In today’s briefing:
- Is Silver Leading the Charge? Do New Highs in Silver Signal Green Light for New Gold Highs?
- Ohayo Japan | Payroll Drop Drives Fed-Cut Bets as Financials Rally and AI Stocks Lag
- Singapore Equity Strategy: November 2025
- Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns
- Singapore Market Roundup (03-Dec-2025): DBS sees potential catalysts for Nam Cheong’s rerating.
- Asia Real Estate Tracker (03-Dec-2025): Singapore’s CDL acquires London Holiday Inn for $370M.
- Thematic Report on Indian Wood Panel Industry: The “Compliance Moat” Supercycle
- WTR Consumer Index Edges Out S&P SmallCap 600 in Nov; Apparel & Accessories Lead Again
Is Silver Leading the Charge? Do New Highs in Silver Signal Green Light for New Gold Highs?
- Is Gold poised for a breakout, confirmed by Silver’s lead? Gold prices are currently forming a triangle continuation pattern akin to the one in Q4 2024.
- Critically, silver serves as a lead indicator in this context; it has already completed its own triangle pattern and broken out to new highs.
- The path ahead for gold prices is contingent on the timing of US rate cuts, real-yield trends, and geopolitical risks.
Ohayo Japan | Payroll Drop Drives Fed-Cut Bets as Financials Rally and AI Stocks Lag
- Stocks advanced on Wednesday as a sharp 32,000 drop in ADP private payrolls reinforced expectations that the Federal Reserve will cut rates next week
- JFE Holdings (5411 JP) will invest ¥270bn for a 50% stake in Bhushan Power & Steel, targeting expansion to 10mtpa by 2030 through tech transfer and ore access.
- Fanuc (6954 JP) is shifting toward open, AI-enabled automation through ROS 2 integration and expanded Nvidia partnerships, enhancing interoperability and positioning the company to capture long-term smart-factory growth.
Singapore Equity Strategy: November 2025
- Given recent investor wariness over a global AI bubble, we think it is instructive to look at how exposed the Singapore stock market is to the Artificial Intelligence (AI) sector, both directly and indirectly.
- On direct exposure, we identify companies listed on the SGX – mainly in the upstream (including data centres) and midstream segments – which are, to a large or some extent, involved in AI. Downstream AI companies are predominately end-users and applications.
- As a rough guide, the market capitalization of these companies totals around SGD21.3bn, accounting for a relatively small share of about 2.7% of the aggregated capitalization of SGD773bn of the FTSE Straits Times All Share Index (which comprises the top 98% of companies in the SGX Mainboard universe).
Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns
- Marvell’s bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.
- Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.
- Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.
Singapore Market Roundup (03-Dec-2025): DBS sees potential catalysts for Nam Cheong’s rerating.
- DBS sees potential rerating catalysts for Nam Cheong.
- Analysts set Marco Polo Marine shares at 14 cents after profit surge.
- Evolve Capital notes Old Chang Kee needs new growth catalysts in a recent report.
Asia Real Estate Tracker (03-Dec-2025): Singapore’s CDL acquires London Holiday Inn for $370M.
- Singapore’s CDL has successfully acquired the Holiday Inn in London for a total of $370 million.
- Vanke has caused market surprise with a delay in its $280 million onshore bond payment, raising concerns.
- Ares Management is consolidating its $3.7 billion GLP funds business, rebranding it as Marq.
Thematic Report on Indian Wood Panel Industry: The “Compliance Moat” Supercycle
- The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.
- This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.
- The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.
WTR Consumer Index Edges Out S&P SmallCap 600 in Nov; Apparel & Accessories Lead Again
- The WTR Consumer Index increased 2.7% in November, slightly outpacing the S&P SmallCap 600, which increased 2.5%.
- Relative earnings favored our index, with its 12-month prospective increasing 1.4% versus a decline of 0.3% for the S&P SmallCap 600.
- However, market sentiment favored the broader index, whose prospective P/E ratio increased 0.5x to 16.9x from 16.4x, while the prospective P/E ratio for our index only increased 0.2x to 15.6x from 15.4x.
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