Earlier, I spoke with David Chow, director at Asher Capital, to get his take on Tesla's move to cut its capital expenditure forecast and how that compares against a move by fellow industry peer Meta to boost its capital spending outlook.

Tesla's approach is quite different from Meta's and I think this contrast is quite interesting for investors.

While Meta is accelerating investments, Tesla has reduced its cap by about 20% and at the same time, Tesla surprised the market by generating approximately US$4.5 billion in positive free cash flow during the third quarter.

This is encouraging to say the least because it demonstrates greater capital discipline and provides additional financial flexibility.

However, I will actually caution investors against interpreting stronger free cash flow as an automatic improvement in the underlying business.

So for Tesla, the key challenges will still remain in its automotive profitability, competitive pricing, pressures, and whether its investments in autonomous driving robotics and energy storage can generate meaningful return.

So while I view the improvement in free cash flow positively, I would still want to see a stronger operating margin and sustainable earnings growth Ultimately, Tesla needs to demonstrate that capital discipline does not come at the expense of any future growth opportunities.

And earlier, I spoke with David Chow, director of Asher Capital, to get his take on the numbers.

I would say the results are broadly in line with our expectations, with a slightly positive bias.

If we look at the 2.6% increase in the second half DPU to about 6.2 Singapore cents, it's encouraging, especially against a backdrop of elevated operating costs and relatively cautious consumer spending.

What I really like about FCT is its exposure to suburban shopping malls.

Like prime retail malls that depend more heavily on tourists, suburban malls benefit from recurring spending by residents on groceries, food and beverage and essential services.

This provides a relatively defensive earnings base, especially when economic conditions become more uncertain.

So then from an investor's perspective, I will actually focus on three things, namely rental reversions, canon occupancy and financing costs.

And earlier, I spoke with David Chow, director of Azure Capital, to get his take on the numbers.

I would say the results are broadly in line with our expectations, with a slightly positive bias.

If we look at the 2.6% increase in the second half DPU to about 6.2 Singapore cents, it's encouraging, especially against the backdrop of elevated operating costs and relatively cautious consumer spending.

What I really like about FGT is its exposure to suburban shopping malls.

Unlike prime retail malls that depend more heavily on tourists, suburban malls benefit from recurring spending by residents on groceries, food, and beverage and essential services.

This provides a relatively defensive earnings base, especially when economic conditions become more uncertain.

So then from an investor's perspective, I will actually focus on three things, namely rental reversions, tenant occupancy and financing costs.

How far were the numbers in line with your expectations?

I would say the results are broadly in line with our expectations with a slightly positive bias.

If we look at the 2.6% increase in the second half DPU to about 6.2 Singapore cents, it's encouraging, especially against the backdrop of elevated operating costs and relatively cautious consumer spending.

What I really like about FGT is its exposure to suburban shopping malls.

Like prime retail bonds that depend more heavily on tourists, you know, suburban bonds benefit from recurring spending by residents on groceries, you know, food and beverage and essential services.

And this provides a relatively defensive earnings base, especially when economic conditions become more uncertain.

So then from an investor's perspective, I will actually focus on three things, you know, namely rental reversions, tenant occupancy and financing costs.

How far have the comments given investors of the company a confidence boost then? I

How far were the numbers in line with your expectations?

I would say the results are broadly in line with our expectations, with a slightly positive bias.

If we look at the 2.6% increase in the second half DPU to about 6.2 Singapore cents, it's encouraging, especially against a backdrop of elevated operating costs and relatively cautious consumer spending.

What I really like about FCT is its exposure to suburban shopping malls.

Like prime retail malls that depend more heavily on tourists, suburban malls benefit from recurring spending by residents on groceries, food, and beverage and essential services.

And this provides a relatively defensive earnings base, especially when economic conditions become more uncertain.

So then from an investor's perspective, I will actually focus on three things, namely rental reversions, tenant occupancy and financing costs.

How far have the comments given investors of the company a confidence boost then? I

And earlier, I spoke with David Chow, Director at Azure Capital, to get his take on Micron's results and the health of the global chip and AI sectors.

I think Micron's results are probably one of the clearest pieces of evidence that underlying AI infrastructure demand remains extremely strong.

What caught my attention was not only that Micron guided first quarter revenue growth, above expectations.

It was also the longer term commitments from customers, you know, which increased from just $22 billion in June, you know, earlier this year to current $32 billion now.

And Micron, I think, is also saying that demand is exceeding available capacity and that supply-demand conditions could remain tight throughout fiscal 27 and 28.

And that's very important because, you know, memory, especially high bandwidth memory, has become one of the critical bottlenecks including your AI data center.

