In today’s briefing:
- Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?
- Ohayo Japan | Stocks Mixed As Powell Signals Cautious Approach to Rate Cuts
- #100 India Insight: ITC’s Revenue Grows, India Shifts Focus, China Cuts Renewable Subsidies
- Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday
- Trump’s FCPA Pause: How Does It Affect Adani’s Bribery Charges?
- Monday Delight: 10/02/25
- Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends – Phillip Securities.
- Themes of India : How Pre-Engineered Buildings(PEB) Are Transforming India’s Construction Landscape?
- Weekly Sustainable Investing Surveyor – February 10, 2025
- Biopharma Week in Review – February 10, 2025
Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?
- Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:
- As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.
- WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to >15%
Ohayo Japan | Stocks Mixed As Powell Signals Cautious Approach to Rate Cuts
- US Markets: Stocks closed mixed as investors assessed tariffs and Powell’s testimony. Intel surged 6.5% on AI chip support, while Tesla dropped 5% on BYD’s AI deal.
- Japan: Japan’s current account surplus hit ¥29.26tn in 2024, boosted by foreign investments. Nitori and Nissan announced major investment and restructuring plans.
- Earnings Highlights: SoftBank’s telecom unit saw net income rise 7% to ¥437bn. Shiseido posted an ¥11bn loss, while OMRON raised profit forecasts by 54%.
#100 India Insight: ITC’s Revenue Grows, India Shifts Focus, China Cuts Renewable Subsidies
- ITC Ltd (ITC IN) revenue growth was driven by its diversified businesses, but profitability was hit by high raw material costs.
- India is shifting its capital expenditure focus from FY25-30 towards energy infrastructure, including power generation and grid integration.
- China plans to reduce subsidies for renewable energy projects after surpassing its 2030 solar and wind power targets early.
Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday
- US semi onshoring plays lifted by Vance comments on US production comments.
- SMCI preliminary numbers after market pointing to big upside for 2026 and 30% uptake in new DC’s.
- Shiseido numbers missed but there were bright spots…enough to cover up the blemishes for a squeeze?
Trump’s FCPA Pause: How Does It Affect Adani’s Bribery Charges?
- The US administration has issued a six-month pause on FCPA enforcement, potentially revisiting and scaling back past actions, including those linked to the Adani bribery charges.
- This executive order could alleviate regulatory pressures, offering companies like Adani a temporary reprieve and potentially reshaping global enforcement norms for corporate bribery cases.
- Investors may now see a more balanced regulatory landscape, reducing immediate legal risks for multinational corporations while prompting a reassessment of FCPA’s impact on global business conduct.
Monday Delight: 10/02/25
- 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.
- 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!
Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends – Phillip Securities.
- Phillip Securities believes Q&M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.
- UOB Kay Hian optimistic about Wilmar’s improving China operations; analysts raise DBS’s target prices above $51 on strong capital returns.
- Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS’s target price to $50 after record profits in FY2024 under Piyush Gupta’s leadership.
Themes of India : How Pre-Engineered Buildings(PEB) Are Transforming India’s Construction Landscape?
- As of FY19 PEB was only 2-4% of overall construction, and is projected to reach 5-7% by FY28. Low current share in overall construction indicates high growth potential in India.
- The PEB Sector is rapidly becoming a key pillar of modern infrastructure. Driven by industrialization and urbanization, its adoption is accelerating, especially in the industrial and commercial sectors.
- The Rapid Growth of the PEB Industry in India is driven by industrial demand, infrastructure expansion, and rising adoption in warehouses, data centers, logistics, and commercial buildings.
Weekly Sustainable Investing Surveyor – February 10, 2025
- The WTR Sustainable Index was up 0.5% W/W versus the S&P 500 Index (down 0.2%), the Russell 2000 Index (down 0.3%) and the Nasdaq Index (up 0.1%).
- Energy Technology (13.3% of index) was down 1.2%, while Industrial Climate and Ag Technology (46.6% of index) was up 0.3%, ClimateTech Mining was up 0.4%, and Advanced Transportation Solutions (21.7% of index) was up 2.0%.
- Top 10 Performers: FGPHF, AZRE, CRE, LTBR, NVVE, OPTT, AMSC, TGEN, VLI, ELBM
Biopharma Week in Review – February 10, 2025
- The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous promises to not dismantle vaccine policies.
- Even ahead of RFK Jr.’s now likely confirmation, health agencies have faced disruptive changes and uncertainty from Trump’s anti-DEI executive orders.
- The latest was a $4 billion cut to NIH grant funding, reducing support for academic research at universities, hospitals, and other grant recipients.
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