Thematic (Sector/Industry)

• 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.

• Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
• SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
• While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.

• A U.S. executive order, “Project Firewall” has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.
• This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.
• The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.

• Calbee: Profitability pressured by rising input costs, but valuation is attractive at 11x EBIT vs sector 14x, leaving it exposed to potential M&A interest.
• Eiken: Strategic shareholders near 30% with governance changes underway; growth steady, but trajectory points toward a likely management buyout.
• Pacific Industrial & AI Holdings: Pacific reflects Japan’s activist-driven MBO scrutiny, while AI stands out as a rare compounding “buy and build” platform with activist backing.

• Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
• Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
• Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.

• U.S. equities closed at record highs Monday, with the S&P 500 up 0.44% and the Nasdaq rising 0.70%
• Nvidia surged 3.9% after announcing a $100 billion investment in OpenAI to expand data centers,
• Mitsui & Co. announced that Warren Buffett’s Berkshire Hathaway increased its stake above 10%

• The Federal Reserve cut interest rates by 25 basis points to a range of 4 to 4.25%, citing a shift in risk and uncertainty in the economy.
• Tensions within the Fed committee highlight divisions on future rate cuts, with projections ranging from 2.9% to 4.4% by year end.
• Stagflation concerns have emerged as inflation rises, complicating the Fed’s ability to support the job market with aggressive rate cuts.

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

• 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!

• The turnaround basket outperformed the Topix benchmark by 40% in the past 12 months, with only three stocks underperforming.
• Fundamental research added value to the simple one-factor model, as seen with top performers like Shift and Rohm.
• The unusual market conditions last year favored turnarounds, but future performance is expected to return to normal levels.

• JP Morgan predicts STI may reach 6,000 points in a 12-month optimistic scenario.
• UOBKH views OKP Holdings as a bargain in Singapore’s infrastructure upcycle.
• Bumitama’s valuations are now reasonable after a share price adjustment.

• Market sentiment at the Beaver Creek Precious Metals Summit is positive, with attendees not complaining about high costs and feeling optimistic about the sector
• There is a sense of euphoria among investors, but also a realistic view of project outcomes with only a few expected to be highly profitable
• IM Gold is seen as an attractive acquisition target, with speculation about a potential takeover in the near future, possibly within the next 12 months

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

• U.S. stocks closed higher Friday, capping a strong week following the Federal Reserve’s quarter-point rate cut
• The August PCE inflation report, due Friday, will be the first price data since Fed Chair Powell warned of challenging economic conditions with no clear policy path forward.
• OMRON announced plans to spin off its electronic components business by April 2026, marking its first business spin-off in 15 years.

• Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.
• Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).
• Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.

• Microsoft CEO Satya Nadella announced his intention to spend $30 billion on AI infrastructure in the UK. NVIDIA, Coreweave, Alphabet and OpenAI are also ponying up further billions
• Jensen Huang declared the UK and AI powerhouse, third in line globally behind the US and China
• Is it really UK sovereign AI when it’s mostly paid for and made in the USA?

• NAND supplier Sandisk taking its gains to 100% MTD as eSSD memory demand for AI applications grows exponentially.
• Apple breakout as weekend sales for the iPhone17 Pro likely to come ahead of estimates.
• Quantum computing names taking a big leg higher with the Trump Administration aiming to expand their quantum strategy.

• Overnight CP market in the US reflects the Fed rate cut immediately. Rates on overnight non-financial CP for A2/P2 companies now 4.20% (18 Sept) from 4.45% (17 Sept)
• Weekly B/S for US banks has been showing for some time accelerating loan volume, with debt 5-7% less expensive overnight, loan volume should continue to accelerate
• Where loans at US banks are only 67% of deposits, a 25bps reduction on both pools (loans, deposits) can be NIM expansionary. There are many moving parts, though. 

