In today’s briefing:
- OpenAI. Is The Narrative Slowly Disintegrating ?
- Ohayo Japan | Tech Drag Deepens as Fed-Cut Hopes Fade
- Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.
- Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run
- Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits
- Monday Delight: 17/11/25
- Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future
- US Banks – CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY
OpenAI. Is The Narrative Slowly Disintegrating ?
- Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO’s assertion that a potential federal bailout was on her agenda.
- One of Mr. Altman’s revenue generating ideas is to lease AI compute directly to others. Of course, that’s compute capacity he can’t afford to purchase in the first place.
- Mr. Altman wants OpenAI to be all things to all people all at once. That’s a strategy that rarely ends well. Let’s see..
Ohayo Japan | Tech Drag Deepens as Fed-Cut Hopes Fade
- US stocks fell for a third session amid tech weakness and fading Fed-cut expectations, with Nvidia down and Bitcoin slipping below $95k as rate-cut odds dropped.
- Fed funds futures now price only ~45% chance of December cut (down from >90% a month ago); Governor Waller backs 25bp easing to counter labor-market weakening.
- Panasonic will sell 80% of its housing equipment unit to YKK as part of a major restructuring to shed underperforming assets and cut 10,000 jobs, retaining a 20% stake.
Singapore Market Roundup (17-Nov-2025): Food Empire shares may hit $3 as TP rises to $3.18.
- Food Empire shares may surpass $3 as CGS raises TP to $3.18 after record revenue.
- Maybank cuts Sanli Environmental target price after 1HFY2026 results.
- Frencken’s 3QFY2025 earnings rise 7.5% to $9.9M; forecasts weaker 2HFY2025 revenue.
Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run
- MS downgrades PC makers on risk high memory prices eat into margins.
- China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
- Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.
Allied Blenders and Distillers: The Transformation Story from Mass Market to Luxury Spirits
- Allied Blenders & Distillers is transitioning from a mass-market to a premium-led portfolio, with strong brands like Officer’s Choice, ICONiQ White, and Sterling Reserve driving growth.
- This transformation aligns ABD with India’s growing premium alcohol market, driven by shifting consumer preferences, premiumisation trends, and increased disposable income, positioning the company for future growth.
- ABD’s strategic focus on premiumisation, combined with robust capex plans, positions it to capitalize on evolving market dynamics, though regulatory risks and competition remain key challenges.
Monday Delight: 17/11/25
This is your Monday morning dose of inspiration. Each week, I’ll share five intriguing investment ideas that recently caught my attention.
These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
Because these ideas are the result of my first-level idea generation process, they require more in depth research.
Thematic Report- India’s Dairy Sector: A Volatile Quarter, A Stronger Future
- The dairy sector reported a mixed quarter, with strong demand for value-added products but pressure from higher milk procurement costs and weather disruptions affecting overall profitability.
- Dairy supports rural incomes and shapes food inflation. Rising input costs, climate risks and the fast expansion of value-added categories are influencing margins and future industry direction.
- Near-Term earnings remain volatile, but the long-term shift toward organised, branded and value-added dairy products continues, making this quarter a useful test of procurement strength and strategy.
US Banks – CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY
- There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength
- CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital
- Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating
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