Daily Brief Thematic (Sector/Industry): Overview of My Winners and Losers in 2024…and 5 High Conviction Ideas Going Into 2025 and more

• 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

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

• 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.

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

• 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 (+/-/-)