Thematic (Sector/Industry)

• Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.
• Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.
• A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.

• Mr. Kerr’s focus on resources in Australia and surprises in the industry, including BHP Anglo’s moves and Liontown’s share value drop
• Corporate governance issues with Andrew Forrest and Fortescue, including concessions on hydrogen targets
• Challenges in the hydrogen and lithium sectors, such as BP’s Australian renewable energy hub proposal and Rio Tinto’s large investment

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• The Nikkei 225 ended the week down 1.9% at 38,701, with investors cautious ahead of key central bank decisions
• The Bank of Japan kept interest rates steady at 0.25% on Thursday, deferring potential rate hikes amidst global economic uncertainty
• Nissan’s stock surged +24% this week following reports of potential merger talks with Honda and Mitsubishi Motors.

• Technological model scaling is not dead, but we are clearly at a critical moment when the definitions will shift.
• Pre-training, the original scaling law, might hit its first diminishing return. The piece SemiAnalysis used the analogy that pre-training was like the end of Dennard’s law.
• However, multi-core scaling led to another decade of scaling transistors. Technology progresses, just not in the same way.

• OCBC’s research head may increase banks’ 2025 profit forecasts due to fewer expected Fed cuts, indicating positive outcomes for investors.
• Brokers’ Digest highlights updates on CapitaLand Investment, DBS, Sembcorp, Hong Leong Asia, and First Resources, offering valuable insights for investors.
• DBS recommends investing in Keppel Infrastructure Trust for stable dividends and growth, presenting a lucrative opportunity for investors seeking long-term returns.

• Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos – The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations.
• The main pre-drill targets were the C7 and the Ubaque formations.
• The Gacheta and Guadalupe formations carried a higher risk, and encountering these two formations is a positive.

• The 2024 vintage of “5 High Conviction Ideas” showed three stocks with positive performance and two with losses.
• Our best performer was Plover Bay Technologies (1523 HK) which increased 157% in FY24. While our worst performer was AEM (AEM SP) down over 60%.
• Our 2025 vintage of top ideas is heavily copper-focused as we continue to believe the supply crunch in copper is real and set to get worse.

• U.S. stocks saw an early rebound fade by Thursday’s close, leaving major indexes little changed
• LINE Yahoo Japan may acquire BEENOS, a leading cross-border e-commerce company, through a tender offer worth ¥53.8 billion
• TOPPAN Holdings announced its largest acquisition to date, purchasing five subsidiaries of Sonoco Products, a US packaging manufacturer, for ¥270 billion

• India’s NEP 2022-2032 presents a favorable outlook for EPC firms specializing in Transmission & Distribution by emphasizing transmission capacity enhancement, renewable energy integration, and modernization of existing assets. 
• This translates into a projected capital expenditure of Rs. 9 Lakh Crore between FY25 and 32, offering EPC companies substantial growth opportunities. 
• This growth is further strengthened by the NEP’s focus on embracing advanced technologies like HVDC and powering the green hydrogen/green ammonia economy, ultimately establishing a long-term growth trajectory for T&D.

• OCBC research head considers raising banks’ 2025 profit forecasts due to expectations of fewer Fed cuts.
• DBS advises purchasing Keppel Infrastructure Trust for reliable dividends and potential growth opportunities
• Both banks are making strategic recommendations based on market trends and performance projections.

• Three Mile Island nuclear site in Pennsylvania is being considered for revival to meet growing energy demands
• Reopening Three Mile Island faces financial, staffing, regulatory challenges and opposition from community activists.
• Nuclear power revival in the US driven by demand from tech companies like Microsoft for reliable, clean energy

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• Emerging regulatory changes in the shipping industry, including EU ETS and fuel EU regulations, are driving a shift towards more sustainable practices and alternative fuels.
• Alternative fuels like methanol, ammonia, and hydrogen are expected to play a significant role in the maritime sector, with infrastructure and adoption challenges to overcome.
• Price reporting agencies like Platts are adapting to these regulatory changes by launching new assessments and methodologies to accurately reflect market conditions and provide valuable insights to stakeholders.

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• TCOM US/ ATAT US: China Extends Transit Visa-Free Policy to 240 Hours(+/+)
• 1024 HK: Kuaishou Introduces Subscription Service for Micro Drama Business (+)
• 700 HK/1439927D CH/BIDU US: Apple Negotiates with Tencent and ByteDance to Launch AI Features in China (+/+/-)

• This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
• We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
• We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to the sources

• In 2025, Singapore hotels focus on moderation in their practices to adapt to changing market conditions.
• DBS selects CapitaLand Ascott Trust as its top choice, indicating confidence in the property trust’s performance.
• Despite concerns about a potential property market bubble, DBS believes calls for cooling measures in Singapore are premature.