• Fosun Pharma received approval for Fovinaciclib Citrate Capsules for certain types of breast cancers. Chugai’s oral GLP-1 drug candidate demonstrated semaglutide-beating result in Phase 3 trial being conducted by Lilly.
• Astellas Pharma got conditional approval of Izervay in Japan. SK Biopharmaceuticals announced positive result from Phase 3 trial evaluating cenobamate for Primary Generalized Tonic-Clonic (PGTC) Seizures.
• Alteogen’s partner Merck moved one step ahead toward European approval of subcutaneous version of Keytruda. HK inno.N has launched its acid-related gastrointestinal diseases drug, PCAB in India.

• China is rapidly integrating artificial intelligence (AI) and robotics into its industrial sector to cement its position as a global leader in high-tech manufacturing.
• With technological prowess, a large, established manufacturing base, and government support, Chinese factories will dominate automated manufacturing globally for the foreseeable future.
• We look at a basket of Chinese manufacturers who are benefiting from automation with AI and robotics.  All the companies export a substantial portion of their products.

• Singapore’s EV charging network is impressive with ~15,300 chargers deployed, and COE quotas structured to accelerate electrification.

• But this growth has been driven more by regulation, subsidies, and public mandates than by genuine market demand.

• The bulk of adoption has come from corporate fleets (taxis, buses, and logistics operators) where high daily mileage makes electrification viable.

• Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.
• Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.
• Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.

• OCBC: REIT spin-off is a positive move for Boustead.
• CDG’s prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.
• DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.

• Mapletree has sold its Melbourne office for a price that is one-third lower than its 2017 purchase.
• Hongkong Land has sold a unit in Singapore to Sunway for a total of $579 million in the transaction.
• Centurion is initiating a REIT IPO aiming to raise more than $600 million in the Singapore market.

• ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe.
• While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf).
• Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel.

• US stocks hit record highs as Fed rate-cut signals lifted markets, with Nvidia’s $5 billion Intel investment driving chip gains.
• Nvidia will buy a $5 billion stake in Intel to jointly develop PC and data center chips, sending Intel shares up over 25% and Nvidia about 3%.
• FedEx beat quarterly profit and revenue estimates as cost cuts offset weaker international volumes, lifting shares 6% in extended trading despite a cautious 2026 earnings outlook.

• Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
• Memory names continue to surge higher, so Kioxia’s -7% drop off the highs yesterday likely to draw interest.
• Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.

• OCBC raises Golden Agri-Resources target price amid strong palm oil prices.
• CGS International raises ISOTeam target price amid upcoming drone deployment.
• UOBKH maintains ‘sell’ on SIA, raises target to $6.05, cites Air India impact.

• China has imposed steep anti-dumping duties of up to 78.2% on certain U.S.-made fiber optic products starting Sept. 4, according to the Ministry of Commerce, escalating trade frictions between the world’s two largest economies.
• The tariffs target a niche category of fibers known as cutoff wavelength-shifted single-mode fiber, or G.654.C fiber, optimized for long-haul and undersea networks. The ministry said U.S. producers were exporting these products to China in order to evade duties already applied to another fiber product.
• According to the ministry, Corning Inc. will face a duty of 37.9%, OFS Fitel LLC will be taxed at 33.3%, and Draka Communications Americas Inc. will incur a 78.2% duty. All other U.S. exporters will be subject to the maximum rate of 78.2%. The measure builds on anti-dumping penalties China first levied on U.S.-origin single-mode fiber more than a decade ago.

• Asia’s e-book reader market is witnessing substantial growth, fueled by increasing sales figures.
• Leading companies such as Google and Amazon are focusing on advanced AI technologies to enhance user experience.
• DeepSeek AI is assessing risks linked to heightened regulatory scrutiny in China, indicating market complexities.

• US stocks closed mixed Wednesday after the Fed’s expected 25 basis point rate cut, with the Dow gaining 0.6% while S&P and Nasdaq declined.
• Fujitsu and IBM Japan announced collaboration plans for generative AI, hybrid cloud, and healthcare services to meet growing DX demand
• Mitsubishi Corporation and Mitsui will jointly operate neighbouring Chilean copper mines from 2030, combining their stakes in Los Bronces with Codelco’s Andina mine.

• Trump’s Miram quick to show how dovish a republican picked committee could look.
• Quantum names surged higher with D-Wave touting successes in Japan.
• Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.

