup (31-Jul-2026): Citi downgrades OCBC to ‘neutral’ despite positive

Citi downgrades OCBC to ‘neutral’ despite positive 2QFY2026 outlook.
Broker’s Digest: Aztech, Raffles, YZJ, HPH, iFAST, SGX, Singtel.
DBS maintains Singtel’s target price at $5.46 amid Optus stake sale discussions.

AUCTUS ON FRIDAY – 31.07.2026

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.
Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.
The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.

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Jul 31

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Daily Brief Thematic (Sector/Industry): Singapore Equity Strategy: July 2026 and more

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

In today’s briefing:

Singapore Equity Strategy: July 2026
Japan Morning Connection: AI Set to Squeeze Hard After Strong Earnings Follow Leveraged Unwind
Ohayo Japan | Situation Cleared
India Rare Earths Monitor – July 2026
The Great AI Arbitrage: Plunging Token Prices Meet Surging Capex

Singapore Equity Strategy: July 2026

By Wealth Management Alliance

The Singapore stock market has picked up further momentum in July, with the Straits Times Index (STI) surging 10.9% month-to-date.
This has taken the gain year-to-date to 22.7%, outperforming global bourses.
We see domestic monetary policy setting remaining a stabilizer in providing a positive backdrop for the local bourse.

Japan Morning Connection: AI Set to Squeeze Hard After Strong Earnings Follow Leveraged Unwind

A huge rebound for risk-on and AI overnight which was sparked by the blow out numbers by Microsoft.
Tokyo Electron numbers on the close yesterday beat after it revised up its 1H guidance.
SPE could see support after Citadel’s $10bn Situational Awareness purchase.

Ohayo Japan | Situation Cleared

A strong night for AI and semiconductor names should underpin TEL, Kyocera, Advantest, and the broader chip complex at the open
Citadel absorbed the bulk of Situational Awareness’s distressed equity book suggests a significant overhang has been removed.
Key risk to watch is the yen — USD/JPY moved sharply to ~157 from 163 yesterday, which could trigger early hedging; expect a rotation out of auto into tech/domestics.

India Rare Earths Monitor – July 2026

By Garvit Bhandari

India’s INR7,280 crore REPM magnet-incentive tender moved to end of July 2026, as NAN GreenMet anchors Andhra Pradesh’s INR50,000 crore push toward India’s first integrated rare earth magnet plant
July prices consolidated after June’s surge. Pr-Nd oxide fell 7.6% and dysprosium oxide 11.2%, while separated praseodymium and neodymium held firm on tight spot supply
India holds top-tier reserves but produces under 1% of global output and depends on China for ~95% of magnet imports,a value gap defining the medium-term investment case

The Great AI Arbitrage: Plunging Token Prices Meet Surging Capex

By Raghav Vashisht

Enterprises are slashing AI bills by up to 17x through “model routing,” i.e. using cheap open models for routine execution while reserving expensive frontier models strictly for high-stakes workflows.
Plunging token prices are clashing with surging infrastructure costs; OpenAI is bleeding cash subsidising free users, while Anthropic’s projected profitability relies heavily on temporary and discounted compute deals.
The survival of frontier labs depends on ditching opaque token metering. Enterprises demand fixed-cost, embedded workflows over open-ended compute bills that spike unpredictably based on hidden context lengths.

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Jul 30

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Daily Brief Thematic (Sector/Industry): Microsoft & Meta Results: Capex Keeps Rising and more

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

In today’s briefing:

Microsoft & Meta Results: Capex Keeps Rising, Memory Is The Bottleneck. Stay Bullish Memory
Ohayo Japan | Can Advantest Break the AI Derating?
South Korea KOSPI & Semiconductor Memory: The ETF Experiment Broke the Market, Not the Business
Singapore CleanTech Industry
Singapore Market Roundup (29-Jul-2026): JP Morgan stays ‘underweight’ on Seatrium amid profit
India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax
WTR Small-Cap Spotlight Recap : 2Q Earnings Season in Focus
Energy Roundup : New Oil Supply Chokepoint Emerges…
Asia Real Estate Tracker (29-Jul-2026): Hongkong Land’s profit rises 470% with office rebound.

