In today’s briefing:
- Ohayo Japan | Grateful for Gains
- Asia Real Estate Tracker (27-Nov-2025): KKR and Gaw sold Hyatt Regency Tokyo for over $813M.
- Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a ‘buy’ at 68
- Rare Earths 2025: Improving Fundamentals, Limited Valuation Headroom
- Exencial Industry Tidings 27/11/2025
- India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds
Ohayo Japan | Grateful for Gains
- Nikkei Futures marginally lower with few new drivers given US holidays. Japan volumes likely to remain subdued
- China/Japan tensions, tech outperformance, US rate cuts, BoJ’s dovish stance – stock supportive
- UK retailer Halfords’ strong cycling revenue suggests Shimano may benefit from inventory restocking by retailers in 2H, preparing for next summer’s peak demand.
Asia Real Estate Tracker (27-Nov-2025): KKR and Gaw sold Hyatt Regency Tokyo for over $813M.
- KKR and Gaw Capital Partners have sold the Hyatt Regency Tokyo for over $813 million.
- The partnership is also acquiring six logistics parks in India for a total of $336 million.
- JD.com’s logistics management unit has received approval for a potential $500 million IPO in Hong Kong.
Singapore Market Roundup (27-Nov-2025): UOB Kay Hian rates Soon Hock Enterprise a ‘buy’ at 68
- UOB Kay Hian initiates ‘buy’ on Soon Hock Enterprise, targeting 68 cents.
- RHB’s Yeo lowers Thai Beverage target price to 62 cents, forecasts FY2026 improvement.
- Geo Energy’s 3QFY2025 disappoints; Chew keeps 59 cents target price.
Rare Earths 2025: Improving Fundamentals, Limited Valuation Headroom
- CNRE delivered strong H1 results and downstream momentum, but its valuation remains elevated even after the pullback.
- Shenghe offers superior risk-adjusted value with cleaner pricing leverage and materially lower multiples.
- Lynas still trades on geopolitical scarcity, not earnings strength, making it suitable only as strategic optionality.
Exencial Industry Tidings 27/11/2025
- Marine product exports rise by 16 % during April-October 2025
- Kharif output for 2025-26 expected to rise by 2.3%: First advance estimates
- Global specialty chemicals market estimated at USD 1.2 trillion in 2025
India Life Insurance Sector: Post-GST Rebound, Margin Expansion, and Structural Tailwinds
- The Indian life insurance sector saw a powerful recovery in October 2025 following a temporary Q2 slowdown, driven by the GST exemption structural tailwind.
- Q2 FY26 was marked by broad-based Value of New Business (VNB) margin expansion, signaling a successful shift toward higher-margin non-par savings and protection products.
- Despite a temporary drag on Embedded Value (EV) from Input Tax Credit (ITC) loss, management is confident of strong H2 FY26 growth based on the GST boost and product mix.
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