Daily Brief Thematic (Sector/Industry): Episode 99: Semis Outlook for 2025 – Bullishness Remains and more

• CES portfolio rebalancing happening at the beginning of the year
• Predictions for semiconductor and tech industry in 2025
• Expectations for aerospace and military spending, as well as developments in AR glasses and foldable iPhones

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• DBS upgrades PropNex & APAC Realty to ‘buy’ citing strong pipeline of new launches in 2025.
• DBS maintains neutral stance on SG stocks, predicts STI at 3,950 by 2025.
• DBS maintains ‘buy’ rating on GVT, raises target price to $1.04 due to improved front-end opportunities. Maybank considers more share buybacks from Singtel, downplays benefits of consolidation.

• Wall Street fell sharply Tuesday as strong economic data fueled concerns about prolonged high interest rates.
• Honda has partnered with Renesas Electronics to develop advanced semiconductors for next-generation electric vehicles
• Toyota Motor has secured Nvidia’s latest high-performance semiconductors to accelerate development of next-generation autonomous vehicles.

• Micron named as memory supplier for NVDA GPU’s sent Micronics 12% yesterday.
• Ibiden continues to look like a big Blackwell winner with momentum increasing off recent low.
• Big outstanding short interest for Nikon making it a squeeze ready take-over target.

• The government has advanced its target for 20% ethanol blending in petrol from 2025 to 2030 , considering recent achievements and public support.
• In current season the OMCs have floated tenders for 8.37 bn litres, against 9.7 bn litres required to achieve 20% blending target.
• The sector could see margin improvements if options for sugar price hikes or export permissions are introduced, creating a potential upside.

• The South African listed property sector had a positive month in December, capping a robust year of excellent returns.
• For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.
• South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.

• Automobile retail sales grew by 9% in 2024, driven by strong demand for two-wheelers and passenger vehicles, while commercial vehicle sales remained flat. 
• Microsoft Corp (MSFT US)  $3 billion investment in India focuses on expanding AI and cloud infrastructure, training 10 million people in AI skills, and building sustainable data centers.
• India’s real GDP is expected to grow by 6.4% in FY25, down from 8.2% in FY24. Agriculture GVA growth projected at 3.8%, with strong performance in Public Administration and Services.

• AkzoNobel NV (“ANNV”) has requested the Board of Directors of Akzo Nobel India Ltd to consider, evaluate and start taking exploratory steps towards a potential sale of the company’s powder coatings business and its international research centre (R&D operations) to a separate indirect wholly owned subsidiary of ANNV, the company said in a regulatory filing.
• Besides, Akzo Nobel India has asked to explore the potential acquisition of decorative paints intellectual properties owned by ANNV, the company added.
• “The Board of Directors of the Akzo Nobel India, at its meeting held on January 6, 2025, took note of the above said and authorized the company’s management to commence exploratory steps as may be required to evaluate and examine the aforesaid potential transactions,” the filing said.