In today’s briefing:
- Ohayo Japan | US Equities Hit Records as Tech Retreats
- Exencial Industry Tidings 11/12/2025
- Singapore Market Roundup (11-Dec-2025): UOB Kay Hian maintains ‘buy’ on Valuetronics amid trade
- Tech Supply Chain Tracker (12-Dec-2025): Meta postpones Llama successor, opts for
- Thematic Report on India’s Defence Sector: The ‘Atmanirbhar’ Capex Cycle Hits Acceleration
Ohayo Japan | US Equities Hit Records as Tech Retreats
- S&P 500 hit record highs while tech lagged, with the Nasdaq down 0.25% as investors rotated out of the sector following the Fed’s rate cut and Oracle’s 11% drop.
- Broadcom Q4 revenue hit record $18.0bn (+28% YoY) on AI semis +74% YoY; guides Q1’26 revenue $19.1bn with AI semis doubling to $8.2bn and adj. EBITDA 67%.
- Nintendo faces Switch 2 margin pressure from surging DRAM costs exceeding 20% of BOM by 2026, risking hardware gpm below 10% and earnings cuts.
Exencial Industry Tidings 11/12/2025
- Aviation turbine fuel (ATF) consumption rises 5.4% in November 2025
- IOCL, BPCL, HPCL, Nayara buying non – sanctioned Russian grades
- Tractor sales see sharp decline i n November 20 25
Singapore Market Roundup (11-Dec-2025): UOB Kay Hian maintains ‘buy’ on Valuetronics amid trade
- UOB Kay Hian keeps ‘buy’ rating on Valuetronics, sees potential from less trade tension.
- Analysts are optimistic about Delfi due to lower cocoa prices boosting margins.
- Analysts expect significant growth potential for LHN.
Tech Supply Chain Tracker (12-Dec-2025): Meta postpones Llama successor, opts for
- Meta has delayed the launch of Llama’s successor and is now focusing on a closed-source AI model.
- Nvidia reported no significant findings in the investigation concerning the alleged smuggling of DeepSeek GPUs.
- India is upgrading its public sector chip fabrication to evaluate the potential for government-led semiconductor production.
Thematic Report on India’s Defence Sector: The ‘Atmanirbhar’ Capex Cycle Hits Acceleration
- Government policy, exemplified by a massive INR 7 lakh crore ($85 billion) pipeline in the last two years and accelerating export momentum, is resulting in a structural growth cycle.
- This conversion provides multi-year revenue visibility (3-7x Book-to-Bill for key PSUs) and fundamentally shifts the industry model from import-driven acquisition to sustained indigenous manufacturing and maintenance, fueling a sustained re-rating.
- The defence sector has crossed an point where execution is the new alpha; investors must closely monitor supply chain resilience around critical component imports, and the timing of mega-order conversions.
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