Microsoft & Meta Results: Capex Keeps Rising, Memory Is The Bottleneck. Stay Bullish Memory

Azure accelerated to 43% cc, guided to 45% next quarter, while supply-constrained. Demand exceeds capacity; memory is first in the procurement queue.
Microsoft attributes US$25bn of its US$190bn CY26 capex to component price inflation, mainly memory. The customer has quantified the sellers’ pricing power.
Meta raised its capex floor to US$130-145bn despite FCF of US$784m. Capex is now funded beyond internal cash flow; the cycle extends into 2027.

Ohayo Japan | Can Advantest Break the AI Derating?

Micron (-9.9%) extended the global AI sell-off, creating another challenging backdrop for Japanese semiconductor equipment names despite increasingly supportive earnings.
Vertiv (-17.3%) and Caterpillar (-6.9%) suggest investors are reassessing the pace of AI infrastructure investment rather than the structural demand outlook itself.
Key Watch: Advantest’s earnings are the pivotal catalyst. A constructive reaction would challenge the recent derating across Japan’s AI supply chain; another “sell-the-upgrade” response would reinforce the current positioning unwind.

South Korea KOSPI & Semiconductor Memory: The ETF Experiment Broke the Market, Not the Business

Korea’s 2x single-stock ETFs drove the KOSPI boom and bust. With volatility surging, regulators are proposing leverage cuts and professional-investor limits, reflecting structural rather than fundamental concerns.
The selling is forced and followed by technical signals. Fundamentals are solid; both companies posted record profit with best ever BS and CFs.
Cheap, and cheaper than it looks. On next-twelve-month earnings, Hynix trades at 4.7x and Samsung at 4.5x — at or below where each has bottomed before.

Singapore CleanTech Industry

By Wealth Management Alliance

From USD1.2 trillion in 2025, the International Energy Agency (IEA) expects the global clean energy technology market to reach almost USD3 trillion by 2035, assuming policies already announced are implemented.
Unlike other new-economy tech industries (e.g. FinTech, MedTech), the Asia-Pacific region has the largest estimated market share of 45-50% of the global CleanTech market, thanks to the region’s dominance in electric vehicles (EVs), energy storage, solar and wind energy.
Singapore’s CleanTech industry is highly vibrant, with an estimated 250- 400 companies active in the ecosystem. The industry’s economic contribution is modest, making up an estimated 2-4% of the country’s GDP. Policy initiatives under the Singapore Green Plan 2030 will promote continued growth of the industry.

Singapore Market Roundup (29-Jul-2026): JP Morgan stays ‘underweight’ on Seatrium amid profit

JP Morgan remains ‘underweight’ on Seatrium despite improved profit forecasts.
UOBKH’s Cheong downgrades Aztech to ‘hold’ due to weaker second half outlook.
Analysts stay positive on CSE Global after recent site visit.

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

By Nimish Maheshwari

Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.
Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.
Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.

WTR Small-Cap Spotlight Recap : 2Q Earnings Season in Focus

Military activity in the Persian Gulf continues to contribute to oil price volatility.
Our benchmark WTI crude oil price averaged $92.56/Bbl in 2Q26 and Brent crude oil averaged $97.38/Bbl.
Oil prices retreated from above $100/Bbl in mid-May to $69.50/Bbl on expectations that transportation through the Strait of Hormuz was on a path back to normalcy.

Energy Roundup : New Oil Supply Chokepoint Emerges…

Red Sea emerges as potential additional oil supply chokepoint. After months of massively constrained global oil supply due to the Strait of Hormuz military blockade during the ongoing US and Israeli war with Iran, now oil exporters are facing a new challenge with Iran-backed Houthis in Yemen declaring a maritime blockade in the Red Sea targeting Saudi Arabia oil tankers.
This route through the Bab el-Mandeb Strait between Yemen on the Arabian Peninsula and Djibouti and Eritrea in the Horn of Africa has increasingly been used by Saudi Arabia to reroute crude oil exports that would typically by transported through the Strait of Hormuz.
Saudi Arabia has been using its Yanbu port as the outlet for its east-west pipeline via the Red Sea, where it has been averaging about 5 million barrels of oil exports per day (Figure 1).

