In today’s briefing:
- Ohayo Japan | Crypto Legislation Gains Traction in D.C
- Japan Morning Connection: TSMC Raises the Bar Even Further, Although Follow Through Limited
- India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex
- Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership
- AI’s Power Bottleneck Becomes a Grid Opportunity
- Thematic Report on What’s Different About the Chemical Recovery This Time?
- What’s New(s) in Amsterdam – 17 July (Aalberts | TKH Group | Sif Holding | Sligro Food Group)
Ohayo Japan | Crypto Legislation Gains Traction in D.C
- US equities closed at record highs as strong earnings from TSMC, PepsiCo, and Netflix, alongside resilient retail sales and jobless data, reinforced confidence in the economic outlook.
- Lawmakers advanced major crypto regulation, passing the GENIUS Act and two related bills, signalling Washington’s shift toward clearer oversight as Trump pushes to make the US a global crypto hub.
- Mitsubishi boosts salmon output with Grieg deal; Nippon Yusen buys Mobiant to diversify; Couche-Tard drops ¥6.8tn Seven & I bid over board resistance.
Japan Morning Connection: TSMC Raises the Bar Even Further, Although Follow Through Limited
- Disco numbers point to a dip in 2Q, although 3Q and beyond looks strong with new drivers emerging…buy excessive weakness.
- TSMC maintained its capex targets commenting it wont be declining anytime soon.
- Abbott Labs down on tariff impact although its CGM business remains robust and likely an opportunity for Omron.
India’s Capex Supercycle: Capex Blasters – List of Companies Doing Capex
- India’s 30 trillion Capex cycle is underway, with FY25 corporate Capex surpassing 11 lakh crore. FY26 will see Centre, States, and Corporates align for historic infrastructure investment.
- This revival isn’t top-heavy. 157 companies launched $100 million+ projects in FY25 across diverse sectors – indicating India’s most widespread and bottom-up Capex momentum since FY12.
- New-Age leaders like Adani Ports, Deepak Fertilizers, and Gokaldas Exports are investing for long-term gains boosting capacity, margins, and global competitiveness across energy, chemicals, defence, textiles, and manufacturing.
Thematic Report on Sectors of the Future: India’s Path to Global Economic Leadership
- India’s ambitious growth trajectory aims for 8-10% of global GDP by 2040, driven by strategic investments in 18 high-growth sectors, blending national priorities and global opportunities.
- Key sectors identified span technology, manufacturing, and sustainability, with a projected $1.7-2 trillion in revenue by 2030, shaping India’s global economic leadership.
- Collaborative action and policy support are essential for unlocking sectoral potential, positioning India to capitalize on its capabilities and become a key player in the global economy.
AI’s Power Bottleneck Becomes a Grid Opportunity
- The exponential rise in AI workloads is triggering a global data center power crunch, with Asia facing the sharpest grid stress due to dense urban clusters and limited transmission infrastructure.
- Japanese grid and power equipment firms are stepping in as key enablers, supplying transformers, substations, and energy management systems to support hyperscale AI deployments across Asia.
- Top picks include Toshiba Energy, Hitachi Energy, and Fuji Electric, each positioned to capture structural AI-driven grid upgrades in India, Japan, and Southeast Asia.
Thematic Report on What’s Different About the Chemical Recovery This Time?
- Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery.
- The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds.
- We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships.
What’s New(s) in Amsterdam – 17 July (Aalberts | TKH Group | Sif Holding | Sligro Food Group)
- Aalberts | acquires Geo-Flo in the US Aalberts has reached an agreement to acquire Geo-Flo Corporation, based in the US, generating an annual revenue of approx.
- USD 15m with over 25 employees. Geo-Flo designs and manufactures pumping systems and components for hydronic-based HVAC systems, including geothermal and water source heat pump applications.
- As market leader in its segment, Geo-Flo is known for its design expertise and production capabilities.
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