In today’s briefing:
- Ohayo Japan | US Stocks Reverse Sharply
- Japan Morning Connection: Market Meltdown as AI Wobble Turns into Freefall
- LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance
- Singapore Market Roundup (20-Nov-2025): DBS is RHB’s top choice among Singapore banks.
- Asia Real Estate Tracker (20-Nov-2025): Princeton Digital Group starts $1B Jakarta data center.
- Tech Supply Chain Tracker (21-Nov-2025): Horizon Robotics drives China’s autonomous
- Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins
- What’s News in Amsterdam – 20 November (AkzoNobel | Corbion | Allegro | Consumer confidence)
Ohayo Japan | US Stocks Reverse Sharply
- US stocks plunged 1.5-2.1% Thursday, erasing optimism despite Nvidia beat and strong jobs data.
- Crypto, semiconductors, and AI momentum stalled hard; risk-off dominates markets.
- Yen back to flat YTD vs USD; rising bond yields overshadow weak-yen benefit, pushing defensive rotation.
Japan Morning Connection: Market Meltdown as AI Wobble Turns into Freefall
- Sandisk -20% on news that Samsung, and SK Hynix are look to expand NAND capacity.
- Meltdown in the face of solid numbers from NVDA points to extreme upside exhaustion.
- JP-China spat escalating with the US now weighing in means risk-off bid for rails may fade.
LONG Singapore REITs: Capturing the Yield Compression Cycle and Asset Recycling Renaissance
- We think Singapore REITs are positioned for a re-rating on the back of multiple catalysts: interest rate decline, accelerated M&A and recovery in physical real estate market
- 3M SORA has declined sharply from 3.034% in January to 1.32% in November. The steep decline in rates will boost earnings and result in more favorable REIT valuations
- The physical market in Singapore is also recovering, especially in the office and residential market. We think CICT, FCT, and UOL are well positioned to benefit from this cycle
Singapore Market Roundup (20-Nov-2025): DBS is RHB’s top choice among Singapore banks.
- DBS is RHB’s preferred choice among Singapore banks.
- HSBC identifies CDL as a ‘turnaround’ story by 2026.
- CDL’s 3QFY2025 update boosts target price by 73%, RHB upgrades rating.
Asia Real Estate Tracker (20-Nov-2025): Princeton Digital Group starts $1B Jakarta data center.
- Princeton Digital Group is building a $1 billion data center campus in Jakarta, Indonesia.
- Centaline has expanded its student housing initiative in Hong Kong by acquiring Sai Ying Pun Tower.
- A Hong Kong firm has secured a residential site in the New Territories for a total of $320 million.
Tech Supply Chain Tracker (21-Nov-2025): Horizon Robotics drives China’s autonomous
- Horizon Robotics is at the forefront of China’s advancements in autonomous driving technology, indicating a significant shift in the automotive industry.
- Foxtron’s acquisition plans for Luxgen have raised concerns among investors, highlighting potential instability in the electric vehicle market.
- The ASEAN region is experiencing a surge in global semiconductor IDM investments, reflecting a growing focus on technology development and manufacturing capabilities.
Thematic Report on Small Finance Banks: The MFI Curse Is Fading & A New Era of Secured Growth Begins
- After a decade of volatile, high-cost build-out, India’s Small Finance Bank sector is at a inflection point, shifting decisively from high-risk MFI lending to diversified, secured loan books.
- Market skepticism, fueled by past MFI stress and value erosion, has left most SFBs trading at a 10-35% discount. This valuation disconnect ignores maturing branch networks and superior growth potential.
- The sector’s transformation is real, but not all SFBs are equal. The path to re-rating will be determined by execution in building a low-cost liability franchise.
What’s News in Amsterdam – 20 November (AkzoNobel | Corbion | Allegro | Consumer confidence)
- Artisan Partners’ Global Value Team, a USD 35bn asset manager holding 1.4 million Axalta shares, has come out against the proposed all-stock “merger of equals” between AkzoNobel and Axalta.
- The firm argues the deal is poorly timed given Axalta’s strong momentum: 12 consecutive quarters of EBITDA and margin growth, stable net leverage at 2.5×, and significant share repurchases planned, with over 90% of free cash flow targeted for buybacks this year.
- In contrast, Artisan highlights Akzo Nobel’s long-term deterioration, citing revenue declines from EUR 14.9bn in 2015 to EUR 7.8 billion YTD 2025 and EPS erosion from EUR 4.02 to EUR 3.07
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