In today’s briefing:
- Japan Morning Conection: Aggressive Dip Buying Sends Many Mainstay AI Names to New Highs
- Ohayo Japan | Wall Street Rises On Tariff Rollback Hopes
- Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT ‘buy’ with a 20% target increase.
- Asia Real Estate Tracker (05-Nov-2025): Temasek considers merging Mapletree and Capitaland.
- Consumer Monthly – WTR Consumer Stock Index Underperforms in October for the Third Straight Month
- Hardman and Co Insight: Feeding the future
- What’s New(s) in Amsterdam
Japan Morning Conection: Aggressive Dip Buying Sends Many Mainstay AI Names to New Highs
- Memory prices surging WoW with wholesalers hoarding NAND and DRAM supplies as S/D remains tight.
- Good read for connectivity/wire and cable names on the Lumentum and Coherent beat.
- ARM beat setting a good tone for Softbank after its -17% 2-day drop.
Ohayo Japan | Wall Street Rises On Tariff Rollback Hopes
- U.S. equities advanced as Supreme Court scepticism toward Trump tariffs fuelled hopes for rollbacks. Court questioning cantered on the president’s authority; traders trimmed bets that the tariffs would be upheld.
- AMD rallied 2.5% after beating earnings expectations, lifting broader AI-related names including Broadcom (+2%) and Micron (+9%). But sentiment on AI mixed
- In Japan: Another day full of earnings. Weak yen and potential rollback of tariffs likely a positive for Japan Autos and Industrials.
Singapore Market Roundup (05-Nov-2025): DBS rates NTT DC REIT ‘buy’ with a 20% target increase.
- DBS initiates coverage of NTT DC REIT as ‘buy’ with a 20% target rise.
- OCBC lowers First REIT’s fair value due to ongoing FX impact.
- AIMS APAC REIT reports 1.1% increase in DPU for 1HFY2026.
Asia Real Estate Tracker (05-Nov-2025): Temasek considers merging Mapletree and Capitaland.
- Temasek is considering a merger of Mapletree and Capitaland to create a $150 billion fund manager.
- Ex-Blackstone and Partners Group have raised $1.1 billion for real estate secondaries in Asia-Pacific.
- Wee Hur and Aravest have purchased Singapore’s Hotel Miramar for $123 million and a Brisbane office tower.
Consumer Monthly – WTR Consumer Stock Index Underperforms in October for the Third Straight Month
- The WTR Consumer Index declined 4.1% in October, lagging the S&P SmallCap 600, which was down only 0.9%, for the third straight month.
- Our index underperformed in October despite showing relative earnings outperformance.
- The WTR Consumer Index’s prospective 12-month earnings increased 1.6% versus a 0.6% decline for the S&P SmallCap 600.
Hardman and Co Insight: Feeding the future
- The global food system has been, and continues to, undergo a structural transformation driven by population growth, climate change and the rise of a larger, wealthier global population.
- The global middle-class population is projected to increase from 4.1bn currently to just over 5bn by 2035.
- By 2050, global food demand is expected to increase significantly as population rises and diets shift from staple grains to higher-value proteins and dairy products ‒ a change that exponentially increases the strain on land, water and feedstock systems worldwide.
What’s New(s) in Amsterdam
- Ahold Delhaize’s results came in a bit better than expected, whereby especially the margin development in the US was the main (positive) surprise.
- The margin in Europe was flat. Also impressive was the growth in online sales, both in Europe and the US.
- The company reiterated its guidance for FY25 and announced a new EUR 1bn share buyback for 2026.
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