Daily Brief Thematic (Sector/Industry): Ohayo Japan | U.S. Stocks Rise Led by Apple’s Manufacturing Boost and more

• U.S. stocks rose Wednesday as investors digested corporate earnings, with the S&P 500 gaining 0.7%.
• Apple jumped 5% after the White House confirmed the company will boost domestic manufacturing investment by $100 billion
• IHI reported net profit fell 38% year-on-year to 12 billion yen, the first decline in two years and about 8 billion yen below market expectations.

• For 1H25, the companies under our coverage will report a 16.8% earnings growth. Breaking down by quarter, 2Q25 growth will accelerate to 30.8%, from 14.1% in 1Q25. 
• The best growth rates are at China National Building Material (3323 HK), CICC (3908 HK), Beijing Capital Intl Airport (694 HK), Tongcheng Travel (780 HK), and SITC Intl (1308 HK). 
• The worst ones are China Travel Intl (308 HK), Cosco Shipping Energy Transp (1138 HK), China Southern Airlines (1055 HK), CTG Duty Free (1880 HK), and Pacific Basin (2343 HK). 

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation.

As of mid-2025, the Monetary Authority of Singapore (MAS) has granted over 33 licenses to Digital Payment Token (DPT) service providers, establishing Singapore as one of the most stringently regulated crypto hubs worldwide.

This equity research report examines the regulatory landscape. It profiles the key players in the domestic crypto exchange market. It analyzes STI-listed companies with crypto exposure and evaluates the feasibility of crypto exchanges listing on the Singapore Exchange (SGX).

• Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.
• Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.
• Power-Semi’s are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.

• Retail sales reached ¥165.37 trillion in FY2024-25, but growth slowed and lagged behind inflation for many retailers.
• FMCG retailers remained dominant and market concentration increased, with top firms expanding through consolidation.
• Consumers remain hesitant due to inflation, particularly in core categories like fresh food, hitting spending in discretionary categories like apparel.

• The SA listed property sector’s 4.38% total return in July was driven by specific corporate updates and events, not a broad market updraft.
• The month was dominated by the battle for MAS plc. A bloc of institutional investors, holding over 17% of the company, requisitioned a second EGM to overhaul the board.
• The month’s headline macro news came right at the end of the month, with a 25-basis point repo rate cut by the SARB.