So the AI investment cycle is no longer benefiting only GPU suppliers such as Nvidia.

And earlier, I spoke with David Chow, Director at Azure Capital, to get his take on Micron's results and the health of the global chip and AI sectors.

I think Micron results are probably one of the clearest pieces of evidence that underlying AI infrastructure demand remains extremely strong.

What caught my attention was not only that Micron guided first quarter revenue growth, above expectations.

It was also the longer-term commitments from customers, you know, which increased from just $22 billion in June earlier this year to current $32 billion now.

And Micron, I think, is also saying that demand is exceeding available capacity and that supply-demand conditions could remain tight throughout fiscal 27 and 28.

And that's very important because, you know, memory, especially high-bandwidth memory, has become one of the critical bottlenecks in building your AI data center.

So the AI investment cycle is no longer benefiting only GPU suppliers such as Nvidia.

What's your take on the news and what will the redevelopment mean for investors?

For Fraser's property, I think the important phase here is really unlocking value from an existing asset.

Valley Point and Fraser Suites are on a very attractive site along the Singapore River in District 10.

Instead of simply continuing to operate the existing properties, Fraser is partnerling Mitsubishi Estate through a 5149JV to redevelop the site into a much higher value mixed-use project.

And looking at the scale, I think it's quite meaningful, you know, I think around 400 plus units and Sky Villas and 180 plus service resident units.

So together with retail, dining and lifestyle components, the project, I believe, is also targeted to launch next year and I think completing in 2031st.

So for shareholders, I think there are two things to be mindful of.

So what do you make of the numbers?

What's your take on the news and what will the redevelopment mean for investors?

For Fraser's property, I think the important phase here is really unlocking value from an existing asset.

You know, Valley Point and Fraser Suites here on a very attractive site along the Singapore River in District 10.

Instead of simply, you know, continuing to operate the existing properties, you know, Fraser is partnerling Mitsubishi Estate, you know, through a 5149JV to redevelop the site into a much higher value mixed-use project.

And looking at the scale, I think it's quite meaningful, you know, I think around 400 plus, units and sky villas and 180 plus service resident units so together with retail dining and lifestyle components the project i believe is also you know targeted to launch uh next year and i think completing in 2030 31st So for shareholders, I think there are two things to be mindful of.

The first is monetization.

Selling the luxurious residential units allowed Fraser to crystallize some of the value embedded in a very well-located long-held site.

So what do you make of the numbers?

Earlier, I spoke with David Chow, Director at Asher Capital, to get his thoughts on the news.

Consolidation in the Singapore telecom space has been talked about for quite some time and strategically, you can understand why StarHub and Capital will explore something involving M1.

after all you know singapore is still a small market with you know several operators competing aggressively for the same customer by bringing two businesses together um i think this could potentially create skill you know reduce duplicated cost and infrastructure and possibly improve you know operating efficiency as well but from an investor's perspective i think the most important question is not simply whether consolidation makes sense It's what price Starhub may have to pay and how the transaction is structured.

A deal can make perfect strategic sense but still destroy shareholder value if the buyer overpays or takes on too much debt.

And for Kepler, I think in the meantime, a transaction could provide another avenue to monetize its investment in M1.

So I will watch three things from here.

Valuation, potential synergies and regulatory approval.

Any thoughts on that front?

Consolidation in the Singapore telecom space has been talked about for quite some time and strategically, you can understand why StarHub and Keppel will explore something involving M1.

After all, Singapore is still a small market with several operators competing aggressively for the same customer.

By bringing two businesses together, I think this could potentially create scale, reduce duplicated cost and infrastructure, and possibly improve operating efficiency as well.

But from an investor's perspective, I think the most important question is not simply whether consolidation makes sense, it's what price Starhub may have to pay and how the transaction is structured.

A deal can make perfect strategic sense but still destroy shareholder value if the buyer overpays or takes on too much debt.

and for capital i think in the meantime a transaction could provide another avenue to monetize its investment in m1 so i will watch three three things from here you know valuation potential synergies and regulatory approval until we know these details it's kind of you know difficult to determine the actual financial impact for shareholders

Now, what do you make of the news?

Any thoughts on that front?

Consolidation in the Singapore telcom space has been talked about for quite some time.

And strategically, you can understand why StarHub and Capo will explore something involving M1.

After all, Singapore is still a small market with several operators competing aggressively for the same customer.

By bringing two businesses together, I think this could potentially create scale, reduce duplicated cost and infrastructure, and possibly improve operating efficiency as well.

But from an investor's perspective, I think the most important question is not simply whether consolidation makes sense.

is what price Starhart may have to pay and how the transaction is structured.