• Hotel investments in the Asia-Pacific region saw a significant decline of 23% in the first half of the year.
• JLL forecasts a recovery in hotel investments for the remainder of the year in the APAC region.
• GLP completed its China income fund by selling five properties for $281 million this year.

• “AI for Viksit Bharat” has laid out a strategic blueprint, arguing that Artificial Intelligence is not just an add-on but fundamental driver for achieving India’s aspirational 8% annual growth target.
• The report quantifies AI’s economic contribution to India’s GDP at an incremental $1.0 to $1.4 trillion by 2035, driven by both productivity gains and “leapfrog innovation,” far exceeding previous estimates.
• Realising this vision hinges on a multi-pronged approach that includes strengthening digital public infrastructure, and creating a sovereign data ecosystem, while navigating significant challenges in regulation and talent.

• The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.
• Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.
• Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.

• Novo to expand clinical trials of weight-loss drugs into obesity-related conditions
• Gems & jewellery exports up 5% in August 2025: GJEPC
• Jindal Steel International gives non-binding offer to acquire thyssenkrupp AG steel business

• The global robotics industry is experiencing rapid growth as the combination of AI and manufacturing efficiency feed demand for robotic products. As a global robotics leader China’s companies are benefiting.
• Global robotics industry is projected to double over the next few years to over $150 billion by 2030.  China is the world’s largest market for industrial robots.
• China’s leading robotics companies serve industrial industries like auto, equipment, and electronics, as well as service industries like healthcare, biotech, logistics, and hospitality.

• US stocks retreated from records Tuesday as the Federal Reserve began its September policy meeting, with the S&P 500 and Nasdaq declining roughly 0.1%
• Hong Kong activist fund Oasis Management disclosed a 5.98% stake in Calbee
• Hibiki Path Advisors formally questioned Mandom Corporation’s MBO announced September 10, 2025, challenging the JPY 1,960 tender offer price

• Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.
• Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.
• A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.

• Weekly balance sheets at US banks show a strong economy, and likely far better 3Q25 results for banks
• Credit growth continues to accelerate, now at 4.67% YoY, weekly CP data is very strong, at +26% YoY
• Credit metrics appear very strong, with LLR growing at almost nothing, at 1.36% YoY and less than 2% YoY for all weeks so far in this quarter

• Maybank sets Food Empire target at $2.92; CGS holds bullish $2.94.
• RHB downgrades APAC Realty, citing support from its dividend yield.
• UOBKH’s Loh raises Hong Leong Asia target price to $2.82, citing BRC Asia stake.

• Record RBI dividend, tax relief, rate cuts, and GST rationalization are fueling a multi-channel stimulus with staggered transmission, aiming to revive post-pandemic household spending.
• Rural recovery, festive-season GST cuts, and digital payments are accelerating volume growth, notably benefiting autos, FMCG, housing, and services, especially in Tier 2 markets.
• Structural shift toward formalization, K-shaped demand, and premiumization is visible; scenario outcomes depend on food inflation, monsoons, and the pace of EMI and credit transmission.

• US$418m of passive inflows set to enter Indonesia as Amman (AMMN) and Bumi (BRMS) join MVGDX.
• Amman’s inclusion may prove temporary as copper smelter mandates tilt revenues away from gold.
• Archi (ARCI) emerges as a future candidate, while Merdeka (MDKA) fails the gold dependency test.

• The U.S. EV charging infrastructure continues to grow slowly. Compared to this, China is progressing rapidly.
• China had 4.202 million public charging stations at the end of July 2025. Compared to this, U.S. had 77,868 public EV charging stations at the end of August 2025.
• Overall, the current EV charging infrastructure in the US remains inadequate and needs to grow rapidly to meet future demand.

• India’s agri sector achieves growth of 3.7% in June 2025 quarter
• Export of smart phones surpass Rs.1 trillion during April-August 2025 
• Global steel capacity expected to rise by 165 million tonnes during 2025-27

• Apple launched new AirPods, new watch, and new iPhone lineup with expected upgrades
• New neural cores in the GPU for AI workloads and vapor chamber in the Pro for higher sustained throughput
• Apple’s fundamental architecture change to bring neural accelerators to the GPU for on-device processing, hinting at future developments in chip design and performance.

