In today’s briefing:
- Ohayo Japan | Equities Advance Despite Trump’s Move Against Fed Governor
- Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns
- Thematic Report on Indian Hospitals – Boring but Beautiful?
- Singapore Market Roundup (26-Aug-2025): RHB’s Yeo raises Venture Corp target price to $15.
- Exencial Industry Tidings 26/08/2025
- HK Banks – Dah Sing’s Credit Costs in Macau and China Rose 4x YoY in 1H25
Ohayo Japan | Equities Advance Despite Trump’s Move Against Fed Governor
- US equities rose as investors looked past President Trump’s unprecedented attempt to remove Federal Reserve Governor Lisa Cook, with the S&P 500 up 0.4%
- Long-Term Treasury yields climbed while short-term yields fell, steepening the curve on expectations of near-term cuts but longer-term inflation risks
- Nvidia shares advanced about 1% ahead of results that will test high expectations for megacap tech
Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns
- Lutnick floating the idea that US defense companies may be targets for the US Govt to take stakes in.
- Good results for Eli Lily’s obesity drug will be a positive for Chugai Pharma.
- EssilorLuxottica looking to raise its stake in Nikon to 20% from the current 9%. Expect a big squeeze
Thematic Report on Indian Hospitals – Boring but Beautiful?
- The Indian hospital sector is entering an aggressive expansion phase with top hospitals adding 32% to their bed base by FY27E, supported by brownfield and stronger return ratios.
- With medical tourism offering 67–91% cost arbitrage versus global peers and insurance penetration gradually deepening, hospitals are positioned to capture both domestic and international demand profitably.
- From being seen as defensive and “boring,” hospitals are transforming into high-growth, cash-generating businesses. Robust balance sheets and rising ARPOBs suggest that hospital chains are entering a golden growth cycle.
Singapore Market Roundup (26-Aug-2025): RHB’s Yeo raises Venture Corp target price to $15.
- RHB’s Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.
- UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.
- OCBC’s Lim starts coverage of Hong Leong Asia with ‘buy’ and $3.40 target.
Exencial Industry Tidings 26/08/2025
- Food & agro-based products industry’s sales grow by 18.7% in June 2025 quarter
- India’s cotton output for 2025-26 likely to be around 31.4 mln bales: USDA
- Pulses on 400,000 hectares affected in Karnataka due to rain
HK Banks – Dah Sing’s Credit Costs in Macau and China Rose 4x YoY in 1H25
- Dah Sing saw its Macau and China credit costs rise by 4x in 1H25 YoY
- Headline total provision rise of 34% YoY gives a flattering view of credit metrics
- Loan migration from benign to worse overdue loan buckets is dramatic, not visible in headlines
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