Now, what do you make of the news?

And earlier, I spoke with David Chow, Director at Assure Capital to get his take on what more needs to be done to close the valuation gap for South Korean stocks.

The shareholder returns from Samsung and SK Hynix are certainly impressive.

Samsung alone has announced an estimated 90 to 110 trillion won of shareholder returns this year, while SK Hynix has also committed substantial capital to buybacks and shareholder distributions.

But the Korea discount in the first place was never simply about insufficient dividends.

It's more about corporate governance, capital allocations, and whether minority shareholders receive an equitable share of the values created by Korea companies.

And from the way I see it, there's already been progress.

Korea's revised commercial act requires, you know, treasury shares to be cancelled within one year and companies so far have cancelled, you know, more than 43 trillion won of treasury shares in just the first few months of this year alone.

And earlier, I spoke with David Chow, Director at Azure Capital, to get his take on what more needs to be done to close the valuation gap for South Korean stocks.

The shareholder returns from Samsung and SK Hynix are certainly impressive.

Samsung alone has announced an estimated 90 to 110 trillion won of shareholder returns this year, while SK Hynix has also committed substantial capital to buybacks and shareholder distributions.

But the Korea discount in the first place was never simply about insufficient dividends.

It's more about corporate governance, capital allocations, and whether minority shareholders receive an equitable share of the values created by Korea companies.

And from the way I see it, there's already been progress.

Korea's revised commercial act requires treasury shares to be cancelled within one year and companies So far, I have cancelled more than $43 trillion of treasury shares in just the first few months of this year alone.

What does the change mean for investors?

I wouldn't view this development as something which is negative for SEMCorp at the moment.

The original acquisition was worth about $105 million and involved Punti Aso which is developing a 96 MW solar project in the Philippines.

Most importantly, SEMCorp says terminating the transaction will not have a material impact on their F526 earnings or even net tangible assets.

So for investors, I think the more interesting phase is evolving strategic priorities.

SEMCorp has grown substantially and now is standing at close to 22 gigawatts of gross renewable capacity across installed and commuter projects, while targeting 25 gigawatts of installed renewables by the year 2028.

So at this stage, investors shouldn't simply judge management by how many renewable assets it acquires.

What more do you think needs to and can be done by South Korean authorities or companies?

So what do you make of investors' reactions to the U.S. government's purchase plan?

I think the market reaction is quite telling.

Normally, when your treasury steps in to buy longer-dated bonds, you expect bond prices to rise and yields to come down.

Instead, the 10-year yield actually climbed towards 4.85%, the highest level since late 2023.

I think part of the problem is really expectations.

The $6 billion buyback was already broadly anticipated and some investors had actually hoped for something larger or even more aggressive.

So rather than reassuring the bond market, the announcement arguably underwhelmed it.

What more do you think needs to and can be done by South Korean authorities or companies?

Uh, even as markets still see a meaningful chance of a hike, what gives you the confidence that the Fed can stay patient if Friday's CPI comes in firm and oil remains elevated?

Well, I think that the energy, uh, price shock is only temporary.

Um, and we've had maybe six or seven supply-side shocks since 1990, and on average, it takes around six months, uh, for energy prices to revert back to kind of this pre-crisis shock.

And so we're around that, that, uh, that time period now.

I don't, I don't think that the Fed is going to hike rates just if it's going to be a temporary, uh, you know, um, you know, energy shock.

So, so and, and the, and the current p- uh, policy rate is already restrictive.

Um, and we know that the Fed was going to, uh, cut rates at the beginning of this year.

Now, if borrowing costs stay high, David, where do you see the best opportunities, and which parts of the AI trade become most vulnerable?

And earlier I spoke with David Chow, Director at Azure Capital, to get his take on the news.

I think the important distinction is that Frank is talking specifically about cutting-edge EUV equipment rather than saying China's entire semiconductor industry is 15 years behind.

And the reason why I say this is, as we all know, EUV is very difficult to replicate, although it's not simply one machine or one piece of intellectual property.

It actually involves an entire ecosystem of optics, light sources, precision engineering, and decades of accumulated know-how.

This itself supplies critical optical systems to ASML, whose most advanced machines cannot currently be exported to China.

Frank Koch's 15 years is a reasonable assumption, although he also acknowledged that China's progress is quite difficult to measure.

So for markets, I think this reinforces the strategic value of the existing Semiconductor Equipment Supply Chain.

And earlier I spoke with David Chow, Director at Azure Capital, to get his take on the news.

I think the important distinction is that Frank is talking specifically about cutting-edge EUV equipment rather than saying China's entire semiconductor industry is 15 years behind.

