Thematic (Sector/Industry)

• Hyperscaler CapEx could be slowing down, based on 4Q24 spending
• Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
• Industry CapEx as a percent of revenue has slowed its growth

• Celltrion received FDA approval for Omlyclo, the first and only biosimilar designated as interchangeable with Xolair. Ono Pharmaceutical in-licensed drug candidate for polycythemia vera from Ionis Pharmaceuticals.
• Sun Pharmaceutical will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share. Syngene is acquiring Emergent’s biologics facility in Baltimore for $36.5M.
• Zydus Lifesciences is acquiring 85.6% stake in in Amplitude Surgical for €257M. Sichuan Kelun received China approval for sacituzumab tirumotecan for certain types of non-small cell lung cancer.

• Adani Group wins Mumbai’s Rs. 36,000 crore Motilal Nagar redevelopment, promising holistic transformation of 143-acre colony with MHADA oversight.
• Jio teams up with Elon Musk’s SpaceX to bring Starlink satellite internet across India, boosting connectivity in remote regions.
• Jaguar Land Rover halts India EV production plans with Tata Motors due to cost concerns and slowing global electric vehicle demand.

• Economic Uncertainty & BOJ Policy Shift: Japan’s GDP growth slowed, consumer spending weakened, and the BOJ signaled tighter monetary policy, pushing bond yields to multi-year highs.
• Global Trade & Market Volatility: U.S. recession fears, yen appreciation, and renewed trade tensions, including Trump’s tariff threats, weighed on investor sentiment despite a late tech stock rebound.
• Advantest and Disco surged on AI and semiconductor demand, while Recruit fell due to U.S. hiring weakness, highlighting sector-specific growth and risks.

• We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
• Portfolio changes: Six stocks remain, eight new join the fray
• Since inception, it has gained 91% versus the SET 100 Index’s return of 7%

• China-made home appliance exports have exceeded $100 billion for four straight years as manufacturers in the country have pushed into the high-end market as part of their global expansion efforts.
• Home appliance shipments from China rose 14.8% last year to $128.6 billion, according to an annual report released last month by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME).
• Zhou Nan, secretary-general of the CCCME’s home appliance branch, called the pace “incredible.

• AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.
• This represents an increase of 15% and 25%, respectively vs. YE23.
• Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).

• REEs in the spotlight. Among the hundreds of companies hosting booths and engaging with investors and capital providers, past PDAC conferences featured a small number of rare earth elements (REEs) resource developers.
• At the conference this year, the number of REE companies was noticeably higher, with many looking to develop resources in North America.
• With REEs being added to the critical metals and minerals list by both US and Canadian governments and with the REE deal being a cornerstone of US-Ukraine relationship, government attention and funding opportunities being available to industry participants should improve further.

• S&P 500 fell 1.4% into correction, Nasdaq dropped 2%, and Dow lost 550 points amid trade war fears, government shutdown risks, and weak inflation data.
• Nikkei dipped 0.1% as BOJ rate hike concerns strengthened the yen; futures point to another weak open
• Corporate Moves: SoftBank’s ¥1tn AI data center, Canon’s ¥100bn buyback, Toyota’s EV push, and ACT prepares “divestiture package” for Seven & i’s takeover.

• Yesterday’s tech gains failing to hold setting a muted tone to start for JP peers.
• Softbank’s $7bn data center buildout with Open AI may need 100,000 GPU’s.
• Kose upgrade + Ulta Beauty better than expected after market numbers points to upside off lows.

• India faces record electricity demand due to rising temperatures and industrial growth, expecting to reach 270 GW this summer, which raises concerns about grid readiness.
• To meet this surge, India is expanding its power generation, relying heavily on coal for energy security, while gradually incorporating renewables, hydro, and nuclear energy.
• This approach creates a paradox, as burning more fossil fuels to cope with heatwaves worsens the climate crisis, underscoring the urgent need for clean energy infrastructure and grid modernization.

• This article focuses on the S&P. Composition, valuations, technical indicators to watch.
• Overall, it looks bad with a strong downward momentum. This market does start to expect a recession. We’re at the juncture.
• This is part 1. Part 2 on Monday: specific stocks

• Indian equities have seen a broad-based correction, with the Nifty-50 down ~16% from its peak, driven by weak earnings, heavy FII outflows, and global uncertainty. 
• However, multiple indicators—from easing valuations and supportive policies to an expected earnings rebound—suggest the correction may be nearing its end. 
• This blog explores past correction trends and key signals pointing to a potential market reversal in FY26.