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

• The S&P 500 gained 0.5% to close above 6,600 for the first time, while the Nasdaq rose 0.9% to notch its sixth straight record.
• Oracle shares rose over 3% after US and China agreed on a preliminary TikTok deal during Madrid trade talks, with Oracle seen as a leading contender to acquire the app.
• US Energy Secretary Chris Wright urged boosting America’s strategic uranium reserve to reduce reliance on Russian supplies and support nuclear power growth, sending uranium mining stocks sharply higher.

• Memory continues higher with WD announcing price hikes due to extreme demand.
• More and more chatter about high-bandwidth-flash as the next-gen memory for AI.
• China launching anti-dumping measures against analog IC’s keeping power-names down.

• India’s online home services penetration is <1% in a ₹5,000 billion market (CY24), but is projected to grow at a blistering 20–22% CAGR till CY29.
• Unlike e-commerce or mobility, this sector remains untouched by scale platforms despite demand density in urban centers and structural enablers now in place.  
• With digital tailwinds, gig supply, and urban affluence rising, online home services are poised for a breakout akin to 2016-era food delivery.

• India’s wealth management sector is at an inflection point, with listed firms showing robust growth driven by rising affluence and a cultural shift to financial savings.
• With favorable demographics and increasing financialization, the sector is poised for a multi-decade growth trajectory, making it a compelling long-term story for investment.
• Here we are comparing 4 wealth management giants in different parameters and what there management is saying about future growth.

• UOBKH’s Loh raises Hong Leong Asia target price to $2.82 due to BRC Asia stake.
• RHB’s Jaiswal raises SGX target price to $17.80 amid growing IPO momentum.
• PhillipCapital starts coverage on SIA Engineering amid MRO upcycle.

• 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!

• According to a survey by Deloitte, 23% of Dutch consumers (sometimes) order online, primarily through Albert Heijn (58%), Picnic (44%), and Jumbo (29%).
• 19% of respondents order groceries from bol.com.
• Prices and product selection determine the choice of online supermarket.

• Tripura govt to convert 21 agricultural markets into e-markets under e-NAM initiative
• Low-Income households to drive branded sugar demand growth in India: ISMA
• Govt plans to issue 121,000 opium cultivation licenses for crop year 2025-26

• Bureau of Labor Statistics slashed nearly 1 million jobs from prior reported employment gains, leading to concerns about cooling labor market and inflation data before FOMC meeting
• Oracle gains $100 billion in stock price rise, signing a 300 billion dollar deal with OpenAI for cloud services and winning contracts with Nvidia and ByteDance’s TikTok
• Semiconductor stocks rally, inflation data mixed as PPI cools while CPI surprises to the upside, with applications for US Unemployment benefits spiking to highest level in nearly four years, signaling possible acceleration in layoff activity as labor market cools

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

• Effissimo Capital’s stake in Pacific Industrial rose to 7.7%, challenging a below-market MBO at ¥2,050/share (0.7x book); shares trade higher amid expectations of a better offer.
• Strategic Capital continues to engage with Noritake – it is working – as the company announces a buyback
• Asset Value Investors increased its stake in Sharing Tech to over 15% – financial performance is strong, capital allocation is sensible. 

• For the week, the S&P 500 gained 1.6% in its best weekly performance since early August and fifth positive week in six
• Futures markets are pricing in a quarter-point rate cut with near certainty for the September 17 Fed meeting
• Fast Retailing’s domestic UNIQLO sales rose 10% to 1.03 trillion yen for the fiscal year ending August 2025

• The WTR Consumer Stock Index outperformed the S&P Small Cap 600 once again in August, increasing 5.2% versus a 1.7% gain in the broader index.
• The increase in our Consumer Stock Index was primarily due to a 3.6% increase in its prospective EPS, coupled with a modest 0.27x expansion in its 12-month prospective P/E ratio to 16.8x.
• For the S&P Small Cap 600, the 1.7% gain in the index was due to a 0.16x gain in the prospective P/E ratio to 16.3x, coupled with a 0.7% increase in prospective EPS.