Asia Real Estate Tracker (29-Jul-2026): Hongkong Land’s profit rises 470% with office rebound.

Hongkong Land experienced a significant 470% profit increase due to rising central office values.
A Hong Kong investor sold a Kowloon building at a 43% discount amid financial difficulties faced.
Mapletree and Igis made substantial real estate investments, while Singapore’s office rents may rise 5%.

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Jul 29

0

Daily Brief Thematic (Sector/Industry): Japan Activism Briefs – INTAGE and more

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

In today’s briefing:

Japan Activism Briefs – INTAGE, Mitsubishi Paper, Taki Chem
Ohayo Japan | Semiconductor Weakness Weighs on Tech
Defending the Coastline: Singapore’s Coastal Protection Opportunity
Singapore Market Roundup (28-Jul-2026): Analysts stay bullish on CSE Global after recent visit.
Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne’s Blowout Numbers
China Memory Supply Chain, Who Actually Supplies CXMT
India’s Battery-Chemicals Buildout: The Proxy Trade of BESS Gigafactories
Asia Real Estate Tracker (28-Jul-2026): Igis closes $612M deal for Seoul’s Doosan Tower.

Japan Activism Briefs – INTAGE, Mitsubishi Paper, Taki Chem

Intage: NAVF re-building stake, likely pressuring NTT to take subsidiary fully private.
Mitsubishi Paper: City Index pushing for balance sheet unlock; Oji merger the likely endgame.
Taki Chemical: AVI targeting excess financial assets at a deeply undervalued specialty chemicals company.

Ohayo Japan | Semiconductor Weakness Weighs on Tech

Technology remained under pressure, with semiconductor stocks extending losses as concerns around AI infrastructure spending weighed on chipmakers ahead of SK Hynix’s earnings, likely keeping Japanese semiconductor names in focus.
Market breadth remained resilient despite weakness in mega-cap tech, with the equal-weight S&P 500 outperforming as investors rotated into defensive sectors including Health Care and Consumer Staples.
Oil fell sharply on easing Middle East tensions, supporting the outlook for Japan’s transport and domestic demand sectors while weighing on energy-related names.

Defending the Coastline: Singapore’s Coastal Protection Opportunity

By 8VantEdge

Coastal protection in Singapore has moved from contingency planning to a funded and legislated national programme, establishing a long-duration investment theme.
Three structural drivers underpin this investment case: (1) Physical exposure: around 30% of the island sits less than 5 metres above the mean sea level, creating a need for coastal protection; (2) Government funding commitment: a multi-decade investment programme estimated at around S$100 billion; and (3) Regulatory mandate: new legislation makes protection works a compliance obligation rather than discretionary spending.
Together, these drivers convert climate risk into a durable pipeline of engineering and construction demand.

Singapore Market Roundup (28-Jul-2026): Analysts stay bullish on CSE Global after recent visit.

Analysts remain optimistic on CSE Global after a recent site visit.
DBS, UOBKH, and CGSI remain positive on iFAST after 2QFY2026 profit growth.
Analysts grow cautious on Raffles Medical after weak 1HFY2026 results.

Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne’s Blowout Numbers

Advantest, Micronics and Teraprobe set for a better start after Teradyne posted a blowout 2Q beat and strong 3Q guidance.
Lasertec and TEL may lag as KLA’s inline guidance and dipped FCF point to a split between testers and WFE makers to start today.
SK Hynix numbers missed incredibly high expectations this morning making it likely to be a wobbly session again for Kioxia

China Memory Supply Chain, Who Actually Supplies CXMT

CXMT has overrun our fair value so far that its equity is no longer useful for expressing a view; we look at its equipment and materials suppliers instead.
Every name in the standard-DRAM chain trades near 52-week highs, and CXMT’s own founder trimmed a related holding in May — informed capital is already taking profit.
Our call: don’t chase this chain at current levels. NSIG is our most defensible pick on business-model grounds, but better risk-reward sits in the not-yet-priced HBM-packaging names.