• Ashok Hinduja assures support for Indusind Bank (IIB IN) after a steep stock fall from derivative losses, citing strong financials.
• Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.
• India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.

• Tamil Nadu has imposed a INR 160/tonne tax on limestone, using a recent Supreme Court ruling that empowers states to levy mineral-bearing land taxes.
• Limestone is a major cost component for cement. This tax could shrink EBITDA by up to 9% for exposed players and trigger similar levies in other states.
• Cement sector cost structures now face structural regulatory risk. Monitor pricing discipline closely- margins hinge on the industry’s ability to pass on this burden.

• Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market.
• Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge.
• Diabetes is a chronic metabolic disorder characterized by high blood sugar levels.

• Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.
• Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India’s economy.
• Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.

• The Nasdaq Composite jumped 1.2% to as tech stocks rebounded, leading the S&P 500 up 0.5%, while the Dow Jones slipped 0.2% to 41,350
• Mitsubishi Electric aims to raise its defense business operating profit to ¥60bn by fiscal 2031, up 4x from the current fiscal year’s forecast
• Seven & i Holdings announced the resignation of two non-executive directors

• Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.
• Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.
• Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.

• Japan’s banks can benefit from continued strong loan demand, with signals from the Tankan Survey and from the loan officer survey
• The story for Japan’s banks is not only about unwinding cross shareholdings and rising interest rates, but it’s also about core lending
• With bettering loan volume, with more demand and inclination to lend, banks can see benign credit metrics, further supporting profit delta

• New CEO positive for Intel plays such as Ibiden. SPE favourites to rally off lows.
• Apple and related suppliers failing to catch a bid with analysts bearish over AI delay.
• Sandisk down but Micron up…still room for NAND plays to run on price hike expectations?

• The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.
• BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto’s production declined by 0.6%.
• Mining costs have surged, with Rio Tinto’s unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.

• Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).
• Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. 
• Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.

• Ramelius and nickel mine stocks are down significantly today
• Ramelius announces a 17 year plan for Mount Magnet, including a pit cut back at Erinatus
• The pit cut back will increase pre production costs but extend the life of the pit and avoid sterilizing ore, impacting short term performance

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week’s data
• With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
• Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks

• The Mobile World Congress had a record attendance of 110,000 people this year, but some are questioning its relevance in the semiconductor industry
• Major chip companies had reduced presence at the event, signaling a shift away from semiconductor topics towards other emerging technologies like AI and data centers
• The telecom industry, which the event primarily caters to, is facing challenges with stagnant growth and operators are hesitant to upgrade to 6G, leading to a downbeat atmosphere for equipment suppliers at the event.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Worldwide silicon wafer shipments decreased by 2.7% to 12,266 million square inches in 2024, details here. This follows a 14.3% decline in the prior year.
• Silicon wafer companies continue to trade at historic lows with two of the top four players sporting P/B ratios of 0.7. Intel’s P/B is presently 0.9. This makes little sense.
• The current depreciation headwinds triggered by a huge CapEx splurge from 2021-2024 will turn to tailwinds once demand recovers and built-ahead production capacity stands ready & waiting.

• Stocks closed lower Tuesday after volatile trading driven by Trump’s tariff threats. The S&P 500 fell 0.8%
• Nissan Motor has appointed Ivan Espinosa, the company’s chief planning officer, as president and CEO effective April 1, replacing Makoto Uchida
• Alimentation Couche-Tard has reaffirmed its commitment to pursue its ¥7 trillion takeover of Seven & i Holdings, expressing disappointment over the target’s limited engagement.

• Odd Lots podcast announces live show in Washington D.C. discussing the Jones Act and other topics
• Tim Opler from Ste discusses China’s role in the pharmaceutical supply chain on the podcast

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Risk-On names leading gainers in tech, while consumer disc weak after poor airlines and retailer guidance.
• More outlets reporting on NAND hikes are on the way…look for upside for Kioxia and Kokusai Electric.
• Puma -10.7% and a weak consumer outlook enough to take the shine off Asics?

• 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!

• Spicejet Ltd (SJET IN) faces insolvency pleas from lessors and a former pilot amid deepening financial distress and delayed resolution efforts.
• Pepsico Inc (PEP US) plans to double India revenue in five years with focused investments in capacity, innovation, and region-specific strategies.
• Roshni Nadar becomes the third-richest Indian after receiving a 47% stake in HCL from her father, Shiv Nadar.

