In today’s briefing:
- Tracking the AI Cycle : A Macro View
- Ohayo Japan | Nvidia Wobbles on Google Chip Threat
- Singapore Market Roundup (25-Nov-2025): RHB’s Natarajan keeps IREIT Global’s target price at 35c.
- Japan Morning Connection: New Potential Fed Chairman Likely to Add Another Voice for 50 Bps Cut
- Asia Real Estate Tracker (25-Nov-2025): Jardine Matheson Reports Stable Full-Year Results
- Monday Delight: 24/11/25
- Exencial Industry Tidings 25/11/2025
Tracking the AI Cycle : A Macro View
- By tracking chip sales, sector earnings and ICT profit margins our analysis point to an early-to-mid-cycle AI expansion, not an AI-bubble about to implode
- WSTS data show AI demand in a de-synchronised mode, revealing a multi-speed chip cycle with AI in the fast lane and legacy end-markets still digesting past booms
- Tech and communication stocks dominate the S&P 500, but unlike 1999 their market and earnings share are broadly matched, suggesting elevated but not irrational pricing provided AI monetisation holds up
Ohayo Japan | Nvidia Wobbles on Google Chip Threat
- Markets refocus on imminent Fed cuts, lifting rate-sensitive stocks as volatility eases.
- Google TPUs pressure Nvidia pricing but CUDA lock-in prevents near-term displacement, just diversification.
- Risk-On mood to boost Japan stocks; AI sector bifurcation persists until Nvidia stabilises.
Singapore Market Roundup (25-Nov-2025): RHB’s Natarajan keeps IREIT Global’s target price at 35c.
- RHB’s Natarajan maintains IREIT Global’s target price at 35 cents. uSmart places ‘hold’ on Kimly amid stagnant income growth.
- uSMART starts ‘buy’ on Starhill Global REIT, target price at 67 cents. CGS International maintains ‘add’ on Sanli Environmental, lowers target price post-placement.
- Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.
Japan Morning Connection: New Potential Fed Chairman Likely to Add Another Voice for 50 Bps Cut
- Homebuilders surging on prospect for lower rates to help Sumi Forestry and Sekisui House.
- NVDA and AMD down as rivalry with Google for AI chips heats up.
- Bain looking to take around 13%/36mm shs of their holding in Kioxia off the table in a block trade this Friday.
Asia Real Estate Tracker (25-Nov-2025): Jardine Matheson Reports Stable Full-Year Results
- Jardine Matheson reported stable full-year results, indicating consistent performance amid market changes.
- Tokyo has been recognized as the leading city for real estate investment in the Asia-Pacific region for three years running.
- JD Property aims to enhance its global footprint by targeting three significant markets by the year 2025.
Monday Delight: 24/11/25
- 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. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
- If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!
Exencial Industry Tidings 25/11/2025
- Rabi sowing up 12.3 % as of 21 November 2025
- Acrylic staple fibre exports fall by 48.2% in September 2025
- Fertiliser imports up 143.67 % during July -October 20 25
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