• TSLA/1211 HK/LI/1810 HK/NIO/XPEV: The General Manager of Tesla’s Shanghai factory resigned to join an electric car company facing production capacity bottlenecks, possibly because FSD had no hope of entering China.(///////////)
• 1211HK/LI/NIO/XPEV:In the 50th week of 2024, the market generally rose and sprint towards the end of the year.It will be difficult for NIO to achieve its guidance in the Q4(///////)
• 1810 HK/AAPL US/6753 JP: Xiaomi to expand offline network in Japan (+/-/-)

• After 40 months of consecutive MoM decline, China’s real estate market is on the brink of a somewhat sustained recovery, with particularly, pricing improvement in November;
• Pricing is important because it entices buyers back to the market. Before that, transaction volumes have already seen meaningful rebound and the rebound has spread from existing to new homes;
• We maintain our view that China had a moderate property bubble in the tradable housing sector but not the overall housing sector. Long term growth potential is still bright.

• Given Trump’s overhaul of US economy and world trade, US interest rate may stay high and Renminbi might depreciate further, both negative for our sectors from a foreign investor perspective;
• We expect China to respond strongly to Trump Tariff 2.0, which will necessitate bigger stimulus, leading to a scenario of a policy overdose;
• We look for: (1) high dividend yield, (2) US-dollar exposure, (3) policy overdose in stock selection. We add TRIP and ATAT to our DMC and reiterate our MMC  portfolios

• The Federal Reserve lowered its benchmark rate by 25 basis points as expected but tempered market hopes by reducing its 2025 rate cut forecast from four to two.
• Heiwa, a pachinko machine maker, announced it will acquire Accordia Golf, Japan’s largest golf course operator, for ¥510 billion
• Hon Hai Precision Industries, a Taiwanese electronics manufacturer, is interested in acquiring Nissan, potentially complicating Nissan’s integration talks with Honda

• <Peacekeeper>’s more aggressive gameplay reforms and monetization changes have delivered better results, leading us to raise its 2024 annualized gross billings estimate slightly.
• <DnF Mobile>’s new version experienced a slight decline in player retention, though this is likely temporary. As a result, we have slightly lowered its 2024 annualized grossing estimates.
• NetEase’s <Eggy Party> received player feedback that fell slightly below expectations. The game continues to face considerable pressure for revenue recovery, prompting us to lower our full-year revenue estimate slightly.

• We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap Spotlight.
• We were joined by senior management of four leading companies operating in farm-to-fuel and waste-to-fuel supply chains.
• Our guests represented the following leading-edge companies: Continuum Ag (CEO Mitchell Hora), Gevo (VP Corporate Development Eric Frey), LanzaTech (CEO Dr. Jennifer Holmgren), and Synata Bio (CEO Tim Cesarek). 

• We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A.
• Last week, PBMs were targeted by Congress, NAMS had a CV outcomes preview, and CADL showed prostate cancer benefit.
• LLY partnered GLP-1 access with telehealth Ro and presented oral SERD data in breast cancer, rattling HIMS, LFMD, ARVN, and OLMA. 

• It was a mixed week for furniture and furnishings stocks, as earnings results and company-specific factors seemed to dominate trading for several issuers (LOVE, RH, BYON) while the market waits for the Fed’s next move.
• The WTR Commercial/Contract Furniture Index was down 3.7%, the Residential Manufacturers & Suppliers Index was down 4.8%, the Home Goods Retailers Index was up 1.3%, and the Mass Retailers Index was down 0.1% for the week, while the large-cap indexes were flat and the R2K was down 2.0%.
• RH up big after demonstrating market share gains in its latest quarter and accelerating demand trends in the core business. 

• Rescheduling Is the Single Biggest Catalyst for US Cannabis.
• It removes the 280E tax burden that prevents US plant-touching operators from deducting ordinary operating expenses, which in many cases doubles the effective tax rate.
• 280E only applies to Schedule I and II drugs, so the proposed move to Schedule III would remove 280E.