• Cybersecurity is the place where technology, geopolitics, and business strategy meet – and it’s evolving faster than almost any other sector.
• Every year, cyberattacks grow more sophisticated, businesses become more dependent on digital infrastructure, and governments step up regulations, making security an absolute necessity, not a luxury.
• So when it comes to long-term investment themes that offer growth and resilience, cybersecurity seems like, well, a lock.

• Trump’s tariffs are set to impact Asia, especially economies like Vietnam who stand out with a substantial 25.1% of its GDP exposed to the US market in 2024.
• India and Thailand face reciprocal tariff risks, while sectors like food and textiles may bear the brunt.
• Beyond direct tariffs, non-tariff barriers in China and India and potential inflation in the US add complexity.

• Stocks plunged Monday as recession fears mounted, with the S&P 500 dropping 2.7% to 5,614 and the Nasdaq sinking 4%
• The “Magnificent Seven” led losses, with Tesla (TSLA) plummeting 15%, Nvidia (NVDA) down 5%, and Alphabet (GOOGL) and Meta (META) losing over 4%
• Seven &i Holdings responds to shareholder Artisan Partners’ opposition to the appointment of Stephen Hayes Dacus as president

• A stealth bull market is underway in Chinese bank shares 
• Banks are well positioned to benefit as the economy grows and interest rates rise
• Value remains in the sector despite the  move up in share prices

• Japan’s SPE rebound yesterday led by Lasertec -10% may be short lived.
• However, NVDA’s week-long developers conference from Monday may act as dip buying catalyst.
• Still room for EU related plays to gain with many related names inherently defensive.

• The IMF projects India as the fastest-growing major economy, with a 6.5% GDP growth rate, but can it achieve advanced economy status by 2047?.
• Balancing fiscal prudence with investments in infrastructure, while leveraging AI for productivity, is critical for India’s transformation.  
• Structural reforms, increased private investment, and managing global risks will determine if India realizes its vision by 2047.

• UltraTech Cement is entering the Wires & Cables industry with a INR 1,800 crore investment and a plant in Gujarat, aiming for INR 9,000 crore in revenue by 2030. 
• With strong backward integration and an extensive distribution network, the move could disrupt a fragmented market. 
• However, incumbents believe scaling and regulatory approvals will be key hurdles, much like Grasim’s entry into paints.

• Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- risk, higher-quality names.
• Trump nominees, Martin Makary for the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.
• NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.

• US stocks rose Friday—Dow and S&P 500 up 0.5%, Nasdaq 0.7%—but a volatile week, jobs data, and Fed restraint signal persistent uncertainty.
• The Nikkei 225 fell 0.7% amid a volatile week, hit by trade tensions, a strong yen, and tech losses, despite gains in industrial/defense stocks.
• Inpex plans to increase crude oil and natural gas production by 30% over the next decade; ACT will hold a press conference to discuss proposed acquisition of Seven

• The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China’s structural economic issues?
• China’s EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;
• MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.

• Sandisk +9.7% on reports it will be hiking NAND prices by 10% in April. More to go for Kioxia and Kokusai Electric?
• Allegro running out of oomph but I would keep adding Sanken despite the jump.
• Nintendo -9.2% Friday on tariff concerns excessive ahead of upcoming Switch2 announcement in April.

• Chinese startup Manus launched a virtual AI assistant which we believe pointed to an important direction of monetization but the product itself has room for improvement;
• Douyin followed BABA to launch AI-based omni-channel-promotion ads tools. The recent trend in China Internet advertising has been AI-driven take rate increases;
• NetEase’s <Where the Winds Meet> seems to be a winner above our expectations. 

• U.S. crude exports to India hit a two-year high as refiners shift supply amid stricter sanctions on Russian oil shipments.
• Zomato (ZOMATO IN) , Swiggy (SWIGGY IN) , and Zepto face an antitrust probe over deep discounting, as local retailers allege unfair competition in India’s quick commerce sector.
• Reliance Retail tightens operations, cuts jobs, and limits expansion to boost valuations ahead of IPO, as market concerns impact investor sentiment.

• A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.

• Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.

• In 2024, the industrial parks that Amata Corp. PCL operates in Southeast Asia attracted nearly 90 foreign-funded factories, 75% of which were from China, Amata Chairman Vikrom Kromadit said in a recent interview with Caixin.

