OLAM SP
Occupancy resilience, FX headwind fading, and debt cost stability into FY27
KEY INSIGHTS #1
Logistics demand is steady, and MLT’s portfolio remains defensive.
MLT continues to position as a diversified, multi-market logistics landlord. In this tape, the market pays for “high occupancy + long leases + diversified tenant base,” rather than chasing cyclicals. The manager’s FY25/26 communications emphasise portfolio stability, which is the key reason MLT trades as a defensive yield compounder rather than a high-beta growth REIT.
KEY INSIGHTS #2
Near-term DPU slope improves if FX stabilises and there are no new equity enlargements.
3Q FY25/26 DPU decline was driven partly by an enlarged unit base and FX translation, not just property-level weakness. If FX headwinds stabilise and there’s no major equity raise, the next leg of total return is simply “carry plus a mild multiple unwind” rather than needing a strong rental-growth cycle.
OLG SP
Re-org catalyst, capital returns re-activated, earnings base stabilising
KEY INSIGHTS #1
Event-driven value unlock, re-organisation milestones drive the tape.
The re-organisation plan remains the primary driver, including the proposed sale of the remaining 64.57% stake in Olam Agri with estimated gross cash proceeds of US$2.58B (including Tranche 2 call or put mechanics). Any concrete timetable updates or completion steps tend to compress the holdco discount quickly.
KEY INSIGHTS #2
Leadership transition can sharpen execution focus.
The founder CEO and CFO are stepping down to focus on Olam Agri, with leadership changes at chairman and CFO roles. A cleaner leadership structure and clearer accountability can help investor confidence on deal execution and capital return sequencing.
1081 HK
Offshore wind leverage with Europe scale, but it is an IPO tape trade first
KEY INSIGHTS #1
Europe offshore wind capex is re-accelerating, and foundations are a bottleneck segment.
Offshore wind build plans in Europe are back in focus as energy security and decarbonisation targets collide with grid and permitting realities. Foundations are a capacity bottleneck and the company positions itself as a scale supplier. Dajin states it ranked as Europe’s largest offshore wind foundation supplier by monopile sales value in 1H25, citing Frost and Sullivan, which is the core industry angle that can support valuation rerating if Europe order conversion stays visible.
KEY INSIGHTS #2
IPO proceeds are explicitly geared to “deep-sea plus Europe”, which can change the earnings slope.
Management guides proceeds use toward capacity and capability rather than balance-sheet patching. Reuters notes 55% of proceeds are earmarked for enhancing deep-sea wind power services and 20% for building a European assembly operation, with the remainder for R&D, overseas expansion and working capital. This is a clear capex roadmap that can support higher content, shorter delivery cycles and stronger customer stickiness in Europe, which should matter more than near-term spot order volatility.
0293 HK
Capacity growth is back, cargo stays resilient, but fuel is the swing risk
KEY INSIGHTS #1
Capacity upcycle is re-starting, and HKIA runway expansion supports it.
Cathay is leaning into growth again. Management has said the airline is planning more aircraft orders across widebody, narrowbody and freighters and is targeting ~10% capacity growth in 2026, explicitly citing the expanded runway capacity at Hong Kong International Airport. The macro read-through is that the “recovery” phase is transitioning into a “growth” phase.
KEY INSIGHTS #2
Cargo franchise is still a structural advantage.
The 2025 annual results were supported by resilient cargo demand alongside rising passenger capacity. Cathay’s cargo positioning at HKIA remains a differentiator when global supply chains are tight or e-commerce lanes remain active. Even if passenger yields normalise, cargo can keep smoothing group earnings quality.
NVTS US
GaN / SiC power semiconductor play for 800V AI data centres
KEY INSIGHTS #1
Nvidia MGX collaboration validates Navitas’ AI data centre power roadmap.
Navitas is positioned as an upstream supplier of next-generation GaN and SiC power semiconductors for AI data centres. Its collaboration with the Nvidia MGX ecosystem is a key validation point, with Navitas showcasing an 800V-to-6V DC-DC power delivery board at COMPUTEX 2026 that removes the traditional 48V intermediate bus converter stage, targeting 97.5% peak efficiency, 1MHz switching frequency, and 2,100W/in³ power density.
KEY INSIGHTS #2
800VDC AI infrastructure supports GaN / SiC adoption.
The industry is moving toward higher-voltage, higher-efficiency AI data centre power architectures as rack power density rises. IDTechEx expects the power electronics market to exceed US$65bn by 2036, with growing adoption of GaN and SiC in data centres, especially for power supply units and point-of-load conversion. This directly supports Navitas, as its GaNFast and GeneSiC products are designed to improve conversion efficiency, reduce heat loss and enable smaller, denser AI power systems.
META US
AI monetisation story supported by resilient ads and infrastructure expansion
KEY INSIGHTS #1
AI is improving ad monetisation while Meta explores new revenue streams.
Meta’s core investment case remains its resilient advertising business, where AI improves recommendation systems, ad targeting, engagement and campaign efficiency across Facebook, Instagram and WhatsApp. At the same time, Meta is beginning to diversify beyond advertising through paid subscriptions for its core apps and AI services, helping create additional monetisation channels as it spends aggressively on AI infrastructure. This matters because Meta’s AI capex is not purely speculative, it is tied to improving its existing high-margin ad platform while building new AI products.
KEY INSIGHTS #2
Meta is aggressively securing AI infrastructure capacity.
The broader industry driver is the race among hyperscalers to secure compute, data centre capacity and clean energy before AI demand exceeds supply. Meta recently agreed to lease a 168MW AI-ready data centre from Reliance in India, with an option to scale, and separately partnered with Indian clean energy providers for nearly 1GW of renewable energy. This supports Meta’s long-term AI infrastructure buildout and strengthens its ability to serve one of its fastest-growing digital markets, while reinforcing that AI capex remains a key strategic priority.
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