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Linus Loo

Hi, very good afternoon, ladies and gentlemen. Welcome to Manulife US REIT’s webinar. So we’ll be having John, the CEO, do the presentation for us. And later, if there are any questions and answers, we will have it in the chat box where you can type your questions in and we would then read it out accordingly. Thank you. May I hand it over to management to start the presentation. Thank you.

John Casasante
CEO & Chief Information Officer of Manulife US Real Estate Management Pte. Ltd

Good afternoon, and welcome, everyone, to our investor briefing. I’ll start off by giving some highlights from our fiscal year 2025 financial results before sharing some updates on our MRA progress as well as our outlook and strategy.

Operationally, our occupancy has held relatively steady at 67.7% with a portfolio WALE of 4.5 years. We executed about 407,000 square feet of accretive leases in 2025, which is about 11.5% of our portfolio NLA. Our portfolio valuations dipped slightly at negative 1.6% to USD 913.8 million, while aggregate leverage increased to 58.4%. As of December 31, 2025, our weighted average interest rate was 4.58%, slightly improved from 4.69% in third quarter of 2025.

In December 2025, unitholders approved our Growth and Value Up Plan, and our lenders also approved the master restructuring agreement concessions, paving the way from us to exit the MRA and diversifying the portfolio and improving long-term value

The combined market valuation of five of the top-10 most valued firms surged by Rs 72,284.74 crore last week, with Tata Consultancy Services (TCS) and Infosys emerging as the biggest winners.

While Bharti Airtel, TCS, ICICI Bank, Infosys and Bajaj Finance were the gainers, Reliance Industries, HDFC Bank, State Bank of India, Larsen & Toubro, and Life Insurance Corporation of India (LIC) faced erosion from their valuation.

Last week, the BSE benchmark eked out a marginal gain of 5.7 points, while the NSE Nifty dipped 16.5 points.

TCS added Rs 35,909.52 crore, taking its market valuation to Rs 11,71,862.37 crore.

The market capitalisation (mcap) of Infosys jumped Rs 23,404.55 crore to Rs 6,71,366.53 crore.

The valuation of Bajaj Finance climbed Rs 6,720.28 crore to Rs 6,52,396.39 crore and that of Bharti Airtel edged higher by Rs 3,791.9 crore to Rs 12,01,832.74 crore.
The mcap of ICICI Bank went up Rs 2,458.49 crore to Rs 9,95,184.46 crore.However, the market valuation of Reliance Industries tumbled Rs 35,116.76 crore to Rs 20,85,218.71 crore.

The mcap of LIC dropped by Rs 15,559.49 crore to Rs 5,50,021.80 crore.

The valuation of State Bank of India declined by Rs 7,522.96 crore to Rs 8,96,662.19 crore and that of HDFC Bank slid Rs 5,724.03 crore to Rs 15,43,019.64 crore.

The mcap of Larsen & Toubro dipped by Rs 4,185.39 crore to Rs 5,55,459.56 crore.

Reliance Industries remained the most-valued domestic firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro and LIC.

Global equity markets may be navigating a period of uncertainty, but investor sentiment suggests that the worst of the recent sell-off could already be behind us. As geopolitical tensions continue to unfold, market participants appear increasingly focused on long-term opportunities rather than short-term disruptions.

In a conversation with ET Now, market strategist Ed Yardeni, from Yardeni Research shared an optimistic outlook, noting that history often turns crises into opportunities for investors.

“We have all known for quite some time that the history of geopolitical crisis is that they create some very good buying opportunity for stocks. The problem is we all know that and so you do not get a very long period of time to buy these stocks when they do sell off. We had significant selloffs and people just kind of jumped in. The market is clearly looking way past the war. The perception is that this will maybe last a few more weeks. It is not likely to last a few more months. And meanwhile the technology revolution continues to create great opportunities not just in AI, but robotics, autonomous driving, and people are just looking for opportunities to invest in the future and the future looks bright even though the near-term situation is still volatile and somewhat dangerous.”

Despite ongoing tensions, markets have shown resilience, raising questions about whether prolonged conflict would significantly derail the recovery. Yardeni suggested that investors may already be pricing in much of the risk.

“Well, it is interesting. We have had a global rebound in stocks and I can understand why the US stock market has rebounded because we are not really dependent on foreign oil. We do not really have much coming from the Strait of Hormuz, but Europe does, India does, China does, and South Korea, Taiwan. But yes, some of these countries you are seeing investors jumping into the technology sector. Some of these countries you are seeing investors buying into the banking sector, healthcare sector. So again, the perception is that this is not a tolerable situation. The global economy obviously is not going to do well if the Strait of Hormuz stays closed and so there is a lot of pressure on both sides to just get this thing settled.”