India’s Battery-Chemicals Buildout: The Proxy Trade of BESS Gigafactories

By Nimish Maheshwari

India’s planned BESS requirement rises from 24 GWh in FY27 to 321 GWh by FY36, while nearly 99 GWh is already under construction or tender.
The opportunity is moving upstream: salts, electrolyte, additives, cathode, anode and binders are the strategic bottlenecks, not merely cell assembly.
GFL, Neogen, Himadri and Acutaas offer the clearest Li-ion exposure; Balaji and Aether are optionality; Tatva is primarily a supercapacitor/zinc-storage play.

Asia Real Estate Tracker (28-Jul-2026): Igis closes $612M deal for Seoul’s Doosan Tower.

Igis has made a significant investment by acquiring Doosan Tower in Seoul for $612 million.
BGO has teamed up with Investa and Cliffbrook to purchase Dexus Australian offices for $505.5 million.
Singapore’s CBD office rents are expected to rise by up to 5% by 2026 due to ongoing supply constraints.

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Jul 28

0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tech Weakness Offsets Ceasefire Relief and more

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

In today’s briefing:

Ohayo Japan | Tech Weakness Offsets Ceasefire Relief
Singapore Market Roundup (27-Jul-2026): DBS upgrades StarHub to “buy” on M1 merger benefits.
Asia Real Estate Tracker (27-Jul-2026): APAC Real Estate Updates: People in the News 2026.
India Flexible Workspace: The Enterprise Takeover Accelerates
WTR Healthcare Happenings Podcast Recap : Doug Drysdale on Psychedelics

Ohayo Japan | Tech Weakness Offsets Ceasefire Relief

US equities were little changed, with the S&P 500 flat and the Nasdaq down 0.2% as optimism around the US-Iran ceasefire faded.
Nvidia fell 5% on reports it may guarantee up to US$250bn of financing for OpenAI data centre projects.
ASML fell 8.4% on reports of rapid advances in China’s domestic DUV lithography capabilities

Singapore Market Roundup (27-Jul-2026): DBS upgrades StarHub to “buy” on M1 merger benefits.

DBS upgrades StarHub to “buy” due to M1 merger prospects.
DBS’s Ho keeps ‘buy’ rating and $3 target on Seatrium after strong earnings.
Raffles Medical reports 1HFY2026 earnings of $29.0M, down 9.6% year-on-year.

Asia Real Estate Tracker (27-Jul-2026): APAC Real Estate Updates: People in the News 2026.

On July 27, 2026, APAC real estate news highlighted major personnel changes and sector developments.
Blackstone’s data center platform reached a valuation of $185 billion, fueled by strong AI investments.
Merger talks between CapitaLand and Mapletree are delayed due to valuation disagreements in the market.

India Flexible Workspace: The Enterprise Takeover Accelerates

By Garvit Bhandari

India flex leasing rose 32% YoY to 8.6 msf in H1 2026; flex now 24% of total office leasing, up from 19% a year earlier.
Enterprises drive demand as large corporates take 72% of flex seat absorption. GCCs alone account for 40-45% of enterprise demand
Five listed operators (Awfis, Smartworks, WeWork India, IndiQube, DevX) now offer direct exposure, diverging sharply on margin, occupancy and capital intensity

WTR Healthcare Happenings Podcast Recap : Doug Drysdale on Psychedelics

On the latest WTR Healthcare Happenings podcast, we were joined by Doug Drysdale, a recognized biopharma industry leader, entrepreneur, and strategic advisor with extensive experience in drug development, corporate strategy, and M&A across the life sciences sector.
We explored the latest developments shaping the psychedelic sector, including clinical progress, regulatory trends, strategic transactions, and what they mean for the industry’s future.
Drysdale is the founder and principal of Katogen, where he works with biopharma companies and investors on corporate strategy, M&A, and business development.

