In today’s briefing:
- Ohayo Japan | Tech Drags as AI Concerns Resurface
- Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain
Ohayo Japan | Tech Drags as AI Concerns Resurface
- U.S. stocks fell Friday as technology led declines on AI concerns, Treasury yields steepened ahead of key data, and gold extended gains to around $4,300 an ounce.
- Week Ahead: Bank of Japan’s December 19 meeting, with a widely expected 25bp rate hike supported by persistent inflation and improving domestic data
- As investors rotate from AI, undervalued Kubota has lagged peers but shows improving cash flow, with a likely FY2025 beat and focus on returns in February’s mid-term plan.
Asia’s Nuclear Revival: Structural Upside Across the Energy Value Chain
- Structural Asia theme: AI-driven power demand, decarbonisation realism, and energy security are reviving nuclear across Asia’s value chain, with clearer cost and execution advantages versus the West.
- Top equity plays: Kazatomprom anchors uranium scarcity; Mitsubishi Heavy offers quality equipment exposure; Doosan Enerbility provides high-beta EPC leverage as capex and SMRs scale.
- • Selective risk framework: China drives volume but limited alpha; Japan offers execution-led equipment and restart upside; utilities and ETFs serve as stabilisers, not primary alpha drivers.
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