• The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978
• Nissan Motor (7201 JP) and Honda Motor (7267 JP) are reportedly in talks for a merger. NIssan ADR up 11% overnight.
• Oasis has emerged as a significant shareholder of Macromill, Inc (3978 JP) . The company is currently subject to a TOB from CVC Capital Partners. 

• Green Technologies (Green Tech) includes advanced environmental solutions and technologies that are used to protect and conserve natural resources and the atmosphere while mitigating negative impacts from human actions on the atmosphere and surrounding, all aimed towards achieving sustainable development.
• In recent times, Singapore as a whole has been focused on introducing eco-friendly policies that safeguard the environment, enhance food production, reduce plastic waste and lower carbon emissions.
• In addition, the Green Tech sector is further strengthened through various international collaborations and strategic investments.

• PSU banks in India are witnessing a resurgence, driven by government-led reforms, improved asset quality, and a strategic shift towards retail lending.
• This transformation has led to a surge in profits, a significant decline in non-performing assets, and a bullish market outlook, reflected in the strong performance of PSU bank stocks.
• While the recovery is promising, the rapid growth in unsecured retail lending presents a potential risk that requires careful monitoring and prudent risk management practices.

• Mega-Cap Dominance: Only 15% of global companies outperformed the Magnificent 7 (Meta, Amazon, Apple, Microsoft, Alphabet, Tesla, NVIDIA), highlighting the concentrated risk of over-reliance on a small group of giants.
• During the recent rate hike cycle, companies with strong balance sheets, particularly the top 10 performers in major indices like the S&P 500, significantly outperformed the broader market. 
• Investor Strategy: To mitigate concentration risk, investors should broaden their portfolios by diversifying across sectors, regions, and market caps, particularly as easing interest rates may lead to wider participation.

• DBS chooses CapitaLand Ascott Trust as top choice for 2025, no property market bubble, no need for cooling measures.
• Medical tourism drives growth in Asean hospitals, RHB suggests looking beyond index for strong performance.
• DBS maintains ‘buy’ rating on CapitaLand Investment, OCBC predicts support for DBS shares, tips retail REITs for 2025.

• BABA US/PDD US/VIPS US/JD US/3690 HK: NBS retail consumption data for November 2024 shows impact of early Double 11 (-/-/-/-/+)
• BABA US/600177 CH: Alibaba rumored to sell Intime to Youngor (+//)
• PDD US/1519 HK: Temu launches semi-consignment model in Mexico (-/+)

• BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）
• 300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）
• ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)

• Tom Ulrich joins the discussion on undeveloped copper projects
• Importance of high grades and contained copper in porphyry deposits
• Exploration of North American companies, including NGX and Philo, with potential for high valuation

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• The Nasdaq Composite (+1.2%) hit a record high, driven by Big Tech gains
• SoftBank Group will invest $100 billion in the US over four years
• MIXI has launched mixi2, a new invite-only social networking service restricted to users 18+

• The Securities and Exchange Board of India (SEBI) has issued a warning against unregulated platforms that facilitate trade in unlisted securities of public limited companies. 
• SEBI has stated that such platforms are operating in violation of the law and are not authorized to facilitate trading in unlisted securities.
• SEBI has advised investors to exercise caution while dealing with such platforms and to ensure that they are dealing with regulated entities that are authorized to facilitate trading in securities

• India Inc. leaders have been outperformers as compared to global peers on the back of strong ROE and EPS growth over the years.
• India Inc has a higher % of companies with better RoE than the rest of the world.
• Key takeaways for investors: Avoid macro noise, focus on fundamentals with peer comparison

• US large banks are showing sharply expanding loans in recent weeks, in granular HFD
• This comes as their higher cost Jumbo Time Deposits are now showing negative growth
• There are positive implications for net interest income, NIM and net profit delta of large US banks

• Reliance Industries (RIL IN), is planning to ink a historic deal with Russia’s Rosneft, securing a staggering 500,000 barrels of crude oil per day for the next decade: Reuters
• The geopolitical fallout from the Russia-Ukraine conflict, coupled with sanctions imposed by Western nations, has created a unique opportunity for India to secure energy resources at a significant discount. 
• While the deal promises to enhance India’s energy security and fuel its economic engine, it also risks straining ties with Western partners and exposing Reliance to potential sanctions. 