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Jul 27

0

Daily Brief Thematic (Sector/Industry): CXMT’s $8.6B Memory Clock: GigaDevice and more

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

In today’s briefing:

CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet
This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release
Ohayo Japan | Tech Weakness Continues as AI Concerns Linger
China Strategy: Evolution of H-Share IPO Premium/Discount
Japan Morning Connection: Risk-On Mood May Return as Red Sea Tensions Ease
China Healthcare Weekly Wrap (20-24 July)
SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #3 | 18–25 July 2026

CXMT’s $8.6B Memory Clock: GigaDevice, Korea and China’s Fourth DRAM Bet

By Raghav Vashisht

A month since Roundhill’s GigaDevice inclusion started offering indirect exposure to China’s emerging memory ecosystem; CXMT’s Shanghai debut now puts its largest DRAM manufacturer on investors’ screens.
CXMT’s share gains are real, but Q1 revenue momentum was amplified by tight supply and pricing; Counterpoint’s 11% 2028 bit-share forecast remains below viable scale.
Tencent contracts and IPO funds give CXMT time to upgrade its mix, but Korea’s $518 billion buildout sets the deadline for becoming an advanced-memory competitor.

This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

By Ke Yan, CFA, FRM

We tracked AI models, infrastructure, and M&A this week: Anthropic launched Opus 5, Moonshot moved toward pre-IPO funding, and Alibaba shipped Qwen3.8.
China coverage grouped Qwen3.8, Kimi funding, Zhipu compute and SenseTime capacity, with policy items separated into MOFCOM and MIIT updates.
Infrastructure and funding updates covered AMD, Nvidia, TSMC, Atoms, Mistral, Etched, 01.AI, PsiBot and GigaAI.

Ohayo Japan | Tech Weakness Continues as AI Concerns Linger

US equities mixed: Dow +0.5%, S&P 500 +0.1%, Nasdaq -0.6% as technology selling continued.
July Flash PMI expanded at the fastest pace in eight months, helping offset the impact of new 10–12.5% Section 301 tariffs.
Brent crude fell 4% on Friday but still finished the week up 11% on ongoing Middle East tensions.

China Strategy: Evolution of H-Share IPO Premium/Discount

By Osbert Tang, CFA

Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.
Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.
The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.

Japan Morning Connection: Risk-On Mood May Return as Red Sea Tensions Ease

Kokusai Elec and Micronics may see upside as CXMT’s blockbuster IPO nears, with its retail tranche reportedly 212x oversubscribed.
TDK, Minebea Misumi and Nitto Denko may face pressure after Qualcomm’s price hike points to lower sales of cheaper handsets across Asia.
Ibiden and TEL look unfairly sold on Friday and worth revisiting today.

China Healthcare Weekly Wrap (20-24 July)

By Wilfred Yuen

Akeso-Partner Summit Therapeutics released 2Q26 results. See our takeaways published earlier Akeso (9926.HK): SMMT 2Q26 Call Takeaways on Ivonescimab
Harbour Bio, MicroPort MedBot, and Shanghai HeartCare released positive profit alerts; Wuxi Bio reached 10,000 molecules milestone; Ribo Life released positive Europe phase 2a study in its siRNA FXI inhibitor
China’s NMPA become the first approved Takeda’s orexin narcolepsy drug; Science and Retraction Watch reported a girl death from a brain base-editing trial in Shanghai

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #3 | 18–25 July 2026

Mixed Recovery: US memory names bounced 6–9% (Micron, SanDisk) while Korean names barely moved. Forced liquidation is still clearing. Alphabet’s USD200bn capex hike validates the AI memory thesis.
SK Hynix Q2 results on 29 July — consensus KRW84T revenue, KRW64T operating profit, ~75–77% margin — is the week’s defining event. First print as a Nasdaq-listed company.
Long SK Hynix (000660 KS / SKHY US) open: entry KRW1,842,000, current KRW1,759,000. CXMT (688825 CH) debuts on STAR Market Monday — Asia’s largest IPO of 2026.

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