• Daiichi Sankyo announced positive topline result from the phase 3 trial of Enhertu in gastric cancer. Kyorin Pharmaceutical outlicensed KRP-M223, a preclinical mast-cell-targeting candidate for chronic spontaneous urticaria, to Novartis.
• Celltrion received FDA approval for Stoboclo and Osenvelt, biosimilars referencing Prolia and Xgeva, respectively. Zydus Lifesciences expects to start the development of world’s first combination vaccine against shigellosis and typhoid.
• Biocon received FDA approval for lenalidomide capsules, indicated for types of multiple myeloma, and some other hematologic indications and dasatinib tablets for the treatment of chronic myeloid leukemia.

• Hindustan Petroleum (HPCL IN) and Tata Motors Ltd (TTMT IN) launch ‘Genuine DEF’ to reduce emissions, improve vehicle performance, and ensure compliance with environmental norms nationwide.
• India’s engineering goods exports to the US grow steadily, driven by strong demand for machinery, auto components, and industrial equipment.
• Oyo accelerates IPO plans as founder Ritesh Agarwal faces a looming debt repayment deadline, pushing for a much-needed stock market debut.

• GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.
• Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.
• The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

• Nasdaq tumbled 2.6%, entering correction territory. Marvell sank nearly 19% on a disappointing AI outlook
• The yen strengthened against the dollar to the ¥147 level, reaching its strongest position in about five months.
• Oasis Management, a 5.23% stakeholder in Kao, is urging shareholders to support its proposal for the appointment of five foreign outside directors at Kao’s AGM in June

• DeepSeek’s (DS) low-cost, high-performance open-source model fundamentally altered the AI landscape, but server overload of DS’s chatbot caused poor user experience;
• Among many Internet platforms that integrated DS into their products, Tencent stood to benefit the most. Through DS, Tencent LLM climbed 3 spots to unseat ByteDance to become the No.1;
• What Tencent has done right including preprocessing, answer caching and building dedicated nodes. Now Manus is catching the imagination of AI monetization, Tencent can possible benefit more.

• The most recent loan officer survey release from the Fed shows a very strong outlook for US banks during 1Q25 and likely during FY25 as a whole
• Core C&I loan demand is rising sharply in the survey and tightening standards on CRE loans are loosening dramatically
• Weekly balance sheet data for US banks shows better delta in loans through 19 Feb week, stagnating LLR, and rising LDR

• Huge gains for JP names with EU exposure yesterday looks set to continue as markets rotate out of AI plays.
• Sanken Electric went limit up on the news of ON Semi’s bid for Allegro, although ALGM trading very wide overnight.
• EU mania should be enough to reboot Daikin’s heat pump catalyst off stone sold levels.

• Adani Group plans to raise $12.5B over five years to fund $57.16B capex, focusing on power, utilities, and green energy.
• Paint sector demand sees mild recovery as competition intensifies, with Asian Paints countering Birla Opus’ expansion through aggressive dealer incentives.
• RBI orders large NBFCs to halt new credit lines and renewals, citing concerns over disguised borrower stress and repayment transparency.

• A 60% tariff on Chinese imports will significantly disrupt supply chains, forcing companies to either absorb costs or shift production to alternative but less efficient markets.
• Higher import duties on electronics, machinery, and consumer goods will increase manufacturing costs, leading to price hikes and reduced competitiveness for American businesses in global markets.
• Retaliatory tariffs from China, Canada, and Mexico will directly impact U.S. exports, affecting key industries like agriculture, automotive, and technology while escalating trade tensions globally.

• Interview with Vuslat, who runs a mining investment company in South Africa
• South Africa is rich in commodities like PGMs, Chrome, Manganese, Coal, and Iron Ore
• South Africa offers rule of law, democracy, and security of tenure, making it an attractive investment destination for mining companies

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The Indian two-wheeler industry experienced subdued performance in February 2025, with listed companies reporting modest domestic sales figures. Exports were the only bright spot.
• This insight provides a detailed analysis of sales performance of key players- Hero Motocorp (HMCL IN),Bajaj Auto Ltd (BJAUT IN) , TVS Motor (TVSL IN) and Eicher Motors (EIM IN).
• Although companies have indicated an improvement in the domestic market following the festival of Holi, it remains to be seen how the demand scenario unfolds.