• CGS International predicts significant growth in ASEAN hospitals due to medical tourism boosting the industry
• DBS retains ‘buy’ rating and $3.85 target price for CapitaLand Investment after $200M Wingate deal
• UOB Kay Hian sees Hong Leong Asia as undervalued with two growth engines, advising investors to consider the stock opportunity

• 700 HK: <Honor of Kings> to Launch Winter Season Update with New Gameplay Features (+)
• 700 HK: WeChat Mini Programs MAU Reaches 949 Million, Up 3% YoY (+)
• 700 HK: Tencent Unveils New DNF-Based Game <Kazan> .  (+)

• Marvell and Broadcom are focusing on accelerated infrastructure for data centers, with strong investments in custom silicon solutions for AI workloads
• Marvell impresses with a clear vision and roadmap for the future of data centers, while Broadcom shows strong growth potential in AI with key customers
• Broadcom’s strong networking capabilities and custom offerings position them as a major player in the AI market, with potential for further M&A activities in the future.

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• Below we highlight some tips and takeaways from VRS Team’s engagement in valuation assignments with regard to SaaS startup companies in Europe and North America.
• The order of presentation is random and by no means there is an aim to exhaust the particular subject via this note.
• The startup company is important to fully demonstrate the following: A clear and transparent business model, in relation to what it offers to the customer, how it sells the product or service, and how it generates income.

• US stocks ended Friday’s session relatively flat, with the S&P 500 closing unchanged and the Nasdaq Composite gaining 0.1%
• Markets are bracing for a pivotal week with central banks in focus. The Federal Reserve will announce its final policy decision of the year on Wednesday
• The Bank of Japan and Bank of England follow with decisions on Thursday.

• Daiichi Sankyo is investing $152M for building a new ADC manufacturing facility in Shanghai. Eisai has received approval for Urece in China as a treatment for gout patients with hyperuricemia.
• Celltrion has announced its largest-ever dividend of KRW750 per share and 1:20 bonus shares. The record date for dividend payment and bonus share is December 31.
• Metropolis Healthcare is acquiring Core Diagnostics, a prominent player in India’s specialized diagnostics sector for INR2.5B. CSPC Pharmaceutical has granted an exclusive license to Beigene for a clinical-stage drug candidate.

• The Japanese stock market posted a modest gain of 1% for the week, with the Nikkei closing at 39,470 on Friday
• Looking ahead, the market remains sensitive to external catalysts such as U.S. monetary policy decisions (FOMC on 17/18th), the BOJ (18/19th), and developments in China’s economic policies.
• Topcon’s stock skyrocketed 63% this week, fueled by speculation that the eyecare leader may go private.

• Energy policy, particularly nuclear, is a hot topic in Australia with the dysfunctional energy market being a major concern.
• The role of renewables and firming power (gas, hydro, batteries) is crucial in addressing energy issues.
• State governments like New South Wales and Victoria are also making significant moves in the energy sector.

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• CGSI has initiated coverage on Pacific Radiance and Marco Polo Marine, identifying them as beneficiaries of O&M industry.
• Brokers’ Digest provides latest updates on Bumitama Agri, Oiltek, ST Engineering, SGX, Suntec REIT, Kimly, SingPost, PropNex, Raffles Medical.
• Panin Bank acquisition might not have significant impact on OCBC and DBS due to uncertainties, according to RHB. XMH Holdings’ 1HFY2025 earnings surge by 94.5% to $12.6 million. Accrelist exec chairman increases stake to 26.48%, while Tuan Sing CEO Liem raises ownership to 54.28%.

• Steve Bogdan shares insights on the defense industry and the need for tangible capital investment in the US
• Discussion on the Chinese naval buildup and its impact on Washington’s strategic thinking
• Exploration of investment opportunities in defense stocks and the macro implications of rising rates due to increased spending and automation trends

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• America has come under heavy criticism from China’s semiconductor, internet and automotive industries for expanding the chip export restriction to target another 136 Chinese companies.

• The move prompted calls for caution when procuring U.S. chips and warnings that the restrictions could cause significant disruption to global supply chains.

• The U.S. Department of Commerce said on Monday that it was adding 140 companies, including 136 Chinese firms, to its “entity list”, effectively banning them from accessing U.S. advanced chip and AI-related technology.

• Nestled in the Saudi Arabian desert, plants and vegetables grow inside a greenhouse constructed with rows of glass panels.
• These cutting-edge panels transform sunshine into electricity, allowing the remote greenhouse to meet all its energy needs.
• This is the vision presented by Chinese company Gaoming Technology Co.