The rebound has not been limited to one region or sector. Technology, banking, and healthcare stocks across multiple economies have attracted fresh capital, signaling confidence in structural growth trends even amid uncertainty.
At the same time, commodity markets—particularly oil—remain a key concern. Prices have surged in response to supply risks, and a return to earlier lows appears unlikely in the near term.“It is a very good question. It is very unlikely we are going to go back to $60 to $70 oil. I think more likely is that the price of oil will settle in somewhere, let us say, between $75 and $95, that is relatively high to where we were, but it is not prohibitively high. It is not a level that would sink the global economy. So, we are going to learn to live with higher energy prices for a while. It is going to take a while for oil to come out of the strait once it is actually open. It is going to take a while for infrastructure and the countries around the Persian Gulf to be rebuilt and repaired. So, given all that, we are looking at higher for longer oil prices, but something under $100 and I think the world can tolerate that.”

For now, markets seem to be striking a balance—acknowledging near-term volatility while positioning for long-term growth. As geopolitical developments continue to evolve, investors appear willing to look beyond immediate risks and focus on the broader trajectory of the global economy.

When people talk about starting a business, the same ideas usually come up: food stalls, online selling, franchising, or maybe a small convenience store. These are tried-and-tested paths, but they also come with heavy competition. Everyone seems to be doing the same thing—and that makes it harder to stand out.

But what if the real opportunities are not in the obvious choices?

There are businesses out there that most people don’t even think about. They’re not commonly discussed, not oversaturated, and surprisingly… already making money for those who discovered them early.

This article will introduce you to unconventional business ideas that are quietly profitable—and might just be your next big move.

Why Uncommon Businesses Work

The biggest advantage of a non-traditional business is low competition. When fewer people are offering the same product or service, you don’t have to fight as hard for customers. You can position yourself as a specialist instead of just another option.

Another benefit is higher perceived value. Unique services often allow you to charge more because customers can’t easily compare prices elsewhere.

Most importantly, these businesses tap into specific needs that are often overlooked.

1. Digital Product Templates

This is one of the fastest-growing yet still underrated business models.

Instead of selling physical products, people are now creating and selling digital templates—things like resume designs, social media posts, planners, or business documents.

The best part? You create it once and sell it multiple times.

Platforms like marketplaces and personal websites make it easy to distribute. Many creators are earning passive income simply by uploading their designs.

If you have basic design skills, this could be a powerful opportunity.

2. Micro-Consulting Services

Not everyone needs a full-scale consultant. Sometimes, people just want quick, focused advice.

This is where micro-consulting comes in. You offer short sessions—maybe 15 to 30 minutes—focused on solving a specific problem.

Examples include:

• Business idea validation
• Social media strategy advice
• Resume or interview coaching

Because it’s short and affordable, more people are willing to try it. And for you, it means you can serve multiple clients in a day.

3. Subscription-Based Communities

People are willing to pay not just for products—but for access and belonging.

Private communities focused on a niche topic are becoming profitable. Whether it’s business tips, freelancing support, or hobby groups, members pay monthly fees to stay inside the community.

You don’t need thousands of members. Even a small, engaged group can generate consistent income.

The key is providing value through discussions, exclusive content, or direct interaction.

4. Content Repurposing Services

Content creators and business owners are always busy. They create videos, podcasts, or blogs—but don’t have time to maximize them.

This creates an opportunity for content repurposing.

You take one piece of content and turn it into multiple formats:

• Short clips for social media
• Quotes for posts
• Blog articles from videos

This service is in demand because it saves time and increases reach.

And the best part? It requires more strategy than capital.

5. Local Service Arbitrage

This might sound complicated, but it’s actually simple.

You find clients who need services (cleaning, repair, maintenance), then outsource the work to someone else at a lower cost. You keep the difference as profit.

You don’t need to do the work yourself—you just manage the client and the service provider.

This model is already being used globally and can be applied locally with minimal startup cost.

6. Niche Content Channels

Instead of creating general content, focus on a very specific niche.

Examples include:

• Stories about overseas workers
• Daily business tips
• Short mystery or horror stories

Once your audience grows, you can monetize through ads, sponsorships, or digital products.

The key is consistency and understanding your audience deeply.

7. AI-Assisted Services

Artificial intelligence is changing the way businesses operate—but many people still don’t know how to use it effectively.

This creates an opportunity for AI-assisted services.

You can offer:

• Content creation
• Customer service automation
• Marketing assistance

Even basic knowledge of AI tools can already give you a competitive edge.

What Makes These Businesses Profitable?

These ideas may seem unusual, but they share common traits:

• Low startup cost
• Scalable systems
• Focused target market
• Less competition

Instead of competing in crowded industries, they create their own space.

Should You Try One of These?

Not every business idea is for everyone. The best choice depends on your skills, interests, and available time.

