Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tariffs Dodged…for Now and more

• US stocks surged after President Trump granted a one-month auto tariff exemption for Mexico and Canada
• Automakers Ford, GM, and Stellantis soared at least 5% on the news.
• Trial Holdings will acquire Seiyu, a general supermarket, from KKR and Walmart for ¥383 billion

• Semi cap names higher with Trump not mentioning export restrictions on his speech to Congress.
• Disco -7% yesterday despite no news could see dip buying as oversold SPE gets bought.
• Names such as Daikin and Shimano may also catch a bid on the German spending news.

• Tata Consultancy Svcs (TCS IN) achieved a strong TCV of $10.2 billion, driven by significant large deal wins across diverse markets and industries, instills confidence for future financial years.
• HCL Technologies (HCLT IN) is Witnessing strong growth in Technology and Financial Services due to increased spending patterns, along with a sizable number of deals influenced by AI and GenAI.
• Wipro Ltd (WPRO IN) expects significant growth in AI spending and is committed to driving innovation for clients by leveraging the transformative power of AI, with discretionary spending slowly returning.

• Encore Energy experienced a significant drop in share price, down 46%, following a production miss and management change
• The company had to use purchased uranium to fulfill contract obligations, leading to inventory challenges and production struggles
• The appointment of a lawyer as acting CEO raised concerns among investors and highlighted the importance of strong leadership in the uranium industry.

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• Premier Li delivered the Government Work Report and announced key economic targets. We think there is no surprise to the market
• Regarding property front, government re-iterated its intention and willingness to contain property developer debt default risks, as seen by China Vanke case
• Valuation is undemanding.  But we continue to be bearish, and we monitor the leading indicators such as land sales and new starts

• Total public EV charging stations (incl. temporary unavailable locations) were 77,142 as of February 28, 2025. Compared to the end of FY24, it is an increase of 2.9%.
• Total EV charging ports (including the temporary unavailable ports) were 213,068, up nearly 3.1% compared to the end of 2024 and up 1.0% over January 2025.
• US considerably lags behind China which had 3.76 million public charging stations at the end of January 2025.

• UK energy policy has changed of late, following the election of a Labour government last summer.
• The quest for Net Zero by 2030 – a hardly realistic target – is now a priority.
• Rightly or wrongly, the issues of security of supply, electricity prices and generation investment have all been superseded by this overarching aim.