• ADX Energy (ADX AU)C; Target price of A$0.30 per share: Reflections on Welchau – Three intervals in the Reifling formation (1324 m-1340 m, 1346 m-1351 m and 1358 m-1382 m MD) were perforated but only limited inflow was determined.
• No fluid could reach the surface after the well was shut in.
• Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin.

• U.S. stocks declined, dragged down by a hotter-than-expected producer price index report that increased wholesale prices by 0.4%
• Marubeni plans to accelerate asset sales, targeting at least ¥160 billion annually from FY2026, a 30% increase from the previous three-year average
• Oji Holdings will undertake a share buyback program, purchasing up to 100 million shares (10.1% of total issued shares) for as much as ¥50 billion

• Uncertainty around Trump administration’s policies, including deregulation and potential impacts on banking and the economy, may create challenges and opportunities for the banking sector in the next four years
• The US banking sector is expected to remain strong and dominant, with potential growth for top banks like JP Morgan and Wells Fargo.
• The future of banking may see a divide between larger, stronger banks and fewer smaller institutions, with potential changes in the private credit sector.

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• Morningstar’s positive assessment of SGX boosts the company’s value, attracting optimism from major financial institutions like Citi, Morgan Stanley, and RHB.
• Maybank’s decision to maintain a ‘buy’ rating on Sembcorp and raise its target price follows the company’s deal to import renewable energy from Malaysia, indicating confidence in its future prospects.
• DBS sells off 54,600 CLINT units for $61,152, suggesting the bank may be reallocating its investment portfolio or adjusting its positions in certain assets.

• LI US/TSLA US/XPEV US/NIO US/1211 HK:In the 49th week of 2024, LI and Tesla hedged against the slowdown in industry sales by increasing subsidies (/////////)
• 300750 CH: CATL announces a battery Factory plan in Spain, marking its third overseas plant (+)
• BEKE US: Second week of December sees abnormal surge in existing home sales, while new home sales maintain steady growth (+)

• The market was of two minds the past week, with big caps outperforming small caps and furniture and furnishings retailers outperforming manufacturers.
• The WTR Commercial/Contract Furniture Index was down 2.6% and the Residential Manufacturers & Suppliers Index was down 0.2%, while the Home Goods Retailers Index was up 2.9% and the Mass Retailers Index was up 5.4%.
• The S&P 500 and DJ30 were both up 0.7%, while the R2K fell 1.2%.

• We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A.
• Last week, BIOA discontinued its lead obesity study, while JANX had impressive prostate cancer data, which also lifted VIR.
• MRUS gained from earlier HNSCC abstract data but may give it back after its weekend presentation. 

• Korea’s impeachment drama hit a tipping point, with the second motion against Yoon set for a vote on the 14th, and the market pricing in a 100% chance of approval.
• The market’s all-in on a Democratic Party win in May, as public sentiment against the president makes the ruling party’s chances virtually non-existent.
• Target stocks impacted by corporate law changes, then focus on sector-specific plays, particularly the energy policy shift and growing support for virtual assets.

• The Nasdaq Composite surpassed 20,000 points for the first time, gaining 1.77% to 20,034
• Japan’s government plans to propose corporate tax hikes starting April 2026 to fund increased defense spending, aiming to double its defense budget to 2% of GDP by 2027
• Coincheck Group, a subsidiary of Monex Group, has completed its listing on the Nasdaq Global Market under the ticker symbol “CNCK”

• The Indian textile industry is poised for robust growth due to  confluence of factors, including the “China+1” strategy, instability in competing markets like Bangladesh and Vietnam, and supportive government initiatives.
• This has led to India gaining market share in key export destinations, particularly in apparel exports to the US and the UK.
• Furthermore, Indian textile companies anticipate improved demand and margins, driven by factors like the end of the global inventory destocking cycle and the stabilization of cotton and yarn prices.

• China announces bolder stimulus for 2025, signaling more rate cuts and commodity prices surge
• Lundin Mining sells assets to focus on Vicuna project, raising questions on copper and zinc market dynamics
• Boliden acquires assets from Lundin, strengthening their position in the copper and zinc markets

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• A federal judge has blocked the largest supermarket merger in U.S. history, Kroger’s USD 24.6bn acquisition of Albertsons.
• U.S. District Judge Adrienne Nelson in Oregon issued a preliminary injunction, citing concerns the merger would reduce competition and harm consumers and workers.
• This decision refers the case to the Federal Trade Commission (FTC) for further review, significantly diminishing the deal’s chances of completion.