In today’s briefing:
- Ohayo Japan | Rates Scare, AI Capex Rolls On
- Energy Roundup : Oil Exploration Back in Vogue; Middle East Oil Exports Recently at Pre-War Level
- India Quick Commerce Monthly Tracker- September 2026
- Singapore Market Roundup (07-Oct-2026): RHB remains ‘overweight’ on Singapore banks; boosts UOB
- Asia Real Estate Tracker (07-Oct-2026): DayOne Data Centers seeks US IPO after revenue triples.
- First Look at 10 Nano Cap Banks
Ohayo Japan | Rates Scare, AI Capex Rolls On
- US stocks slip from records: Dow −0.7%, S&P 500 and Nasdaq −0.2%, as the 30Y UST hits its highest since 2002 and Brent nears $100.
- AI capex keeps building: Citi sees TSMC lifting capex, and SpaceX plans a $40bn debt raise to buy Nvidia GPUs. Both support Tokyo Electron, Advantest and Screen.
- US regulators probe Deere as Yamaha Motor signs a tie-up with it; Kubota in focus
Energy Roundup : Oil Exploration Back in Vogue; Middle East Oil Exports Recently at Pre-War Level
- Global oil exploration seeing increased activity. Last month in our Energy Roundup, we wrote that the decline in global oil exploration over the past decade could eventually result in an oil supply shortage.
- Much of this has been driven by energy exploration and production companies favoring cash returns to shareholders (dividends and stock buybacks) over reinvesting more capital into exploration activities.
- As Figure 1 illustrates, industry oil & gas exploration spending was down nearly 50% compared with the level from the late 2000s.
India Quick Commerce Monthly Tracker- September 2026
- Blinkit turned adjusted EBITDA positive in Q1 FY27 after narrowing FY26 losses to 0.6% of NOV; Instamart’s contribution margin improved 440bps YoY to -0.2%.
- Amazon committed US$3bn to India q-commerce through 2030, while Flipkart Minutes is scaling rapidly in Tier-2 cities and has surpassed Instamart’s top-10-metro store count.
- Zepto’s proposed IPO has reset to ~INR5,100cr from INR11,000cr, signalling that public investors increasingly demand operating leverage before awarding premium valuations.
Singapore Market Roundup (07-Oct-2026): RHB remains ‘overweight’ on Singapore banks; boosts UOB
- RHB stays ‘overweight’ on Singapore banks; raises UOB’s TP with rising rates.
- Macquarie downgrades JMSEA to ‘underperform’ due to premium over NAV.
- Citi downgrades OCBC to ‘sell’ with a target price of $27.50.
Asia Real Estate Tracker (07-Oct-2026): DayOne Data Centers seeks US IPO after revenue triples.
- DayOne Data Centers is set to launch a US IPO after experiencing a revenue surge to $512 million.
- Tishman Speyer successfully raised $395 million for its Korea Living Fund, supported by a German pension.
- Forza Capital sold a retail center in Melbourne for $82 million, while CloudHQ plans a Tokyo data center.
First Look at 10 Nano Cap Banks
- This looks like a very unusual bank. It’s effectively an investment portfolio with a bank charter.
- Two-thirds of its assets are in its HTM portfolio, with another ~13% in equities.
- Just 10% of assets are in loans. And it has a grand total of one branch.
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