In today’s briefing:
- Asia Data Center REITs: The AI-Driven Generational Investment Opportunity
- Ohayo Japan | Fed in No Rush to Cut Rates
- Japan Morning Connection: Fears over Iran Continue to Diminish Despite the Spectre of US Involvement
- Thematic Report: Ozempic- Weight Loss Drug Revolution
- Charted Insights: Is Indian Earnings Recovery in Q4FY25 Sustainable?
- Furniture/Furnishings Weekly ‘Crisis Mode’ Return-To-Office
- Biopharma Week in Review – Vaccine Advisory Board Overhaul Sudden but Not Surprising
- Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future
Asia Data Center REITs: The AI-Driven Generational Investment Opportunity
- Driven by long-term structural drivers including cloud computing adoption, digital transformation, 5G network rollout, we think Data Centers in Asia can be a generational investment opportunity
- Keppel DC REIT and Digital Core REIT are pure plays listed in Singapore. Keppel is Singapore-concentrated, offering stable growth. DC REIT’s portfolio is global, and backed by Digital Realty
- We think interest rate volatility, regulatory framework and data localization policies, as well as market supply have to be taken into consideration when investors are making investment decisions
Ohayo Japan | Fed in No Rush to Cut Rates
- US stocks flat after the Federal Reserve kept interest rates unchanged
- Marvell (MRVL) +7% on bullish AI guidance. Momentum in U.S. semi names continues to support investor appetite for global tech exposure
- Activist investor, Effissimo Capital Management, increased its stake in UACJ
Japan Morning Connection: Fears over Iran Continue to Diminish Despite the Spectre of US Involvement
- Marvell the latest US tech major to raise its TAM for AI helping buoy related names.
- Deal that sees Wolfspeed briefly dipping into chapter11 may bode well for Renesas.
- Sega Sammy lays out plans to get its valuations up and inline with peers as games surge given their tariff resilience.
Thematic Report: Ozempic- Weight Loss Drug Revolution
- Once overlooked, Ozempic (semaglutide) has become a multi-billion-dollar drug, transforming the landscape of weight loss and chronic disease management due to its remarkable efficacy.
- With new FDA-approved indications for cardiovascular risk, chronic kidney disease, and obesity, Ozempic is driving massive market growth, set to dominate the GLP-1 receptor agonist sector.
- While patent protection and high demand fuel growth, the impending expiration in key markets like India and competition from emerging drugs will impact pricing and market dynamics.
Charted Insights: Is Indian Earnings Recovery in Q4FY25 Sustainable?
- BSE500 reported a recovery in PAT growth from 8% YoY in Q3FY25 to 10% YoY in Q4FY25, but top-line growth remained flat at just 8%, continuing a weak trend.
- Margin expansion was cost-driven, with wage bill growth slowing to 5% YoY i.e. its lowest level post-COVID impacting future consumption potential.
- FY26 BSE500 EPS estimates were cut by 3% in Q4, totaling a 10% downgrade YoY, signaling stagnation despite index valuation rollover.
Furniture/Furnishings Weekly ‘Crisis Mode’ Return-To-Office
- Middle East conflict and tariff policy uncertainty weigh down the market.
- The WTR Commercial/Contract Furniture Index declined 3.6%, the Residential Manufacturers & Suppliers Index fell 3.4%, and the Home Goods Retailers Index was down 1.7%, as the broader market indices declined 0.5% and the R2K fell 2.1%.
- Innovation sprints and ‘crisis’ response drive return-to- office policies (1), at least for one hedge fund who is demanding that staff commit to five days a week at the office in order to address recent performance shortcomings, with management arguing that “experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.”
Biopharma Week in Review – Vaccine Advisory Board Overhaul Sudden but Not Surprising
- Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).
- Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.
- Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action.
Thematic Report on Gold Loan Revolution: Formalizing the Sector for a Transparent Future
- The RBI’s new policy introduces tiered LTV ratios, stricter collateral eligibility, and standardized gold valuation processes across banks, NBFCs, and co-operative banks.
- This shift aims to enhance transparency, protect borrowers, reduce systemic risk, and formalize the gold loan market, promoting responsible lending and financial inclusion.
- The policy significantly strengthens the gold loan ecosystem, ensuring greater trust and stability, while improving access to credit for underserved populations, especially in rural areas.
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