In today’s briefing:
- Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost
- #138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale
- Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness
- HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening
- Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market
Ohayo Japan | Wall Street Ends Volatile April Higher on Tech Boost
- U.S. stocks rebounded Wednesday to close a volatile April, with the S&P 500 rising 0.15% and the Nasdaq finishing near flat after steep early losses
- Microsoft beat earnings on strong cloud demand, and Meta delivered strong results with solid guidance despite advertising headwinds.
- Tokyo Electron forecasts a 4% net profit rise to 566 billion yen for FY2026, driven by strong AI semiconductor equipment demand, with sales up 7% to 2,600 billion yen.
#138 India Insight: HZL Eyes Potash, Reliance Quick Commerce Grows, Whirlpool Stake Sale
- Hindustan Zinc (HZ IN) , part of Vedanta group, plans to enter potash mining in Rajasthan, exploring lithium potential.
- Reliance Retail scales up quick commerce with 2.4x growth, plans dark stores to enhance delivery coverage and speed.
- Whirlpool Corp (WHR US) plans to sell 31% stake in India unit, attracting interest from private equity giants like Advent and Bain.
Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness
- SOX rallied +4% off its lows with a host of positive earnings including Qorvo, Western Digital and Seagate.
- Bigger than expected capex plans for Meta positive for Japan SPE to start.
- Tokyo Electron numbers yesterday were inline but show less reliance on China sales.
HSBC – BoCom Losses Not Yet Realized, Credit Metrics in HK and UK Are Worsening
- What matters with HSBC results is really not the bottom line, the management view or the constant currency comparatives, but rather the view on specific regions.
- Still there is concern HSBC has not yet realized losses on BoCom, it is not marked to market; there will be an impairment of USD1.2-1.6bn from dilution
- HK shows credit costs rising from USD233m to USD320m YoY in 1Q25 and UK shows credit costs rising from USD55m to USD169m YoY, both are key to HSBC
Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market
- India’s home-services spend touched INR 4.99–5.07 trn in CY 2024 and is set to reach INR 8.22–8.35 trn by CY 2029 (10-11 % CAGR).
- Online full-stack GMV is only INR 40–42 bn (0.8 % of spend) today yet grows 20-22 % CAGR to INR 105-110 bn by CY 2029.
- Formalisation, gig-supply depth and tech-led standardisation give platforms head-room to triple GMV and double margins within five years while still capturing <2 % of TAM.
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