But if you’re tired of competing in saturated markets, exploring uncommon opportunities might be the smarter move.

Start small. Test your idea. Learn from the process.

You don’t need a perfect plan—you just need to begin.

The truth is, opportunities don’t always look obvious.

Sometimes, the best business ideas are the ones people ignore—simply because they’re not familiar.

While others are busy competing in crowded markets, a few are quietly building income streams in less visible spaces.

The question is…

Will you follow the crowd, or will you explore what others are missing?

Tim Cook is stepping down as Apple CEO and transitioning to executive chairman, with John Ternus set to take over on September 1, 2026, as reactions begin pouring in from across the tech industry and Wall Street.

Apple said the leadership change follows a long-planned succession process, with Ternus, a 25-year company veteran and current head of Hardware Engineering, stepping into the CEO role as the company navigates its next phase of innovation.

John Ternus joined Apple in 2001 and currently serves as senior vice president of Hardware Engineering, where he has overseen work on many of the company’s flagship products across iPhone, Mac, iPad and Apple Watch. He became a vice president in 2013 and joined Apple’s executive team in 2021.

During his tenure, Ternus has played a key role in developing new product lines like iPad and AirPods, while also helping drive advancements in Apple’s Mac lineup and its transition to in-house silicon.

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He has also led efforts focused on durability, materials innovation, and sustainability, including the use of recycled aluminum and new manufacturing techniques.

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Sam Altman reacted to the news by praising Cook’s legacy and impact on the tech industry.

“Tim Cook is a legend,” Altman said. “I am very thankful for everything he has done and I am very thankful for Apple.”

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Wedbush analyst Dan Ives said the transition comes at a critical moment for Apple, particularly as it pushes deeper into artificial intelligence.

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“These will be big shoes to fill and the timing of Cook exiting stage left as CEO could make sense but also creates questions,” Ives said. “Apple is making a major transition on its AI strategy and longtime CEO and legendary Cook leaving now is a surprise. We agree with Ternus as the pick.”

CNBC host Jim Cramer reacted to the news on X, writing, “Stunning: Tim Cook stepping down. This is tough news for those of us who have learned so much from him…”

Analysts also weighed in on what comes next for Apple. Reuters reported that Gil Luria, managing director of D.A. Davidson & Co., said the promotion of John Ternus signals the company may focus more heavily on new hardware such as folding phones, smart glasses, virtual reality devices and AI-powered products.

Bob O’Donnell, head of tech consulting firm TECHnalysis Research, said the company’s biggest challenge will likely center on artificial intelligence. “I expect his biggest challenge and efforts will be focused on getting a better AI story and offering together that relies more on Apple’s own capabilities and less on third parties,” he said.

Reuters contributed to this report.

Mumbai: Jio BlackRock Asset Management is set to change how it sells its products less than a year after launch, turning to distributors after initially bypassing the powerful intermediary network.

The asset manager, a joint venture between Reliance Industries’ Jio Financial and BlackRock, will sign up distributors for the first time since its launch in June last year as it gears up to launch its proposed specialised investment fund (SIF), said managing director and chief executive, Sid Swaminathan, in an interview with ET.

Jio BlackRock, which currently sells its products only directly, will begin offering SIFs through distributors and later extend this approach to its mutual fund schemes.

“We have learnt that this is a diverse market, and there will be a segment of the market that needs an additional level of handholding to make decisions, which can be through an advisor or a mutual fund distributor,” said Swaminathan. “Over the course of time, as we launch more funds and products, there will be a need to have that handholding. So, at some point in time, we will be engaging across the rest of the funds as well.”

Swaminathan rejected industry chatter that the decision to onboard distributors was because the fund house was unable to grow assets through the direct route as envisaged earlier.

Defending the asset manager’s decision to offer only direct plans so far, he said, “Jio BlackRock has 11 lakh investors in its retail business, of which 20% are first-time mutual fund investors. Forty per cent of the retail assets under management (AUM) come from B30 towns that have 14 schemes, with overall assets of ₹15,000 crore, of which ₹4,000 crore are retail assets under management .”
Of the 51-member-strong mutual fund industry, Jio BlackRock and Zerodha MF are the only ones that offer direct-only plans. In India’s mutual fund structure, direct plans are sold by the fund house without involving intermediaries, which eliminates distribution commissions and lowers the total expense ratio for investors.

Regular plans are routed through distributors or advisors, who are paid a commission embedded within the fund’s expense ratio. As a result, regular plans typically carry a higher cost, which can weigh on long-term returns compared with direct plans.

Many large private sector banks, foreign banks and national distributors sell mutual funds through regular plans, earning commissions on these sales.

Since Jio BlackRock did not offer regular plans in its products, these channels largely stayed away from distributing its schemes.