And the reason why I say this is, as we all know, EUV is very difficult to replicate, although it's not simply one machine or one piece of intellectual property.

It actually involves an entire ecosystem of hardware.

optics, light sources, precision engineering, and decades of accumulated know-how.

This itself supplies critical optical systems to ASML, whose most advanced machines cannot currently be exported to China.

Frankov 15 years, a reasonable assumption, although he also acknowledged that China's progress is quite difficult to measure.

And earlier, I spoke with David Chow, director at Assure Capital, to find out what he's expecting when it comes to the labor market numbers tomorrow.

This Friday's jobs report is very important because the market has received relatively limited guidance on the rate path from the new Fed chair.

So investors are going to let the data do much more of the talking.

I think looking at consensus, it's roughly around 50,000 to 55,000 new jobs for August following the 23,000 decline in July.

While employment is expected to stay around 4.1%, one other thing to watch out for will also be wage growth with expectations around 0.2% month on month.

And the interesting part is the market reaction at the end of it all.

A significantly stronger number could revive expectations of a September rate hike, pushing the yields and the dollar higher and potentially putting growth stocks at risk.

So how would you describe the mood on trading floors today?

Looking at The mood today I would describe as cautiously risk on rather than outright bullish.

So Asian equities are obviously taking their cue from Wall Street, you know, with the MSCI Asian Pursuit Index up around 0.5%.

And then, you know, Japan and South Korean markets are also higher.

I believe the key relief is coming from oil, you know, Brent has eased to around 0.5%.

$95 a barrel after President Trump suggested the conflict with Iran may not be prolonged.

This is good news for the market.

So what are you expecting when it comes down to the numbers and really what do you think this will mean for markets?

So how would you describe the mood on trading floors today?

Looking at the mood today, I would describe as cautiously risked on rather than outright bullish today.

So Asian equities are obviously taking their cue from Wall Street, you know, where the MSCI, Asian Pursuit Index, you know, up around 0.5%.

And then, you know, Japan and South Korean markets are also higher.

I believe the key relief is coming from oil.

You know, Brent has eased to around... $95 a barrel after President Trump suggested the conflict with Iran may not be prolonged.

This is good news for the market.

So what are you expecting when it comes down to the numbers and really what do you think this will mean for markets?

Earlier, I spoke with David Chow, director at Assure Capital, to get his take on the move, as well as his assessment of the reception to the bonds.

I think what is, uh, of interest is really the structure which is split between your two-year and five-year maturities.

So this essentially give UOB another avenue to diversify its wholesale funding across currencies and maturities rather than relying too heavily on any si- single funding market.

And what caught my attention even more was the reception, you know, with the combined order book peaking at more than 4.2 billion euro.

So this means, you know, the demand for this, for this, uh, issue was actually four times the amount that UOB, uh, initially issued.

So-- and that strong demand alone will allow UOB to tighten the pricing substantially and secure, you know, very attractive funding costs.

But for shareholders', um, and investors', uh, perspective, I wouldn't expect a major earnings, uh, you know, uplift from this one transaction.

Earlier, I spoke with David Chow, director at Assure Capital, to get his take on the move, as well as his assessment of the reception to the bonds.

I think what is, uh, of interest is really the structure which is split between your two-year and five-year maturities.

So this essentially give you a bit another avenue to diversify its wholesale funding across currencies and maturities rather than relying too heavily on any s- single funding market.

And what caught my attention even more was the reception, you know, with the combined order book peaking at more than €4.2 billion Euro.

So this means, you know, the demand for this, for this, uh, issue was actually four times the amount that UOB, uh, initially issued.

So, and that strong demand alone will allow UOB to tighten the pricing substantially and secure, you know, very attractive funding costs.

But for shareholders, um, and investors, uh, perspective, I wouldn't expect a major earnings, uh, you know, uplift from this one transaction.

And earlier, I spoke with David Chow, director at Ashmore Capital, to get his take on the move.

Looking at the proposed listing, uh, I think strategically this makes, uh, quite a lot of sense for Sembcorp, uh, even though, uh, you know, they have, uh...

Sembcorp has stressed that the listing remains, you know, subject to market conditions, uh, regulatory approval, and its own final evaluation.

An important detail I think to note for us is that the offering is expected to consist entirely of new shares, you know, ra- rather than Sembcorp selling down its existing shares.

And around, I think, uh, if I'm not mistaken, 30 billion, uh, rupees of the proceeds are earmarked for debt repayment.

And I think there are two potential benefits here.

You know, one, you know, de- deleveraging the, uh, Indian business, you know, will actually strengthen its balance sheet and potentially creates more capacity for future renewable energy investment.